Motilal Oswal's research report on ACME Solar Holdings
ACME Solar Holdings (ACME) posted an in-line performance in 2QFY26, with revenue of INR4.7b (3% beat). 2QFY26 benefitted from healthy generation leading to EBITDA coming in line with our estimate of INR4b. Adj. PAT of INR1.1b was 13% above our estimate, aided by higher-than-expected other income. The company has continued to execute well and remains on track to scale up its installed capacity to an estimated ~5.4GW by FY28. This is expected to drive an EBITDA CAGR of 74% over FY25-28.
Outlook
We reiterate our BUY rating on ACME. We assign a 10x FY28E EV/EBITDA . Adjusting for the net debt, we derive our TP of INR385, implying a 40% potential upside.
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