ACME Solar Holdings
- P/E
- 44.74
Key Fundamentals
SmallcapFinanceFinancial ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 8.91%
- Debt to Equity
- 3.93
- EPS (TTM)
- ₹9.41
- Book Value
- ₹118.30
- Market Cap
- —
- P/E (TTM)
- 44.74
- P/B
- 3.56
- ROE
- 10.40%
- Dividend Yield
- 0.05%
- EBITDA
- ₹2,265 Cr
- 52W High
- ₹476.90
- 52W Low
- ₹195.90
- Day Range
- ₹411.50 – ₹424.80
- Volume
- 4,63,238
Peer Comparison
Utilities › Power › Power Generation
| ₹321.95 | 10.50 | ₹3,09,905 Cr | 1.46 | 0.93% | 15.10% | 8.92% | ₹2,00,543 Cr | ₹30,459 Cr | |
| ₹1,388.00 | 121.97 | ₹2,25,153 Cr | 10.59 | 0.00% | 11.40% | 7.39% | ₹14,809 Cr | ₹2,249 Cr | |
| ₹511.00 | 45.99 | ₹92,288 Cr | 2.55 | 0.40% | 7.51% | 8.16% | ₹18,965 Cr | ₹2,460 Cr | |
| ₹78.49 | 20.76 | ₹80,260 Cr | 1.90 | 2.03% | 9.32% | 5.75% | ₹12,210 Cr | ₹4,267 Cr | |
| ₹83.51 | 117.62 | ₹69,433 Cr | 3.63 | 0.00% | 2.79% | 3.56% | ₹3,285 Cr | ₹605 Cr | |
| ₹247.68 | 10.70 | ₹32,822 Cr | 1.60 | 1.67% | 11.90% | 8.42% | ₹18,381 Cr | ₹3,366 Cr | |
| ACME Solar Holdings (this company) | ₹421.00 | 44.74 | ₹29,572 Cr | 3.56 | 0.05% | 10.40% | 8.91% | ₹2,370 Cr | ₹602 Cr |
| Median 7 companies | ₹321.95 | 44.74 | ₹80,260 Cr | 2.55 | 0.40% | 10.40% | 8.16% | ₹14,809 Cr | ₹2,460 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 51
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 31
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 86
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 22
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 98
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 50
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 51.6% CAGR over last 5 years
- Debtor days have improved from 91.8 to 60.1 days.
Weaknesses
5- Stock is trading at 4.91 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 8.46% over last 3 years.
- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 2 | 5 | 12 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bullish | 0 | 0 | 10 |
Oscillators
Neutral
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 53.19
- Neutral
- MACD (12,26,9)
- −1.55
- Bullish
- SMA (50)
- 416.21
- Bullish
- SMA (200)
- 328.10
- Bullish
As of
Analyst Rating
10 of 14 analysts rate Buy, 3 Hold, 1 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +3.64% |
|---|---|
| 3Y | +16.03% |
| 1Y | +43.99% |
| TTM | +47.54% |
Net profit
| 5Y | +101.48% |
|---|---|
| 3Y | Turned to profit |
| 1Y | +98.41% |
| TTM | +58.42% |
Operating cash flow
| 5Y | −6.48% |
|---|---|
| 3Y | −0.37% |
| 1Y | −19.05% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | −3.54 pp |
|---|---|
| 3Y | −2.34 pp |
| 1Y | +0.20 pp |
| TTM | −1.73 pp |
Revenue by year
| Mar 2020 | ₹1,777 Cr |
|---|---|
| Mar 2021 | ₹1,692 Cr |
| Mar 2022 | ₹1,488 Cr |
| Mar 2023 | ₹1,295 Cr |
| Mar 2024 | ₹1,319 Cr |
| Mar 2025 | ₹1,405 Cr |
| Mar 2026 | ₹2,023 Cr |
Net profit by year
| Mar 2020 | ₹86.00 Cr |
|---|---|
| Mar 2021 | ₹15.00 Cr |
| Mar 2022 | ₹62.00 Cr |
| Mar 2023 | −₹3.00 Cr |
| Mar 2024 | ₹698 Cr |
| Mar 2025 | ₹251 Cr |
| Mar 2026 | ₹498 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
ACME Solar Holdings Ltd trades at ₹412.5 as of 2026-11-03 with a market cap of ₹29,519 Cr, a trailing PE of 43.84x, and a debt-to-equity ratio of 3.93x. The company has delivered strong profit compounding of 150% over 3 years alongside improving debtor days, but carries elevated leverage and a 3-year average ROE of just 8%.
- Compounded profit growth of 150% over the last 3 years and 52% over 5 years reflects a sharp acceleration in earnings
- TTM sales growth of 48% indicates strong top-line momentum and improving revenue visibility
- TTM profit growth of 45% shows earnings are keeping pace with the revenue ramp-up
- Debtor days have improved from 91.8 to 60.1 days, signalling better working capital management and faster collections
- Stock has delivered a 1-year CAGR of 48%, reflecting market confidence in the growth trajectory
- Last year ROE improved to 10% versus the 3-year average of 8%, suggesting a trend of rising capital efficiency
- Company is expected to deliver a good upcoming quarter based on known operational trends
- Debt-to-equity ratio stands at 3.93x, indicating heavy reliance on borrowed capital which amplifies financial risk
- Low interest coverage ratio raises concerns about the company's ability to comfortably service its debt obligations
- Promoter holding decreased by 11.9% over the last quarter, a significant reduction that may signal insider concerns or dilution
- Trailing PE of 43.84x is demanding relative to the power sector, requiring sustained high growth to justify the premium
- Price-to-book ratio of 3.49x (flagged as high at 4.91x on certain calculations) suggests the stock is priced well above its net asset value
- 3-year average ROE of only 8% and ROCE of 7.11% indicate the company is not yet generating strong returns on deployed capital despite rapid profit growth
- Possibility that the company may be capitalizing interest costs, which would overstate reported profitability and understate true operating expenses
- Dividend yield of just 0.05% offers negligible income return, meaning investor returns depend almost entirely on capital appreciation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: ACME Solar is executing well across solar and BESS commissioning, steadily converting under-construction capacity into operational MW. The 400 MW PPA at ₹4.37/unit locks in revenue visibility, and 87% of under-construction capacity is now PPA-secured. No material headwinds surfaced in recent weeks. The trend is clearly positive, with capacity additions, storage buildout, and supply chain de-risking all progressing in parallel.
- 400 MW FDRE PPA signed Oct 30
Signed 400 MW FDRE PPA with NTPC at ₹4.37/unit, bringing PPA-locked capacity to 4,710 MW of 5,380 MW under construction. Total contracted portfolio now stands at 8,370 MW.
- 88 MW BESS commissioned Oct 31
Commissioned 88.02 MW / 366.969 MWh BESS in Chittorgarh, raising cumulative BESS capacity to 159.66 MW. Part of a 250 MW / 1,069 MWh FDRE project with SJVN, with COD set for Nov 1, 2026.
- 133 MW solar added in Bikaner Nov 3
Commissioned two tranches of 66.68 MW each (Oct 6 and Nov 3), reaching 200.04 MW of 300 MW sanctioned at Bikaner. Total company operational capacity now approximately 3,190 MW at ₹3.36/kWh PPA with NTPC.
Quarterly Results
₹ Cr| 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 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 323 | 332 | 295 | 310 | 260 | 349 | 487 | 511 | 468 | 497 | 548 | 858 | 887 |
| Expenses | 47 | 34 | 54 | 94 | 38 | 39 | 42 | 51 | 53 | 68 | 52 | 69 | 123 | 134 |
| Operating Profit | 322 | 290 | 277 | 201 | 272 | 221 | 307 | 436 | 458 | 400 | 444 | 479 | 734 | 753 |
| OPM % | 87% | 90% | 84% | 68% | 88% | 85% | 88% | 90% | 90% | 86% | 89% | 87% | 86% | 85% |
| Other Income | 65 | 73 | 39 | 719 | 30 | 36 | 45 | 38 | 57 | 138 | 120 | 171 | 96 | 120 |
| Interest | 188 | 200 | 202 | 177 | 196 | 178 | 179 | 206 | 233 | 265 | 288 | 337 | 344 | 345 |
| Depreciation | 77 | 86 | 85 | 61 | 56 | 60 | 70 | 102 | 108 | 117 | 120 | 123 | 155 | 172 |
| PBT | 122 | 77 | 29 | 681 | 50 | 18 | 103 | 166 | 174 | 156 | 156 | 190 | 331 | 356 |
| Tax % | 33% | 50% | −55% | 22% | 97% | 16% | −8% | 27% | 25% | 26% | 27% | 27% | 29% | 25% |
| Net Profit | 82 | 39 | 44 | 532 | 1 | 15 | 112 | 122 | 131 | 115 | 114 | 138 | 235 | 269 |
| EPS (₹) | 1.58 | 0.74 | 0.85 | 10.2 | 0.03 | 0.29 | 1.85 | 2.04 | 2.16 | 1.9 | 1.88 | 2.3 | 3.33 | — |
Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.
Profit & Loss
₹ Cr| 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 | 238 | 312 |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,785 | 2,058 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% | 87% |
| Other Income | 82 | 218 | 404 | 106 | 891 | 147 | 484 | 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 (₹) | 1.64 | 0.29 | 1.19 | −0.06 | 13.36 | 4.17 | 8.23 | 9.41 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 0% | — |
Balance Sheet
₹ Cr| 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 | 3,188 |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 |
| 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 | 7,781 |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 |
Cash Flow
₹ Cr| 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/EBITDA | 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
Log in to view ACME Solar Holdings insights
60 extracted metrics across FY20–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- 7 Oct 2026
- 1 Oct 2026
- 31 Mar 2026
- 28 Jan 2026
- 2 Jan 2026
- General announcements 3 Nov 2026
- General announcements 2 Nov 2026
- General announcements 31 Oct 2026
- General announcements 30 Oct 2026
Frequently Asked Questions about ACME Solar Holdings
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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.
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