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 ₹ 18,404 Cr.
- Current Price ₹ 304
- High / Low ₹ 324 / 168
- Stock P/E 45.0
- Book Value ₹ 74.5
- Dividend Yield 0.07 %
- 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 4.08 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.
* 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
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 | 1,606 | |
| 129 | 139 | 247 | 122 | 225 | 168 | 185 | |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,422 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% |
| 82 | 218 | 404 | 106 | 891 | 147 | 176 | |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 796 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 339 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 462 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | |
| 86 | 15 | 62 | -3 | 698 | 251 | 380 | |
| EPS in Rs | 8.20 | 1.46 | 5.94 | -0.30 | 66.81 | 4.17 | 6.34 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -2% |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 48% |
| TTM: | 765% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 104 | 121 |
| Reserves | 1,088 | 1,753 | 1,804 | 1,796 | 2,486 | 4,390 |
| 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | |
| 3,675 | 900 | 973 | 1,113 | 2,080 | 2,654 | |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 |
| 9,650 | 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | |
| CWIP | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 |
| Investments | 0 | 25 | 25 | 23 | 150 | 275 |
| 5,590 | 3,383 | 3,322 | 3,226 | 3,471 | 4,188 | |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 |
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
-
Regulation 3(3) Of The SEBI (Share Based Employee Benefits And Sweat Equity) Regulations, 2021 - ACME Employees Welfare Trust - Trust Deed
1d - Irrevocable 'ACME Employees Welfare Trust' formed; Trust Deed dated Sept 11, 2025 for ESOP 2024 administration.
-
Announcement under Regulation 30 (LODR)-Updates on Acquisition
14 Sep - ACME Solar withdraws acquisition of AK Renewable Infra; SPA dated Sept 5 terminated effective Sept 13, 2025.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
11 Sep - INR 3,892 crore SBI funding for 400 MW FDRE in Barmer; 19-year repayment; tariff INR 4.64/unit.
-
Clarification On News Item Appearing In 'Media/Publication'
10 Sep - ACME denies any CTUIL revocation; no grid-access cancellation in effect as of Sept 10, 2025.
-
Clarification On News Item Appearing In 'Media/Publication'
10 Sep - ACME denies any CTUIL grid-access revocation; hasn't received cancellation notice (Reuters reported 17 GW revocations).
Concalls
-
Aug 2025Transcript PPT REC
-
May 2025Transcript PPT REC
-
Feb 2025Transcript PPT REC
-
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]