Quite literally, India is harnessing the winds of change. In a landmark shift, clean energy now accounts for half of the nation’s power capacity, with wind emerging as a core pillar of this transformation. Wind installations have climbed to 51 GW, and the country is gearing up for a dramatic scale-up, with plans to add capacity at a rapid pace and march toward a 1,000 GW target by 2030.

Against this backdrop, wind generation has risen sharply (+180 TWH), while wind and solar together dominate new renewable additions, firmly anchoring India’s energy transition. Globally too, renewables are on a similar trajectory, with their share in power generation set to rise meaningfully and total capacity poised for strong growth of 90% by 2030.

Three decades ago Suzlon Energy entered India’s renewable market, in which the wind segment was little but a breeze. The company changed that story, building the country’s first wind power plant, producing every major turbine component domestically. Suzlon Energy is the country’s leading wind solutions provider, powering close to a third of the total installations capacity and extending its footprint across 17 countries.

Recently, Suzlon Energy cemented its market leadership in Rajasthan's wind sector through a 306 MW repeat order from renewable developer Yanara. Including two contracts of 153 MW each for firm and dispatchable renewable energy (FDRE) projects in Barmer, this partnership underscores the strength of their collaboration.

With a 44% market share of Rajasthan's 5.2 GW installed wind capacity and over 2.3 GW deployed, Suzlon Energy will deploy 102 S144 3 MW turbines on hybrid lattice towers, powering PPAs with NTPC and NHPC while advancing India's 500 GW non-fossil target. This alliance transforms challenges into reliable clean energy triumphs.

Profit bursts ahead

In the heart of India's accelerating renewable surge, Suzlon Energy posted a record-breaking performance in Q2 26, with revenues jumping 85% y/y to
INR 38.7bn (c. $430m), fueled by peak Q2 deliveries of 565 MW and a record 6.2 GW diversified order book. In addition, the wind turbine generator business harnessed robust operating leverage for explosive growth.

Riding this momentum, EBITDA soared 145% y/y to INR 7.2bn, while net profit skyrocketed sixfold to a 30-year high of INR 1.3bn, boosted by deferred tax asset recognition.

Charged for upside

Despite enduring negative annual returns, Suzlon Energy maintains an impressive market capitalization of INR 744bn (c. $8.25bn), reflectling investor confidence in its prospects. The renewable energy company targets dividend yields of over 1% in coming years.

Trading at a compelling P/E multiple of 30x based on 2026 projections, significantly below its three-year historical average of 40.4x, the stock appears undervalued on traditional metrics. The Street's bullish consensus strengthens this narrative, with 10 analysts having buy ratings, with an average price target of INR 73.8, suggesting 34% upside potential.

Tailwinds with turbulence

Suzlon Energy is surfing India's clean energy boom, posting standout quarterly earnings driven by top turbine sales and a growing pipeline of projects across key areas. Strong operations deliver big sales jumps and better profits, with big deals like the Rajasthan wind project locking in its lead as India's top wind player.

Yet even as Suzlon Energy rides this powerful uptrend, investors must remember that the journey ahead may not be all tailwinds. Policy shifts, pricing pressure in auctions, execution challenges on large projects, tougher competition and evolving technology demands could all test its resilience. Suzlon’s next chapter will hinge on how well it navigates these crosswinds while sustaining its hard-won leadership.