Shares of ACME Solar Holdings Ltd surged nearly 7% on April 13, 2023, after global brokerage HSBC assigned a 'Buy' rating with a target price of ₹350 (approximately $4.25 USD), indicating a potential upside of 30%. HSBC noted that ACME operates around 3 GW of generation capacity, with an additional 3.3 GW under long-term power purchase agreements (PPAs) expected to drive a 2.7x increase in overall capacity within the next two to three years. The company is shifting from a solar developer to a diversified renewable energy player, focusing on firm and dispatchable renewable energy solutions. HSBC forecasts EBITDA growth at a CAGR of 72% over FY26-28, bolstered by a strong contracted portfolio backed by government agencies. However, risks such as high leverage and rising costs could impact project economics. The report also highlights the growing affordability of renewable energy compared to thermal power in India, with increasing adoption of Battery Energy Storage Systems (BESS) anticipated to enhance grid reliability and lower energy costs. Analysts suggest that ACME's shares are showing a bullish trend, with immediate support levels around ₹270 and potential movement towards ₹300 in the short term.