Wind turbine nacelles under assembly by Suzlon and Inox Wind.
Systematix Institutional Equities has reiterated its ‘Buy’ ratings on Suzlon Energy Ltd and Inox Wind Ltd, setting share price targets of Rs 71 and Rs 109 respectively. This outlook comes ahead of their Q1FY27 results, with the brokerage anticipating a steady operational performance for both wind energy players.
Despite Q1 and Q2 typically being weaker periods due to seasonal factors, Systematix projects continued project execution as a key driver. Suzlon is expected to lead in this regard, with an estimated 530MW order execution during the quarter, contributing to a consolidated revenue of Rs 3,740 crore—a 19% year-over-year increase, though a 32% sequential decline. The company’s robust order book currently stands at approximately 5,867MW. For Inox Wind, the forecast includes Q1FY27 consolidated revenue of Rs 900 crore, up 9% YoY but down 28% QoQ, based on an estimated 170MW execution.
While the Indian wind sector maintains a structurally positive long-term outlook, the report highlights emerging challenges. A softer commissioning cycle and increasing execution bottlenecks are becoming apparent, with Q1FY27 capacity addition down 18% YoY. This signals a critical shift in the industry’s dynamics: future OEM performance will hinge more on the pace of project delivery and the availability of essential ECS components and evacuation readiness, rather than solely on headline order inflows. For investors and operators in the renewable energy space, this emphasizes the growing importance of supply chain resilience and efficient project management in navigating a maturing market.
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