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ACME Solar Holdings Can Rally 40% Says Motilal Oswal On Strong Execution, Ebidta Upgrade
Acme is currently trading at 8.9x FY28 EV/Ebitda, and Motilal Oswal believes it offers a reasonable margin of safety given the aggressive PPA-backed capacity ramp-up and strong execution track record.
01 Jul 2025, 01:30 PM IST 
ACME Solar Holdings’ operational capacity currently stands at 2.9GW vs only 1.3GW at the time of IPO.
(Photo source: Envato)
In the last three months, Acme’s share price has outperformed its close competitor NTPC Green by 24%. While Acme has demonstrated commissioning of 1.6GW since IPO, NTPC Green has missed capacity addition targets, commissioning only 1.9GW (including a 50% share in Ayana acquisition of 2.1GW) vs the guided commissioning target of 3GW in FY25.
