Target: ₹ 380

CMP: ₹ 311.20

We Initiate Coverage on Accme Slar Holdings with a ‘Buy’ Rating and DCF-Based Tp of ₹ 380 Implying 10x of Fy28E EBITDA.

Accme solar is among India’s top leading renewable energy (re) Independent Power Producers (IPPS), with 2.9GW of Operational Capacity and a Strong Commissioning Pipeline About 7 gw by fy29e.

The company has set a long-term Goal of Reaching 10 GW Contracted Capacity by 2030, Implying a 3.4x growth, and is also also uniquely positioned to Gain from GST reforms-Structurally positive; QIP to Aid Projects Equity Funding; RPO supporting the overall portfolio, and diversification into bess return ratio accountive.

We Expect SUPERNOMAL EBITDA CAGR of 68 per cent and pat Cagr of 78 per cent Over fy25-25- 28e, on the back of incremental capacity commission of 3.5gw, the Majority will be made up of fdre/hybrid, Accounting for 64 per cent and 18 per cent respectively, which will enhance overall cuff/tariffs to 37/₹ 3.7 per kwh; And over fy25-28e. Early Battery Rollout at Fdre to Drive Revenue Growth.

Key risks: Delay in Commissioning, Commodity Price, Delay or Failure in Signing Power Purchase Agreements, and Reliance on long-term debt finance.

Published on September 15, 2025