Deven Choksey Research has reiterated a BUY rating on Suzlon Energy Ltd ahead of its Q1FY27 results, setting a revised target price of Rs 65 — a 22% upside from the current market price of Rs 53. Analyst Neel Mehta expects the wind turbine maker to post revenue of Rs 39,170 million, up 25.7% year-on-year, alongside EBITDA of Rs 7,057 million. The brokerage's optimism rests on a robust order backlog, the commercial debut of Suzlon's next-generation S175 turbine platform, and expanding partnerships with major renewable energy developers including Tata Power and Sunsure Energy.

The Headline Call

Deven Choksey Research has stuck to its bullish stance on Suzlon Energy, valuing the company at 26 times its projected FY28 earnings per share of Rs 2.49. That math produces a target price of Rs 65 against a current market price of Rs 53, implying an upside north of 22%. The brokerage's prior call, issued on June 23, 2026, had pegged the target even higher at Rs 74, suggesting some moderation in expectations even as the underlying rating holds firm.

Order Book Momentum

Suzlon's execution runway looks well-stocked. The company carries an order backlog of 5.8 gigawatts, translating to roughly 2.4 times revenue visibility, and has layered on fresh wins from Sunsure Energy and Tata Power Renewable Energy during the quarter. The Tata Power contract alone — a 400 MW engineering, procurement, and construction deal under the utility's DevCo model — pushes Suzlon's cumulative partnership with Tata Power past the 1 gigawatt mark.

A New Turbine Takes the Stage

Perhaps the most notable development is technological. Suzlon has commercially launched its S175 platform, a 5.0 megawatt onshore wind turbine generator that marks the company's highest-capacity offering to date. Sunsure Energy placed the debut commercial order for the platform at 105 megawatts, a milestone the brokerage frames as a meaningful step up in Suzlon's premium product positioning against increasingly aggressive Chinese and European competitors.

The Numbers Behind the Quarter

Here is how the brokerage's estimates for Q1FY27 stack up against the prior quarter and the year-ago period:

Revenue is projected to climb 25.7% year-on-year but slide 28.4% sequentially, a pattern the brokerage attributes to the seasonally softer first quarter of the fiscal year. Turbine deliveries are pegged at 574 units for the quarter, a step down from the 830 delivered in the preceding quarter but still well ahead of the 444 delivered in the same period last year.

Margins Hold Steady Despite Crosscurrents

EBITDA margin is expected to come in around 18.0%, edging up 80 basis points sequentially even as it slips 80 basis points from a year earlier. The brokerage credits softer domestic steel prices and the clearing of pre-erected inventory for supporting profitability, even as elevated spot freight rates and volatile fuel costs work in the opposite direction. A growing share of EPC — engineering, procurement, and construction — work within the order book is also seen as a stabilizing force, though quarter-to-quarter profitability will hinge on exactly how that revenue mix shakes out.

Industry Backdrop: A Softer Commissioning Cycle

Not every signal is unambiguously positive. India commissioned 1.35 gigawatts of wind capacity during the quarter, down 18% year-on-year and 15% sequentially, reflecting a cooler commissioning cycle and lingering execution bottlenecks across the sector. Competitive pressure from Chinese and European original equipment manufacturers is also expected to intensify, particularly in large utility-scale projects. That said, the brokerage frames the broader structural story as intact: power utilities are increasingly weaving wind capacity into their renewable portfolios to smooth out generation profiles, bolster grid stability, and reduce dependence on battery storage systems.

What to Watch Next

The brokerage flags several monitorables for investors tracking the stock:

• Execution of the "Suzlon 2.0" strategy and the scaling of the RE DevCo model
• Timely conversion of the order book into delivered revenue
• The shift toward EPC contracts, with management targeting roughly 50% of the order book from EPC work by FY28
• Quarterly delivery cadence, given the seasonal swings already visible in the data

The Bottom Line for Investors

At a current market price of Rs 53, against a 52-week range of Rs 38 to Rs 68, Suzlon trades with a market capitalization of roughly Rs 73,029 crore. Deven Choksey Research projects a 22%, 25%, and 29% compound annual growth rate in revenue, EBITDA, and profit before tax respectively between FY26 and FY28, underpinning its Rs 65 target and reiterated BUY call. Promoter holding stood at 11.73% as of March 2026, with foreign institutional investors having steadily raised their stake to 23.85% over the preceding two quarters — a detail some investors may read as a vote of confidence from overseas capital.