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 ₹ 17,371 Cr.
- Current Price ₹ 287
- High / Low ₹ 292 / 168
- Stock P/E 65.2
- Book Value ₹ 74.5
- Dividend Yield 0.07 %
- ROCE 8.40 %
- ROE 7.50 %
- Face Value ₹ 2.00
Pros
- Debtor days have improved from 138 to 98.9 days.
- Company's working capital requirements have reduced from 181 days to 41.5 days
Cons
- Stock is trading at 3.85 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 4.58% 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 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | |
| 139 | 247 | 122 | 230 | 170 | |
| Operating Profit | 1,553 | 1,240 | 1,173 | 1,089 | 1,235 |
| OPM % | 92% | 83% | 91% | 83% | 88% |
| 218 | 404 | 106 | 896 | 149 | |
| Interest | 1,151 | 996 | 809 | 767 | 759 |
| Depreciation | 622 | 546 | 485 | 308 | 287 |
| Profit before tax | -1 | 102 | -15 | 910 | 338 |
| Tax % | -1,470% | 39% | -79% | 23% | 26% |
| 15 | 62 | -3 | 698 | 251 | |
| EPS in Rs | 1.46 | 5.94 | -0.30 | 66.85 | 4.17 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 5% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -2% |
| TTM: | 7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 48% |
| TTM: | 117% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 5% |
| Last Year: | 8% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 121 |
| Reserves | 1,753 | 1,804 | 1,796 | 2,487 | 4,390 |
| 9,732 | 7,915 | 9,014 | 8,535 | 10,976 | |
| 900 | 973 | 1,113 | 2,075 | 2,917 | |
| Total Liabilities | 12,489 | 10,797 | 12,027 | 13,201 | 18,404 |
| 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | |
| CWIP | 97 | 1,273 | 2,147 | 2,823 | 1,362 |
| Investments | 25 | 25 | 23 | 150 | 275 |
| 3,383 | 3,322 | 3,226 | 3,471 | 4,451 | |
| Total Assets | 12,489 | 10,797 | 12,027 | 13,201 | 18,404 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 1,746 | 955 | 1,263 | 1,429 | 1,543 | |
| 458 | -425 | -1,410 | -1,882 | -3,976 | |
| -2,040 | -556 | 215 | 215 | 3,408 | |
| Net Cash Flow | 164 | -25 | 69 | -239 | 975 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 156 | 203 | 197 | 116 | 99 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 156 | 203 | 197 | 116 | 99 |
| Working Capital Days | 173 | 239 | 277 | 226 | 42 |
| ROCE % | 7% | 7% | 8% | 8% |
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
13h - Certificate under SEBI Reg 74(5) for securities dematerialization for Q2 FY2025.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
7 Jul - ACME Solar orders 3.1 GWh Battery Energy Storage Systems for projects commissioning in 12-18 months.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
4 Jul - CRISIL assigns AA-/Stable rating to Rs 890 crore ACME Raisar Solar loan, reducing cost of debt by 75 bps.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jul
-
Closure of Trading Window
27 Jun - Trading window closed from July 1, 2025, till 48 hours post Q1 results announcement.
Concalls
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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]