Suzlon Energy shares have 43% upside, Motilal Oswal says after analyst meet

Brokerage firm Motilal Oswal has maintained its "buy" recommendation on shares of Suzlon Energy Ltd. after meeting its management recently.

The brokerage has a price target of ₹74 on the stock, which implies a potential upside of 43% from Friday's closing levels.

Suzlon Energy held a manufacturing day on December 4 and 5, where the management highlighted that it sees a limited impact on near-term order flows from the slowdown in central renewables, stating that nearly 15 GW of wind orders remain in the bidding or awarding stage.

The management added further that the potential cancellation / re-bidding of nearly 40 GW of Power Purchase Agreements, mostly in the solar or solar + storage segment, reflects a growing realism in the market that demand must guide supply addition, and wind being an essential component of the energy mix.

Suzlon Energy has also expressed confidence that India can reach 10 GW of annual wind installations by financial year 2028 as growing demand from AI and data centers, along with rising Commercial & Industrial load represent an upside potential to India's 100 GW wind target by 2030.

Strong product performance, along with over 95% of its turbines meeting original life cycle assumptions, positions the company well for a multi-decade growth opportunity, the management added.

Motilal Oswal is valuing the stock at 30 times its estimated financial year 2028 Earnings Per Share (EPS), which is close to its historical average two-year forward multiple of 27 times.

Morgan Stanley too has maintained its "overweight" rating on the stock with a price target of ₹78.

Nine analysts have coverage on Suzlon Energy, where eight of them have a "buy" rating, while the other one has a "hold" rating.

The consensus estimates of price targets implies a potential upside of 43% from current levels.

Shares of Suzlon Energy ended 2% higher last Friday at ₹51.89. The stock is down 20% so far in 2025.