Nomura has assigned different ratings to two Indian renewable developers, favoring ACME Solar Holdings Limited's battery rollout while citing transmission constraints that could slow NTPC Green Energy Limited, Moneycontrol and Mint reported.
The brokerage gave ACME Solar a Buy rating and ₹505 per-share target, while assigning NTPC Green a Neutral rating and ₹100 target, the outlets reported Oct. 21. The comparison turns on how quickly the companies can bring planned projects into operation.
ACME Solar's Oct. 1 exchange filing put its contracted portfolio at 8,370 megawatts (MW) across solar, wind, storage and hybrid projects, with about 3,057 MW operating. The filing described 4.96 gigawatt-hours (GWh) of battery storage as operational, while assigning the newest projects an Oct. 2, 2026, commercial operation date.
Storage supports ACME Solar's commitments to supply power when sunlight is unavailable. Agreements the company announced March 12, 2026, cover 450 MW and 1,800 megawatt-hours of assured peak supply over 25 years. They require four hours of delivery during non-solar periods, with 90% availability measured monthly and annually.
NTPC Green's annual report shows the NTPC Green group had 10,076 MW in operation and another 16,468 MW contracted or awarded as of March 31, 2026. NTPC Green's standalone operating capacity was 2,901 MW. The company identified transmission connections, land acquisition and turning project awards into operating assets among its execution risks.
Nomura's reported Neutral assessment reflects concern that limited transmission availability could delay NTPC Green's additions. ACME Solar's July investor presentation also lists project execution and delays in moving power from its projects among risks to its targets.
ACME Solar's presentation projected cumulative commissioned storage of 9,459 MWh by the end of the third quarter of fiscal 2027 and set a target of more than 10 GWh by the fiscal year-end. Both figures are targets, rather than capacity already in operation.
