2 Green Energy Stocks to Buy Now for an Upside of More Than 30%

Synopsis: HSBC is bullish on India’s renewable energy sector, particularly on top solar companies like Acme Solar and Clean Max, predicting over 30% upside. Both firms are positioned for growth with strong contracted capacities, government support, forecasted EBITDA CAGR, and increasing demand for green energy.

HSBC is significantly bullish on India’s renewable energy sector, particularly its green power giants, predicting a potential upside of over 30% for the country’s leading solar players. As India accelerates its transition to cleaner energy, HSBC believes the top solar companies are well-positioned to capitalize on government support and growing market demand, making them a compelling investment opportunity.

With power playing a pivotal role in India’s clean energy future, HSBC’s optimistic outlook on Acme Solar and Clean Max highlights the sector’s strong growth potential and its critical role in the country’s sustainability goals.

HSBC on Acme Solar Holdings Ltd

HSBC, a global brokerage firm, has initiated a ‘Buy’ rating on the stock with a target price of Rs. 350, representing an upside potential of 30 percent from its previous closing price of Rs. 268.65.

Reason for the Target

India’s Fastest-Growing Vertically Integrated Renewable IPP

The company is among the leading players in India’s renewable sector, with a vertically integrated business model that spans development, operations, and asset management. This allows for efficient cost control and a scalable growth trajectory.

6 GW Contracted Capacity

With 6 GW of contracted capacity, the company has strong earnings visibility. These long-term agreements provide a stable revenue stream, reducing dependency on market volatility and ensuring growth over the coming years.

FDRE Projects & BESS for Improved Returns

The inclusion of Flexible Dispatch Renewable Energy (FDRE) projects and Battery Energy Storage Systems (BESS) is expected to enhance operational efficiency, optimize power generation, and ultimately improve the return on investment.

Forecasted EBITDA CAGR

The company’s projected EBITDA Compound Annual Growth Rate (CAGR) of 72 percent between FY26-28 indicates robust financial growth. This forecast reflects strong expansion in contracted capacity and the successful execution of high-return projects.

Financials & Others

The company’s revenue rose by 42.34 percent from Rs. 349 crores in December 2024 to Rs. 497 crores in December 2025. Meanwhile, Net profit from Rs. 112 crores rose to Rs. 114 crores in the same period.

The company has demonstrated strong financial performance, with a Return on Capital Employed (ROCE) of 8.42% and a Return on Equity (ROE) of 7.57%. Over the last 5 years, it has delivered impressive profit growth, achieving a compound annual growth rate (CAGR) of 25.7%.

ACME Solar Holdings Ltd, founded in 2015 and headquartered in Gurugram, is one of India’s largest renewable energy Independent Power Producers (IPP). It develops, constructs, owns, and operates large-scale solar, wind, and hybrid (BESS) projects. With a significant pipeline, the company focuses on generating clean energy to support India’s sustainability goals. 

HSBC on Clean Max Enviro Energy Solutions Ltd

HSBC, a global brokerage firm, has initiated a ‘Buy’ rating on the stock with a target price of Rs. 1150, representing an upside potential of 33.4 percent from its previous closing price of Rs. 861.50.

Reason for the Target

India’s Largest Renewable Energy Provider for C&I Users

The company stands as the largest provider of renewable energy for Commercial and Industrial (C&I) users in India. This strong market position gives it a competitive edge in securing large-scale contracts and maintaining long-term growth.

Growth Driven by Rising Adoption of Green Energy

The shift toward green energy, driven by sustainability goals and regulatory support, fuels the company’s growth. As businesses and industries increasingly transition to renewable sources, demand for their services continues to rise.

Renewables 30-45% Cheaper Than Grid Power

Renewable energy offers a significant cost advantage, with prices 30-45 percent  lower than traditional grid power. This pricing differential makes renewable energy an attractive option for businesses seeking to reduce energy costs and carbon footprints.

Forecasted EBITDA CAGR 

The company is projected to achieve a robust EBITDA CAGR of 60 percent from FY26 to FY28. This growth is driven by expanding renewable capacity, cost efficiencies, and increasing adoption of green energy by C&I users.

Financials & Others

The company’s revenue rose by 42.34 percent from Rs. 374 crores in December 2024 to Rs. 422 crores in December 2025. Meanwhile, from a loss of Rs. 4 crores turned to a profit of Rs. 21 crores in the same period.

The company has a decent Return on Capital Employed (ROCE) of 7.39%. Additionally, its debtor days have improved significantly, decreasing from 59.5 to 45.9 days, indicating better working capital management and quicker receivables collection.

Clean Max Enviro Energy Solutions Ltd (CleanMax) is a leading Indian renewable energy developer specializing in turnkey solar, wind, and hybrid power solutions for corporate consumers. Founded in 2010, the Mumbai-based company acts as the largest commercial & industrial (C&I) focused provider, delivering renewable power through rooftop and open-access projects.

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