21-Oct-2026 08:03:23

NOMURA ON ACME SOLAR ; INITIATE BUY | TP ₹505

• ACME Solar transitioning from a conventional Independent Power Producer (IPP) to firm and dispatchable renewable energy. • Shift expected to deliver superior returns through higher utilisation, tariffs and equity IRRs. • Company plans to install ~25 GWh of BESS capacity, with over 5 GWh pre-commissioned, enhancing project returns. • Nomura expects 65% EBITDA CAGR over FY26–FY29, driven by its FDRE-led portfolio.

ACME SOLAR HOLDINGS LTD

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