ACME Solar Holdings Ltd

ACMESOLAR

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Market Cap

₹ 13,980 Cr

P/E

27.63

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

ACME Solar Holdings Limited is a prominent renewable energy company in India, focusing on solar, wind, hybrid, and firm and dispatchable renewable energy projects. Its core business involves developing, owning, and operating utility-scale renewable energy projects.

Recently, the company has expanded its operational portfolio to 2,918 MW, positioning itself as a leader in India's renewable energy market. The ongoing addition of 378 MW in capacity underscores its strong growth trajectory.

A strategic pivot towards enhancing battery energy storage capabilities is evident, with plans to introduce 1 GWh of storage aimed at increasing annual EBITDA by INR 170 crores, showcasing a focus on innovation and efficiency.

The company’s robust financial performance is supported by a 104% increase in revenue year-on-year and strong balance sheet metrics, indicating healthy operational and financial management.

Strategic partnerships, especially in solar hybrid projects including those with Tata Power and NHPC, along with regulatory reforms like reduced GST, are expected to catalyze further growth and operational gains.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

13,980 Cr

Volatility

Moderate Risk

P/E Ratio

27.6

Industry P/E

25.9

PEG Ratio

0.6

P/B Ratio

2.9

52W High

324.25

52W Low

167.55

Sales CAGR

6.51%

21.24%

2.23%

10Y

—

Profit CAGR

-64.05%

9.09%

43.76%

10Y

—

ROE

TTM

10.06%

6.06%

5.33%

10Y

—

ROCE

TTM

7.53%

8.61%

8.41%

10Y

—

Technicals

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Forecasts

No. of Analysts

10

1Y Price Target

360.57 ▲ 56.84%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ACMESOLAR	229.90	13,980 Cr	27.63	2.92	0.09	10.06	7.53	2.35
TECHNOE	1110.00	12,908 Cr	28.97	3.32	0.81	12.09	14.17	8.71
RITES	228.15	10,989 Cr	26.74	4.17	3.30	15.61	19.86	7.43
ENGINERSIN	193.85	10,895 Cr	20.28	4.03	2.06	19.87	25.57	9.49
WAAREERTL	968.55	10,097 Cr	28.59	15.34	0.10	53.19	64.94	24.11
GMRP&UI	118.15	8,464 Cr	—	6.01	0.00	-30.37	9.07	4.98
TRANSRAILL	604.00	8,109 Cr	19.47	3.92	0.13	20.12	26.90	6.16

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	369	323	332	295	310	260	349	487	511	468
Expenses	47	34	54	94	38	39	42	51	53	68
Operating Profit	322	290	277	201	272	221	307	436	458	400
OPM %	87.15	89.56	83.58	67.99	87.75	85.04	88.02	89.50	89.59	85.56
Other Income	65	73	39	719	30	36	45	38	57	138
Interest	188	200	202	177	196	178	179	206	233	265
Depreciation	77	86	85	61	56	60	70	102	108	117
Profit Before Tax	122	77	29	681	50	18	103	166	174	156
Tax %	32.62	50.07	-55.26	21.85	97.23	15.70	-8.41	26.58	24.98	26.32
Net Profit	82	39	44	532	1.39	15	112	122	131	115
EPS in Rs	—	—	—	—	—	—	2.09	2.14	2.14	1.88

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,777	1,692	1,488	1,295	1,319	1,405	1,606
Expenses	129	139	248	122	230	170	185
Operating Profit	1,649	1,553	1,240	1,173	1,089	1,235	1,422
OPM %	92.76	91.78	83.36	90.55	82.56	87.92	88.49
Other Income	82	218	404	106	896	149	176
Interest	1,237	1,151	996	809	767	759	796
Depreciation	704	622	546	485	308	287	339
Profit Before Tax	-211	-1.11	102	-15	910	338	462
Tax %	140.65	1,471.78	39.46	79.39	23.26	25.80	17.72
Net Profit	86	15	62	-3.17	698	251	380
EPS in Rs	—	—	—	—	24.90	—	8.25
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	4.42	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	—	104	104	104	104	121
Reserves	1,088	1,753	1,804	1,796	2,487	4,390
Borrowings	10,114	9,732	7,915	9,014	8,535	10,976
Other Liabilities	4,284	917	1,063	1,273	2,267	2,917
Total Liabilities	15,485	12,507	10,887	12,187	13,394	18,404
Fixed Assets	9,650	8,984	6,177	6,631	6,757	12,314
CWIP	220	97	1,273	2,147	2,823	1,362
Investments	0.00	25	25	23	151	276
Other Assets	5,615	3,401	3,412	3,386	3,664	4,451
Total Assets	15,485	12,507	10,887	12,187	13,394	18,404

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	922	1,746	955	1,263	1,429	1,543
Cash from Investing Activity	-1,426	458	-425	-1,410	-1,882	-3,976
Cash from Financing Activity	474	-2,040	-556	215	215	3,408
Net Cash Flow	-31	164	-25	69	-239	975

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2017	Jul 2024	Nov 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	100.00%	100.00%	83.41%	83.42%	83.41%	83.42%	83.42%
FIIs	0.00%	0.00%	6.70%	5.54%	4.74%	5.76%	5.57%
DIIs	0.00%	0.00%	5.80%	6.97%	7.09%	6.61%	6.39%
Public	0.00%	0.00%	4.09%	4.07%	4.75%	4.22%	4.62%
Total Shareholders	7	7	2,07,288	1,99,394	2,15,043	1,97,223	1,77,167

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 12, 2025	Acme employees welfare trust	Insider - Trust	Acquisition	269.10	23.79 Cr	8,84,023	—
Nov 13, 2024	Morgan stanley ifsc fund	Bulk	Sell	260.31	80.90 Cr	31,08,003	0.51

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Press Release

1 day ago

Clarification on Solar Project Media Statement

ACME Solar Holdings Limited clarified recent media reports regarding transmission constraints affecting its solar projects in Rajasthan, stating that its 300 MW project is fully operational and not impacted.

Change in Directors/KMP

6 days ago

Change in Senior Management at ACME Solar

ACME Solar Holdings Limited announces the appointment of Mr. KR Thiyagarajan as President, EPC, and the realignment of Mr. Harjinder Kamboj's role, resulting in a change in Senior Management Personnel.

Regulatory Filing

6 days ago

Update on Wind Power Project Commissioning

ACME Solar Holdings Limited's subsidiary has received commissioning certification for the second phase of a 16 MW wind power project.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ACMESOLAR	229.90	13,980 Cr	27.63	2.92	0.09	10.06	7.53	2.35
TECHNOE	1110.00	12,908 Cr	28.97	3.32	0.81	12.09	14.17	8.71
RITES	228.15	10,989 Cr	26.74	4.17	3.30	15.61	19.86	7.43
ENGINERSIN	193.85	10,895 Cr	20.28	4.03	2.06	19.87	25.57	9.49
WAAREERTL	968.55	10,097 Cr	28.59	15.34	0.10	53.19	64.94	24.11
GMRP&UI	118.15	8,464 Cr	—	6.01	0.00	-30.37	9.07	4.98
TRANSRAILL	604.00	8,109 Cr	19.47	3.92	0.13	20.12	26.90	6.16

Overview

Detailed Summary

The company’s robust financial performance is supported by a 104% increase in revenue year-on-year and strong balance sheet metrics, indicating healthy operational and financial management.

Sector

Infrastructure Developers & Operators

Industry

Engineering - Turnkey Services

Market Cap

13,980 Cr

Volatility

Moderate Risk

P/E Ratio

27.6

Industry P/E

25.9

PEG Ratio

0.6

P/B Ratio

2.9

52W High

324.25

52W Low

167.55

Sales CAGR

6.51%

21.24%

2.23%

10Y

—

Profit CAGR

-64.05%

9.09%

43.76%

10Y

—

ROE

TTM

10.06%

6.06%

5.33%

10Y

—

ROCE

TTM

7.53%

8.61%

8.41%

10Y

—