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 ₹ 29,547 Cr.
- Current Price ₹ 418
- High / Low ₹ 430 / 196
- Stock P/E 49.6
- 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 5.00 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -11.9%
- 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.
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 | 2,370 | |
| 129 | 139 | 247 | 122 | 225 | 168 | 242 | 312 | |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,781 | 2,058 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% | 87% |
| 82 | 218 | 404 | 106 | 891 | 147 | 486 | 526 | |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 | 1,234 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 468 | 515 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 677 | 834 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | 26% | |
| 86 | 15 | 62 | -3 | 698 | 251 | 498 | 602 | |
| EPS in Rs | 8.20 | 1.46 | 5.94 | -0.30 | 66.81 | 4.17 | 8.23 | 9.41 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 2% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 16% |
| TTM: | 48% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 51% |
| 3 Years: | 149% |
| TTM: | 45% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 41% |
| 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) % |
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| Operational Generation Capacity MW |
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| Under-Construction Capacity MW |
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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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Extracted by Screener AI
Documents
Announcements
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Intimation Regarding Letter Dispatched To Shareholders For
Annual Report Of The Company For Financial Year 2025-26
- ACME Solar sent FY2025-26 AGM notice and annual report; 11th AGM on September 29, 2026 at 3:00 PM.
- Annual Report And Notice Of 11Th Annual General Meeting For The Financial Year 2025-26 To Be Held Through Video Conferencing (VC)/Other Audio-Visual Means (OAVM)
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Business Responsibility and Sustainability Reporting (BRSR)
- ACME Solar filed FY 2025-26 BRSR with independent assurance report.
- Reg. 34 (1) Annual Report.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Submission of Newspaper Advertisement - Information of 11th Annual General Meeting
Concalls
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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]