Suzlon Energy , a prominent player in India's wind energy sector, is maintaining its full-year growth guidance at 60%, despite achieving a 70% revenue increase in the first half. This announcement comes amidst a slight decline in the company's share price, which fell 0.55% to ₹59.66, despite reporting robust quarterly results.

Strong Q2 Performance and Growth Outlook

Suzlon Energy posted impressive financial results for the second quarter:

The 565 MW delivery volume marks a significant milestone, being the highest quarterly figure in the 30-year history of India's wind industry.

Suzlon Group CEO JP Chalasani confirmed that the company's 6.2 GW order book remains secure despite recent tender cancellations by the Ministry of Power. Contracts are signed only after power purchase agreements are finalized, providing stability to the order book.

Government Measures and Domestic Manufacturing

Chalasani stated that recent government measures, including amended Listed Models and Manufacturers norms and the Renewable Energy Equipment Import Monitoring System, will strengthen domestic manufacturing and create a level playing field against cheaper imports. Suzlon sources over 90% of its components domestically and plans to use policy benefits to sustain affordable tariffs rather than increase margins.

Analyst Perspectives

Despite the strong results and positive outlook, analysts have expressed some concerns about long-term growth sustainability:

JM Financial

• Maintained 'Buy' rating
• Target price: ₹70.00
• Concerns: Growth sustainability beyond FY28
• Reasons: Execution bottlenecks including connectivity issues and land acquisition constraints
• Projection: Annual wind installations likely capped at 7-8 GW
• EBITDA growth forecast: Moderation from 61% to 17% in FY28

Motilal Oswal

• Retained 'Buy' rating
• Revised target price: ₹74.00 (up from previous)
• Adjustments:
  • Lowered valuation multiple to 30x from 35x
  • Raised estimates by 8% due to lower tax rates
• Note: Creation of deferred tax asset of ₹720.00 crore

While both brokerage firms maintain a positive outlook with 'Buy' ratings, they have highlighted potential challenges that could impact Suzlon Energy's growth trajectory in the long term.

The contrast between Suzlon's robust current performance and the analysts' long-term concerns presents an interesting dynamic in the wind energy sector. The company's market capitalization stands at ₹82,190.00 crore, though shares have declined over 13% in the past year. Investors may need to consider these factors alongside the company's current strong performance and management's confident outlook when making investment decisions.

Suzlon Energy , India's leading wind energy solutions provider, has unveiled an ambitious plan to achieve 122 GW of wind capacity by fiscal year 2032 (FY32). This strategic move underscores the company's commitment to expanding its footprint in the renewable energy sector and aligns with India's growing focus on clean energy.

Strategic Focus on Diverse Wind Projects

The company plans to concentrate its efforts on wind projects across various segments:

1. Hybrid projects
2. Round-the-clock (RTC) power
3. Firm and dispatchable renewable energy (FDRE)

This diversified approach aims to cater to the evolving needs of the energy market and enhance grid stability.

Q2 FY26 Financial Highlights

Suzlon's recent financial results for Q2 FY26 demonstrate strong growth and operational performance:

The company achieved its highest-ever Q2 deliveries in India, contributing to the robust financial performance.

Order Book Strength and Market Position

Suzlon's order book has crossed the 6 GW mark, reaching 6.2 GW by the end of September 2025. This record-high order book provides clear revenue visibility and reinforces the company's leading position in the Indian wind energy market.

Manufacturing Capabilities

With India's largest domestic wind manufacturing capacity of 4.5 GW, Suzlon is well-positioned to meet the growing demand for wind energy solutions. The company's S144 wind turbine, designed for Indian conditions, has gained significant traction with over 2.3 GW of deliveries and 5+ GW of firm orders.

Industry Outlook and Government Initiatives

The wind energy sector in India is poised for significant growth, supported by several government initiatives:

1. Reduction of GST on wind turbines from 12% to 5%, optimizing Levelized Cost of Energy (LCoE)
2. Introduction of Approved List of Models and Manufacturers (ALMM) for wind, focusing on localization
3. Integration of Resource Adequacy Planning (RAPs) by states into their renewable expansion strategies

These measures are expected to boost wind energy adoption and support Suzlon's growth trajectory.

Management Commentary

Girish Tanti, Vice Chairman of Suzlon Group, expressed confidence in the company's future, stating, "With long-term visibility of 400 GW wind capacity by 2047, I'm confident we'll continue leading the market."

JP Chalasani, Group CEO, added, "As India's wind market gears up for installations of 6 GW in FY26, and 8 GW in FY27, we will continue to drive sustainable, profitable growth."

Suzlon's ambitious target of 122 GW wind capacity by FY32, coupled with its strong financial performance and robust order book, positions the company as a key player in India's renewable energy landscape. As the nation moves towards its clean energy goals, Suzlon appears well-equipped to capitalize on the growing opportunities in the wind energy sector.