Suzlon Share Price Target 2026, 2027, 2030

Suzlon Energy Ltd (NSE: SUZLON, BSE: 532667) is one of India’s major wind-energy equipment and renewable-energy solution providers. As of the latest completed trading session on 29 September 2026, Suzlon’s share price was around ₹39.50. The stock was near the lower end of its 52-week range of approximately ₹38.17–₹61.50.

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The Suzlon share price target 2026, 2027 and 2030 presented below is a scenario-based valuation exercise rather than a guaranteed prediction. The analysis combines reported earnings, management’s growth plans, order-book visibility, balance-sheet strength, expected EPS growth and reasonable P/E multiples.

The key issue for investors is that Suzlon’s long-term opportunity remains substantial, but the company must convert its large order book into profitable execution while maintaining margins.

For 2026, the valuation framework primarily uses FY27 earnings, because FY26 has already been reported and the market is now looking ahead to the current financial year.

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Suzlon entered FY27 with a strong order book and a significantly stronger balance sheet than in previous years. However, Q1 FY27 showed that earnings growth may not be linear.

In Q1 FY27, consolidated revenue increased 22.5% YoY to ₹3,819 crore, while EBITDA was approximately ₹595 crore and PAT was ₹305 crore, down about 5.9% YoY. EBITDA margin was around 15.6%, below the year-earlier level. The company attributed part of the pressure to temporary supply-chain/logistics disruptions and investments associated with scaling the business.

Management has indicated that FY27 EBITDA margins could recover toward approximately 17–18%, with a ±1–2 percentage-point range, supported by better operating leverage in the second half.

For the base case, I use an FY27 EPS assumption of approximately ₹1.85. This is slightly above the currently available analyst consensus average of roughly ₹1.77 but below FY26 reported/adjusted EPS of around ₹2.3, reflecting the expected transition year.

2026 Scenario	EPS Assumption	P/E Assumption	Implied Target
Bear	₹1.85	17x	₹31
Base	₹1.85	22x	₹41
Bull	₹1.85	27x	₹50

Therefore, the Suzlon share price target for 2026 under this framework is approximately:

Bear Case: ₹31
Base Case: ₹41
Bull Case: ₹50

The ₹41 base case is only modestly above the ₹39.50 reference price, reflecting the fact that much of the company’s near-term earnings uncertainty is already being reflected in the valuation.

The 2027 outlook depends increasingly on whether Suzlon can turn its current order-book strength into higher deliveries, better margins and stronger free cash flow.

Suzlon’s FY26 results were particularly strong. Consolidated revenue rose 54% to ₹16,679 crore, EBITDA increased 63% to ₹3,022 crore, PBT increased 67% to ₹2,422 crore, while PAT reached ₹3,163 crore. Deliveries rose to 2,456 MW from 1,550 MW in FY25.

The company entered FY27 with an order book of approximately 6.1 GW, compared with about 5.9 GW at the end of FY26. The order book includes a significant commercial and industrial/captive component, while the EPC share has also increased.

Management’s longer-term Suzlon 2.0 strategy targets approximately 25% revenue CAGR through FY31, annual renewable-energy sales of around 10 GW by FY31 and expansion across wind, solar, storage and energy-management solutions.

For FY28, I use a base EPS assumption of approximately ₹2.25.

2027 Scenario	EPS Assumption	P/E Assumption	Implied Target
Bear	₹2.25	17x	₹38
Base	₹2.25	22x	₹50
Bull	₹2.25	27x	₹61

This gives a Suzlon share price target 2027 range of approximately ₹38–₹61, with the base scenario around ₹50.

The higher valuation in the bull case would require visible earnings growth, sustained wind-industry demand, successful execution and continued investor confidence in Suzlon’s Suzlon 2.0 strategy.

The Suzlon share price target 2030 requires a substantially longer-term framework because FY30 earnings are not yet reported and precise long-term analyst estimates are inherently uncertain.

Suzlon’s long-term strategy provides an important reference point. Management has discussed approximately 25% revenue CAGR through FY31, annual renewable-energy sales of around 10 GW, a substantially larger order book and expansion of its renewable-energy asset-management platform.

The company also has several structural opportunities:

India’s wind capacity additions are expected to remain significant.
Suzlon has a large installed base that supports its O&M business.
Repowering represents a sizeable potential market.
The company is expanding into solar, BESS and integrated renewable-energy solutions.
Export opportunities could become more important over the next several years.

However, the 2030 valuation should not simply assume that the current high-growth phase continues indefinitely.

For this analysis, the base EPS assumption for FY30 is approximately ₹3.10.

2030 Scenario	EPS Assumption	P/E Assumption	Implied Target
Bear	₹3.10	16x	₹50
Base	₹3.10	22x	₹68
Bull	₹3.10	27x	₹84

Accordingly, the Suzlon share price target 2030 under this scenario framework is approximately:

Bear Case: ₹50
Base Case: ₹68
Bull Case: ₹84

The ₹68 base case represents a substantial increase from ₹39.50. That does not mean the stock is expected to reach ₹68; it means that such a valuation could be supported if the company achieves the assumed earnings trajectory while retaining a 22x earnings multiple.

Year	Bear Case	Base Case	Bull Case	Key Assumption
2026	₹31	₹41	₹50	FY27 EPS around ₹1.85; margin recovery
2027	₹38	₹50	₹61	FY28 EPS around ₹2.25; stronger execution
2030	₹50	₹68	₹84	FY30 EPS around ₹3.10; sustained growth

Reference share price: ₹39.50 as of the latest completed session on 29 September 2026.

Potential Return From ₹39.50 Reference Price

Target	Target Price	Approx. Change From ₹39.50
2026 Bear	₹31	-21.5%
2026 Base	₹41	+3.8%
2026 Bull	₹50	+26.6%
2027 Bear	₹38	-3.8%
2027 Base	₹50	+26.6%
2027 Bull	₹61	+54.4%
2030 Bear	₹50	+26.6%
2030 Base	₹68	+72.2%
2030 Bull	₹84	+112.7%

These percentages are mathematical comparisons with the reference price, not forecasts of actual returns.

The following EPS assumptions are used in the valuation model:

Financial Year	EPS Assumption	Basis
FY2027	₹1.85	Normalisation after Q1 FY27 margin pressure
FY2028	₹2.25	Higher deliveries and operating leverage
FY2029	₹2.65	Continued scale-up and earnings growth
FY2030	₹3.10	Mature phase of current growth strategy

These are scenario assumptions, not company guidance.

Available external estimates currently put FY27 adjusted EPS around ₹1.77 on average, with estimates varying across analysts. One market-data source shows FY27 revenue expectations around ₹217 billion and average EPS around ₹1.77.

A separate September analyst-data source estimates FY27 EPS around ₹1.82 and FY28 around ₹2.13.

The model therefore does not assume an immediate return to FY26’s unusually strong earnings trajectory.

The primary methodology is:

Estimated EPS × Assumed P/E Multiple = Target Share Price

2026 Base Case

₹1.85 EPS × 22x P/E = ₹40.70, rounded to ₹41

2027 Base Case

₹2.25 EPS × 22x P/E = ₹49.50, rounded to ₹50

2030 Base Case

₹3.10 EPS × 22x P/E = ₹68.20, rounded to ₹68

The selected 22x base-case P/E is deliberately below the much higher multiples seen in some wind/renewable peers and below the broader industry’s reported P/E.

Suzlon was trading at approximately 17–18x trailing earnings around late September 2026, depending on the data provider and calculation methodology. Its P/B ratio was around 5.5–6x.

For comparison, Inox Wind was reported at roughly 37–40x earnings around September 2026.

The industry P/E reported by different databases is considerably higher than Suzlon’s current trailing multiple, but sector averages can be distorted by the mix of companies and earnings stages.

Therefore, this analysis does not assume that Suzlon deserves a 35–40x multiple. A 22x base multiple represents some premium to its current valuation while still allowing for execution, cyclicality and margin risks.

The bull-case 27x multiple requires a stronger earnings trajectory and continued valuation support, while the bear-case 16–17x range assumes earnings disappointments or valuation de-rating.

Suzlon Business & Growth Outlook

Suzlon operates primarily across wind-turbine manufacturing and related renewable-energy services, with businesses covering wind turbine generators, foundry and forging, operations and maintenance and renewable-energy development.

The company had more than 21 GW of global installed wind capacity, a stated cumulative Indian market share of about 28%, more than 8,500 employees and domestic manufacturing capacity of approximately 4.5 GW according to its FY26 investor presentation.

The company also has an important O&M franchise. Its India O&M installed base reached approximately 15.7 GW at March 2026, supporting a recurring-service component alongside the more cyclical turbine business.

Major growth drivers include:

Higher annual wind installations in India
Commercial and industrial renewable-energy demand
FDRE and hybrid renewable projects
PSU renewable-energy projects
Repowering of older wind turbines
Export opportunities
Expansion into solar and BESS
Higher EPC contribution
Growth in O&M assets under management
New-generation turbine platforms
Better manufacturing utilisation

The company’s S144 platform had accumulated approximately 9 GW of firm orders by FY26, according to management.

Financial Performance

Suzlon’s FY26 performance marked a substantial improvement over FY25.

Metric	FY25	FY26	Direction
Revenue	₹10,851 Cr	₹16,679 Cr	+54%
EBITDA	₹1,857 Cr	₹3,022 Cr	+63%
EBITDA Margin	17.1%	18.1%	Improved
PBT	₹1,447 Cr	₹2,422 Cr	+67%
PAT	₹2,072 Cr	₹3,163 Cr	+53%
Deliveries	1,550 MW	2,456 MW	+58%

The Q1 FY27 numbers were more mixed:

Q1 FY27 Metric	Result
Revenue	₹3,819 Cr
YoY Revenue Growth	22.5%
EBITDA	₹595 Cr
EBITDA Margin	15.6%
PAT	₹305 Cr
YoY PAT Growth	-5.9%
Deliveries	506 MW
Order Book	~6.1 GW

This divergence is important. Revenue and deliveries continued growing, but profitability temporarily lagged because of logistics disruption, higher fixed costs and investments to support future scale.

Cash Flow and Balance Sheet

Suzlon’s balance sheet has changed substantially compared with its highly leveraged historical period.

At March 2026, the company reported:

Net worth: approximately ₹9,464 crore
Borrowings: approximately ₹264 crore
Net cash: approximately ₹2,384 crore
Cash and cash equivalents: approximately ₹2,648 crore

FY26 operating cash flow was approximately ₹1,202 crore, compared with ₹1,095 crore in FY25. Free cash flow was approximately ₹625 crore, compared with ₹721 crore in FY25.

The positive net-cash position is an important difference from Suzlon’s earlier balance-sheet problems.

However, working-capital requirements remain important because rapid growth can absorb cash through inventories and receivables. Investors should therefore monitor the relationship between EBITDA growth, operating cash flow and working capital rather than focusing on PAT alone.

Return Ratios and Valuation

FY26 financial databases show Suzlon with strong return metrics. One current dataset reports FY26 ROE around 40.6%, ROCE around 25.7%, and debt/equity around 0.10x. Current rolling measures vary by methodology and period.

Around late September 2026, Suzlon’s valuation was approximately:

Valuation Metric	Approximate Level
P/E	~17–18x TTM
P/B	~5.5–6x
EV/EBITDA	~17x
Debt/Equity	~0.03–0.10x
ROE	~39–41%
ROCE	~24–35%, depending on methodology

The differences in ROCE across databases arise partly from methodology and reporting-period differences, so these ratios should be treated as ranges rather than exact comparable figures.

Overall, Suzlon’s balance-sheet leverage is now low, while its earnings multiple is materially below some renewable/wind peers. However, the high P/B ratio indicates that the stock is not inexpensive on book value.

1. Revenue and delivery growth

Higher wind-turbine deliveries can materially increase Suzlon’s revenue because the WTG business is currently the main growth engine.

FY26 WTG revenue grew strongly, with deliveries reaching 2,456 MW.

2. EBITDA margin

Margin expansion could be one of the most important earnings drivers.

Management expects FY27 EBITDA margins around 17–18%, with a possible ±1–2 percentage-point range.

A sustained move toward the upper end of this range could support faster EPS growth.

3. Order-book execution

Suzlon had approximately 6.1 GW of order book at the end of Q1 FY27.

The important question is not simply the size of the order book, but how quickly it is converted into deliveries, revenue, cash flow and profits.

4. Wind industry growth

Suzlon’s FY26 presentation highlighted India’s strong wind-growth opportunity, including expectations for wind to grow faster than overall power demand and substantial additional wind capacity through the next decade.

5. Suzlon 2.0

Management’s longer-term strategy targets roughly 25% revenue CAGR through FY31, alongside expansion into integrated renewable-energy solutions.

6. O&M growth

The O&M business provides a more recurring component to the business model. Suzlon reported a 15.7+ GW India installed base for its O&M operations at March 2026.

7. Institutional ownership

The June 2026 shareholding data show promoter holding at approximately 11.71%, FII/FPI holding at 24.15%, mutual-fund holding at 6.47%, and other DIIs at roughly 4.6%. Institutional ownership increased compared with March 2026.

Ownership changes should be treated as a supporting indicator rather than a substitute for earnings analysis.

Valuation risk

Although Suzlon’s trailing P/E is lower than some renewable-energy peers, the stock remains valued at a significant premium to book value. A weaker earnings trajectory could result in multiple compression.

Earnings slowdown

Q1 FY27 demonstrated that revenue growth does not automatically translate into equivalent PAT growth. PAT declined 5.9% YoY despite revenue increasing 22.5%.

Margin pressure

Higher raw-material costs, logistics expenses, EPC mix and investments in new facilities could pressure margins.

Execution risk

A large order book creates opportunity but also increases execution requirements. Delays in manufacturing, transportation, erection or commissioning can affect revenue recognition and working capital.

Working-capital risk

Rapid growth can increase inventories and receivables. Investors should monitor operating cash conversion carefully.

Competition

The Indian wind industry is attracting increasing investment, while solar, hybrid renewable projects and battery storage compete for renewable-energy capital.

Regulatory and policy risk

Wind projects depend partly on auctions, grid availability, transmission infrastructure, renewable-energy regulations and government policy.

Industry cyclicality

Wind-turbine manufacturing is more cyclical than the O&M business. Order timing can create significant quarter-to-quarter volatility.

Technology risk

The renewable-energy industry evolves rapidly. Suzlon must continue investing in turbine technology and maintain competitiveness in increasingly larger turbine platforms.

Suzlon Shareholding Trend

The June 2026 ownership data indicate:

Category	Mar 2026	Jun 2026
Promoters	11.73%	11.71%
FII/FPI	23.85%	24.15%
Mutual Funds	4.87%	6.47%
Other DIIs	~4.31%	~4.64%
Retail/others	~55%	~53%

The rise in mutual-fund and aggregate institutional ownership is a positive data point from an ownership perspective, but it should not be interpreted as evidence that the stock price must rise.

Is Suzlon a Long-Term Growth Story?

Suzlon has several characteristics associated with a long-term renewable-energy growth opportunity: a large installed base, established manufacturing infrastructure, an expanding order book, a growing O&M franchise, low financial leverage and exposure to India’s increasing renewable-energy requirements.

Its balance sheet is also substantially stronger than during its earlier financial difficulties, with the company reporting net cash of approximately ₹2,384 crore at March 2026.

The central uncertainty is therefore shifting from financial survival toward execution quality and sustainable profitability.

For Suzlon to justify the higher end of the valuation scenarios, the company would need to demonstrate several things over time:

Sustained double-digit revenue growth
Successful execution of its order book
Stable or improving EBITDA margins
Strong operating cash generation
Continued low leverage
Successful expansion into integrated renewable solutions
Increasing contribution from O&M and other recurring businesses
Successful entry into selected international markets

The base-case model assumes meaningful earnings growth but does not assume that Suzlon will maintain extremely high historical growth rates indefinitely.

Therefore, the Suzlon future share price ultimately depends less on the size of the renewable-energy opportunity alone and more on how effectively the company converts that opportunity into per-share earnings and cash flow.

Target Sanity Check

The model has been cross-checked against the latest reference price of approximately ₹39.50.

The base-case targets imply:

2026: ₹41, or approximately 22x FY27 assumed EPS
2027: ₹50, or approximately 22x FY28 assumed EPS
2030: ₹68, or approximately 22x FY30 assumed EPS

The model therefore does not depend on an extreme valuation re-rating.

The largest assumption behind the 2030 target is earnings growth: FY27 EPS of ₹1.85 is assumed to increase to ₹3.10 by FY30.

That represents roughly a 19% annualised EPS growth rate over the period. This is below management’s stated long-term revenue-growth ambition of approximately 25% CAGR, leaving some allowance for dilution, margins, taxes and the difference between revenue and earnings growth.

The ₹84 bull case requires both the ₹3.10 EPS assumption and a 27x multiple. If earnings growth is weaker or the market assigns a lower multiple, the resulting valuation could be materially lower.

This is why the ₹68 base case should be viewed as a valuation scenario rather than a prediction that Suzlon will trade at ₹68 in 2030.

Frequently Asked Questions

Under the scenario-based model, the Suzlon share price target 2026 is approximately ₹31 in the bear case, ₹41 in the base case and ₹50 in the bull case. The model uses FY27 EPS of approximately ₹1.85 and different valuation multiples.

The estimated Suzlon share price target 2027 is approximately ₹38–₹61, with a base-case target of around ₹50. The base case assumes FY28 EPS of approximately ₹2.25 and a 22x P/E multiple.

The scenario-based Suzlon share price target 2030 is approximately ₹50 in the bear case, ₹68 in the base case and ₹84 in the bull case. The base case assumes FY30 EPS of ₹3.10 and a 22x P/E.

Major factors include wind-energy capacity additions, order-book execution, turbine deliveries, EBITDA margins, raw-material costs, working capital, O&M growth, renewable-energy policy, exports, competition, BESS/solar expansion and broader market valuations.

5. What valuation method is used for the target?

The primary method is forward EPS × P/E multiple. Different P/E multiples are used for the bear, base and bull scenarios to reflect different levels of earnings growth, execution quality and investor confidence.

6. What are the major risks to the target?

The main risks include slower earnings growth, margin pressure, execution delays, working-capital requirements, competition, renewable-energy policy changes, industry cyclicality and valuation de-rating.

Year	Bear	Base	Bull
2026	₹31	₹41	₹50
2027	₹38	₹50	₹61
2030	₹50	₹68	₹84

Reference price used: approximately ₹39.50, based on the latest completed trading session available before the 30 September 2026 analysis date.

The analysis indicates that Suzlon’s long-term valuation is particularly sensitive to EPS growth and the P/E multiple assigned to that growth. The company’s strong order book and net-cash position provide important support, but Q1 FY27 also demonstrates why execution and margins need to be monitored closely.

Disclaimer: These share price targets are scenario-based estimates for educational and informational purposes only. They are not guaranteed price predictions or investment advice. Actual prices may differ materially depending on earnings, valuation, market conditions and company-specific developments.

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