ACME Solar Holdings Ltd logo

ACME Solar Holdings Ltd

ACMESOLAR NSE

Key Fundamentals

SmallcapPower GenerationPower
Market Cap
₹26,670 Cr
Volatility
Moderate
P/E Ratio
39.76
EBITDA
₹1,781 Cr
Return on Equity
5.56%
Debt to Equity
3.93
Book Value
₹111.22
52W High
₹398.65
52W Low
₹195.9

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 51.5% CAGR over last 5 years
  • Debtor days have improved from 91.8 to 60.1 days.

Weaknesses

5
  • Stock is trading at 4.48 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -11.9%
  • Company has a low return on equity of 8.43% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
28.43% ↘
Net Income Growth
102.68% ↗
Cash Flow Change
7.59% ↗
ROE
-79.35% ↘
ROCE
-54.18% ↘
EBITDA Margin (Avg.)
-20.46% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

ACME Solar Holdings Ltd is a power sector company with a market cap of ₹26,250 Cr trading at a PE of 43.7x. The company has shown strong recent growth with TTM sales up 48% and profit up 45%, though its 3-year ROE of 8% remains modest relative to its valuation.

Bull Case 8
  • Strong TTM sales growth of 48% indicates accelerating revenue momentum in the renewable energy space
  • Compounded profit growth of 51% CAGR over 5 years demonstrates sustained earnings expansion
  • TTM profit growth of 45% shows the company continues to deliver robust bottom-line improvement
  • Debtor days improved from 91.8 to 60.1 days, reflecting better working capital management and faster collections
  • ROE improved from 4% (5-year average) to 10% last year, suggesting improving capital efficiency
  • Stock has delivered 32% returns over the past 1 year, reflecting positive market sentiment
  • Company is expected to deliver a good upcoming quarter based on operational trends
  • 3-year compounded sales CAGR of 16% shows consistent top-line growth trajectory
Bear Case 8
  • Stock trades at 4.46x book value and PE of 43.7x, demanding high growth execution to justify valuation
  • Promoter holding decreased by 11.9% in the last quarter, a significant reduction that may signal insider concerns
  • Low interest coverage ratio indicates vulnerability to rising interest rates or debt servicing stress
  • 3-year average ROE of only 8.43% is low for a company trading at such premium multiples
  • Potential capitalization of interest costs may be inflating reported profitability and asset values
  • Dividend yield of just 0.05% offers negligible income return to shareholders
  • 5-year compounded sales CAGR of only 4% suggests that strong recent growth may not be sustainable long-term
  • Price-to-book ratio of 3.35x leaves limited margin of safety if growth decelerates

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Railway PPA signing delayed Jul 30

    Northeast Railway PPA delayed due to pending state approvals and regulatory uncertainty around railway open-access norms. Management expects signing once issues are resolved but no firm timeline given.

  • 600 MWh battery uncontracted Jul 30

    600 MWh of battery capacity remains uncontracted and 10 GWh stays merchant-exposed each year until PPAs are signed, posing revenue visibility risk.

Positives 6
  • Profit surges 28x YoY in Q1 Jul 29

    Q1FY26 net profit jumped to ₹2,353 million from ₹1,308 million YoY, while revenue surged 67.8% to ₹8,575 million.

  • ₹2,147 cr debt refinanced cheaper Aug 12

    Fully redeemed offshore dollar bonds via ₹2,147 crore domestic refinancing from NaBFID, cutting borrowing costs by 150 bps across 12 SPVs.

  • 3.62 GWh BESS operationalized Jul 23

    Operationalized 3.62 GWh of battery storage capacity in Rajasthan, marking rapid scale-up in India's renewable energy storage.

  • 300 MW hybrid PPA with SECI Jul 21

    Subsidiary signed 25-year PPA with SECI for 300 MW Wind-Solar Hybrid project at ₹3.25/unit, locking in long-term revenue.

  • ₹3,405 cr PFC funding secured Jul 29

    Raised ₹3,404.57 crore from PFC for 250 MW FDRE project with 19-year repayment tenor and 25-year NHPC PPA at ₹4.33/unit. Total fiscal funding now ₹6,051 crore.

  • Storage target raised to 10 GWh Jul 30

    Raised storage commissioning forecast to exceed 10 GWh by FY27, advancing from earlier CY27 timeline, with 1.5 GW RE capacity planned for FY27.

Neutral 2
  • EBITDA margins steady with fluctuation Jul 30

    Management expects EBITDA margins to remain mostly steady with 2%-5% fluctuation range as commissioning costs stabilize.

  • Q1 FY27 earnings call held Jul 30

    Earnings call hosted on July 30, 2026 to discuss Q1 FY27 results; audio recording made available on company website.

TL;DR: ACME Solar is executing strongly with 28x profit growth, aggressive BESS scale-up to 3.62 GWh, and over ₹6,000 crore in project funding secured. The 150 bps refinancing savings and new PPAs strengthen long-term cash flow visibility. Key risks are limited to the delayed Railway PPA and 600 MWh of uncontracted battery capacity. The trend is clearly improving with accelerating commissioning timelines and expanding contracted capacity.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
369
323
332
295
310
260
349
487
511
468
497
548
858
Expenses
47
34
54
94
38
39
42
51
53
68
52
69
123
Operating Profit
322
290
277
201
272
221
307
436
458
400
444
479
734
OPM %
87%
90%
84%
68%
88%
85%
88%
90%
90%
86%
89%
87%
86%
Other Income
65
73
39
719
30
36
45
38
57
138
120
171
96
Interest
188
200
202
177
196
178
179
206
233
265
288
337
344
Depreciation
77
86
85
61
56
60
70
102
108
117
120
123
155
PBT
122
77
29
681
50
18
103
166
174
156
156
190
331
Tax %
33%
50%
-55%
22%
97%
16%
-8%
27%
25%
26%
27%
27%
29%
Net Profit
82
39
44
532
1
15
112
122
131
115
114
138
235
EPS in Rs
7.88
3.7
4.26
50.97
0.03
0.29
1.85
2.04
2.16
1.9
1.88
2.3
3.33
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,777
1,692
1,488
1,295
1,319
1,405
2,023
2,370
Expenses
129
139
247
122
225
168
242
312
Operating Profit
1,649
1,553
1,240
1,173
1,094
1,237
1,781
2,058
OPM %
93%
92%
83%
91%
83%
88%
88%
87%
Other Income
82
218
404
106
891
147
486
526
Interest
1,237
1,151
996
809
767
759
1,123
1,234
Depreciation
704
622
546
485
308
287
468
515
PBT
-211
-1
102
-15
909
338
677
834
Tax %
-141%
-1470%
39%
-79%
23%
26%
26%
—
Net Profit
86
15
62
-3
698
251
498
602
EPS in Rs
8.2
1.46
5.94
-0.3
66.81
4.17
8.23
9.41
Div. Payout %
0%
0%
0%
0%
0%
5%
2%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
104
104
104
104
104
121
121
Reserves
1,088
1,753
1,804
1,796
2,486
4,390
4,940
Borrowings
10,593
9,732
7,915
9,014
8,536
10,976
19,896
Other Liabilities
3,675
900
973
1,113
2,080
2,654
3,583
Total Liabilities
15,460
12,489
10,797
12,027
13,207
18,140
28,540
Fixed Assets
9,650
8,984
6,177
6,631
6,758
12,315
15,732
CWIP
220
97
1,273
2,147
2,828
1,362
4,358
Investments
0
25
25
23
150
275
275
Other Assets
5,590
3,383
3,322
3,226
3,471
4,188
8,176
Total Assets
15,460
12,489
10,797
12,027
13,207
18,140
28,540
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
922
1,746
955
1,263
1,434
1,543
1,249
Investing
-1,426
458
-425
-1,410
-1,888
-3,976
-7,317
Financing
474
-2,040
-556
215
216
3,408
7,015
Net Cash Flow
-31
164
-25
69
-238
975
947
Free Cash Flow
-1,327
1,560
-496
495
-1,368
-1,719
-4,071
CFO/OP
57
112
79
112
132
135
75
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
138
156
203
197
116
99
60
Cash Conversion Cycle
138
156
203
197
116
99
60
Working Capital Days
-97
-79
81
111
72
-118
-432
ROCE %
—
9%
7%
7%
8%
8%
9%

Shareholding Pattern

As of Jun 2026
Promoters 71.40%
DIIs 19.10%
FIIs 4.39%
Public 3.35%
Others 1.77%
Total 100.01%
  Sep 2017Jul 2024Nov 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
100.00%
100.00%
83.42%
83.42%
83.42%
83.42%
83.42%
83.29%
83.29%
71.40%
FIIs
0.00%
0.00%
6.70%
5.54%
4.74%
5.76%
5.57%
4.04%
3.60%
4.39%
DIIs
0.00%
0.00%
5.80%
6.97%
7.09%
6.61%
6.39%
6.87%
7.05%
19.10%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
0.00%
3.57%
3.67%
4.23%
3.77%
4.04%
4.62%
4.29%
3.35%
Others
0.00%
0.00%
0.51%
0.41%
0.52%
0.45%
0.58%
1.19%
1.76%
1.77%
No. of Shareholders
7
7
2,07,288
1,99,394
2,15,043
1,97,223
1,77,167
1,84,159
1,64,635
1,48,693

Documents

Frequently Asked Questions about ACME Solar Holdings Ltd

What does ACME Solar Holdings Ltd do?
Incorporated in 2015, ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid, and firm and dispatchable renewable energy (“FDRE”) projects.[1]
Where is ACME Solar Holdings Ltd (ACMESOLAR) listed?
ACME Solar Holdings Ltd is listed on the Indian stock exchanges. It is listed on NSE: ACMESOLAR and BSE: 544283. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ACME Solar Holdings Ltd belong to?
ACME Solar Holdings Ltd operates in the Power sector within the Power Generation industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of ACME Solar Holdings Ltd?
ACME Solar Holdings Ltd has a market capitalisation of approximately ₹26670.37 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of ACME Solar Holdings Ltd?
The Price-to-Earnings (PE) ratio of ACME Solar Holdings Ltd is 39.76. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ACME Solar Holdings Ltd?
Over the past 52 weeks, ACME Solar Holdings Ltd has traded between a low of ₹195.9 and a high of ₹398.65. This range helps investors understand the stock's price volatility and recent trading levels.
Does ACME Solar Holdings Ltd pay dividends?
Yes, ACME Solar Holdings Ltd has a dividend yield of 0.05%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of ACME Solar Holdings Ltd?
ACME Solar Holdings Ltd has a Return on Equity (ROE) of 5.56%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ACME Solar Holdings Ltd on Tapetide?
On Tapetide, you can view ACME Solar Holdings Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2015, ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid, and firm and dispatchable renewable energy (“FDRE”) projects.[1]

Website acmesolar.in
CEO Mr. Manoj Kumar Upadhyay
Employees 557
Listed 2024-11-13
Face Value ₹ 2
Issued Size 60,59,71,804

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