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 ₹ 13,816 Cr.
- Current Price ₹ 228
- High / Low ₹ 324 / 172
- Stock P/E 27.6
- Book Value ₹ 78.9
- Dividend Yield 0.09 %
- ROCE 8.42 %
- ROE 7.57 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 25.7% CAGR over last 5 years
- Debtor days have improved from 138 to 98.9 days.
Cons
- Stock is trading at 2.86 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -4.59% over past five years.
- Company has a low return on equity of 4.66% over last 3 years.
- Company might be capitalizing the interest cost
* 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 BSE 500 Nifty 500 BSE Allcap BSE Utilities BSE 250 SmallCap Index
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 1,962 | |
| 129 | 139 | 247 | 122 | 225 | 168 | 224 | |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,738 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 89% |
| 82 | 218 | 404 | 106 | 891 | 147 | 353 | |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 991 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 447 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 653 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | |
| 86 | 15 | 62 | -3 | 698 | 251 | 482 | |
| EPS in Rs | 8.20 | 1.46 | 5.94 | -0.30 | 66.81 | 4.17 | 7.98 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -2% |
| TTM: | 62% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 48% |
| TTM: | 319% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 1% |
| 3 Years: | 5% |
| Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 104 | 121 | 121 |
| Reserves | 1,088 | 1,753 | 1,804 | 1,796 | 2,486 | 4,390 | 4,663 |
| 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | 12,998 | |
| 3,675 | 900 | 973 | 1,113 | 2,080 | 2,654 | 2,643 | |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 20,424 |
| 9,650 | 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | 13,714 | |
| CWIP | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 | 1,366 |
| Investments | 0 | 25 | 25 | 23 | 150 | 275 | 275 |
| 5,590 | 3,383 | 3,322 | 3,226 | 3,471 | 4,188 | 5,068 | |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 20,424 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | |
| -1,426 | 458 | -425 | -1,410 | -1,888 | -3,976 | |
| 474 | -2,040 | -556 | 215 | 216 | 3,408 | |
| Net Cash Flow | -31 | 164 | -25 | 69 | -238 | 975 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 138 | 156 | 203 | 197 | 116 | 99 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 138 | 156 | 203 | 197 | 116 | 99 |
| Working Capital Days | -97 | -79 | 81 | 111 | 72 | -118 |
| ROCE % | 9% | 7% | 7% | 8% | 8% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 13h
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1d - Audio recording of Q3 FY26 earnings call (Jan 30, 2026) available on company's website.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - ACME signed 25-year PPA with NHPC for 250 MW FDRE on Jan 29, 2026; capex ~Rs3,700 crore.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
2d - ACME subsidiary signed 250 MW PPA with NHPC at Rs.4.33/unit; SCOD 30 June 2027; 25-year tenure.
- Announcement under Regulation 30 (LODR)-Investor Presentation 2d
Concalls
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Jan 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT REC
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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]