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 ₹ 13,840 Cr.
- Current Price ₹ 228
- High / Low ₹ 324 / 173
- 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 2.89 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: | 10% |
| 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% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Dec 2025 | |
|---|---|---|---|---|
| Capacity Utilization Factor (CUF) % |
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| Geographical Footprint States ・Standalone data |
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| Operational Installed Capacity MW |
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| Plant Availability % |
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| Power Generation Million Units |
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| Total Portfolio (Operational + UC) MW |
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| Battery Energy Storage System (BESS) Capacity GWh |
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| Market Share in FDRE Projects (FY24) % |
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Documents
Announcements
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Commissioning Of First Phase Of 33.335 MW/160.48 Mwh Out Of 300 MW/1400 Mwh Capacity Of Battery Energy Storage System (BESS) Project
13h - Commissioned phase‑1: 33.335 MW/160.48 MWh of 300 MW/1400 MWh BESS; COD March 8, 2026.
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Credit Rating - ACME Raisar Solar Energy Private Limited
15h - CRISIL reaffirmed Crisil AA-/Stable; bank facilities Rs1,100 Crore (enhanced from Rs890 Cr), March 6, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Investors meet scheduled to be held on March 10 and March 13, 2026.
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Commissioning Of Second Phase Of 38 MW/82 Mwh Out Of 285 MW/600 Mwh Capacity Of Battery Energy Storage System (BESS) Project
3 Mar - Commissioned 38 MW/82 MWh Phase-II BESS; COD March 05, 2026 at Pokhran, Rajasthan.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
2 Mar - ACME subsidiary signed two PPAs totalling 450 MW at Rs.6.74/unit; SCSD March 1, 2028; 25-year tenure.
Concalls
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Feb 2026Transcript PPT REC
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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]