ACME Solar Holdings
ACME Solar Holdings
PowerKey Fundamentals
SmallcapPower GenerationPowerTapetide Score
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Key Insights
Strengths
3- 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.
Weaknesses
5- Stock is trading at 4.82 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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoACME Solar Holdings Ltd is a power sector company with a market cap of ₹28,250 Cr trading at a PE of 46.6x. The company has shown strong recent momentum with TTM sales growth of 48% and TTM profit growth of 45%, though its 3-year ROE of 8% remains modest and promoter holding declined by 11.9% in the last quarter.
- Strong TTM revenue growth of 48% indicates accelerating top-line momentum, significantly above the 5-year sales CAGR of 4%
- Compounded profit growth of 51% CAGR over 5 years demonstrates sustained earnings expansion
- TTM profit growth of 45% shows the earnings trajectory remains robust in the near term
- ROE has improved from a 5-year average of 4% to 10% in the last year, suggesting improving capital efficiency
- Debtor days improved from 91.8 to 60.1 days, indicating better working capital management and faster collections
- 3-year compounded profit CAGR of 149% reflects a strong earnings recovery and scaling phase
- Stock has delivered 27% returns over the past 1 year, reflecting positive market sentiment
- PE of 46.6x is elevated, implying the stock prices in significant future growth with limited margin of safety
- Promoter holding decreased by 11.9% in the last quarter, a significant reduction that may signal insider concerns
- 3-year ROE of only 8% is low for a company trading at 3.57x book value, raising questions about valuation support
- Stock trades at 4.76x book value (PB of 3.57x per screener, 4.76x per qualitative data), which is rich for a company with sub-10% average ROE
- Low interest coverage ratio suggests the company's operating earnings may not comfortably service its debt obligations
- Potential capitalisation of interest costs could be inflating reported profits and asset values, masking true profitability
- Dividend yield of just 0.05% offers negligible income return to shareholders at current levels
- 5-year sales CAGR of only 4% prior to the recent surge raises questions about whether TTM growth of 48% is sustainable or one-off
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹1,571 cr IIFCL project funding Aug 27
Secured ₹1,571 crore from IIFCL for a 300 MW solar project in Rajasthan with a 25-year PPA with SECI at ₹6.28/unit.
- ₹300 cr SECI assured power order Aug 28
Won a 300 MW assured peak power project from SECI worth ₹300 crore with a 25-year PPA at ₹6.00/kWh.
- 10 GW and 25 GWh 2030 target Sep 3
Announced aggressive targets of 10 GW renewable capacity and 25 GWh battery storage by 2030, signaling accelerated BESS and RE rollout.
- 130 MW railway renewable deal Aug 26
Signed a 25-year, 130 MW power supply agreement with Northeast Frontier Railway at ₹4.35/kWh, with supply commencing Feb 25, 2029.
- 15 MW/241 MWh BESS launched Aug 27
Subsidiary Acme Suryodaya launched a 15 MW/240.752 MWh Battery Energy Storage System project in Rajasthan, expanding the storage portfolio.
- UAE subsidiary approved Sep 10
Board approved creation of a wholly owned subsidiary in the UAE, signaling potential international expansion.
- MOA altered for data centres Sep 1
Approved MOA changes to enter data centres and power trading businesses. BSR & Co. appointed as auditor.
- First FY26 BRSR filed Sep 3
Filed its first Business Responsibility and Sustainability Report for FY26 covering a 2.9 GW portfolio, with Grant Thornton providing ESG assurance.
- 300 MW SECI tender win Aug 25
Secured 300 MW capacity in SECI's 6,000 MWh Assured Peak Power tender, strengthening its renewable energy pipeline.
TL;DR: ACME Solar is on a strong growth trajectory, securing over ₹1,870 crore in project funding and orders in late August alone, while building out both generation (300 MW SECI, 130 MW railway) and storage (15 MW/241 MWh BESS) capacity. The 10 GW/25 GWh 2030 targets and new business verticals (data centres, UAE expansion) show ambitious diversification. No material headwinds are visible in recent news flow. The trend is clearly improving, though execution risk on the aggressive capacity buildout bears watching.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 323 | 332 | 295 | 310 | 260 | 349 | 487 | 511 | 468 | 497 | 548 | 858 |
| Expenses | 47 | 34 | 54 | 94 | 38 | 39 | 42 | 51 | 53 | 68 | 52 | 69 | 123 |
| Operating Profit | 322 | 290 | 277 | 201 | 272 | 221 | 307 | 436 | 458 | 400 | 444 | 479 | 734 |
| OPM % | 87% | 90% | 84% | 68% | 88% | 85% | 88% | 90% | 90% | 86% | 89% | 87% | 86% |
| Other Income | 65 | 73 | 39 | 719 | 30 | 36 | 45 | 38 | 57 | 138 | 120 | 171 | 96 |
| Interest | 188 | 200 | 202 | 177 | 196 | 178 | 179 | 206 | 233 | 265 | 288 | 337 | 344 |
| Depreciation | 77 | 86 | 85 | 61 | 56 | 60 | 70 | 102 | 108 | 117 | 120 | 123 | 155 |
| PBT | 122 | 77 | 29 | 681 | 50 | 18 | 103 | 166 | 174 | 156 | 156 | 190 | 331 |
| Tax % | 33% | 50% | -55% | 22% | 97% | 16% | -8% | 27% | 25% | 26% | 27% | 27% | 29% |
| Net Profit | 82 | 39 | 44 | 532 | 1 | 15 | 112 | 122 | 131 | 115 | 114 | 138 | 235 |
| EPS in Rs | 7.88 | 3.7 | 4.26 | 50.97 | 0.03 | 0.29 | 1.85 | 2.04 | 2.16 | 1.9 | 1.88 | 2.3 | 3.33 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 | 2,370 |
| Expenses | 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% |
| Other Income | 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 |
| PBT | -211 | -1 | 102 | -15 | 909 | 338 | 677 | 834 |
| Tax % | -141% | -1470% | 39% | -79% | 23% | 26% | 26% | — |
| Net Profit | 86 | 15 | 62 | -3 | 698 | 251 | 498 | 602 |
| EPS in Rs | 8.2 | 1.46 | 5.94 | -0.3 | 66.81 | 4.17 | 8.23 | 9.41 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 2% | — |
Balance Sheet
| Particulars | 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 |
| Borrowings | 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | 19,896 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | 1,249 |
| Investing | -1,426 | 458 | -425 | -1,410 | -1,888 | -3,976 | -7,317 |
| Financing | 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 138 | 156 | 203 | 197 | 116 | 99 | 60 |
| 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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50 extracted metrics + investor summaries across FY20–FY27.
Documents
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Company Information
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]
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