Shares of Suzlon Energy hit the 5 percent upper circuit on September 11, driven by positive market sentiment following Morgan Stanley's reaffirmation of its ‘overweight’ rating.

The stock has gained further momentum after the company secured a landmark wind energy order from NTPC Green Energy Ltd, a subsidiary of NTPC Ltd.

Over the past 12 months, Suzlon Energy's stock has surged an impressive 241 percent, significantly outperforming the broader market. In comparison, the Nifty index has risen by 28 percent during the same period.

Investors in Suzlon have seen their capital more than triple as the stock continues to attract significant interest.

The upward movement on September 11 saw Suzlon shares rise by 5 percent, hitting the upper circuit.

The stock's strong performance is being supported by Morgan Stanley’s positive outlook, as well as Suzlon’s notable achievements, including the wind energy contract from NTPC Green Energy, India's largest wind energy order.

The company has made remarkable strides in strengthening its financial position. Suzlon cleared nearly Rs 1,500 crore in debt during the financial year 2023-24, turning its net worth positive for the first time in a decade.

Additionally, high-profile investors such as Blackrock have become shareholders, further boosting market confidence.

Between April 2023 and September 2024, Suzlon’s stock surged ninefold, driving the company’s market capitalization from Rs 10,000 crore to over Rs 1 lakh crore.

During this period, Suzlon’s order book expanded eightfold, further bolstered by the recent NTPC Green Energy order.

ICICI Securities recently raised its target price for Suzlon Energy from Rs 70 to Rs 80, maintaining an 'Add' rating. The brokerage values the company at 50 times its projected FY26 earnings of Rs 1.60 per share.

It highlighted Suzlon’s efforts to use newly raised capital to enhance its project execution capabilities and secure additional orders, aligning with its strategy of selling non-core assets.

Additionally, JM Financial noted that Suzlon's sale of its corporate office, Suzlon One Earth, would strengthen the company’s financial and operational efficiency.

By adopting an asset-light strategy, Suzlon aims to optimize its working capital for growing project demands, with the sale seen as a strategic move to support its expanding order book.

At 9:33 am on September 11, Suzlon Energy shares were locked at the 5 percent upper circuit, trading at Rs 81.95 on the National Stock Exchange (NSE).

The stock has gained approximately 112 percent year-to-date, significantly outperforming the Nifty’s 14 percent return during the same period.

In the past year, Suzlon has proven to be a multibagger stock, with its 241 percent rise delivering significant returns to investors, reflecting both its operational success and market optimism.