ACME Solar Holdings
ACMESOLAR · NSE · Mid Cap
ACME Solar Holdings
Pure-play solar IPP — 2.9 GW operational scaling to 10 GW by FY30. 1.5 GW AC commissioning in FY27 requires ~3.3 GW DC modules.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. ACME Solar Holdings: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for ACME Solar Holdings: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for ACME Solar Holdings: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 35.6x | — |
| Forward P/E | — | — |
| EV/EBITDA | 21.1x | — |
| EV/Sales | 18.6x | — |
| P/B | 3.5x | — |
| FCF Yield | -34.3% | — |
| EV / MW | ₹13 cr | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker ACMESOLAR · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 |
| Operating Profit | 1,240 | 1,173 | 1,094 | 1,237 | 1,781 |
| OPM % | 83% | 91% | 83% | 88% | 88% |
| Net Profit | 62 | -3 | 698 | 251 | 498 |
| EPS (₹) | 5.94 | -0.30 | 66.81 | 4.17 | 8.23 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|
| Sales | 349 | 487 | 511 | 468 |
| OPM % | 88% | 90% | 90% | 86% |
| Net Profit | 112 | 122 | 131 | 115 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 121 | 121 |
| Reserves | 1,804 | 1,796 | 2,486 | 4,390 | 4,940 |
| Borrowings | 7,915 | 9,014 | 8,536 | 10,976 | 19,896 |
| Fixed Assets | 6,177 | 6,631 | 6,758 | 12,315 | 15,732 |
| Total Assets | 10,797 | 12,027 | 13,207 | 18,140 | 28,540 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 955 | 1,263 | 1,434 | 1,543 | 1,249 |
| Investing | -425 | -1,410 | -1,888 | -3,976 | -7,317 |
| Financing | -556 | 215 | 216 | 3,408 | 7,015 |
| Net Cash Flow | -26 | 68 | -238 | 975 | 947 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary