Suzlon Energy remains in focus after a recent interaction between its management and brokerage firm Systematix Shares & Stocks (India) Ltd at an investor conference. Following the discussion, the brokerage continued with its ‘Buy’ recommendation and kept its target price at ₹67, reflecting confidence in the company’s execution pipeline and sector outlook.
Order Book Remains Strong Despite Tender Delays
One of the main discussion points was the delay in certain government wind tenders, particularly from NTPC Ltd. While timelines have shifted slightly, Suzlon’s overall order visibility remains healthy.
The company’s net order book stands at around 6.4 GW, with public sector projects forming a modest portion of the total. Management indicated that supplies for delayed tenders are expected to pick up in the second half of FY27.
Execution Momentum Improving
Suzlon’s delivery pace has picked up meaningfully over the past year. The company executed more than 1,500 MW recently, leading to a sharp improvement in operating performance compared to the previous year.
The jump in EBITDA highlights better capacity utilisation and stronger project flow. Analysts believe that sustained execution at current levels could help stabilise margins going forward.
Raw Material Strategy Offers Cushion
Steel remains the biggest input cost in wind turbine manufacturing. However, Suzlon has structured most contracts in a way that allows price pass-through, reducing exposure to volatility.
Management also shared that efforts are underway to optimise material usage. In areas where technically possible, alternatives to copper are being evaluated to manage costs without compromising quality.
Grid Connectivity Still a Bottleneck
While India’s wind sector is expanding, transmission and grid connectivity remain practical challenges in certain regions. Terrain, local approvals, and infrastructure readiness sometimes delay commissioning timelines.
Even so, India’s annual wind capacity addition is gradually rising. Industry participants expect installations to move towards double-digit GW levels annually over the next few years as renewable targets accelerate.
Wind May Gain Edge Over Solar
With stricter domestic sourcing norms raising costs in the solar segment, some developers may find wind or hybrid projects comparatively more viable. Suzlon, with its integrated manufacturing, EPC, and long-term maintenance capabilities, stands to benefit if this shift gathers pace.
A large-scale wind project typically takes 18–24 months from order confirmation to commissioning, depending on location and logistics. Transporting large turbine components across India continues to add complexity and cost, limiting the feasibility of ultra-large turbines for now.
The Bigger Picture
Suzlon today operates as a fully integrated renewable energy player — from turbine manufacturing to project execution and long-term servicing. While short-term tender delays and infrastructure constraints remain, the broader renewable push in India keeps the structural growth story intact.
Brokerages maintaining positive ratings suggest confidence that Suzlon can sustain execution momentum and capitalise on the expanding wind opportunity.
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