Global brokerage Nomura has initiated coverage on Acme Solar Holdings with a Buy rating and a target price of ₹505, implying an upside of around 21% from the current market price of ₹418 as of 19 October 2026. It has assigned a Neutral rating to NTPC Green Energy, with a target price of ₹100, implying a 14% upside from its current market price of ₹88 (as of 19 October 2026).
The brokerage's assessment highlights a key shift underway in India's renewable energy sector: as solar and wind capacity expands, the ability to store electricity and deliver power during peak demand is becoming increasingly important.
Nomura believes this transition towards firm and dispatchable renewable energy could create growth opportunities for developers investing in battery storage and in projects that can supply power beyond peak solar periods.
India had the world's third-largest installed renewable energy capacity excluding hydropower in calendar year 2025, according to the International Renewable Energy Agency (IRENA). The country's renewable capacity, excluding hydro, expanded from 46 GW in FY16 to 223 GW in FY26, while renewables' share of electricity generation rose from around 1% in FY06 to 17% in FY26.
However, greater reliance on intermittent renewable sources has created challenges for grid management. Solar power generation can exceed demand during daylight hours, while electricity consumption often peaks later in the day. This mismatch can lead to solar power curtailment, fluctuating thermal plant utilisation and higher operating costs.