ACME Solar soars 8%, nears record high; Elara Capital sees 15% more upside

Elara Capital initiates coverage on ACME Solar with a Buy rating and target price of ₹325 per share.

ACME Solar Holdings share price

 

Shares of ACME Solar Holdings hit a six-month high of ₹283.25, surging 8 per cent on the BSE in Thursday's intra-day trade amid heavy volume on expectations of strong earnings growth.

 

The stock price of the power generation company was trading close to its record high of ₹292, which it touched on December 4, 2024. However, ACME Solar still trades below its IPO issue price of ₹289 per share. The company made its stock market debut on November 13, 2024.

 

At 10:52 AM; ACME Solar was quoting 6 per cent higher at ₹278.65, as compared to 0.28 per cent decline in the BSE Sensex. The average trading volumes at the counter jumped over four-fold. A combined 4.5 million shares changed hands on the NSE and BSE.  Catch Stock Market LIVE Updates: Sensex slides 200 pts, Nifty near 25,400

 

ACME Solar Holdings wins multiple orders

 

On July 7, 2025, ACME Solar received an order of more than 3.1 GWh of Battery Energy Storage System (BESS) from leading global energy system suppliers including Zhejiang Narada and Trina Energy, renowned for their high efficiency and scalable storage Solutions. The delivery is planned in a phased manner over the next four to eight months of the current fiscal year.

 

Earlier last month, ACME Solar informed the stock exchanges that it emerged as the winning bidder for NHPC’s tender for cumulative capacity of 275 MW / 550 MWh standalone BESS projects in Andhra Pradesh across two projects at Kuppam and Ghani.

 

Elara Capital initiates coverage of ACME Solar with a Buy rating

 

ACME Solar has a robust growth roadmap supported by a strong execution history. The company currently operates 2,826MW of solar capacity, with an additional 4,143MW under development. It is increasingly focused on firm and dispatchable renewable energy (FDRE) and hybrid projects to enhance returns and improve grid reliability. With plans to scale up renewable capacity from 2.8GW to 7.0GW by FY28, it is poised for significant growth, with a revenue compounded annual growth rate (CAGR) of 49 per cent and an EBITDA CAGR of 59 per cent during FY25-28E. 

 

“Currently, it is trading at 8.3x FY28E EV/EBITDA and 13.2x FY28E at P/E. We assign a valuation multiple of 9.0x FY28E EV/EBITDA, resulting in a target price of ₹325. We initiate coverage with a Buy rating,” Elara Capital said in the company report.

 

About ACME Solar Holdings

 

ACME Solar Holdings is a leading integrated renewable energy player with a diversified portfolio of 6,970 MW and 550 MWh spanning solar, wind, storage, FDRE and hybrid solutions. The operational capacity of ACME Solar stands at 2,890 MW with another 4,080 MW at various stages of implementation.