After March’s massacre on Dalal Street, bulls have overall made a strong comeback in April so far despite brief episodes of bears peeking in. While analysts debate whether Sensex and Nifty are at fair valuations after the sharp correction, let’s shift focus to renewable energy stocks Suzlon Energy and Waaree Energies.
Suzlon Energy shares tumbled 7% in March but have soared nearly 12% in April so far. The shares of the company have declined 16% in 2026 so far, but rallied a whopping 443% in three years and 846% in five years. The company currently has a market capitalisation of Rs 60,728 crore and the stock’s P/E ratio stands nearly at 19.
Waaree Energies shares declined around 15% in March, but has risen only 4% in April so far. The company's shares are up 10% in 2026 so far, and gained 51% in one year. The company currently has a market capitalisation of more than Rs 93,310 crore and the stock’s P/E ratio stands at 26.
Suzlon Energy earlier in February reported a 15% year-on-year rise in consolidated profit for the December quarter to Rs 445 crore, compared with Rs 386 crore in the year-ago period. Suzlon’s revenue from operations rose 42% year-on-year to Rs 4,228 crore in Q3, up from Rs 2,969 crore in the corresponding period of the previous financial year.
JM Financial expects Suzlon Energy to report a 51% year-on-year (YoY) jump in net sales to Rs 5,708 crore for the January-March quarter of the financial year 2026. It estimates the renewable energy firm to see 54% YoY rise in EBITDA to Rs 1,068 crore and 53% YoY jump in net income to Rs 888.8 crore during the quarter under review.
Waaree Energies posted stellar earnings in the third quarter of FY26, with net profit and revenue more than doubling on a YoY basis. EBITDA for the quarter surged to Rs 1,928 crore, a 167.16% year-on-year jump from Rs 722 crore, with EBITDA margins expanding to 25.49% from 20.88% a year ago, reflecting improved operational efficiency.
Suzlon Energy vs Waaree Energies: Which stock should you buy now?
The choice between Suzlon and Waaree Energies is essentially a play on risk versus execution visibility within India’s fast-expanding renewable energy space, said Harshal Dasani, Business Head at INVasset PMS. “Suzlon has seen a sharp turnaround in fundamentals over the past year, with a strong order book exceeding 3 GW and improving balance sheet metrics after years of stress. Its focus on wind, where India is targeting ~140 GW capacity by 2030, positions it well, but execution risks, working capital cycles, and margin volatility remain key monitorables,” he noted.
On the other hand, Waaree offers a more structural growth story tied to solar manufacturing and exports, explained the analyst. With India pushing domestic solar capacity and PLI-backed manufacturing, Waaree benefits from better margin visibility and global demand tailwinds, he added. “Its integrated model and exposure to high-growth solar EPC and module exports provide relatively stronger earnings predictability,” he further said.
From an investment standpoint, Dasani believes that Suzlon may offer higher upside due to operating leverage if execution sustains, but it comes with higher risk. Waaree appears better suited for investors seeking consistent growth, stronger balance sheet quality, and policy-backed visibility, according to the analyst, who added that a staggered allocation, tilting slightly towards Waaree, would be a more balanced approach in the current environment.
Source Name : Economic Times