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Suzlon Energy shares were trading lower on Friday. At 10:10 am, the stock was at Rs 47.20 on the NSE. This was down Rs 0.24, or 0.51 per cent, from the previous close.

The stock opened at Rs 47.43. It touched a high of Rs 47.78 and a low of Rs 46.79. Suzlon Energy’s market capitalisation stood at Rs 64.72 thousand crore. The stock is trading near its 52-week low of Rs 44.88, compared with a 52-week high of Rs 74.30.

The stock has remained under pressure, showing mixed performance across different timeframes on the NSE. While it gained 3.59 per cent over the past week, it slipped 8.96 per cent in the last month. Year-to-date, the stock is down 9.78 per cent, and over the past one year, it has declined 14.55 per cent, highlighting persistent volatility despite short-term gains.

Motilal Oswal said Suzlon Energy shares have fallen around 15 per cent so far in FY26. Investor concerns include rising competition in the wind segment. There are also worries about slower wind installations.Another concern is the loss of wind’s share in tenders to solar plus battery energy storage systems.

Despite these issues, the brokerage said the current price offers a favourable risk-reward for the stock.

Motilal Oswal estimates incremental wind demand of 20 to 24 GW by 2030. This demand is expected from data centres, commercial and industrial consumers, and public sector units. This will be over and above India’s targeted 100 GW wind capacity by FY30.

The brokerage believes this demand mix supports long-term growth for wind players like Suzlon Energy.

Suzlon Energy’s plan to raise its EPC share to 50 per cent of the order book is seen as a key advantage. Motilal Oswal highlighted the company’s strong execution record versus domestic peers. Limited participation of Chinese OEMs in EPC projects also works in Suzlon’s favour.

Around 15 to 17 GW of wind projects are currently in the bidding or award stage. This provides healthy visibility for near-term order inflows. Suzlon’s current order book of around 6.5 GW covers its estimated deliveries for the second half of FY26 and FY27.

Motilal Oswal said some stalled renewable projects could be re-bid as firm and dispatchable renewable energy projects. This could improve the opportunity for wind power.

Exports may also emerge as a growth driver. Management expects export orders to start from early FY27, with supplies beginning in FY28.

The Motilal Oswal reiterated a BUY rating on Suzlon Energy with a target price of Rs 74.

Systematix has initiated coverage on Suzlon Energy with a BUY rating. It has set a target price of Rs 67, valuing the stock at 30 times 1HFY28E earnings.

The brokerage highlighted Suzlon’s integrated capabilities across manufacturing, EPC, and operations and maintenance. The company has a manufacturing capacity of 4.5 GW and an installed base of over 20 GW. It also holds around 35 per cent market share in India’s wind turbine installations.

Systematix expects Suzlon to benefit from the shift towards hybrid and firm renewable energy tenders. It estimates revenue, EBITDA, and profit CAGR of 30 per cent, 39 per cent, and 18 per cent, respectively, between FY25 and FY28E.

Key risks include execution delays, grid evacuation issues, and logistical constraints. Despite these risks, Systematix believes Suzlon is well placed to benefit from India’s wind capacity addition cycle.