Suzlon Energy shares give up gains but UBS sees 32% upside

Shares of Suzlon Energy Ltd., the renewable energy solutions provider, opened up to 2% higher on Wednesday, September 17, after global brokerage firm UBS reaffirmed its ‘Buy’ rating on the stock.

However, the initial gains fizzled out, and the stock is now trading in the red.

UBS has a price target of ₹78 per share for Suzlon.

On the business front, Suzlon announced an 838 MW order from Tata Power, its second-largest order to date and the third order placed by Tata Power with the company.

The project will comprise of 266 of Suzlon's S144 wind turbines, each with a rated capacity of 3.15 MW. The 838 MW will be split across Karnataka (302 MW), Maharashtra (271 MW) and Tamil Nadu (265 MW).

With this addition, Suzlon’s order book has crossed 6.5 GW. Its FY26 year-to-date intake now stands at 1.8 GW, keeping the company on track to meet UBS’s FY26E forecast of 3.5 GW and underpinning a sustainable ramp-up in execution.

This is Suzlon Energy's second largest order till date, following the 1,544 MW order that it won from NTPC Green Energy earlier.

"The fact that Suzlon continues to be their (Tata Power RE) partner of choice reflects our ability to align with this vision through proven, ‘Made in India’ innovation and execution excellence," Suzlon Group CEO JP Chalasani said.

In an interaction with CNBC-TV18 last month, Chalasani highlighted that the company is in the process of appointing a new CFO. This, after Himanshu Mody quit after four years of being at the post.

Chalasani reiterated that the block deal in which promoters sold some stake was primarily for cash generation, and that their long-term commitment to the business remains unchanged.

Shares of Suzlon Energy are now trading 0.37% lower on Wednesday at ₹

58.76. The stock has declined 10% so far this year.