ACME Solar Holdings
ACME Solar Holdings
PowerKey Fundamentals
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Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 51.6% CAGR over last 5 years
- Debtor days have improved from 91.8 to 60.1 days.
Weaknesses
5- Stock is trading at 5.18 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 8.46% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
ACME Solar Holdings Ltd is a renewable power producer with a market capitalisation of about ₹30,601 crore. Growth has been strong recently: TTM sales grew 48%, TTM profit grew 45%, and 5-year profit CAGR was 51.6%. The stock trades at a P/E of 52.4 and a P/B of 4.02 to 5.30 depending on the source, while return on equity has averaged only 8.46% over 3 years, interest coverage is low, and promoter holding fell 11.9% in the last quarter.
- Net profit has grown at a 51.6% CAGR over the last 5 years, showing sustained growth in earnings as the operating asset base has expanded.
- Near-term growth is fast: TTM sales rose 48% and TTM profit rose 45%, which suggests new capacity is starting to show up in reported results.
- 3-year compounded profit growth is 150%, a sharp turnaround in earnings, though part of this reflects a low starting base.
- Return on equity is improving, from a 5-year average of 4% to a 3-year average of 8% and 10% in the last year, which indicates better capital efficiency as projects start operating.
- Debtor days improved from 91.8 to 60.1, a reduction of about 35%. For a power producer, faster collections matter because counterparty payment delays are a common sector risk.
- Sales CAGR accelerated from 4% over 5 years to 16% over 3 years and 48% on a TTM basis, which points to a rising pace of capacity additions.
- The stock returned 66% over 1 year, showing strong market momentum and investor interest in the renewable energy theme.
- The P/E of 52.4 already prices in a lot of future growth, so any slowdown from the current 45% TTM profit growth rate could lead to a lower valuation multiple.
- Return on equity has averaged 8.46% over 3 years and was 10% last year. That is low compared with a P/B of 4.02 to 5.30, and it may not be much above the cost of equity.
- Interest coverage is low, which fits a capital-intensive business funded with debt. Only 10% ROE leaves limited room to absorb higher interest rates or project delays.
- Promoter holding fell by 11.9% in the last quarter. This is a notable change in ownership structure, and the reason should be checked (for example, a stake sale versus dilution).
- The company may be capitalising interest costs. If so, the reported 45% TTM profit growth could be flattered, and future depreciation and interest charges could rise once projects are commissioned.
- Long-term revenue growth has been uneven: 5-year sales CAGR is only 4% against 16% over 3 years, so the recent 48% TTM growth rate has a short track record.
- The dividend yield of 0.04% gives almost no income support at a market cap of about ₹30,601 crore, so returns depend almost entirely on price appreciation.
- After a 66% gain over 1 year, market expectations are high, which increases the risk of a sharp price reaction if quarterly results miss.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Execution risk on 2030 targets Sep 3
Growing from a 2.9 GW portfolio (per the FY26 BRSR) to 10 GW renewables and 25 GWh storage by 2030 means more than 3x capacity growth. That implies heavy capex, funding needs and on-time delivery risk. This risk is inferred from the targets; no article reports a negative event.
- Diversification into data centres, trading Sep 1
The board approved MOA changes that let the company enter data centres and power trading. This could spread management focus and capital beyond the core renewable IPP business. The risk is inferred, since no investment amount has been disclosed.
- Rapid BESS commissioning in Rajasthan Oct 1
Phase-I (53.63 MW, COD Sep 16) and Phase-II (52.32 MW, Sep 17) brought total BESS capacity to 105.95 MW. A further 107.36 MW / 437.49 MWh on Oct 1 lifted the total to 320.67 MW / 1,298.779 MWh. That is roughly a 3x jump in about two weeks.
- Brookfield's $600M Acme Cleantech bet Sep 17
Brookfield plans to invest $600 million in the Acme Cleantech venture linked to ACME Solar. That is a large institutional endorsement and a potential funding source for growth.
- 10 GW, 25 GWh 2030 roadmap Sep 3
The company targets 10 GW of renewable capacity and 25 GWh of battery storage by 2030, with a faster BESS rollout. This gives a clear multi-year growth path.
- Three-subsidiary merger cuts costs Sep 18
The board approved merging three wholly owned subsidiaries to simplify the structure and cut costs. Shareholding does not change.
- New subsidiaries incl. UAE entity Sep 21
The board cleared a wholly owned UAE subsidiary on Sep 10, and Acme Greentech Twenty Nine was set up on Sep 21 for renewable projects. Both expand the group structure, but no project details have been given.
- ₹22.32 cr large trade flagged Sep 25
About 504,283 shares changed hands at ₹442.55 on NSE, worth ₹22.32 crore. This came from a trade-scanning signal and is not confirmed by the exchange. Buyer and seller are unknown.
- 11th AGM, BSR as auditor Sep 29
The 11th AGM on Sep 29 via video conference adopted the FY26 financials and appointed the statutory auditors. BSR & Co. had been proposed as auditor at the Sep 1 board meeting.
- First BRSR with Grant Thornton assurance Sep 3
The first FY26 BRSR covers a 2.9 GW renewable portfolio. Grant Thornton Bharat gave reasonable assurance on core ESG metrics.
TL;DR: ACME Solar is executing well on storage. BESS capacity roughly tripled to 320.67 MW / 1,298.779 MWh between mid-September and Oct 1, and Brookfield's planned $600M investment adds financial backing. No direct negative news appeared in this period. The main risks come from ambition: scaling from 2.9 GW to 10 GW by 2030 needs a lot of capital, and the move into data centres and power trading could dilute focus. The trend is improving, and the next things to watch are how the 2030 capex is funded and the pace of new commissioning.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 | 2,370 |
| Expenses | 129 | 139 | 247 | 122 | 225 | 168 | 238 | 312 |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,785 | 2,058 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% | 87% |
| Other Income | 82 | 218 | 404 | 106 | 891 | 147 | 482 | 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% | 0% | — |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 3,188 |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 |
| 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 | 7,781 |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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