Shareholding data for the March quarter shows FII ownership in Suzlon Energy shares inching up to 23.9% from 23.7% in the December quarter of FY26. Their holding stood at 22.7% in the September quarter and 23% in the June quarter. Retail participation has also strengthened, with holdings rising to 26.67% from 26.20%.
The stock itself has been on a strong run, rallying about 35% over the past month. The surge in Suzlon shares comes as rising temperatures fuel expectations of higher power demand during the summer months. JM Financial has termed Suzlon an “unintended beneficiary” of the ongoing Iran-US conflict.
Expectations for the March quarter remain robust. JM Financial estimates revenue could jump 51% year-on-year to Rs 5,708 crore. EBITDA is projected to rise 54% to Rs 1,068 crore, while net profit is likely to grow 53% to Rs 888.8 crore.
Brokerages continue to remain positive on the company’s long-term outlook. Systematix points to Suzlon’s leadership in India’s wind energy space, with around a 35% share in installations and a strong order book of 6.5 GW, offering clear growth visibility. Its integrated business model spanning manufacturing, EPC, and operations and maintenance is expected to support recurring revenues and margin expansion.
The company’s improving balance sheet is another key positive. After years of high leverage, Suzlon has strengthened its financial position through deleveraging and tighter working capital management. This has enhanced its ability to bid for larger renewable energy projects.
JM Financial expects India to clock another record year for capacity additions in FY27, surpassing the 6.1 GW peak seen in FY26. It noted that Suzlon has been dealing with a widening gap between deliveries and installations. As of March 31, 2025, the company had 371 MW of sets erected and ready for commissioning, about 10% higher than installations.This gap widened to 776 MW as of December 31, 2025, or 76% higher than installations, raising concerns around execution and fresh order inflows. However, the brokerage expects a sharp improvement in commissioning during the first half of FY27, which could boost cash flows and trigger a new cycle of orders.
JM Financial has retained its ‘Buy’ rating on the stock with a target price of Rs 64. This implies an upside potential of over 30% from the previous closing price of Rs 49.13.
At about 12:15 pm, Suzlon Energy shares were trading 0.5% lower at Rs 54.33 on the BSE.
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