Suzlon Energy has once again captured investor attention after posting a stellar performance in the September 2025 quarter (Q2 FY26). The wind energy giant reported impressive growth across all key financial metrics, drawing positive reviews from top domestic brokerage firms. Despite a short-term dip in share price, analysts remain optimistic about Suzlon’s long-term potential, with most maintaining a ‘Buy’ rating and setting target prices implying an upside of 15–45%.
Suzlon Energy Q2 FY26 Results
During the September 2025 quarter, Suzlon Energy’s net profit soared more than six times year-on-year (YoY) to ₹1,278 crore, reflecting a sharp turnaround driven by higher volumes and margin expansion. Revenue from operations surged 85% YoY to ₹3,870 crore, while EBITDA jumped 145% YoY to ₹720 crore. The company’s EBITDA margin expanded by 460 basis points to 18.6%, underlining stronger operational efficiency and better cost control.
However, the Suzlon Energy share price slipped 1.5% to ₹57.59 on Thursday, with its market capitalization dipping below ₹80,000 crore. The stock has corrected nearly 6% since the earnings announcement but remains a multibagger, delivering strong returns over the last few years.
ICICI Securities
ICICI Securities reaffirmed its bullish stance, highlighting Suzlon’s strong first-half performance in FY26. The brokerage noted that Suzlon maintains guidance of 60% YoY growth in FY26 across all major parameters, including wind turbine deliveries. It maintained a ‘Buy’ rating with a target price of ₹76, citing solid momentum and sector tailwinds.
Anand Rathi
Anand Rathi Share & Stock Brokers expressed confidence in Suzlon’s growth amid India’s accelerating wind-energy expansion. With a record 6.2GW order book and more than 1,865MW under execution, the firm raised its target price to ₹82, maintaining a ‘Buy’ rating. It emphasized Suzlon’s strong execution capabilities and government policy support as key growth drivers.
JM Financial
According to JM Financial, Suzlon’s robust revenue and EBITDA growth in Q2FY26 were driven by higher deliveries and improved margins. The brokerage maintained a ‘Buy’ rating with a target of ₹70, based on FY28 earnings, while cautioning about ongoing execution challenges such as connectivity and land-related bottlenecks.
Motilal Oswal
Motilal Oswal Financial Services also maintained a Buy call with a revised target price of ₹74, valuing Suzlon Energy at 30x FY28 EPS. It noted that Suzlon’s strong delivery guidance of 2.5GW for FY26 and tax shield up to ₹50 billion support long-term profitability and balance sheet strength.
Nuvama
Nuvama Institutional Equities, however, maintained a ‘Hold’ rating with a target of ₹66, citing the impact of deferred tax assets (DTA) on future earnings. The firm noted that Suzlon’s Q2 PAT included a ₹720 crore DTA gain, which significantly reduced FY26 tax but could raise FY27 tax obligations.
Suzlon Energy Outlook
Despite recent market corrections, Suzlon Energy’s long-term outlook remains positive. With India’s renewable energy capacity rapidly expanding and Suzlon’s execution momentum strengthening, the company is well-positioned for sustained growth. Most analysts agree that Suzlon Energy stock offers attractive value for long-term investors amid the global clean energy transition.
