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Acme Solar Holdings Ltd (ACMESOLAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544283 NSE: ACMESOLAR Power Generation/Distribution | Small Cap | Acme Solar Holdings Share Price
₹401.55 4.60 (1.16%)
As on 11-Sep'26 16:01
Acme Solar Holdings Ltd (ACMESOLAR)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544283 NSE: ACMESOLAR Power Generation/Distribution | Small Cap | Acme Solar Holdings Share Price
₹401.55 4.60 (1.16%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹28,059 Cr.
Current Price
₹401.6
52-Week Low / High
₹196 / 430
TTM EPS
₹8.5
TTM Sales
₹2,369 Cr.
Book Value per Share
₹113.3
P/E Ratio
46.50
Higher than its 3-year historical median
Industry PE
26.5
Price to Book (P/B)
3.50
Higher than its 3-year historical median
Price to Sales (P/S)
11.84
Higher than its 3-year historical median
EV/EBITDA
15.94
Lower than its 3-year historical median
Dividend Yield
0.05%
Profitability Efficiency
Return on Equity (ROE)
10.53%
Outperforms industry median
Return on Capital Employed (ROCE)
9.23%
Outperforms industry median
Return on Assets (ROA)
2.15%
Operating Profit Margin
88.3%
Net Profit Margin
24.61%
Gross Profit Margin
56.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
189.25%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
44.2%
Net Profit Growth (1 Year)
-
98.5%
Asset Quality
Promoter Holding
71.40%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹7,866 Cr.
Equity
₹141.4 Cr.
Face Value
₹2
All Time Low / High
₹167.55 / 430.40
Check Before You Invest
Quality
Not GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Acme Solar Holdings Ltd a good quality company?
Acme Solar Holdings Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Acme Solar Holdings Ltd performance compare with that of its Peers?
Revenue growth of Acme Solar Holdings Ltd vs industry peers?
Acme Solar Holdings Ltd revenue CAGR is 84.42%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Acme Solar Holdings Ltd?
Promoters hold 71.40% of the Acme Solar Holdings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Acme Solar Holdings Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 31.19% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Acme Solar Holdings Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0.1% | 0.9% | 2.8% | 5.4% | 4.5% | 8.4% | 2.6% | 16.7% | 7.7% | 9.5% | - |
| Value Creation Index ⓘ | -1.0 | -0.9 | -0.8 | -0.6 | -0.7 | -0.4 | -0.8 | 0.2 | -0.4 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 10.6 | 139 | 211 | 1,211 | 183 | 759 | 469 | 471 | 1,352 | 3,911 | 5,894 |
| Sales YoY Gr. | - | 1,221.3% | 51.3% | 474.2% | -84.9% | 313.9% | -38.2% | 0.5% | 187.2% | 189.3% | - |
| Adj EPS ⓘ | 0.1 | -0.5 | -1 | 2.4 | -4.1 | -3.1 | -5.5 | -1.4 | 3.1 | 5.7 | 6.5 |
| YoY Gr. | - | -633.3% | NA | NA | -274.9% | NA | NA | NA | NA | 82% | - |
| BVPS (₹) ⓘ | 9.8 | 141 | 140 | 142.9 | 145.3 | 159.2 | 156.3 | 196.5 | 74.9 | 80.3 | 110.1 |
| Adj Net Profit ⓘ | 0.8 | -5.1 | -10.7 | 24.5 | -42.9 | -32.2 | -57.8 | -14.3 | 188 | 343 | 461 |
| Cash Flow from Ops. ⓘ | -4.4 | 24.9 | 365 | 166 | -35.1 | 47.3 | 716 | -690 | 395 | 530 | - |
| Debt/CF from Ops. ⓘ | -614.1 | 79.5 | 6.3 | 18.3 | -69.8 | 50.8 | 3.2 | -3.4 | 5.7 | 8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 93% | 84.4% | 102.8% | 189.3% | ||||
| Adj EPS ⓘ | 58.4% | NA | NA | 82% | ||||
| BVPSⓘ | 26.3% | -11.2% | -19.9% | 7.2% | ||||
| Share Price | - | - | - | 28.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.9 | -0.7 | -0.7 | 1.7 | -2.9 | -2 | -3.5 | -0.8 | 5.7 | 7.2 | 6.9 |
| Op. Profit Mgn % ⓘ | -2.4 | 3 | 26.1 | 13.1 | 24 | 5.1 | -5.8 | -11.8 | 19.9 | 8.1 | 8.3 |
| Net Profit Mgn % ⓘ | 7.7 | -3.6 | -5.1 | 2 | -23.4 | -4.2 | -12.3 | -3.1 | 13.9 | 8.8 | 7.8 |
| Debt to Equity ⓘ | 30.3 | 1.3 | 1.6 | 2 | 1.6 | 1.5 | 1.4 | 1.2 | 0.5 | 0.9 | - |
| Working Cap Days ⓘ | 1,269 | 454 | 682 | 263 | 2,357 | 634 | 872 | 888 | 522 | 252 | 316 |
| Cash Conv. Cycle ⓘ | 192 | -1 | 65 | 9 | -217 | -35 | -28 | -26 | -44 | -3 | 107 |
Valuation of Acme Solar Holdings - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 292 | 1,096 | 1,672 | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 |
| Operating Expenses ⓘ + | 86 | 212 | 220 | 129 | 139 | 247 | 122 | 230 | 170 | 242 |
| Operating Profit ⓘ | 207 | 884 | 1,452 | 1,649 | 1,553 | 1,240 | 1,173 | 1,089 | 1,235 | 1,781 |
| Operating Profit Margin (%) | 70.7% | 80.7% | 86.9% | 92.8% | 91.8% | 83.4% | 90.6% | 82.6% | 87.9% | 88.0% |
| Other Income ⓘ + | 29 | 90 | 130 | 82 | 218 | 75 | 66 | 147 | 170 | 484 |
| Interest ⓘ | 196 | 651 | 1,018 | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 |
| Depreciation ⓘ | 116 | 368 | 571 | 704 | 622 | 546 | 485 | 308 | 287 | 468 |
| Profit Before Tax ⓘ | -75 | -44 | -6 | -211 | -1 | 102 | -15 | 909 | 338 | 677 |
| Tax ⓘ | -7 | 196 | 41 | -296 | -16 | 40 | -12 | 212 | 87 | 179 |
| Profit After Tax | -68 | -240 | -47 | 86 | 15 | 62 | -3 | 698 | 251 | 498 |
| PAT Margin (%) | -23.3% | -21.9% | -2.8% | 4.8% | 0.9% | 4.2% | -0.3% | 52.9% | 17.9% | 24.6% |
| Adjusted EPS (₹) | -7.6 | -23.0 | -4.5 | 8.2 | 1.5 | 5.9 | -0.3 | 66.8 | 4.2 | 8.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 4.80% | 2.40% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 34 | 1,157 | 1,110 | 1,192 | 1,208 | 1,259 | 1,251 | 1,941 | 4,486 | 4,972 | |
| Debt + | 7,477 | 9,274 | 9,607 | 10,764 | 9,221 | 7,873 | 8,878 | 8,393 | 10,032 | 17,390 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 100 | 30 | 0 | -1 | -1 | |
| Trade Payables | 5 | 33 | 34 | 50 | 150 | 273 | 62 | 74 | 225 | 15 | |
| Others Liabilities ⓘ | 726 | 2,141 | 3,453 | 3,350 | 1,767 | 1,222 | 1,719 | 2,800 | 3,398 | 5,769 | |
| Total Liabilities ⓘ | 8,242 | 12,605 | 14,205 | 15,355 | 12,345 | 10,727 | 11,939 | 13,207 | 18,140 | 28,145 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 4,112 | 7,991 | 10,576 | 9,650 | 8,984 | 6,177 | 6,631 | 6,757 | 12,314 | 15,732 | |
| CWIP ⓘ | 1,099 | 505 | 53 | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 | 4,358 | |
| Investments ⓘ | 98 | 0 | 0 | 0 | 25 | 25 | 23 | 150 | 275 | 275 | |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 17 | |
| Trade Receivables | 78 | 173 | 547 | 673 | 723 | 931 | 699 | 421 | 381 | 333 | |
| Cash Equivalents | 259 | 2,275 | 1,604 | 660 | 943 | 763 | 1,338 | 1,315 | 2,916 | 6,158 | |
| Others Assets ⓘ | 2,595 | 1,661 | 1,426 | 4,152 | 1,574 | 1,558 | 1,101 | 1,736 | 888 | 1,273 | |
| Total Assets ⓘ | 8,242 | 12,605 | 14,205 | 15,355 | 12,345 | 10,727 | 11,939 | 13,207 | 18,140 | 28,145 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 387 | 727 | 940 | 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | 1,249 |
| Cash Flow From Investing Activity ⓘ + | -5,663 | -2,650 | -1,181 | -1,426 | 493 | -374 | -1,410 | -1,731 | -3,976 | -7,317 |
| Cash Flow From Financing Activity ⓘ + | 5,516 | 2,186 | 103 | 474 | -2,040 | -556 | 215 | 216 | 3,408 | 7,015 |
| Net Cash Flow ⓘ | 240 | 263 | -139 | -31 | 200 | 25 | 69 | -81 | 975 | 947 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -68.75 | -40.35 | -4.13 | 7.44 | 1.27 | 5.03 | -0.25 | 43.73 | 7.8 | 10.53 |
| ROCE (%) | 3 | 6.42 | 8.67 | 8.33 | 9.73 | 10.62 | 7.93 | 15.7 | 8.53 | 9.23 |
| Asset Turnover Ratio | 0.07 | 0.11 | 0.12 | 0.12 | 0.12 | 0.13 | 0.11 | 0.1 | 0.09 | 0.09 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | 10.72 | 116.4 | 15.4 | N/A | 2.05 | 6.15 | 2.51 |
| Working Capital Days | ||||||||||
| Receivable Days | 97 | 41.70 | 78.60 | 125.30 | 150.60 | 202.90 | 229.80 | 155 | 104.10 | 64.40 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1.90 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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Acme Solar Holdings Ltd FAQs
The current trading price of Acme Solar Holdings on 11-Sep-2026 16:01 is ₹401.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Acme Solar Holdings stood at ₹28,059.4 Cr
The latest P/E ratio of Acme Solar Holdings as of 10-Sep-2026 is 60.86.
The latest P/B ratio of Acme Solar Holdings as of 10-Sep-2026 is 3.60.
The 52-week high of Acme Solar Holdings is ₹430.4 and the 52-week low is ₹195.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Acme Solar Holdings is ₹5,894 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Acme Solar Holdings Ltd is a below average quality company.
The key valuation ratios of Acme Solar Holdings Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Acme Solar Holdings Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Acme Solar Holdings Ltd
ACME solar holdings Limited was originally incorporated as ‘ACME Solar Holdings Private Limited’ at Haryana, India, as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated June 3, 2015, issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Upon the conversion of the company into a public limited company, pursuant to a board resolution dated May 1, 2017, and a shareholders’ resolution dated May 2, 2017, the name of the company was changed to ‘ACME Solar Holdings Limited’, and a fresh certificate of incorporation dated May 12, 2017, was issued by the RoC. Pursuant to a board resolution dated January 21, 2020, and a shareholders’ resolution dated January 24, 2020, the company was converted into a private limited company and consequently, the name of the company was changed to ‘ACME Solar Holdings Private Limited’, and a fresh certificate of incorporated dated July 1, 2020, was issued by the Registrar of Companies, New Delhi. Due to administrative and commercial considerations the company was converted from a public limited company to a private limited company on July 1, 2020.
The company is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects. The company is one of the largest renewable energy independent power producers (IPP) in India. over the years, it has diversified and expanded its portfolio from solar power projects to become an integrated renewable energy company in India. It develops, builds, owns, operates and maintains utility scale renewable energy projects (through its in-house engineering, procurement and construction (EPC) division and operation and maintenance (O&M) team), and generates revenue through the sale of electricity to various off-takers including central and state government-backed entities.
The company was established in 2015 to consolidate the ACME Group’s renewable energy business and to capitalize on the opportunities in the Indian renewable energy industry. The ACME Group is promoted by Manoj Kumar Upadhyay and ACME Cleantech was incorporated in 2003. It originally operated as a provider of energy management solutions to wireless telecommunications operators in India and subsequently entered into the renewable energy generation business in 2009.
Business area of the company
The company is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects
Awards, accreditations and recognition
- 2016: ‘Utility Scale Solar Project Developer’ recognition at Solar Today.
- 2018: ‘Best Corporate Social Responsibilities Practices’ award at ET Now, Rise with India.
- 2018: ‘Best Solar Utility of the Year’ award at ET Now, Rise with India.
- 2018: ‘Leadership in Performance’ award at Confederation of Indian Industry, Performance Excellence Award 2018 for Solar and Wind Plants.
- 2018: Excellence award for solar and wind plants at Confederation of Indian Industry.
- 2022: ‘Utility Scale Solar Project Developer of year for the state of Maharashtra (Platinum)’ award at Suryacon Pune Conference.
- 2022: ‘Solar Developer Company of the year (Gold category)’ award at EQ PV Invest Tech India 2022.
- 2022: ‘Utility Scale Solar company of year for Rajasthan (Gold)’ award at Rajasthan State Annual Solar Awards.
- 2023: Certificate of recognition for securing silver in the energy and power category ‘Industrial Safety Leadership Award’ to Dayanidhi Solar Power Private Limited at Confederation of Indian Industry Andhra Pradesh Industrial Safety Excellence Awards 2023.
- 2024: Runner-up awarded for Outstanding Solar Project to Nirosha Power Private Limited by Indian Federation of Green Energy at 4th India Green Energy Awards Utility Scale Solar Developer of the year (Platinum) at India Annual Solar Awards 2024 by EQPro & C2Z.
History and milestones
- 2015: Incorporation of the company.
- 2017: Acquisition of operational portfolio of 494 MW renewable energy plants from ACME Group by the Company, along with EPC capabilities to become a vertically integrated renewable energy power developer
- 2017: Achieved installed capacity of 1 GWp of renewable energy till December 2017.
- 2017: Expanded its presence to commission renewable energy plants across ten different states in India.
- 2018: The Company developed 299.5 MWp solar power plant at Bhadla, Rajasthan.
- 2018: Commissioned over 2 GWp of renewable energy.
- 2018: Commissioned 50th solar energy power plant.
- 2020: 400 MW and 100 MW of solar plants sold to ACTIS and AMPLUS, respectively.
- 2021: 260 MW and 250 MW of solar plants sold to Renew and Ayana, respectively.
- 2021: Refinanced the debt of certain of its Project SPVs through green bonds wherein the Project SPVs issued unlisted NCDs in Fiscal 2022 for a total amount of Rs 24,855.25 million ($334.00 million) including a top up debt of Rs 5,029.30 million (US$ 67.58 million) to India Cleantech Energy, whose green bonds are listed on the Singapore Stock Exchange.
- 2022: Commissioned over 3 GWp of renewable energy.
- 2023: Awarded with its first wind energy project of 150 MW by GUVNL.
- 2024: 369 MW of solar plants sold to Blupine.
- 2024: Diversified into complex renewable energy projects with award of 570 MW of FDRE project from SJVN and 680 MW of FDRE projects from NHPC.
- 2024: Awarded Hybrid/Hybrid with peak power projects of 830 MW.
- 2024: Awarded Solar project of 300 MW and Solar and BESS of 350 MW.
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