Suzlon Energy target 2026: ICICI, Anand Rathi see Rs 82

ICICI reiterates Buy as wind tailwinds persist

ICICI Securities has reiterated its ‘Buy’ call on Suzlon Energy, arguing the company continues to hold a strong position in India’s wind business. The brokerage said the structural tailwinds for renewables have remained strong for the last few years and are expected to sustain over the next five years. For Suzlon, the message is that demand drivers are no longer limited to short tender cycles but are supported by policy direction and broader project formats.

ICICI also noted that Suzlon, once constrained by debt and execution challenges, is now positioning itself for a wider and stronger future. The brokerage view is rooted in execution visibility and an expanding order pipeline rather than a single contract win.

Policy push: 10GW wind tenders each year

A key trigger cited by ICICI is the government’s plan to tender at least 10GW of wind capacity every year. The brokerage linked this tender pipeline to the rise of hybrid and firm renewable energy (FDRE) projects, where wind is again becoming important for round-the-clock and firmer supply profiles.

ICICI said Suzlon, as the market leader in the wind turbine industry, is expected to be a “natural beneficiary” of this shift. The brokerage’s logic is straightforward: steady tendering plus a market-leading position typically translates into higher order inflows and better capacity utilisation, assuming execution remains stable.

Order book crosses 6GW, visibility extends beyond two years

ICICI highlighted that sector tailwinds are visible in Suzlon’s order book, which stood at 6.4GW as of January 2026. The brokerage added that this is 4.1 times the company’s FY25 wind turbine delivery volume, implying a materially higher forward workload compared to recent deliveries.

The brokerage said the order book provides execution visibility for more than two years and expects wind demand to remain healthy in the medium term. In separate company updates and management commentary included in the source material, the order book is also referenced around the 6.2GW to 6.5GW range, reflecting reporting points across different dates.

Management sticks to 60% FY26 growth guidance

Suzlon’s management has reiterated that it has made no change to its FY26 growth guidance of 60% “across all parameters.” In the same commentary, management pointed to record quarterly supplies of 617MW, calling it the highest ever achieved in any quarter and higher than the earlier record of 575MW.

Management also said that at the end of nine months, performance was 77% higher year-on-year, and profitability was also 77% higher. It added that there is no upward or downward revision to the FY26 guidance and it remains confident of delivering the stated 60% growth.

Order book mix shifts toward C&I and higher EPC share

Management indicated that 51% of the current order book is from C&I (commercial and industrial) customers. It also outlined a strategic shift to increase the EPC component of its business, moving from 20% to 27%.

In addition, management said none of the 6.4GW order book is linked to issues such as PSAs not being signed, describing the order book as confirmed. It also stated it is in discussions for another 2.5GW to 3GW of orders, which may gradually convert into firm orders over the next six months.

Industry activity: bidding continues, commissioning accelerates

Management commentary acknowledged that installations have slowed even as the order book remains at record levels. But it also pointed to continued tender and auction activity, including a wind-specific bid of 1,000MW that it said was subscribed three times, and an FDRE bid completed shortly thereafter.

On the broader market, the material shared from the company’s concall noted that H1 FY26 wind commissioning exceeded 3GW and was described as “double” year-on-year. Management expectations mentioned in the same source were around 6GW of wind installations in FY26 and 8GW in FY27, revised up from an earlier 7GW view. It also flagged “9 to 9.5GW in FY28” as a working estimate.

Anand Rathi raises target to Rs 82, keeps BUY

Anand Rathi Share & Stock Brokers also maintained a positive stance on Suzlon, citing a record order book (noted as 6.2GW in its commentary) and expectations that industry installations may rise to 9-10GW annually by FY28. The brokerage said it expects Suzlon to deliver 2.6GW, 3.4GW, and 3.9GW in FY26, FY27, and FY28 respectively.

Anand Rathi added that over 1,865MW is under execution and expects EBITDA margins to stay in the 17-19% range. It also modelled a revenue/EBITDA/PAT CAGR of 34.8%/38.1%/13.8% over FY25 to FY28. The brokerage maintained a BUY rating with a higher 12-month target price of Rs 82 (from Rs 81), valuing the stock at 40 times Sep’27 EPS. It also cited revised valuation multiples of 31.8 times and 26.8 times FY27 and FY28 EPS estimates, respectively.

Key data points at a glance

What this means for execution and earnings visibility

Across broker notes and management updates, the common thread is execution visibility. ICICI’s view links the 6.4GW order book to more than two years of execution runway. Anand Rathi similarly frames the 6GW-plus order book as support for multi-year deliveries, while also highlighting a stable margin band of 17-19%.

The material also underlines that Suzlon’s near-term operating focus is not only on turbine deliveries but also on increasing EPC share and preparing land ahead of projects to reduce execution risk. In parallel, management indicated there are no new export contracts yet, with the earliest expected in FY27 and supplies in FY28.

Conclusion

Suzlon Energy is being positioned by brokers as a direct beneficiary of India’s wind tender pipeline, with ICICI reiterating a Buy and Anand Rathi raising its target to Rs 82. The company’s confirmed order book above 6GW and unchanged FY26 growth guidance of 60% remain central to the investment case. The next key signposts, based on management commentary, are order conversions from the 2.5GW to 3GW discussion pipeline over the coming six months and the pace of commissioning as hybrid and FDRE tenders progress.