Suzlon Energy share price jumps 3% on securing first order win by ArcelorMittal - Buy, sell or hold?

Multibagger stock Suzlon Energy share price climbed over 3% in intra-day deals on Wednesday, January 28 after the company secured its first 248.5 MW Wind Order from ArcelorMittal. The order marks a significant milestone for Suzlon, as it is the company’s first engagement with the ArcelorMittal Group and further strengthens its position in India’s renewable energy-driven industrial decarbonisation space.

"This order is part of the 550 MW hybrid project in Gujarat where the wind order has been awarded to Suzlon for captive use for ArcelorMittal Nippon steel facilities in India. Suzlon continues to be the largest wind player in Gujarat with 4.5 GW of installed capacity base and growing," the company said in an exchange filing.

Order Details and Management Commentary

Under the order, Suzlon will supply 79 S144 wind turbine generators, each with a rated capacity of 3.15 MW. With the addition of this project, Suzlon is now powering approximately 1,156 MW of renewable energy capacity dedicated to decarbonising steel manufacturing in India. Over the past year, the company has partnered with several leading steel producers to accelerate the transition towards low-carbon operations.

Commenting on the milestone, Girish Tanti, Vice Chairman of the Suzlon Group, said the partnership reflects the growing alignment between renewable energy and industrial decarbonisation. “Steel is the backbone of India’s infrastructure, yet it remains one of the most energy-intensive industries. As the sector accelerates its journey toward decarbonization, renewable energy has become a competitive and viable contributor,” Tanti said.

JP Chalasani, Chief Executive Officer of the Suzlon Group, said the project also underlines Suzlon’s strategic shift toward expanding its engineering, procurement and construction (EPC) business. “This project reflects Suzlon’s strategic focus on the EPC segment, where we aim to gradually increase its share to 50% of our overall order book,” Chalasani said, adding that EPC is expected to drive a growing share of future order wins.

ArcelorMittal Sustainable Solutions India also reiterated its commitment to securing clean energy for its operations, citing Suzlon’s long-standing track record and reliability in wind energy as key factors behind the partnership. The collaboration reflects a shared objective to scale green steel production and support India’s broader energy transition goals.

Suzlon Energy Share Performance

The renewable energy stock jumped as much as 3.3% to its intra-day high of ₹47.38. It is still 36% away from its 52-week high of ₹74.30, hit in May 2025. Meanwhile, it touched its 52-week low of ₹44.84 yesterday (Jan 27, 2026).

The stock has been under pressure in recent times. It has shed 6% in last 1 year, 23% in last 6 months, 16% in last 3 months and 12% in past 1 month. However, in the last 5 years, the scrip has given multibagger returns, rallying over 750%.

Suzlon Energy - Should you still buy?

Domestic brokerage Motilal Oswal Financial Services remained positive on Suzlon Energy, citing a favourable risk-reward profile despite near-term concerns around rising competition, slower wind installations and potential cannibalisation from solar-plus-BESS projects. The brokerage retained its ‘buy’ rating on the stock with a target price of ₹74, indicating an upside potential of 56%.

Motilal Oswal said incremental demand for wind power could be significant over the rest of the decade. “We estimate that data centres, C&I consumers and PSUs could together drive incremental wind demand of 20–24 GW by 2030, over and above India’s targeted 100 GW wind capacity by FY30,” it said.

The brokerage noted that around 15–17 GW of wind projects are currently at the bidding or award stage, offering strong visibility for near-term order inflows. “With an order book of 6.5 GW, Suzlon has full coverage of our estimated WTG deliveries for 2HFY26 and FY27,” it added. Motilal Oswal expects revenue to grow 52% YoY in the December 2025 quarter, with EBITDA margins seen at around 18%.

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