Shares of renewable energy major Suzlon Energy could rally up to 31% from current market levels, experts say, after the company reported its March quarter earnings. The company posted a 6% year-on-year decline in consolidated net profit for the fourth quarter at Rs 1,114 crore, compared with Rs 1,182 crore in the same period last year.Revenue from operations, however, rose sharply by 45% year-on-year to Rs 5,468 crore during the quarter. On a sequential basis, net profit jumped 150% from Rs 445 crore reported in the December quarter.In today’s session, shares rose 3% to their day’s high of Rs 55.49 on the BSE.Suzlon Energy shares: Buy, sell or hold?Systematix has maintained its “Buy” rating on Suzlon Energy with a target price of Rs 71, implying an upside potential of 31.5%. The brokerage remains positive on the company due to its market leadership and its key role in driving wind energy capacity additions in India, supported by improving execution capabilities and increasing focus on EPC, hybrid and FDRE projects.Systematix said Suzlon’s transition towards a DevCo-led integrated renewable energy platform, backed by a development pipeline of around 25 GW and a rising EPC mix, is likely to improve execution control, address industry bottlenecks and enhance customer stickiness. The brokerage has lowered its PAT estimates by 4% to factor in revised EPC mix assumptions, but still expects the company to deliver revenue, EBITDA and PBT CAGR of 21%, 28% and 34%, respectively, over FY26-FY28E.Motilal Oswal has maintained its “Buy” rating on Suzlon Energy with a target price of Rs 65, implying an upside potential of 20%. The brokerage said key monitorables for the company include the pace of fresh order inflows, project deliveries and installations during FY27 and FY28, which will be crucial for sustaining the current growth trajectory.It also highlighted that the EBITDA margin for the WTG segment remained flat sequentially at 13.7% in Q4FY26, lower than the stronger 15-16% levels reported in Q1 and Q2FY26. In addition, Motilal Oswal noted that the increasing contribution of the EPC business in the overall order mix could put some pressure on working capital going forward.JM Financial has maintained its “Buy” rating on Suzlon Energy with a target price of Rs 65, implying an upside potential of 20.4%. The brokerage highlighted the company’s healthy order book of 5,892 MW as of May 2026, up from 5,025 MW in March 2025, with a diversified mix comprising 88% from the 3x MW series, 51% from commercial and industrial customers, 15% from PSU customers and 72% non-EPC orders.The brokerage added that wind energy is gaining greater policy and industry attention amid rising peak power shortages, as wind generation is available during evening hours. It also noted that the ongoing Middle East crisis has indirectly increased the relevance of wind power, with merchant sales from wind portfolios currently generating exceptionally strong gains.Contrarian viewNuvama Institutional Equities downgraded Suzlon Energy shares to Hold and set a target price of Rs 55, implying an upside of just 3%. The brokerage believes Suzlon Energy remains well placed to benefit from the rising share of FDRE, RTC and hybrid tenders, along with increasing PSU-led project activity, supported by its strong exposure to the commercial and industrial and captive segments, which account for 51% of its order book.However, it expects the domestic wind industry’s annual capacity additions to stabilise at 8–10 GW over the next two to three years as competition from solar and battery energy storage projects intensifies. Assuming Suzlon maintains a 30–35% market share, the brokerage estimates annual execution could level off at around 3–3.5 GW during FY27–28.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)