Centrum Broking has released its Q1 FY27 preview for prominent Indian renewable energy stocks, maintaining 'Buy' ratings on Suzlon Energy Ltd, NTPC Green Energy, Waaree Energies, and ACME Solar Holdings. The brokerage highlighted ACME Solar and Waaree Energies as its preferred picks within the sector, anticipating a strong quarter driven by escalating power demand across India.
Despite Q1 typically being a seasonally weak period for renewable energy OEMs, Centrum expects healthy performance from these companies. The Indian power sector continues to demonstrate significant growth, with peak power demand reaching 271 GW in May 2026, up from 242 GW for FY26. This surge is fueled by corporate decarbonization commitments, increasing demand for firm and dispatchable renewable power, and rapid deployment of Battery Energy Storage Systems (BESS).
India remains on track to add 45-50 GW of renewable energy capacity in FY27, with 6.8 GW of solar and 712 MW of wind capacity already added in the first two months. The nation's ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030, coupled with favorable regulatory support, underpins the industry's sustained growth trajectory.
Suzlon Energy Ltd | Target Price: Rs 75
Suzlon Energy is projected to experience a 21.1% quarter-on-quarter (QoQ) revenue decline in Q1 FY27, largely due to seasonal factors, but is expected to report a substantial 38.5% year-on-year (YoY) increase. Centrum Broking forecasts wind deliveries of 623 MW, marking a 40% YoY growth. The EBITDA margin is anticipated to decline slightly QoQ to 17.3%, influenced by a higher mix of lower-margin EPC revenue. Suzlon's growth is expected to be bolstered by rising wind installations, strong order inflows from PSU and C&I customers, and an expanding contribution from its high-margin Operations & Maintenance (O&M) business. Centrum views Suzlon as a key beneficiary of India’s accelerating wind and hybrid renewable energy build-out.
Waaree Energies Ltd | Target Price: Rs 4,311
Waaree Energies is predicted to achieve a modest 0.9% QoQ revenue growth, translating to a robust 93.3% YoY increase, despite Q1 being a seasonally weak quarter. Centrum expects module production to reach 4.0 GW in Q1, a significant jump from 2.3 GW in Q1 FY26, alongside cell production of 0.9 GW (up from 0.2 GW). Average realizations are expected to remain steady at Rs 19/Wp. While supply chain disruptions from the Middle East conflict impacted Q1 FY27, management anticipates margin improvements through cell capacity ramp-up and backward integration. Waaree is well-positioned to capitalize on rising domestic solar demand, export opportunities, and the shift towards integrated solar manufacturing.
ACME Solar Holdings Ltd | Target Price: Rs 335
ACME Solar is forecast to log impressive revenue growth of 36.5% QoQ and 46.4% YoY. This growth is primarily attributed to the increasing contribution from approximately 2.5 GWh of BESS, which are being operated as standalone systems. Total operational capacity is expected to remain largely flat QoQ at 2990 MW. Q1, being a seasonally strong quarter for solar Independent Power Producers (IPPs) due to more sunny days, will support performance. The EBITDA margin is projected to decline 391 bps QoQ to 83.5%, influenced by the increasing mix of BESS revenue. ACME Solar, with its growing exposure to hybrid, FDRE (Firm and Dispatchable Renewable Energy), and storage projects, is strategically positioned to benefit from the rising demand for reliable renewable power solutions.
NTPC Green Energy Ltd | Target Price: Rs 127
NTPC Green Energy is expected to report a revenue growth of 30.8% QoQ and a substantial 75.5% YoY, driven by growing capacity additions and Q1 being a seasonally strong quarter for capacity utilization. The company is anticipated to add 0.6 GW of capacity in Q1 FY27, bringing its total operational capacity to 10.7 GW as of June 30, 2026. The EBITDA margin is projected to improve by 172 bps QoQ, reverting to normalized levels. Looking ahead, NTPC Green plans to add nearly 8 GW of renewable capacity annually over FY27-FY29, supported by a robust project pipeline and favorable policy support, positioning it strongly to capitalize on India’s broader renewable energy expansion.