Acme Solar Holdings Ltd.
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ABOUT
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 69.5% CAGR over last 5 years
- Company has delivered good sales growth of 84.4% CAGR over last 5 years
- Working capital cycle has improved - days down from 427 to 112
- Institutional investors have been accumulating - FII+DII up 11.1pp
CONS
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (97.7% of PBT)
- Company has a low return on capital employed of 11.3%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.25x)
- Contingent liabilities are large at 267.5% of net worth
- Total debt has risen sharply - up 87.7% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 214.50 | 29.02 | 413656.70 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.25 | 11.64 | 323141.40 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 265.95 | 15.56 | 247349.56 | 3.38 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1314.20 | 121.34 | 216471.89 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1421.90 | 59.57 | 173891.90 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 369.00 | 30.52 | 117908.03 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 534.65 | 49.83 | 98027.15 | 0.37 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.80 | 20.32 | 77145.87 | 2.10 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 88.02 | 122.20 | 74168.55 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1304.15 | 28.28 | 65716.58 | 1.53 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 271.45 | 11.73 | 37640.25 | 1.42 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 402.30 | 47.13 | 28437.55 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 139 | 82 | 190 | 369 | 435 | 279 | 269 | 283 | 332 | 917 | 2,378 | 2,266 | |
| 141 | 102 | 209 | 157 | 365 | 274 | 287 | 303 | 359 | 882 | 2,070 | 2,195 | |
| Operating Profit | -2 | -19 | -19 | 212 | 70 | 5 | -19 | -20 | -27 | 36 | 308 | 71 |
| OPM % | -1.30% | -23.24% | -10.07% | 57.48% | 16.13% | 1.66% | -6.92% | -7.11% | -8.13% | 3.92% | 12.95% | 3.14% |
| 73 | 74 | 565 | 35 | 37 | 50 | 39 | 81 | 135 | 84 | 162 | 92 | |
| Interest | 46 | 45 | 43 | 44 | 48 | 47 | 37 | 60 | 68 | 76 | 100 | 97 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Profit before Tax | 25 | 10 | 503 | 203 | 59 | 8 | -16 | 1 | 41 | 44 | 370 | 163 |
| Tax % | -18.16% | 98.20% | 19.70% | 25.19% | 21.92% | 80.49% | 35.48% | 25.69% | 23.79% | 28.76% | 25.32% | 25.36% |
| Net Profit | 30 | 0 | 404 | 152 | 46 | 2 | -11 | 1 | 31 | 32 | 276 | 122 |
| 0.53 | 0.00 | 7.26 | 2.91 | 0.87 | 0.03 | -0.41 | 0.01 | 0.52 | 0.52 | 4.57 | 1.92 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 139 | 211 | 1,211 | 183 | 759 | 469 | 471 | 1,352 | 3,911 | 5,894 | |
| 11 | 135 | 156 | 1,053 | 139 | 720 | 496 | 527 | 1,084 | 3,614 | 5,506 | |
| Operating Profit | -0 | 4 | 55 | 158 | 44 | 39 | -27 | -56 | 269 | 297 | 388 |
| OPM % | -3.72% | 2.99% | 26.14% | 13.08% | 24.03% | 5.08% | -5.81% | -11.83% | 19.86% | 7.60% | 6.58% |
| 1 | 23 | 45 | 65 | 145 | 298 | 132 | 753 | 161 | 463 | 474 | |
| Interest | 0 | 35 | 113 | 181 | 171 | 192 | 153 | 180 | 176 | 303 | 340 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 3 |
| Profit before Tax | 1 | -7 | -13 | 42 | 18 | 145 | -49 | 518 | 253 | 457 | 619 |
| Tax % | 7.59% | 34.00% | 15.43% | 26.39% | -35.08% | -0.03% | 37.64% | 19.03% | 25.44% | 25.52% | 25.48% |
| Net Profit | 1 | -5 | -11 | 31 | 24 | 145 | -30 | 420 | 189 | 340 | 461 |
| EPS | 0.08 | -0.50 | -1.02 | 2.78 | 2.18 | 13.07 | -2.72 | 40.17 | 3.12 | 5.62 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.41% | 3.56% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 84%
- 3 Years:
- 103%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 70%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 31%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 9%
- 3 Years:
- 12%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 121 | 121 |
| 1,358 | 1,528 | 1,948 | 4,413 | 4,741 | |
| 1,307 | 2,324 | 2,352 | 2,269 | 4,260 | |
| Trade Payables | 9 | 39 | 50 | 213 | 501 |
| 1,461 | 1,213 | 1,626 | 1,673 | 3,320 | |
| Total Liabilities | 4,240 | 5,208 | 6,082 | 8,690 | 12,942 |
| 0 | 0 | 0 | 0 | 6 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 |
| 3,691 | 4,162 | 4,265 | 4,973 | 6,995 | |
| 0 | 0 | 0 | 4 | 95 | |
| 0 | 0 | 0 | 5 | 615 | |
| Cash & Bank | 34 | 304 | 265 | 1,396 | 2,865 |
| 515 | 742 | 1,551 | 2,312 | 2,363 | |
| Total Assets | 4,240 | 5,208 | 6,082 | 8,690 | 12,942 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4 | 29 | 372 | 172 | -41 | 71 | 749 | -690 | 395 | 530 | |
| Cash from Investing | -2,668 | -681 | -584 | -768 | 832 | 415 | -765 | 737 | -2,976 | -1,505 |
| Cash from Financing | 2,673 | 668 | 228 | 583 | -724 | -281 | -177 | 52 | 2,803 | 2,065 |
| 1 | 12 | 9 | -19 | 73 | 182 | -226 | 100 | 223 | 1,091 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Acme Solar Holdings Limited has informed the Exchange about approval of Incorporation of a wholly-owned subsidiary company in United Arab Emirates
2026-09-07 - Acme Solar Holdings Limited has informed the Exchange about Newspaper Publication titled "Notice of 11th Annual General Meeting and E- Voting information"
2026-09-03 - Acme Solar Holdings Limited has informed the Exchange about General Updates
2026-09-03 - Acme Solar Holdings Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for FY 2025-26'.
2026-09-03 - Acme Solar Holdings Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-02 - ACME Solar Holdings Limited has informed the Exchange about Submission of Newspaper Advertisement Information of 11th Annual General Meeting
2026-09-01 - ACME Solar Holdings Limited has informed the Exchange regarding Appointment of M/s. BSR & Co. LLP as joint Statutory Auditor of the company w.e.f. April 01, 2026.
2026-09-01 - Outcome of Board Meeting
2026-08-28 - Acme Solar Holdings Limited has informed the Exchange about receiving of Letter of Award.
News
Recent coverage and analyst commentary for ACMESOLAR
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Acme Solar Holdings Ltd.
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