Suzlon Energy Share Price Falls Nearly 3% to 6-Month Low; Is ₹38 the Next Level?

Suzlon Energy share price extended its decline on Monday, September 28, closing below ₹40 as persistent selling pushed the renewable-energy stock to its lowest level in nearly six months. Suzlon Energy shares ended the NSE session at ₹39.66, down 2.79% from Friday’s ₹40.80 close. The stock opened above ₹40 but remained under pressure through most of the session before finishing close to its intraday lows.

The decline leaves Suzlon only about 4% above its 52-week low of ₹38.19 and roughly 35% below its 52-week high of ₹61.50. The Economic Times reported earlier Monday that the stock had fallen to its lowest level since early April as higher volumes accompanied the latest decline.

Why Is Suzlon Energy Share Price Falling?

The latest fall in Suzlon Energy shares comes during a difficult period for the stock. Suzlon entered September at ₹46.50 and has since lost around 15%, extending its year-to-date decline.

Broader weakness in Indian equities has added to the pressure, but Suzlon’s decline predates Monday’s market selloff. Investors have also been weighing slower profit growth and weaker margins against the company’s expanding order book.

Suzlon reported Q1 FY27 revenue of ₹3,819 crore, up 23% year-on-year, while consolidated net profit declined 6% to ₹305 crore. The company delivered a record 506 MW of wind turbines during the quarter, up 14% from a year earlier, while its order book stood at approximately 6.1 GW. The mixed numbers have left investors balancing strong revenue and order growth against profitability and execution concerns

Suzlon Energy Order Book Remains a Key Growth Driver

One reason the Suzlon Energy share price remains closely watched despite its recent decline is the company’s growing order pipeline. Suzlon secured a 200 MW wind-energy order from Ayana Renewable Power earlier in September. The project will use 64 of Suzlon’s S144 turbines, each rated at 3.15 MW, and pushed cumulative orders for its 3.x MW platform beyond 10 GW.

That follows strong order momentum during FY27. ICICI Securities said Suzlon had received around 1 GW of orders during the financial year by late July, taking its order book to about 6.1 GW. The size of that pipeline gives Suzlon revenue visibility, but execution will be important. Investors will be watching whether the company can convert its order book into higher deliveries while protecting margins.

Suzlon Energy Share Price Target: What Are Brokerages Saying?

The widening gap between the current Suzlon share price and brokerage targets has also attracted attention. ICICI Securities maintained its Buy rating and ₹65 target price following Suzlon’s Q1 results. The brokerage cited healthy order inflows and expectations for medium-term execution growth, although it acknowledged weaker Q1 profitability and margin pressure.

Deven Choksey has a ₹64 target, while consensus estimates compiled by Trendlyne put the average Suzlon Energy share price target at approximately ₹62.26 as of September 26.

Those forecasts represent analyst estimates rather than guaranteed outcomes, particularly given the stock’s recent volatility

Suzlon Energy Share Price Outlook: Can the Stock Hold ₹38?

The immediate Suzlon Energy share price outlook now centres on the ₹38-₹40 region. Monday’s ₹39.66 close puts Suzlon below the psychologically important ₹40 level and within striking distance of its ₹38.19 52-week low. A break below that level would take the stock to a fresh one-year low.

On the upside, ₹40 is now the first level Suzlon needs to reclaim. A more convincing recovery would require the stock to move back above the ₹42-₹43 region, where it traded earlier in September.

The longer-term Suzlon story, however, remains tied to fundamentals rather than Monday’s price action alone. Order execution, margins, new wind-energy contracts and earnings growth will be important in determining whether the gap between Suzlon’s current share price and analysts’ targets eventually begins to narrow.