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 ₹ 17,154 Cr.
- Current Price ₹ 283
- High / Low ₹ 324 / 168
- Stock P/E 41.9
- 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 3.80 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
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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
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Clarification sought from ACME Solar Holdings Ltd
23m - Exchange has sought clarification from ACME Solar Holdings Ltd with reference to the media report appearing on https://www.thehindubusinessline.com/companies/acme-group-strengthens-manufacturing-arm-appoints-jitendra-agrawal-as-coo/article70132255.ece (Source: https:// www.thehindubusinessline.com) dated October 07, 2025 …
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Announcement under Regulation 30 (LODR)-Credit Rating
1d - CRISIL upgraded ACME Solar to CRISIL AA-/Stable; bank facilities rated Rs1,000 crore on Oct 7, 2025.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 1 Oct
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Announcement under Regulation 30 (LODR)-Credit Rating
1 Oct - 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
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]