Buy Suzlon Energy; target of Rs 65: ICICI Direct

ICICI Direct is bullish on Suzlon Energy recommended buy rating on the stock with a target price of Rs 65 in its research report dated February 27, 2026.

Broker Research

February 27, 2026 / 11:11 IST

Buy

ICICI Direct's research report on Suzlon Energy

Suzlon has gained substantial ground in India’s wind power space over the last three years. As a vertically integrated wind energy solutions provider with highly localised manufacturing, its growth has been synonymous with India’s wind power growth. Wind remains a key piece in India’s RE capacity addition plans, gaining higher traction in recent times due to the country’s focus on hybrid/FDRE capacity. The sectoral tailwinds reflect in Suzlon’s order book (OB), which swelled to 6.4GW, as of Jan’26. With its existing wind business exhibiting strong potential, Suzlon is now eyeing new, yet related, frontiers. It has announced a major leadership restructuring as part of its ‘Suzlon 2.0’ vision, aiming to transform into a full-stack, diversified renewable energy solutions provider. The new management structure is designed to expand into project development across wind, solar and BESS, while Suzlon maintains its stronghold in the existing wind business.

Outlook

We reiterate BUY, with an unchanged target price of INR 65, valuing the business at 32x FY28E EPS.

For all recommendations report, click here