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 ₹ 26,787 Cr.
- Current Price ₹ 379
- High / Low ₹ 398 / 196
- Stock P/E 53.9
- Book Value ₹ 83.5
- Dividend Yield 0.05 %
- ROCE 8.89 %
- ROE 10.4 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 51.5% CAGR over last 5 years
- Debtor days have improved from 91.8 to 60.1 days.
Cons
- Stock is trading at 4.54 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -11.8%
- Company has a low return on equity of 8.43% 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 Utilities BSE 250 SmallCap Index BSE 400 MidSmallCap 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 | |
| 129 | 139 | 247 | 122 | 225 | 168 | 242 | |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,781 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% |
| 82 | 218 | 404 | 106 | 891 | 147 | 486 | |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 468 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 677 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | 26% |
| 86 | 15 | 62 | -3 | 698 | 251 | 498 | |
| EPS in Rs | 8.20 | 1.46 | 5.94 | -0.30 | 66.81 | 4.17 | 8.23 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | 5% | 2% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 16% |
| TTM: | 44% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 51% |
| 3 Years: | 149% |
| TTM: | 85% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 28% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 8% |
| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 104 | 121 | 121 |
| Reserves | 1,088 | 1,753 | 1,804 | 1,796 | 2,486 | 4,390 | 4,940 |
| 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | 19,896 | |
| 3,675 | 900 | 973 | 1,113 | 2,080 | 2,654 | 3,583 | |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,540 |
| 9,650 | 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | 15,732 | |
| CWIP | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 | 4,358 |
| Investments | -0 | 25 | 25 | 23 | 150 | 275 | 275 |
| 5,590 | 3,383 | 3,322 | 3,226 | 3,471 | 4,188 | 8,176 | |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,540 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | 1,249 | |
| -1,426 | 458 | -425 | -1,410 | -1,888 | -3,976 | -7,317 | |
| 474 | -2,040 | -556 | 215 | 216 | 3,408 | 7,015 | |
| Net Cash Flow | -31 | 164 | -25 | 69 | -238 | 975 | 947 |
| Free Cash Flow | -1,327 | 1,560 | -496 | 495 | -1,368 | -1,719 | -4,071 |
| CFO/OP | 57% | 112% | 79% | 112% | 132% | 135% | 75% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 138 | 156 | 203 | 197 | 116 | 99 | 60 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 138 | 156 | 203 | 197 | 116 | 99 | 60 |
| Working Capital Days | -97 | -79 | 81 | 111 | 72 | -118 | -432 |
| ROCE % | 9% | 7% | 7% | 8% | 8% | 9% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Capacity Utilization Factor (CUF) % |
|
||||
| Operational Generation Capacity MW |
|||||
| Under-Construction Capacity MW |
|||||
| Power Generation Million Units |
|||||
| Plant Availability % |
|||||
| PPA Signed Capacity (Under Construction) MW |
|||||
| Total Contracted Portfolio MW |
|||||
| BESS Operational Capacity MWh |
|||||
Extracted by Screener AI
Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 3 Jul
-
Update On Commissioning Of Battery Energy Storage System (BESS) Project
1 Jul - 240.720 MWh BESS commissioned at Jaisalmer on June 30; COD July 2, 2026.
- Closure of Trading Window 26 Jun
-
Announcement under Regulation 30 (LODR)-Change in Management
25 Jun - Rishi Kumar Mishra resigned as Senior Vice President-R&D effective June 25, 2026.
-
Credit Rating - ACME Heergarh Powertech Private Limited
18 Jun - ICRA assigned ACME Heergarh Powertech AA-(Stable) ratings for Rs 1,253 crore debt.
Concalls
-
May 2026Transcript PPT REC
-
Feb 2026Transcript PPT REC
-
Nov 2025Transcript PPT REC
-
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]