Anand Rathi Share and Stock Brokers initiated coverage on ACME Solar Holdings with a hold recommendation and target price of Rs 449, saying current valuation already captures much of the visible growth. The brokerage said ACME is shifting from a plain-solar IPP to a dispatchable renewable platform with 8.4GW by FY29E, forecasting 64.5%, 63.2% and 55.8% revenue, EBITDA and PAT CAGR over FY26-29E, but flagged nearly Rs 43,300 crore of largely debt-funded capex and net debt-to-equity of nearly 3.9 times.