The stock witnessed a rally after last week, the company reported a 365% year-on-year (YoY) jump in consolidated profit after tax (PAT), reaching Rs 1,182 crore in Q4FY25 as compared to Rs 254 crore in the same quarter last year.
Revenue from operations grew 73% YoY to Rs 3,773 crore from Rs 2,179 crore in Q4FY24. Sequentially, PAT rose 205% from Rs 387 crore in Q3FY25, while revenue increased 27% from Rs 2,969 crore.
Suzlon’s expenses for the quarter stood at Rs 3,274 crore, up from Rs 2,611 crore in Q3FY25 and Rs 1,927 crore in Q4FY24.
Segment-Wise Performance
- Wind Turbine Generator (WTG): Revenue stood at Rs 3,142 crore in Q4FY25, compared to Rs 2,336 crore in Q3FY25 and Rs 1,532 crore in Q4FY24.
- Foundry & Forging: Revenue came in at Rs 168 crore versus Rs 146 crore in Q3 and Rs 158 crore YoY.
- Operation & Maintenance Services: Revenue reached Rs 591 crore, up from Rs 580 crore in Q3 and Rs 574 crore in Q4FY24.
- The company also reported other income of Rs 4 crore.
Following the earnings, several brokerages revised their target prices upward, with the highest at Rs 83, citing strong order execution, margin expansion, and optimistic guidance for FY26.
Suzlon Energy share target price
Motilal Oswal: Buy | Target Price: Rs 83
Motilal Oswal has reiterated a ‘Buy’ rating on Suzlon Energy with a target price of Rs 83. The brokerage highlighted that Suzlon’s deliveries and EBITDA were 15% and 38% ahead of expectations, respectively.
Management has maintained its positive outlook, guiding at least 60% YoY improvement in revenue, EBITDA, deliveries, and adjusted PAT for FY26. While no specific FY27 guidance was issued, expected wind installations in India for FY26–FY28 are pegged at 6–9GW annually. Motilal Oswal believes the early implementation of a local content-related draft notification could further benefit the company.
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ICICI Securities: Buy| Target Price: Rs 76
ICICI Securities has given a ‘Buy’ rating on Suzlon Energy with a raised target price of Rs 76, up from the earlier Rs 68.
The brokerage noted that the company ended FY25 with strong financial performance, including Q4 revenue of Rs 3,773 crore (+73% YoY), EBITDA of Rs 7 billion (+94% YoY), and adjusted PAT of Rs 5.8 billion (2x YoY). The execution of 573MW of wind turbines (2.1x YoY) and an EBITDA margin of 18.3% (+200bps YoY) were seen as key positives. The order book at the end of May 2025 stood at 5.6GW (3.6x FY25 volumes), supporting strong growth visibility in the medium term.
Morgan Stanley: Overweight | Target Price: Rs 77
Morgan Stanley has maintained an ‘Overweight’ stance on Suzlon Energy with a target price of Rs 77.
The brokerage expects 60% YoY growth in WTG volume, revenue, EBITDA, and PAT for FY26. The contribution margin from the WTG segment is guided at 23%, with the company projecting a tax rate of approximately 25% (non-cash expense). FY26 capex is expected in the range of Rs 4,000–Rs 4,500 crore.
Nuvama: Hold| Target Price: Rs 68
Nuvama Institutional Equities has assigned a ‘Hold’ rating on Suzlon, raising the target price to Rs 68 from Rs 61.
The firm cited strong operational performance in Q4FY25 with deliveries of 573MW, surpassing the 475MW estimate. The operating profit margin improved to 18.3% from an estimated 14.7% due to a higher contribution from the WTG segment. However, the brokerage noted that a deferred tax asset creation of Rs 6.4 billion significantly boosted PAT for the quarter. For FY27, Nuvama expects 5–7% higher sales and 8–15% better EBITDA and continues to value the stock at 40x FY27 earnings.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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