ACME Solar Holdings Ltd
ACMESOLAR NSE
ACME Solar Holdings Ltd
UtilitiesNSE: ACMESOLAR BSE: 544283 Power
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]
AI Verdict: HOLD Confidence: 5%
ACME Solar delivers exceptional profit growth of 51.5% CAGR over 5 years and has unanimous analyst buy ratings (11/11), but the stock trades at a PE of 47.1x and 4.04x book value with a low 3-year ROE of just 8%, making the risk-reward balanced at current levels.
Key Fundamentals
SmallcapPower GenerationPowerMarket Cap
₹21,494 Cr
Volatility
Moderate
P/E Ratio
43.35
EBITDA
₹1,781 Cr
Debt to Equity
2.75
Book Value
₹111.22
52W High
₹364.8
52W Low
₹195.9
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 4.30 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -11.8%
- 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 claude-opus-4.6 3d agoHOLD
Risk high
ACME Solar delivers exceptional profit growth of 51.5% CAGR over 5 years and has unanimous analyst buy ratings (11/11), but the stock trades at a PE of 47.1x and 4.04x book value with a low 3-year ROE of just 8%, making the risk-reward balanced at current levels.
Bull Case 8
- Compounded profit growth of 85% TTM and 51.5% CAGR over 5 years demonstrates strong earnings momentum
- 100% analyst buy consensus with all 11 analysts rating the stock a buy, indicating strong institutional conviction
- TTM sales growth of 44% signals robust revenue acceleration versus the 5-year sales CAGR of just 4%
- Debtor days improved from 91.8 to 60.1 days, reflecting better working capital management and cash conversion
- ROE improving from 4% (5-year average) to 10% last year shows the business is scaling profitability
- Stock has delivered 36% returns over the past 1 year, demonstrating strong price momentum
- Market cap of Rs 20,312 Cr provides adequate liquidity and positions the company as a credible mid-to-large cap renewable energy play
- Company is expected to deliver a good upcoming quarter per consensus estimates
Bear Case 8
- PE ratio of 47.1x is expensive for a utility company with only 8% 3-year average ROE, implying stretched valuations
- Promoter holding decreased by 11.8% in the last quarter, a significant red flag signaling potential insider concerns
- Stock trades at 4.04x book value despite generating sub-par return on equity of 8.43% over 3 years
- Low interest coverage ratio suggests high debt servicing burden relative to operating earnings, increasing financial risk
- Company might be capitalizing interest costs, which could inflate reported asset values and understate true expenses
- Dividend yield of just 0.06% offers virtually no income cushion for investors during potential corrections
- 3-year ROE of only 8% is below the cost of equity for most Indian companies, indicating poor capital efficiency historically
- 5-year sales CAGR of just 4% before the recent acceleration raises questions about sustainability of the TTM 44% growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 3
- 300 MW PPA with SECI signed May 26
Signed a 25-year PPA with SECI for a 300 MW firm and dispatchable renewable energy project at a tariff of ₹6.28 per unit, adding long-term revenue visibility.
- 67.9 MW BESS commissioned in Rajasthan Jun 12
Commissioned two BESS projects totalling 67.929 MW / 275.877 MWh in Rajasthan, with commercial operations starting May 29 and June 14, 2026, demonstrating steady storage capacity additions.
- ESOP plan amendments approved Jun 14
Shareholders approved amendments to the ACME Employee Stock Option Plan 2024 and grant of options to subsidiary/holding company employees via e-voting on June 12, 2026, supporting talent retention.
Neutral 1
- ₹2,800 crore QIP completed Jun 6
Successfully concluded a ₹2,800 crore Qualified Institutional Placement on June 5, 2026 to reduce leverage and strengthen the balance sheet supporting its 8,070 MW contracted capacity. While deleveraging is positive, QIP implies equity dilution.
TL;DR: ACME Solar is executing well on capacity additions with ~68 MW of BESS commissioned in May-June 2026 and a new 300 MW long-term PPA locked in at ₹6.28/unit. The ₹2,800 crore QIP strengthens the balance sheet but dilutes equity. No material headwinds are visible in recent news. The trend is firmly positive with growing contracted capacity and storage buildout accelerating.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 323 | 332 | 295 | 310 | 260 | 349 | 487 | 511 | 468 | 497 | 548 |
| Expenses | 47 | 34 | 54 | 94 | 38 | 39 | 42 | 51 | 53 | 68 | 52 | 69 |
| Operating Profit | 322 | 290 | 277 | 201 | 272 | 221 | 307 | 436 | 458 | 400 | 444 | 479 |
| OPM % | 87% | 90% | 84% | 68% | 88% | 85% | 88% | 90% | 90% | 86% | 89% | 87% |
| Other Income | 65 | 73 | 39 | 719 | 30 | 36 | 45 | 38 | 57 | 138 | 120 | 171 |
| Interest | 188 | 200 | 202 | 177 | 196 | 178 | 179 | 206 | 233 | 265 | 288 | 337 |
| Depreciation | 77 | 86 | 85 | 61 | 56 | 60 | 70 | 102 | 108 | 117 | 120 | 123 |
| PBT | 122 | 77 | 29 | 681 | 50 | 18 | 103 | 166 | 174 | 156 | 156 | 190 |
| Tax % | 33% | 50% | -55% | 22% | 97% | 16% | -8% | 27% | 25% | 26% | 27% | 27% |
| Net Profit | 82 | 39 | 44 | 532 | 1 | 15 | 112 | 122 | 131 | 115 | 114 | 138 |
| 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 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 |
| Expenses | 129 | 139 | 247 | 122 | 225 | 168 | 242 |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,781 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% |
| Other Income | 82 | 218 | 404 | 106 | 891 | 147 | 486 |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 468 |
| PBT | -211 | -1 | 102 | -15 | 909 | 338 | 677 |
| Tax % | -141% | -1470% | 39% | -79% | 23% | 26% | 26% |
| Net Profit | 86 | 15 | 62 | -3 | 698 | 251 | 498 |
| EPS in Rs | 8.2 | 1.46 | 5.94 | -0.3 | 66.81 | 4.17 | 8.23 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 2% |
Balance Sheet
| 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 | 3,583 |
| 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 |
Cash Flow
| 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
| 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% |
Documents
1
Update On Commissioning Of Additional Capacity Of BESS Project In Rajasthan
6h - 33.333 MW/160.484 MWh BESS commissioned in Rajasthan; COD on May 13, 2026. 6h - 33.333 MW/160.484 MWh BESS commissioned in Rajasthan; COD on May 13, 2026.
2
Announcement under Regulation 30 (LODR)-Acquisition
6h - ACME Solar incorporated WOS ACME Greentech Twenty One Private Limited on May 11, 2026 for renewable projects. 6h - ACME Solar incorporated WOS ACME Greentech Twenty One Private Limited on May 11, 2026 for renewable projects.
3
Update On Commissioning Of Additional Capacity Of BESS Project In Rajasthan
6h - ACME Solar commissioned 35.715 MW/160.512 MWh BESS capacity in Rajasthan; COD on May 13, 2026. 6h - ACME Solar commissioned 35.715 MW/160.512 MWh BESS capacity in Rajasthan; COD on May 13, 2026.
4
Announcement under Regulation 30 (LODR)-Acquisition
1d - ACME Solar incorporated four wholly owned subsidiaries on May 9, 2026, with Rs.1 lakh each. 1d - ACME Solar incorporated four wholly owned subsidiaries on May 9, 2026, with Rs.1 lakh each.
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 Utilities sector within the Power 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 ₹21493.82 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 43.35. 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 ₹364.8. 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 0.06%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
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