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Shares of Suzlon Energy gained 5 per cent after Morgan Stanley maintained an ‘Overweight’ rating on the stock with a target price of Rs 73, following a significant 1.17 GW order win from NTPC.
While Suzlon has not disclosed the value of the order, the going price of a wind turbine in the market is around Rs 6 crore, a MW. This takes Suzlon’s cumulative order book close to 5 GW.
This follows Suzlon recently qualifying in terms of net worth and other criteria, to participate in NTPC (and other PSU) tenders.
Previously, Suzlon Energy was ineligible to bid due to its negative net worth. Morgan Stanley believes this large contract will enhance Suzlon’s earnings visibility for FY26-27. The company informed on Monday that it has bagged India’s largest wind energy order of 1,166 MW from NTPC Green Energy Limited, the Renewables Arm of NTPC.
As part of the order, Suzlon will supply the wind turbines and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and and maintenance services post-commissioning.
Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy Limited and one project of Indian Oil NTPC Green Energy Pvt. Ltd. This win takes Suzlon’s largest‐ever cumulative order book close to 5 GW as of September 3, 2024.
“This marks our first direct wind energy order from NGEL, signalling Suzlon’s triumphant return to the PSU customer segment,” said Girish Tanti, Vice Chairman of Suzlon Group. Meanwhile, JP Chalasani, the group CEO, said that while this is India’s largest wind energy order, the project is also the first of many more such between the two companies in the future.
In the past 12 months, the multibagger stock has zoomed 220 per cent compared to a 28 per cent rise in Nifty during this period.
