Crash! Suzlon Energy share price: Stock tanks 10% to 52-week low after weak Q2 results 2026: Buy or avoid? Target price
Suzlon Energy share price: Shares of Suzlon Energy plunged almost10% to a 52-week low of ₹33.21 on Friday, October 30, after the renewable energy company reported its September-quarter results. The stock opened at ₹36.09 before extending its losses.
Suzlon shares have fallen 46% from their 52-week high of ₹61.45, recorded in November 2025. The stock has declined 8% in one week, 13% in one month, 27% in three months, 38% in six months and 41% over the past year. However, it has delivered multibagger returns over the longer term, rising 455% in five years.
Suzlon Energy reported a 69% year-on-year decline in consolidated net profit to ₹394 crore for the September quarter, compared with ₹1,279 crore a year earlier. Revenue, however, increased 26% to ₹4,869 crore from ₹3,866 crore, supported by record wind turbine deliveries and improved project execution.
The sharp reported profit decline largely reflected a high base in the year-ago quarter, when Suzlon recognised a one-time deferred tax asset benefit of ₹891 crore. Excluding this benefit, comparable profit after tax rose 1.3% from ₹389 crore in the September quarter of FY26.
Sequentially, net profit increased 29% from ₹305 crore in the June quarter, while revenue grew 27% from ₹3,819 crore. EBITDA stood at ₹720 crore, broadly unchanged from ₹721 crore a year earlier, but increased 21% from ₹595 crore in the preceding quarter. The EBITDA margin contracted to 14.8% from 18.6% a year earlier and 15.6% sequentially.
Suzlon recorded its highest-ever second-quarter wind turbine deliveries in India at 710 megawatts (MW), up 26% from 565 MW a year earlier. Commissioning jumped 196% year-on-year to 454 MW. For the first half of FY27, deliveries reached 1,217 MW, while commissioned capacity stood at 723 MW.
"Our record Q2 deliveries of 710 MW and strong commissioning of 454 MW reflect stronger execution and are driving revenue growth," said Ajay Kapur, CEO of Suzlon Group.
During its earnings call, management lowered its full-year EBITDA margin guidance to 15% plus-minus, from 17% plus-minus earlier.
Brokerages have expressed differing views on Suzlon's outlook, with concerns over margins, competition and future growth influencing their recommendations and price targets.
JM Financial downgraded Suzlon to ADD from BUY and cut its target price to ₹40 from ₹46. The brokerage cited lower margins and expected pressure on growth prospects from FY28 onwards, given the limited Indian market and rising industry capacity.
"We believe margins and growth prospects for Suzlon would be under pressure FY28 onwards due to limited India market (7–8GW pa) and increasing competition (15–20GW industry capacity), not to mention growing pains of a single-product company," JM Financial said.
However, ICICI Securities retained its BUY recommendation while lowering its target price to ₹55 from ₹65, citing favourable valuations. It said deliveries were progressing well and commissioning was catching up, while commodity and foreign-exchange inflation and higher spending on Suzlon 2.0 were weighing on margins.
Nuvama, meanwhile, maintained its HOLD rating but reduced its price target to ₹41 from ₹51. It cut its FY27 and FY28 earnings-per-share estimates by 9% and 7%, respectively, and introduced FY29 estimates to account for the EPC-led increase in costs. The brokerage said Suzlon's FY31 targets were encouraging, but growth was likely to be back-ended and dependent on the success of DevCo.
With management lowering its margin guidance and brokerages revising their targets, investors will be watching Suzlon's ability to sustain delivery growth and protect profitability.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience. <br><br> Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism. <br><br> Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends. An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.
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