ACME Solar, Clean Max shares rally 8% each: HSBC sees up to 51% upside on solar stocks
Following the development, ACME Solar Holdings Ltd, jumped 6.44 per cent to Rs 285.95 by 2.22 pm. Clean Max Enviro Energy Solutions Ltd was trading 3.95 per cent higher at Rs 895.55.
- Apr 13, 2026,
- Updated Apr 13, 2026 2:52 PM IST
HSBC has initiated coverage on ACME Solar Holdings Ltd and Clean Max Enviro Energy Solutions Ltd with 'Buy' rating, saying the renewable energy sector is reaching another inflection point, as execution matters more than the availability of capital. It said selling power directly to end consumers or to distribution companies are both viable business models, saying renewable energy is at 30-50 per cent cheaper than thermal.
HSBC said the growth in power demand in India is a structural story, driven by urbanisation, industrialisation, and electrification. Against this backdrop, it see renewables energy (RE) as an unstoppable force, underpinned by public and private decarbonisation targets, supportive regulations and, more importantly, by lower cost. On ACME Solar it suggested a target of Rs 350.
Target on Clean Max is set at Rs 1,350. Following the development, ACME Solar Holdings, jumped 6.44 per cent to Rs 285.95 by 2.22 pm. Clean Max Enviro was trading 3.95 per cent higher at Rs 895.55. The two stocks gained up to 8 per cent earlier today. The targets still suggest up to 51 per cent upsides on the stocks.
"The stats are impressive. Over the past five years about 80 per cent of new energy capacity has come from renewables; in the first 11 months of FY26, renewables accounted for c88 per cent of capacity additions. As for costs, solar power is now available at less than half the price of thermal power," HSBC said.
HSBC said renewables make up 17 percent of the country's power mix in terms of generation. The industry dynamics are changing, too.
"Cost of capital used to matter most. Given the increasing challenges related to land acquisition, transmission, and design, we believe it is project execution capabilities that will define the winners now. Benefits of energy storage still underappreciated. Battery energy storage solutions (BESS) are now available at competitive rates, providing renewable energy with another big boost," HSBC said.
This, it said, will also help solve one of the industry's big challenges - the shortage of power during evening hours when solar is offline. As BESS becomes more widely used in the year ahead, we expect power distribution companies and commercial and industrial (C&I) customers to increase the pace at which they adopt RE.
HSBC has initiated coverage on ACME Solar Holdings Ltd and Clean Max Enviro Energy Solutions Ltd with 'Buy' rating, saying the renewable energy sector is reaching another inflection point, as execution matters more than the availability of capital. It said selling power directly to end consumers or to distribution companies are both viable business models, saying renewable energy is at 30-50 per cent cheaper than thermal.
HSBC said the growth in power demand in India is a structural story, driven by urbanisation, industrialisation, and electrification. Against this backdrop, it see renewables energy (RE) as an unstoppable force, underpinned by public and private decarbonisation targets, supportive regulations and, more importantly, by lower cost. On ACME Solar it suggested a target of Rs 350.
Target on Clean Max is set at Rs 1,350. Following the development, ACME Solar Holdings, jumped 6.44 per cent to Rs 285.95 by 2.22 pm. Clean Max Enviro was trading 3.95 per cent higher at Rs 895.55. The two stocks gained up to 8 per cent earlier today. The targets still suggest up to 51 per cent upsides on the stocks.
"The stats are impressive. Over the past five years about 80 per cent of new energy capacity has come from renewables; in the first 11 months of FY26, renewables accounted for c88 per cent of capacity additions. As for costs, solar power is now available at less than half the price of thermal power," HSBC said.
HSBC said renewables make up 17 percent of the country's power mix in terms of generation. The industry dynamics are changing, too.
"Cost of capital used to matter most. Given the increasing challenges related to land acquisition, transmission, and design, we believe it is project execution capabilities that will define the winners now. Benefits of energy storage still underappreciated. Battery energy storage solutions (BESS) are now available at competitive rates, providing renewable energy with another big boost," HSBC said.
This, it said, will also help solve one of the industry's big challenges - the shortage of power during evening hours when solar is offline. As BESS becomes more widely used in the year ahead, we expect power distribution companies and commercial and industrial (C&I) customers to increase the pace at which they adopt RE.