ACME Solar Gets Dolat Capital's 'Buy' Initiation; Sees 26% Potential Upside

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Dolat Capital Report

We initiate coverage on ACME Solar Holding Ltd. with a ‘Buy’ rating and DCF-based target price of Rs 380 implying 10 times of FY28E Ebitda.

ACME Solar is among India’s top leading Renewable Energy Independent Power Producers, with 2.9GW of operational capacity and a strong commissioning pipeline that is expected to scale capacity to ~7GW by FY29E.

The company has set a long-term goal of reaching 10GW contracted capacity by 2030, implying a 3.4 times growth, and is also uniquely positioned to gain from-

1. GST reforms – structurally positive;

2. QIP to aid projects equity funding;

3. RPO supporting the overall portfolio, and

4. Diversification into BESS return ratio accretive;

We expect a revenue/Ebitda/ PAT CAGR of 66%/68%/78% over FY25-28E. Initiate ‘Buy’ rating

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