Suzlon Energy shares gain 2% on Q2 results; should you buy, sell, or hold?

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Shares of renewable energy player Suzlon Energy surged on Thursday, November 6, following the company’s announcement of robust second-quarter results for 2025-26 (Q2FY26). The stock gained 2.51 per cent to touch an intraday high of ₹61.50 per share on the NSE.

 

However, the stock witnessed profit booking at higher levels. At 09:35 AM, the shares were trading at ₹60.15 per share, up 0.27 from the previous close of ₹59.91 per share. During the day, a combined 52.18 million shares, worth ₹315.88 crore, changed hands on the NSE and BSE.

Suzlon Energy Q2FY26 results

Suzlon Energy reported a net profit of ₹1,278 crore in Q2FY26, a significant jump from ₹200 crore in the same period last year, boosted by a tax write-back of ₹718 crore. Quarterly revenue rose 84 per cent year-on-year to ₹3,870 crore from ₹2,103 crore. 

 

The company's earnings before interest, tax, depreciation, and amortisation (Ebitda) more than doubled to ₹720 crore in the Q2FY26 from ₹293.4 crore in Q2FY25, according to the company’s exchange filing.

 

The Ebitda margin expanded 460 basis points year-on-year to 18.6 per cent from 14 per cent.

Key operational highlights

Highest-ever Q2 India deliveries of 565 MW in the wind turbine generator (WTG) business.

 

Delivered PBT of ₹562 crore, reflecting robust 179 per cent Y-o-Y growth.

 

Order book crosses 6 GW, with over 2 GW added in H1 FY26, taking the total to 6.2 GW.

 

Net cash position stood at ₹1,480 crore as of September 30, 2025.

 

India’s largest domestic wind manufacturing capacity at 4.5 GW.

Management commentary

Girish Tanti, Vice Chairman of Suzlon Group, said: “We are building a future-ready organisation focused on sustainable growth, reflected in our consistent performance over the last 11 quarters across PAT, revenue, and EBITDA. We’ve been entrusted with a record 6.2 GW order book by our customers. Our strategy of decoupling project development and execution will drive execution volumes significantly. With long-term visibility of 400 GW wind capacity by 2047, I’m confident we’ll continue leading the market.”

Should you buy, sell, or hold Suzlon Energy shares?

Analysts at Nuvama Institutional Equities have maintained their ‘Hold’ rating on Suzlon Energy. They view the company as a key beneficiary of the rising share of FDRE/RTC/hybrid tenders and PSU-led projects, supported by its strong commercial & industrial (C&I) exposure, which constitutes 54 per cent of its order book. The firm’s duopolistic position in EPC and WTG segments underpins its ability to sustain a market share of over 30 per cent.

 

The analyst retained a ‘Hold’ rating with a target price of ₹66 (down from ₹67), based on 40× FY27E WTG + F&F EPS and a discounted cash flow (DCF) of O&M business, noting limited upside even after rolling over to FY28E.

 

“While a strong H1FY26 implies roughly 2.75 GW deliveries for the year, we expect the wind industry to plateau at 8–10 GW over the next 2–3 years amid rising competition from solar plus BESS projects (e.g., RUMSL solar-BESS + thermal bids). Assuming Suzlon retains a 30–35 per cent share, execution is likely to flatten at 3–3.5 GW annually over FY27–28,” the note added.

 

The analysts, however, cautioned that higher growth or market share exceeding 3.5 GW annual deliveries for Suzlon in FY27–28 could act as an upside risk to their call.