52% upside ahead? Suzlon Energy shares trade near 52-week low but ICICI Securities stays bullish

Shares of Suzlon Energy traded close to their 52-week low on Tuesday. The stock was trading at Rs 40.33, up 0.72 or 1.82 per cent during the session. It had hit a 52-week low of Rs 38.17 in the previous session.

Stock trades near yearly low

On March 10, the renewable energy stock opened at Rs 40.33. It touched an intraday high of Rs 40.65 and a low of Rs 40.03. The company’s market capitalisation stood at Rs 55.16 thousand crore.

Add Zee Business as a Preferred Source

The stock has seen volatility in recent sessions as investors booked profits after a strong rally over the past year.

Strong December quarter performance

Despite the recent weakness in the share price, Suzlon reported strong numbers for the December 2025 quarter.

The company’s consolidated net profit rose 15.1 per cent to Rs 445.28 crore in the third quarter of FY26, compared with Rs 386.92 crore in the same period last year.

Revenue growth was even stronger. Revenue from operations jumped 42.4 per cent to Rs 4,228.18 crore, up from Rs 2,968.81 crore a year ago. The growth reflects rising demand in the renewable energy sector, particularly in wind power projects.

ICICI Securities maintains ‘buy’ call

Brokerage firm ICICI Securities said Suzlon has significantly improved its financial position after facing challenges over the past decade.

According to the brokerage, the company has reduced its debt sharply over the past few years. Suzlon cut its debt from around Rs 120 billion in FY20 through several debt-to-equity conversions. The brokerage in its report said that the Suzlon Energy also raised Rs 20 billion through an equity issue in Q2FY24, which helped reduce leverage and improve liquidity.

By September 2024, Suzlon had turned net cash positive with a cash reserve of about Rs 13 billion, and its balance sheet has strengthened further since then, brokerage noted.

Positive outlook for wind sector

ICICI Securities analysts believe the outlook for India’s wind energy sector remains strong. The government has announced plans to tender at least 10 GW of wind capacity every year, which could support long-term demand.

Suzlon, being one of India’s largest wind turbine manufacturers, is expected to benefit from this expansion. The brokerage noted that increasing demand for round-the-clock renewable power from commercial and industrial users is also supporting the sector.

The company’s order book stood at about 6.4 GW as of January 2026, which is over four times its FY25 wind turbine delivery volume. This provides strong visibility for future growth.

Target price and risks

ICICI Securities has reiterated a ‘buy’ rating on the stock with a target price of Rs 65, valuing the company at 32 times its estimated FY28 earnings per share.

However, the brokerage cautioned that execution delays in wind turbine projects or slower order inflows could pose risks to the company’s outlook.