Centrum Broking has expressed strong confidence in India's renewable energy sector, issuing 'Buy' ratings for four key players: Suzlon Energy Ltd, Waaree Energies Ltd, NTPC Green Energy Ltd, and ACME Solar Holdings Ltd. The brokerage anticipates healthy performance from these companies in their second-quarter results for the September quarter of FY27, primarily driven by rising power demand across the nation.
Despite the second quarter typically being a weaker period for solar power generation due to lower capacity utilisation, Centrum expects overall earnings to be robust. The firm highlighted several factors supporting its positive outlook, including ongoing capacity expansion, strategic backward integration, and a growing pipeline of projects. Furthermore, increasing corporate commitments to decarbonization, rising demand for Round-The-Clock (RTC) renewable power, and the rapid deployment of battery energy storage systems are expected to accelerate investment and capacity additions in the medium term.
Target Prices Set by Centrum Broking
- Suzlon Energy: Rs 74
- NTPC Green: Rs 124
- Waaree Energies: Rs 3,876
- ACME Solar: Rs 458
Q2 FY27 Outlook for Key Companies
Suzlon Energy
Centrum forecasts a 16.6 percent year-on-year revenue growth for Suzlon in the September quarter, attributing this to higher deliveries of wind turbines, projected at 630MW. While the EBITDA margin is expected to see a slight sequential decline to 15.6 percent due to a higher mix of lower-margin EPC revenue, growth will be sustained by increasing wind installations, strong order inflows from PSU and commercial & industrial (C&I) clients, and an expanding contribution from the high-margin Operations & Maintenance (O&M) business. Suzlon is positioned as a key beneficiary of India’s wind energy and hybrid renewable build-out.
Waaree Energies
Waaree Energies is predicted to report robust 34.5 percent year-on-year revenue growth, with module production reaching 4.0GW in Q2FY27, up from 2.6GW in Q2FY26. Cell production is also expected to increase significantly. Despite a minor sequential decline in EBITDA margin to 18.0 percent due to supply chain impacts, the company aims for margin improvement through cell capacity ramp-up and backward integration. Waaree is well-placed to capitalize on surging domestic solar demand, export opportunities, and the industry's shift towards integrated solar manufacturing.
ACME Solar Holdings
ACME Solar is projected to achieve remarkable 86.4 percent year-on-year revenue growth, primarily driven by the increasing contribution from approximately 4GWh of Battery Energy Storage Systems (BESS) operated on a merchant basis. Total operational capacity is expected to rise to 3,057MW. However, the seasonally weak second quarter, characterized by fewer sunny days for solar IPPs, will impact performance. The EBITDA margin is anticipated to decline to 82.5 percent due to a higher mix of comparatively lower-margin BESS revenue. ACME is well-positioned to benefit from the growing demand for firm and dispatchable renewable power solutions as its exposure to hybrid, FDRE (Firm and Dispatchable Renewable Energy), and storage projects expands.
NTPC Green Energy
NTPC Green is expected to see substantial 115.0 percent year-on-year revenue growth, fueled by significant capacity additions and strong power demand. Centrum estimates the company will add 0.6GW in Q2FY27, bringing its total operational capacity to 11.3GW by September 30, 2026. The EBITDA margin is projected to remain stable at 89.4 percent. Looking ahead, NTPC Green plans to add nearly 7-8GW of renewable capacity in FY27, supported by a robust project pipeline and favorable policy support, solidifying its role in India's renewable energy expansion.