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 ₹ 17,221 Cr.
- Current Price ₹ 285
- High / Low ₹ 310 / 168
- Stock P/E 456
- Book Value ₹ 75.3
- Dividend Yield 0.07 %
- ROCE 7.49 %
- ROE 5.18 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 3.78 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.20% over last 3 years.
- 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
Utilities Power Power Power Generation
Part of Nifty 500 BSE SmallCap BSE IPO BSE Allcap BSE Utilities
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 | 2,477 | |
| 398 | 578 | 1,276 | 1,686 | 1,656 | |
| 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 | 0 | |||
| Days Payable | |||||
| Cash Conversion Cycle | 26 | 32 | 11 | 0 | 1 |
| Working Capital Days | -321 | 164 | -1,012 | -122 | 50 |
| ROCE % | 2% | 2% | 2% | 7% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
1d - Find attached copies of newspaper advertisements published today i.e. on August 29, 2025, with respect to the information pertaining to 10th AGM of the Company.
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Announcement Under Regulation 30 Of LODR-Appointment Of Secretarial Auditor Of The Company
27 Aug - Board approved raising up to Rs 3,000 crore; auditor appointments; reappointment of Vice-Chair; 10th AGM Sep 29, 2025.
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Announcement under Regulation 30 (LODR)-Change in Directorate
27 Aug - Board approved raising up to Rs3,000 crore; auditors appointed; Vice‑Chairman reappointed; 10th AGM on Sept 29, 2025.
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Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
27 Aug - Board approved enabling approval to raise up to Rs3,000 crore; auditor appointments; reappointment of Shashi Shekhar; AGM Sept 29, 2025.
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Board Meeting Outcome for Outcome Of The Meeting Of The Board Of ACME Solar Holdings Limited (The 'Company') Held On August 27, 2025
27 Aug - Board approved raising up to Rs.3,000 crore; auditors appointed; Shashi Shekhar reappointed; 10th AGM Sept 29, 2025.
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]