ACME Solar Holdings Ltd
₹ 405
-2.65%
30 Oct
- close price
About
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]
Key Points
- Market Cap ₹ 28,614 Cr.
- Current Price ₹ 405
- High / Low ₹ 477 / 196
- Stock P/E 38.1
- Book Value ₹ 118
- Dividend Yield 0.05 %
- ROCE 8.91 %
- ROE 10.4 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 51.6% CAGR over last 5 years
- Debtor days have improved from 91.8 to 60.1 days.
Cons
- Stock is trading at 3.42 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 8.46% 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.
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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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 | 2,789 | |
| 129 | 139 | 247 | 122 | 225 | 168 | 238 | 378 | |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,785 | 2,411 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% | 86% |
| 82 | 218 | 404 | 106 | 891 | 147 | 482 | 508 | |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 | 1,315 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 468 | 570 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 677 | 1,034 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | 26% | |
| 86 | 15 | 62 | -3 | 698 | 251 | 498 | 756 | |
| EPS in Rs | 1.64 | 0.29 | 1.19 | -0.06 | 13.36 | 4.17 | 8.23 | 11.31 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 16% |
| TTM: | 54% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 52% |
| 3 Years: | 150% |
| TTM: | 49% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 44% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 104 | 121 | 121 | 141 |
| Reserves | 1,088 | 1,753 | 1,804 | 1,796 | 2,486 | 4,390 | 4,940 | 8,221 |
| 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | 19,896 | 27,596 | |
| 3,675 | 900 | 973 | 1,113 | 2,080 | 2,654 | 3,188 | 4,669 | |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 | 40,628 |
| 9,650 | 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | 15,732 | 19,412 | |
| CWIP | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 | 4,358 | 7,067 |
| Investments | 0 | 25 | 25 | 23 | 150 | 275 | 275 | 275 |
| 5,590 | 3,383 | 3,322 | 3,226 | 3,471 | 4,188 | 7,781 | 13,873 | |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 | 40,628 |
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 57% | 112% | 79% | 112% | 132% | 135% | 75% |
Ratios
Consolidated / 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) % |
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| Power Generation Million Units |
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| Plant Availability % |
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| PPA Signed Capacity (Under Construction) MW |
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| Total Contracted Portfolio MW |
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| BESS Operational Capacity MWh |
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Documents
Announcements
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Update On Commissioning Of Battery Energy Storage System (BESS) Project
- 88.02 MW/366.969 MWh BESS commissioned on October 30, 2026; COD set for November 1, 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Submission of Newspaper Publication-Unaudited Financial Results for the quarter and half year ended September 30, 2026
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ACME Solar Signs PPA With NTPC For 400 ISTS Connected FDRE Project
- ACME Solar signs NTPC PPA for 400 MW ISTS-connected FDRE project at ₹4.37/unit.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of Q2 FY27 earnings call made available on company website.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- Subsidiary signed 400 MW FDRE PPA with NTPC at Rs 4.37/unit; supply starts 30 June 2028.
Concalls
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Oct 2026PPT REC
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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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]