Suzlon Energy share price could reach ₹72 in next 3–6 months, says Axis Securities
The brokerage underscores the company's growing order book, which, at the end of May, stood at 5.5 GW—its highest ever—providing revenue visibility for the next 2–3 years.
Between FY20 and FY25, the company's revenue grew at a CAGR of 70% to ₹ 10,851 crore, driven by improved execution. The brokerage expects revenue to grow at a 40% CAGR from FY25 to FY27 to ₹ 21,275 crore, while Suzlon has guided for 60% growth in FY26.
The company revamped its Puducherry and Daman nacelle facilities in Q3FY25, increasing its total manufacturing capacity from 3.2 GW to 4.5 GW, which has boosted execution capabilities. In FY25, the company's deliveries were 1,550 MW, up 118% YoY.
The brokerage further highlighted the company's plans to add more production lines at its Ratlam and Jaisalmer facilities to scale operations.
Meanwhile, Axis also noted growth in the company's assets under management in its O&M business, which increased from 2.5 GW in FY24 to 3.0 GW in FY25. Revenue from this segment was ₹ 220 crore in FY25, up 3% YoY. According to the brokerage, this segment has stable annuity-like cash flows with an annual escalation of 4–5%.
The CEA forecasts India's total wind energy capacity to increase to 73 GW by FY27 and 122 GW by FY32. As of June 2025, India's wind capacity stood at 52 GW. The CEA targets require annual wind capacity additions of 10 GW, aligning with the MNRE's target of 10 GW of wind capacity tenders through FY28.
MNRE has recently announced the implementation of ALMM for wind, making it mandatory to use major wind turbine components from the 'Approved List of Models and Manufacturers (Wind Turbine Components).' Axis said this implementation is positive for local WTG manufacturers like Suzlon.
India targets 500 GW of renewable energy capacity by 2030, making it one of the world's most ambitious clean energy programs.
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Mint
a day ago
- Mint
Suzlon Energy share price could reach ₹72 in next 3–6 months, says Axis Securities
Axis Securities projects Suzlon Energy share price could climb 10% to ₹ 72 apiece over the next 3–6 months, citing the company's strong positioning to leverage favorable trends in India's renewable energy sector, supported by improved execution capabilities and a robust order book. The brokerage underscores the company's growing order book, which, at the end of May, stood at 5.5 GW—its highest ever—providing revenue visibility for the next 2–3 years. Between FY20 and FY25, the company's revenue grew at a CAGR of 70% to ₹ 10,851 crore, driven by improved execution. The brokerage expects revenue to grow at a 40% CAGR from FY25 to FY27 to ₹ 21,275 crore, while Suzlon has guided for 60% growth in FY26. The company revamped its Puducherry and Daman nacelle facilities in Q3FY25, increasing its total manufacturing capacity from 3.2 GW to 4.5 GW, which has boosted execution capabilities. In FY25, the company's deliveries were 1,550 MW, up 118% YoY. The brokerage further highlighted the company's plans to add more production lines at its Ratlam and Jaisalmer facilities to scale operations. Meanwhile, Axis also noted growth in the company's assets under management in its O&M business, which increased from 2.5 GW in FY24 to 3.0 GW in FY25. Revenue from this segment was ₹ 220 crore in FY25, up 3% YoY. According to the brokerage, this segment has stable annuity-like cash flows with an annual escalation of 4–5%. The CEA forecasts India's total wind energy capacity to increase to 73 GW by FY27 and 122 GW by FY32. As of June 2025, India's wind capacity stood at 52 GW. The CEA targets require annual wind capacity additions of 10 GW, aligning with the MNRE's target of 10 GW of wind capacity tenders through FY28. MNRE has recently announced the implementation of ALMM for wind, making it mandatory to use major wind turbine components from the 'Approved List of Models and Manufacturers (Wind Turbine Components).' Axis said this implementation is positive for local WTG manufacturers like Suzlon. India targets 500 GW of renewable energy capacity by 2030, making it one of the world's most ambitious clean energy programs.
Mint
2 days ago
- Mint
Suzlon Energy share price could reach ₹72 in next 3–6 months, says Axis Securities
Axis Securities projects Suzlon Energy share price could climb 10% to ₹ 72 apiece over the next 3–6 months, citing the company's strong positioning to leverage favorable trends in India's renewable energy sector, supported by improved execution capabilities and a robust order book. The brokerage underscores the company's growing order book, which, at the end of May, stood at 5.5 GW—its highest ever—providing revenue visibility for the next 2–3 years. Between FY20 and FY25, the company's revenue grew at a CAGR of 70% to ₹ 10,851 crore, driven by improved execution. The brokerage expects revenue to grow at a 40% CAGR from FY25 to FY27 to ₹ 21,275 crore, while Suzlon has guided for 60% growth in FY26. The company revamped its Puducherry and Daman nacelle facilities in Q3FY25, increasing its total manufacturing capacity from 3.2 GW to 4.5 GW, which has boosted execution capabilities. In FY25, the company's deliveries were 1,550 MW, up 118% YoY. The brokerage further highlighted the company's plans to add more production lines at its Ratlam and Jaisalmer facilities to scale operations. Meanwhile, Axis also noted growth in the company's assets under management in its O&M business, which increased from 2.5 GW in FY24 to 3.0 GW in FY25. Revenue from this segment was ₹ 220 crore in FY25, up 3% YoY. According to the brokerage, this segment has stable annuity-like cash flows with an annual escalation of 4–5%. The CEA forecasts India's total wind energy capacity to increase to 73 GW by FY27 and 122 GW by FY32. As of June 2025, India's wind capacity stood at 52 GW. The CEA targets require annual wind capacity additions of 10 GW, aligning with the MNRE's target of 10 GW of wind capacity tenders through FY28. MNRE has recently announced the implementation of ALMM for wind, making it mandatory to use major wind turbine components from the 'Approved List of Models and Manufacturers (Wind Turbine Components).' Axis said this implementation is positive for local WTG manufacturers like Suzlon. India targets 500 GW of renewable energy capacity by 2030, making it one of the world's most ambitious clean energy programs. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
3 days ago
- Time of India
Govt's ALMM amendment to aid domestic wind OEMs, reduce cost advantage for Chinese firms: Report
The recent amendment to the Approved List of Models and Manufacturers (ALMM) for wind turbine components is expected to benefit Indian wind original equipment manufacturers (OEMs) by reducing the cost advantage of Chinese players and strengthening domestic supply chains , according to a report by Crisil Ratings . The Ministry of New and Renewable Energy (MNRE), on July 31, amended the procedure for including and updating wind turbine models in the ALMM (Wind), mandating that OEMs source five key components—blade, tower, gearbox, generator, and special bearings—from ALMM (Wind Turbine Components) listed suppliers. These components constitute 65–70 per cent of the total cost of a wind turbine. The amendment also requires wind turbine data and control systems to be hosted within India through domestic data centres, servers, and R&D facilities, in a move aligned with data localisation and cybersecurity priorities. Crisil Ratings said the amendment will reduce the cost disadvantage for Indian wind OEMs as compared to Chinese competitors who import a large share of lower-cost components. Crisil's analysis covers companies accounting for 85–90 per cent of India's wind OEM industry by order book. 'Chinese players have expanded their market share from just around 10 per cent in fiscal 2019 to 40–45 per cent in fiscal 2025, benefiting from low-cost imported components,' said Ankit Hakhu, Director, Crisil Ratings. 'Assuming largely Indian wind component makers get added to the ALMM (Wind Turbine Components), Chinese wind OEMs will be required to source locally from them. This would reduce their cost advantage over Indian OEMs, and consequently their price advantage may begin to fade,' Hakhu said. 'With Indian wind OEMs already procuring domestically, and thus less likely to raise prices, the policy revision could shift the market share in favour of domestic manufacturers,' he added. According to the report, Indian wind OEMs, with a current market share of 40–45 per cent, already procure most of the mandated components locally. In contrast, Chinese wind OEMs operating in India import a larger portion of components, resulting in a 10–15 per cent cost advantage. Crisil said India has adequate but underutilised manufacturing capacity for the five key components. The new policy could enhance capacity utilisation and reduce import dependency. The amendment follows a similar model adopted in the solar sector, where the ALMM for solar modules was implemented in April 2024 to boost local production. The revised norms will apply to all wind turbine models—both existing and new—seeking enlistment in the ALMM (Wind), with some exceptions. The list of certified component suppliers will be released separately by MNRE. Crisil stated that the composition of this list—especially the inclusion of Indian versus foreign suppliers—will be a key factor to monitor. 'However, even with this amendment, competition will remain intense as the dominant Chinese player, which commands the lion's share of the market, is expected to stay put in India,' said Gauri Gupta, Team Leader, Crisil Ratings. 'That said, the policy revision will likely bring in a more level playing field among wind OEMs, which will improve cash flow resilience for Indian wind OEMs. The capacity utilisation of Indian wind OEMs is expected to increase to 50–55 per cent in the near term, up from 30–35 per cent in fiscal 2025, supported by healthy order books,' Gupta added. The new rules are also in line with the government's Atmanirbhar Bharat mission and aim to enhance the sector's resilience to global supply chain disruptions and geopolitical shocks.
