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ACME Solar Holdings Ltd

₹ 239-0.77%
05 Jan – close price
🔗acmesolar.in•BSE: 544283•NSE: ACMESOLAR
Market Cap₹ 14,460 Cr.
Current Price₹ 239
High / Low₹ 324
Stock P/E674
Book Value₹ 76.3
Dividend Yield0.08 %
ROCE7.63 %
ROE5.18 %
Face Value₹ 2.00
Sales₹ 1,163 Cr.
OPM-5.24 %
Mar Cap₹ 14,460 Cr.

ABOUT

Incorporated in 2015, ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid, and firm anddispatchable renewable energy (“FDRE”) projects.[1]

KEY POINTS

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]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.NTPC350.6014.31339965.112.385225.30-3.9444785.820.189.95186754.3128.6423751.115066.781.774.261.33
2.Adani Green1030.5077.48169741.500.00644.00102.553008.000.108.7012221.0081.162190.88658.148.692.324.52
3.JSW Energy516.9044.6490342.150.39824.27-17.415177.4259.916.4915949.0649.552023.68704.683.102.462.37
4.NHPC Ltd83.6626.5084036.762.281219.2813.493365.2610.277.4211212.7652.983171.331021.442.043.431.09
5.NTPC Green Ene.96.01133.3080901.190.0086.38130.26612.2921.524.892419.8587.48606.9087.594.321.311.16
6.NLC India270.0014.3337439.191.11724.80-27.064178.4114.2510.5116251.4826.032612.76665.121.884.681.22
7.SJVN87.6561.8334444.651.67307.80-30.201032.400.604.913125.2472.70557.11307.912.361.922.03
8.ACME Solar Hold.238.63673.5114460.310.0831.22-35.70332.43-23.617.631162.65-5.2421.4729.383.132.540.64
–Median: 25 Co.128.4427.847786.00.080.94-0.31634.311.597.422265.0130.58145.067.832.22.360.82

Quarterly Results

Standalone figures in ₹ crores

Dec 2023Dec 2024Jun 2024Jun 2025Mar 2024Mar 2025Sep 2023Sep 2024Sep 2025
Sales
82279369283190269139435332
Expenses
102274157303209287141365359
Operating Profit
-195212-20-19-19-270-27
Other Income
74503581565397337135
Profit before tax
1082031503-16255941
Tax %
98%80%25%25%20%-35%-18%22%24%
Net Profit
021521404-11304631
EPS in Rs
0.020.022.910.0138.65-0.182.840.870.52

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1837594694711,3521,163
Expenses
1397204965271,0841,224
Operating Profit
4439-27-56269-61
Other Income
145298132753161306
Interest
171192153180176212
Depreciation
000000
Profit before tax
18145-4851825333
Net Profit
24145-3042018923
EPS in Rs
2.3213.92-2.9040.173.120.37
Dividend Payout %
0%0%0%0%6%–

Compounded Profit Growth

10 Years:%
5 Years:%
3 Years:55%
TTM:-85%

Compounded Sales Growth

10 Years:%
5 Years:%
3 Years:21%
TTM:8%

Return on Equity

10 Years:%
5 Years:%
3 Years:0%
Last Year:5%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:1%

Balance Sheet

Standalone figures in ₹ crores

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
104104104104121121
Reserves
2,0632,2082,1782,5984,4374,497
Borrowings
1,7951,7541,6741,7022,2692,956
Other Liabilities
3985781,2761,6861,8632,358
Total Liabilities
4,3604,6455,2336,0918,6919,932
Fixed Assets
000128
Gross Block
0.000.000.031.431.91–
Accumulated Depreciation
0.000.000.000.010.02–
CWIP
000008
Investments
3,1062,8104,1624,2654,9735,936
Other Assets
1,2541,8351,0701,8253,7163,980
Total Assets
4,3604,6455,2336,0918,6919,932

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-3547716-690395
Cash from Investing Activity
832415-765737-2,976
Cash from Financing Activity
-724-281-177522,803
Net Cash Flow
73182-226100223

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
26321101
Inventory Days
––0––
Days Payable
–––––
Cash Conversion Cycle
26321101
Working Capital Days
-321164-1,012-12250
ROCE %
–2%2%2%8%

Shareholding Pattern

Numbers in percentages

Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
83.41%83.41%83.41%83.41%
FIIs
5.54%4.74%5.76%5.57%
DIIs
6.97%7.09%6.61%6.39%
Public
4.07%4.75%4.22%4.63%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

ACME Solar Holdings subsidiary commissions 16 MW wind power project in Gujarat

18th April 2026, 1:26 am

ACME Solar Holdings Files Writ Petition Against GST Notice

14th April 2026, 3:51 am

ACME Solar Commissions 38 MW BESS Phase VI, Total Capacity Reaches 285 MW

14th April 2026, 3:09 am

ACME Solar's subsidiary commissions 4 MW wind capacity, completing 100 MW project

14th April 2026, 2:40 am

ACME Solar Commissions Fourth Phase of BESS Project, Expands Capacity

14th April 2026, 2:30 am

Published by Other Websites

External media mentions & references

ACME Solar: Buy Rating Issued on Triple Capacity Growth, ₹363 Target

15th April 2026, 6:32 pm

Acme Solar Surges 6% as HSBC Initiates 'Buy' Amidst Massive Capacity Expansion

13th April 2026, 4:24 pm

HSBC Global Bets Big on India Renewables: 'Buy' on ACME, Clean Max

13th April 2026, 9:11 am

HSBC Backs Renewables: Acme Solar, Clean Max Rated Buy for High Upside

13th April 2026, 8:29 am

Power Stocks Face Pressure as Subdued Demand Hits Thermal Output

10th April 2026, 8:36 pm

News Articles

Editorial & research coverage

Dividend Surge Signals Mature Cash Flows
Dividend Surge Signals Mature Cash Flows

5th February 2026, 8:19 am

ACME Solar Taps Process Head Amidst Sector Headwinds
ACME Solar Taps Process Head Amidst Sector Headwinds

4th February 2026, 6:55 pm

Budget 2026: Capex Surge Fuels Strategic Sectors, Analyst Picks Emerge
Budget 2026: Capex Surge Fuels Strategic Sectors, Analyst Picks Emerge

2nd February 2026, 7:28 pm

Motilal Oswal Flags ACME Solar, Sets Rs 350 Target
Motilal Oswal Flags ACME Solar, Sets Rs 350 Target

2nd February 2026, 5:08 pm

Acme Solar Surges on Strong Q3 Earnings, Project Wins
Acme Solar Surges on Strong Q3 Earnings, Project Wins

30th January 2026, 11:43 am

Documents

Announcements

Announcement under Regulation 30 (LODR)-Credit Rating

2 Jan - ICRA reaffirmed [ICRA]AA-; rated amount increased from Rs.1,000cr to Rs.1,500cr (Jan 02, 2026).

Announcement under Regulation 30 (LODR)-Acquisition

1 Jan - Incorporated 100%-owned ACME Greentech Eighteen Pvt Ltd on Jan 01, 2026; paid-up capital Rs.100,000.

Announcement under Regulation 30 (LODR)-Acquisition

1 Jan - Incorporated ACME Greentech Fifteen Pvt Ltd on Jan 01,2026; Rs.1,00,000 initial paid-up capital; 100% owned.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

31 Dec - ACME Solar to meet investors/analysts in Abu Dhabi (6 Jan) and Dubai (7 Jan) 2026.

Crisil Ratings Limited Has Assigned Its Rating To The Long-Term Bank Facilities Of ACME Venus Urja Private Limited, A Wholly Owned Subsidiary Of ACME Solar Holdings Limited.

30 Dec - Crisil assigns A/Stable to ACME Venus Urja Pvt Ltd’s Rs4,072 crore bank facilities on Dec 30, 2025.

Annual Reports

Financial Year 2025

(from bse)

Credit Ratings

Rating update

2 Jan from icra

Rating update

6 Oct 2025 from crisil

Rating update

30 Sep 2025 from icra

Rating update

11 Feb 2025 from crisil

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

TranscriptPPTRecording

May 2025

TranscriptPPTRecording

Feb 2025

TranscriptPPTRecording

Nov 2024

TranscriptPPTRecording

Stock Analysis

Description

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.

Key Growth Triggers

  1. Integrated Renewable Energy Projects with diverse technologies (solar, wind, hybrid, FDRE) and geographic reach across 10 Indian states.
  2. Long-term Power Purchase Agreements (PPAs) with government and private entities ensure stable cash flow and mitigate demand risk.
  3. End-to-end project lifecycle management, including in-house EPC and O&M capabilities, controls costs and monitors performance.
  4. Focus on energy storage and dispatchable solutions like FDRE projects to deliver power during peak demand periods.
  5. Industry tailwinds such as VGF schemes for BESS and strategic BESS integration.
  6. Financing from institutions like REC and SBI for FDRE projects, indicating strong lender confidence.

Order Book

  1. Order Book: Orders for 3.1 GWh of BESS have been placed, with total BESS needs estimated at 10 GWh.
  2. Order Book: Secured 550 MWh of standalone BESS contracts with NHPC.
  3. Order Book: Secured 2 GWh Battery Energy Storage System (BESS) order from Chuzhou Lishen New Energy Technology.
  4. Order Book: Secured 720 MW/2,460 MWh Solar + ESS bids.
  5. Order Book: Awarded 450 MW - 1800 MWh SJVN FDRE-IV project at INR 6.75/unit.
  6. Order Book: Awarded 130 MW in REMCL's 1000 MW Round-the-Clock (RTC) Renewable Energy project tender at Rs 4.35 per unit.

Key Red Flags

  1. Stock trading at 3.13 times its book value.
  2. Company has a low interest coverage ratio.
  3. Company has a low return on equity of 0.20% over the last 3 years.
  4. Contingent liabilities of Rs. 5,273 Cr.
  5. Earnings include an other income of Rs. 306 Cr.

Key Dates To Watch

  1. Investor/Analyst Interaction: August 13, 2025 (Emkay Confluence).
  2. Investor/Analyst Interaction: August 18-21, 2025 (NDR, JM Financial, Antique).
  3. Board Meeting: August 27, 2025 (Fund raising, Auditors).
  4. 10th AGM: September 29, 2025.
  5. Q2 FY26 Earnings Call: November 4, 2025.
  6. Investor/Analyst Interaction: November 5-6, 2025 (London).
  7. Anand Rathi Conference: November 12, 2025.
  8. Investor/Analyst Interaction: November 21, 2025 (Mumbai).
  9. Board Meeting: November 3, 2025 (Q2 FY26 Results).
  10. Investor/Analyst Interaction: January 6-7, 2026 (Abu Dhabi, Dubai).
  11. Board Meeting: January 29, 2026 (Q3 FY26 Results).

Corporate Announcements

17th Apr 26
Impact Rating: 6
ACME Solar Holdings' subsidiary, ACME Eco Clean Energy Private Limited, has received a commissioning certificate for its 16 MW wind project in Gujarat from GEDA, dated April 16, 2026, following prior intimations in March.
13th Apr 26
Impact Rating: 6
ACME Solar Holdings Limited announced on April 13, 2026, that it has filed a civil writ petition in the Rajasthan High Court challenging a show cause cum demand notice previously issued by GST authorities.
13th Apr 26
Impact Rating: 8
ACME Solar Holdings Limited announces commissioning of its 38 MW / 80.252 MWh BESS project's sixth phase. Total commissioned capacity now stands at 285 MW / 601.904 MWh, with COD on April 15, 2026.
13th Apr 26
Impact Rating: 7
ACME Solar Holdings confirmed its subsidiary commissioned an additional 4 MW of wind power, bringing its total 100 MW project in Gujarat to full operational capacity.
13th Apr 26
Impact Rating: 7
ACME Solar Holdings commissioned the fourth phase of its Battery Energy Storage System (BESS) project in Rajasthan on April 13, 2026. This phase adds 32.366 MW of power capacity and 145.435 MWh of energy storage.