ACME Solar Holdings Ltd
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]
- Market Cap ₹ 17,318 Cr.
- Current Price ₹ 286
- High / Low ₹ 324 / 168
- Stock P/E 458
- Book Value ₹ 75.3
- Dividend Yield 0.07 %
- ROCE 7.63 %
- ROE 5.18 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 3.80 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.20% over last 3 years.
- Contingent liabilities of Rs.5,273 Cr.
- Earnings include an other income of Rs.207 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 183 | 759 | 469 | 471 | 1,352 | 1,265 | |
| 139 | 720 | 496 | 527 | 1,084 | 1,229 | |
| Operating Profit | 44 | 39 | -27 | -56 | 269 | 36 |
| OPM % | 24% | 5% | -6% | -12% | 20% | 3% |
| 145 | 298 | 132 | 753 | 161 | 207 | |
| Interest | 171 | 192 | 153 | 180 | 176 | 193 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 18 | 145 | -48 | 518 | 253 | 51 |
| Tax % | -35% | -0% | -38% | 19% | 25% | |
| 24 | 145 | -30 | 420 | 189 | 37 | |
| EPS in Rs | 2.32 | 13.92 | -2.90 | 40.17 | 3.12 | 0.72 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 6% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 21% |
| TTM: | 62% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 55% |
| TTM: | -56% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 0% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 121 |
| Reserves | 2,063 | 2,208 | 2,178 | 2,598 | 4,437 |
| 1,795 | 1,754 | 1,674 | 1,702 | 2,269 | |
| 398 | 578 | 1,276 | 1,686 | 1,863 | |
| Total Liabilities | 4,360 | 4,645 | 5,233 | 6,091 | 8,691 |
| 0 | 0 | 0 | 1 | 2 | |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 3,106 | 2,810 | 4,162 | 4,265 | 4,973 |
| 1,254 | 1,835 | 1,070 | 1,825 | 3,716 | |
| Total Assets | 4,360 | 4,645 | 5,233 | 6,091 | 8,691 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -35 | 47 | 716 | -690 | 395 | |
| 832 | 415 | -765 | 737 | -2,976 | |
| -724 | -281 | -177 | 52 | 2,803 | |
| Net Cash Flow | 73 | 182 | -226 | 100 | 223 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 26 | 32 | 11 | 0 | 1 |
| Inventory Days | 0 | ||||
| Days Payable | |||||
| Cash Conversion Cycle | 26 | 32 | 11 | 0 | 1 |
| Working Capital Days | -321 | 164 | -1,012 | -122 | 50 |
| ROCE % | 2% | 2% | 2% | 8% |
Documents
Announcements
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 2d
-
Announcement under Regulation 30 (LODR)-Credit Rating
2d - ICRA assigned AA-/Stable to ACME Solar's Rs1,000 crore long-term non-fund facilities on Oct 1, 2025.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep
-
Shareholder Meeting / Postal Ballot-Outcome of AGM
29 Sep - 10th AGM on Sep 29, 2025; approved director re-appointments, remuneration, related-party transactions, and securities issuance resolution.
- Closure of Trading Window 24 Sep
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
Leading Power Producer[1]
ACME Solar Holdings is one of India's largest renewable energy-independent power producers (“IPP”) and among India's top 10 renewable energy players in terms of operational capacity as of June 30, 2024.
Integrated Renewable Energy Projects[1]
- Portfolio Diversity: ACME Solar operates across multiple renewable technologies, such as solar, wind, and hybrid energy systems, along with FDRE, which provides firm, on-demand power through energy storage.
- Geographic Reach: Projects are distributed across 10 Indian states, chosen for their renewable energy potential.[2]
- Power Purchase Agreements (PPAs): Long-term contracts, typically spanning 25 years, with government and private entities, ensure a stable cash flow and mitigate demand risk. Most PPAs include fixed tariff rates, reducing revenue volatility.
End-to-End Project Lifecycle Management[3]
- Project Development: ACME Solar manages all project phases in-house, from land acquisition, engineering, procurement, and construction (EPC) to operations and maintenance (O&M).
- EPC and O&M Capabilities: The company’s in-house teams handle EPC and O&M functions, allowing them to control costs, monitor real-time performance, and minimize reliance on third-party contractors.
- Energy Storage and Dispatchable Solutions: FDRE projects include storage components (battery or pumped hydro), allowing ACME to deliver power during peak demand periods, complementing intermittent energy sources.[4]