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 ₹ 14,378 Cr.
- Current Price ₹ 238
- High / Low ₹ 292 / 168
- Stock P/E 54.0
- Book Value ₹ 74.5
- Dividend Yield 0.08 %
- ROCE 8.40 %
- ROE 7.50 %
- Face Value ₹ 2.00
Pros
- Debtor days have improved from 138 to 98.9 days.
- Company's working capital requirements have reduced from 181 days to 41.5 days
Cons
- Stock is trading at 3.19 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 4.58% over last 3 years.
* 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
Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services
Part of Nifty 500 BSE SmallCap BSE IPO BSE Allcap BSE Utilities
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | |
| 139 | 247 | 122 | 230 | 170 | |
| Operating Profit | 1,553 | 1,240 | 1,173 | 1,089 | 1,235 |
| OPM % | 92% | 83% | 91% | 83% | 88% |
| 218 | 404 | 106 | 896 | 149 | |
| Interest | 1,151 | 996 | 809 | 767 | 759 |
| Depreciation | 622 | 546 | 485 | 308 | 287 |
| Profit before tax | -1 | 102 | -15 | 910 | 338 |
| Tax % | -1,470% | 39% | -79% | 23% | 26% |
| 15 | 62 | -3 | 698 | 251 | |
| EPS in Rs | 1.46 | 5.94 | -0.30 | 66.85 | 4.17 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -2% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 48% |
| TTM: | 117% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 5% |
| Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 121 |
| Reserves | 1,753 | 1,804 | 1,796 | 2,487 | 4,390 |
| 9,732 | 7,915 | 9,014 | 8,535 | 10,976 | |
| 900 | 973 | 1,113 | 2,075 | 2,917 | |
| Total Liabilities | 12,489 | 10,797 | 12,027 | 13,201 | 18,404 |
| 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | |
| CWIP | 97 | 1,273 | 2,147 | 2,823 | 1,362 |
| Investments | 25 | 25 | 23 | 150 | 275 |
| 3,383 | 3,322 | 3,226 | 3,471 | 4,451 | |
| Total Assets | 12,489 | 10,797 | 12,027 | 13,201 | 18,404 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1,746 | 955 | 1,263 | 1,429 | 1,543 | |
| 458 | -425 | -1,410 | -1,882 | -3,976 | |
| -2,040 | -556 | 215 | 215 | 3,408 | |
| Net Cash Flow | 164 | -25 | 69 | -239 | 975 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 156 | 203 | 197 | 116 | 99 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 156 | 203 | 197 | 116 | 99 |
| Working Capital Days | 173 | 239 | 277 | 226 | 42 |
| ROCE % | 7% | 7% | 8% | 8% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
9h - ACME Solar commissions 112.5 MW at Sikar, total operational capacity rises to 2,705 MW.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
9h - Audio recording of Q4 FY25 earnings call available on ACME Solar's website.
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Intimation Under Regulation 8(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015
14h - ACME Solar adopts amended Insider Trading Code per SEBI regulations, effective from listing commencement.
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Intimation Under Regulation 30(5) Of The SEBI (LODR) Regulations, 2015
14h - Authorization of KMP for materiality determination and disclosures as per SEBI regulations.
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Announcement Under Regulation 30-Commissioning Of Operation/Project
1d - Commissioned 112.5 MW Phase-II of 300 MW Rajasthan solar project; total capacity now 2,705 MW.
Concalls
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May 2025TranscriptNotesPPT
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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]