Nomura initiates coverage

Nomura initiated coverage on Acme Solar with a Buy rating and ₹505 target price.

“Acme Solar gets Nomura buy call as storage gains importance”

NTPC Green Energy rating

Nomura rated NTPC Green Energy Neutral with a ₹100 target price.

Key shift in renewable sector

Energy storage gains importance as solar and wind capacity expands in India.

Acme Solar growth drivers

Acme Solar's battery storage plans and dispatchable renewable projects support 66% revenue growth.

NTPC Green execution risks

Tight transmission availability delays NTPC Green's project execution despite strong growth pipeline.

Acme Solar valuation

Acme Solar valued at 10.2 times December 2028 enterprise value to EBITDA.

NTPC Green valuation

NTPC Green valued at 13.3 times December 2028 enterprise value to EBITDA.

Acme Solar project pipeline

Acme Solar has 5.4 GW under execution and 4.3 GW with signed power purchase agreements.

NTPC Green growth pipeline

NTPC Green has 16 GW awarded capacity and memoranda with public-sector companies.

Storage impact on renewables

Energy storage share in tenders increased from 22% in FY22 to 87% in FY26.

Nomura's outlook

Nomura sees growth opportunities in companies developing storage-backed renewable projects.