ACME Solar shares: CRISIL upgrades rating; check Q2 preview, target prices & more

Shares of ACME Solar Holdings rebounded nearly 3 per cent during the trading session Tuesday after the rating agency CRISIL upgraded its rating for non-fund-based long term bank facilities of Rs 1,000 crore to ‘Crisil AA-/Stable’ from ‘Crisil A+/Positive’ on Tuesday. The company informed about the same through an exchange filing.

"As the highest ratings upgrade for the company, the CRISIL Ratings potentially enable ACME Solar to reduce its cost of debt across the company and its projects. This is the second AA-/Stable rating received by ACME Solar Holdings," it added in the regulatory filing with the exchanges.

Shares of ACME Solar Holdings rebounded 3 per cent from its day's low at Rs 284 to Rs 292.75 on Tuesday with its total market capitalization nearing Rs 17,500 crore. It has surged 75 per cent from its 52-week low at Rs 167.55 hit in January 2025 even as the stock touched its 52-week high at Rs 324.25 on September 15, 2025. The stock has corrected 13 per cent from its recent peak.

Nuvama Institutional Equities is expecting ACME Solar to clock a revenue at Rs 477.6 crore for the September 2025 quarter, up 84 per cent on yearly basis, but down 6 per cent sequentially. Ebita is likely to rise 419.7 crore, up 89 per cent YoY but down 9 per cent QoQ. Core PAT may come in at Rs 89.8 crore, up 487 per cent YoY but down 31 per cent QoQ.

"We anticipate 80 per cent topline growth YoY due to high capacity ramp up since last year even though no incremental capacity has been added in Q2FY26. Ebitda is expected to grow in line with revenue, while operating margins are projected to remain stable at 88 per cent," Nuvama added, which has a 'buy' rating on the stock with a target price of Rs 360.

ACME Solar remains top pick in the Power/Renewables space, with the stock up 45 per cent in the last six months. With a slowdown in power demand in FY26YTD, investors have shifted focus to earnings growth backed by power purchase agreements and an ability to execute projects on time and within budget, said Motilal Oswal.

"For ACME, we are building installed capacity to rise from 2.5GW at the end of FY25 to 5.5GW by the end of FY28. Based on our estimates, the annualized EBITDA from the entire pipeline of 6.7GW will amount to Rs 8,100 crore post-commissioning," it said and reiterated 'buy' with a revised target price of Rs 370.

Incorporated In June 2015, Acme ACME Solar Holdings is an Indian electricity producer from renewable energy sources. It is one of the largest producers of electricity from wind and solar energy in India. and has an operational capacity of 2,890 MW. It specializes in the development, construction, ownership, operation and maintenance of large-scale renewable energy projects.