In the past six months, ACME's share price (+45%) has outperformed peers such as NTPC Green (+0.2%) and JSW Energy (+0.2%). ACME trades at FY27 EV/Ebitda of 15.5x vs NTPC Green (13.3x, consensus estimate) and JSW Energy (12.6x).
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Acme Solar Holdings Ltd. remains our top pick in the power/renewables space, with the stock up 45% in the last six months. With a slowdown in power demand in FY26YTD, investors have shifted focus to earnings growth backed by power purchase agreements and an ability to execute projects on time and within budget.
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For ACME, we are building installed capacity to rise from 2.5GW at the end of FY25 to 5.5GW by the end of FY28.
Based on our estimates, the annualized Ebitda from the entire pipeline of ~6.7GW will amount to ~Rs 81 billion post-commissioning. Reiterate Buy with a revised target price of Rs 370.
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