Stocks to Buy: HSBC initiates on these two renewable stocks for up to 33% upside

Shares of renewable energy companies Acme Solar Holdings Ltd. and Clean Max Enviro Energy Solutions Ltd. will be in focus on Monday, April 13, after HSBC initiated coverage on both stocks.

HSBC has initiated coverage on Acme Solar with a ‘Buy’ rating and a price target of ₹350 per share, implying a potential upside of 30% from current levels.

The brokerage said the company is among the fastest-growing, vertically integrated renewable power producers, with its 6 GW contracted capacity providing strong long-term earnings visibility.
It added that FDRE projects and battery energy storage systems (BESS) are likely to improve returns.

HSBC expects Acme Solar to deliver an EBITDA CAGR of 72% over FY26-28.

The brokerage has also initiated coverage on Clean Max with a ‘Buy’ rating and a price target of ₹1,150 per share. The target suggests a further upside of over 33% from current levels.

It highlighted that Clean Max is the largest provider of renewable energy solutions to C&I users.

HSBC expects strong growth driven by rising corporate adoption of green energy, which is 30-45% cheaper than grid power. It has forecast an EBITDA CAGR of 60% for Clean Max over FY26-28.

All 11 analysts tracking Acme Solar have a ‘Buy’ rating, while HSBC is the first to initiate coverage on Clean Max.

Shares of Acme Solar Holdings ended 1.14% lower on Friday at ₹270, while Clean Max Enviro Energy Solutions closed 0.37% higher at ₹862.

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