Suzlon Energy share price continued its downward slide on Tuesday, January 20. The stock dropped another 2%, hitting a nine-month low of ₹47. This marks the third consecutive session of losses for the renewable energy company.
January Performance and Historical Context
So far in January, Suzlon shares have fallen 10.5%. The stock is now on track to record its third straight monthly loss. This pattern represents only the second such instance since May 2025.
From its June 2025 high of ₹73.50 per share, the price has plummeted 36%. Looking further back, the stock remains 45.5% lower than its September 2024 peak of ₹86. These declines have pushed Suzlon into a prolonged period of stress in the Indian stock market.
Short-Term Headwinds Weigh on Shares
Despite the company's solid long-term prospects, several immediate challenges are affecting Suzlon shares. Analysts point to three key factors.
- The solar plus battery energy storage systems segment is cannibalizing wind's share in tenders.
- Wind installations are progressing at a slower pace than expected.
- Competitive intensity in the wind segment continues to rise.
These concerns contributed to a 15.35% drop for Suzlon shares in calendar year 2025. This marks the stock's first annual decline in five years.
Brokerage Maintains Bullish Stance
Domestic brokerage firm Motilal Oswal remains optimistic about Suzlon Energy's growth trajectory. The firm believes the risk-reward ratio favors the company at current levels.
Motilal Oswal has retained its Buy rating on the stock. It set a target price of ₹74 per share, implying a potential upside of 54% from Monday's closing price of ₹48.
Growth Drivers and Market Opportunities
The brokerage identified several factors that could boost wind demand. Data centers, commercial and industrial consumers, and public sector undertakings might together drive incremental wind demand of 20 to 24 gigawatts by 2030.
Motilal Oswal also noted that approximately 15 to 17 gigawatts of wind projects are currently at the bidding or award stage. This provides healthy visibility for near-term order inflows.
With its current order book of 6.5 gigawatts, Suzlon has full coverage of estimated wind turbine generator deliveries for the second half of fiscal year 2026 and fiscal year 2027. The company also has 38% coverage for its estimated 4 gigawatt deliveries in fiscal year 2028.
Exports could emerge as an additional growth driver for the company. The brokerage highlighted Suzlon's strategy to scale up its engineering, procurement, and construction share to 50% of the order book. This move represents a meaningful competitive advantage.
The company's superior execution track record versus domestic peers, coupled with the limited participation of Chinese original equipment manufacturers in the EPC space, positions Suzlon Energy favorably to capture complex and large-scale projects, said the brokerage.
Technical Analysis Points to Further Weakness
Anshul Jain, Head of Research at Lakshmishree, provided a technical perspective. He stated that Suzlon Energy has decisively broken below its major monthly support at ₹51. This signals a clear loss of higher-timeframe strength.
The stock is now drifting toward its weekly swing low near ₹46.1. This zone represents an area where bulls may attempt fresh accumulation.
Broader Structure Remains Weak
Jain noted that the broader structure remains weak. Lower highs remain intact, and selling pressure still dominates the market. While the ₹46 zone represents a logical demand area, accumulation cannot be assumed blindly.
For any sustainable base to form, the stock must show clear bullish evidence. This could include strong rejection wicks, rising volumes on up days, or a higher-low formation.
Without these signals, the level risks failing. A clean breakdown below ₹46 would further accelerate downside, while stabilization with volume would be the first sign of structural repair, he further stated.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies. We advise investors to check with certified experts before making any investment decisions.
