ACME Solar Holdings Ltd. (ACMESOLAR) AI Stock Analysis

• Market Cap: ₹136.80B
• Dividend Yield: N/A
• Average Volume (3M): 121.50K
• Price to Earnings (P/E): 28.4
• Beta (1Y): 1.60
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 214
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 1.90
• Shares Outstanding: 605,971,800
• 10 Day Avg. Volume: 79,622
• 30 Day Avg. Volume: 121,502
• PEG Ratio: 0.02
• Price to Book (P/B): 2.36
• Price to Sales (P/S): 7.59
• P/FCF Ratio: -6.19
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹263.00 ▲(9.38% Upside)

ACME Solar Holdings Ltd. has a mixed outlook. Strong financial performance is overshadowed by high leverage and negative free cash flow. Technical indicators suggest bearish momentum, while valuation is moderate. Addressing financial risks and improving market sentiment are crucial for future performance.

Positive Factors

Revenue Growth

The company's strong revenue growth indicates a successful expansion strategy and increasing market demand for its solar solutions, supporting long-term business sustainability.

Profitability

Improved profitability suggests effective cost management and operational efficiency, which can enhance financial stability and shareholder value over time.

Operating Cash Flow

Robust operating cash flow indicates efficient cash generation from core operations, providing the company with the necessary liquidity to fund growth initiatives and manage debt.

Negative Factors

High Leverage

High leverage can increase financial risk and limit flexibility, potentially impacting the company's ability to invest in growth opportunities or weather economic downturns.

Negative Free Cash Flow

Negative free cash flow indicates challenges in managing investment expenditures, which could strain liquidity and limit the company's ability to pursue new projects without additional financing.

EBIT and EBITDA Margin Fluctuations

Fluctuations in EBIT and EBITDA margins may signal operational inefficiencies or cost pressures, potentially affecting profitability and competitive positioning in the long term.

ACME Solar Holdings Ltd. Business Overview & Revenue Model

Company Description

ACME Solar Holdings Limited, a solar independent power producing company, engages in developing, building, owning, operating, and maintaining utility scale renewable energy projects in India. The company owns and operates solar energy projects with installed capacity of 1,340 MW; and develops and constructs solar energy projects with capacity of 1,650 MW. It is also involved in the wind power generation business. In addition, the company provides engineering, procurement, and construction services, as well as operation and maintenance, and management services. It serves central and state government-backed entities. The company was incorporated in 2015 and is based in Gurugram, India. ACME Solar Holdings Limited is a subsidiary of ACME Cleantech Solutions Limited.

How the Company Makes Money

ACMESOLAR generates revenue through multiple streams, primarily by designing, installing, and maintaining solar energy systems for various clients, including residential homeowners, businesses, and large-scale utility projects. The company earns money from the sale of solar panels and related equipment, as well as through installation services. Additionally, ACMESOLAR benefits from long-term power purchase agreements (PPAs) with clients, allowing them to secure stable revenue over time by supplying energy at predetermined rates. The company also takes advantage of government incentives and tax credits related to renewable energy projects, which further enhances its profitability. Strategic partnerships with technology providers and financial institutions enable ACMESOLAR to access cutting-edge solar technology and financing options, thereby expanding its project capabilities and market reach.

ACME Solar Holdings Ltd. Financial Statement Overview

Summary

ACME Solar Holdings Ltd. shows strong revenue and profit growth with robust operating cash flows. However, high leverage and negative free cash flow due to large capital expenditures pose risks. The balance sheet is improving, but attention to leverage and cash flow challenges is needed for sustainability.

Income Statement

ACME Solar Holdings Ltd. has demonstrated strong revenue growth, evidenced by a substantial increase from 10,676 million to 15,752 million in the latest year. The gross profit margin is robust, given that gross profit equaled total revenue in the most recent year. Net profit margin improved significantly, indicating enhanced profitability. However, the EBIT and EBITDA margins showed slight fluctuations, potentially due to operational efficiencies. Overall, the income statement reflects a positive growth trajectory and strong profitability metrics.

Balance Sheet

The company's debt-to-equity ratio is relatively high, suggesting a leveraged position, which could indicate higher financial risk. However, the equity ratio improved, showing a healthier balance between debt and equity as assets expanded. The return on equity has improved, reflecting better utilization of equity capital to generate profits. Although leverage remains a concern, the balance sheet shows signs of strengthening equity.

Cash Flow

ACME Solar has a mixed cash flow situation. While operating cash flow is strong and growing, the free cash flow is negative, driven by substantial capital expenditures. The operating cash flow to net income ratio indicates efficient cash generation from operations. However, the negative free cash flow suggests challenges with managing investment expenditures, which might affect liquidity in the long term.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	16.06B	14.05B	10.68B	12.94B	14.87B	16.92B
Gross Profit	12.43B	15.75B	10.22B	12.38B	7.47B	16.92B
EBITDA	15.84B	14.06B	19.85B	12.72B	15.71B	15.60B
Net Income	3.82B	2.52B	6.98B	-31.41M	620.34M	152.13M
Balance Sheet
Total Assets	0.00	184.04B	134.00B	121.87B	108.87B	125.07B
Cash, Cash Equivalents and Short-Term Investments	29.16B	29.16B	10.27B	11.20B	7.63B	5.58B
Total Debt	0.00	109.76B	85.36B	90.14B	79.15B	97.32B
Total Liabilities	-45.09B	138.94B	108.09B	102.56B	88.78B	106.49B
Stockholders Equity	45.09B	45.11B	25.91B	19.01B	19.09B	18.57B
Cash Flow
Free Cash Flow	-10.29B	-17.23B	-13.89B	4.95B	-30.64B	15.60B
Operating Cash Flow	7.21B	15.43B	14.29B	12.63B	9.55B	17.46B
Investing Cash Flow	-19.80B	-39.76B	-17.31B	-14.10B	-3.74B	4.93B
Financing Cash Flow	7.72B	34.08B	2.16B	2.15B	4.20B	-20.40B

ACME Solar Holdings Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 240.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ACMESOLAR, the sentiment is Negative. The current price of 240.45 is above the 20-day moving average (MA) of 233.35, above the 50-day MA of 238.90, and below the 200-day MA of 253.68, indicating a bearish trend. The MACD of -1.67 indicates Positive momentum. The RSI at 39.27 is Neutral, neither overbought nor oversold. The STOCH value of 27.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ACMESOLAR.

ACME Solar Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
WEBELSOLAR	61 Neutral	₹35.09B	17.26	―	―	152.12%	―
ACMESOLAR	59 Neutral	₹136.80B	28.38	―	―	―	―
SWELECTES	57 Neutral	₹8.90B	26.32	―	0.47%	39.01%	-42.51%
BORORENEW	46 Neutral	₹69.96B	-35.22	―	―	7.68%	-114.23%
SWSOLAR	43 Neutral	₹46.39B	-12.50	―	―	112.24%	-474.43%

ACME Solar Holdings Ltd. Corporate Events

ACME Solar Subsidiary Lifts Gujarat Wind Project to 56 MW Commissioned Capacity

ACME Solar Holdings Limited has announced that its subsidiary, ACME Eco Clean Energy Private Limited, has commissioned an additional 4 MW of capacity at its 100 MW wind power project in Titoda, Sayla, in Gujarat’s Surendranagar district. The commissioning, which has been witnessed and confirmed on site by officials from the Gujarat Energy Development Agency and Paschim Gujarat Vij Company Limited, raises the project’s operational capacity to 56 MW, marking steady progress in the phased rollout of the wind facility and further strengthening ACME’s position in India’s expanding renewable energy market.

ACME Solar Forms New Wholly Owned Subsidiary for Renewable Power Projects

ACME Solar Holdings Limited has incorporated a new wholly owned subsidiary, ACME Greentech Sixteen Private Limited, with its registered office in Gurugram, Haryana. The new entity will operate in the renewable power generation space, with a mandate to develop, establish and operate power generation and renewable energy projects, indicating ACME Solar’s continued expansion of its project portfolio and operational structure in the clean energy sector.

ACME Solar Secures INR 4,725 Crore to Fuel Renewable Energy Expansion

ACME Solar Holdings Ltd has successfully secured INR 4,725 crore in financing from a mix of major Indian financial institutions to support renewable energy project construction and optimize its capital structure, aligning with its long-term funding strategy. This funding round, coupled with notable progress in debt refinancing and banking collaborations, reflects ACME’s strategic approach to enhancing operational efficiencies, reducing debt costs, and bolstering its industry standing and stakeholder value.

ACME Solar Expands Wind Power Capacity in Gujarat

ACME Solar Holdings Limited, through its subsidiary ACME Eco Clean Energy Pvt Ltd, has commissioned an additional 8 MW of its 100 MW wind power project in Surendaranagar, Gujarat, bringing the operational capacity to 52 MW. This milestone, witnessed by GEDA and PGVCL officials, enhances ACME Solar’s total operational capacity to 2,942 MW. The project is financed by Power Finance Corporation and constructed using SANY’s 4 MW turbines, with power sales secured through a 25-year Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited.

ACME Solar Expands Wind Power Operations with New Commissioning

ACME Solar Holdings Limited announced the commissioning of the second phase of its 100 MW wind power project, with 16 MW now operational. This development, certified by the Gujarat Energy Development Agency, marks a significant step in expanding the company’s renewable energy capacity, potentially enhancing its market position and offering stakeholders increased clean energy options.

ACME Solar to Engage with Investors in Key Meetings

ACME Solar Holdings Limited has announced its participation in upcoming investor and analyst meetings scheduled in Mumbai and Hong Kong. These interactions aim to provide insights based on publicly available information, potentially impacting stakeholder perceptions and the company’s market positioning.

ACME Solar Secures 200 MW Solar Project Contract with SECI

ACME Solar Holdings Limited announced that its subsidiary, ACME Platinum Urja Private Limited, has signed a Power Purchase Agreement (PPA) with the Solar Energy Corporation of India Limited (SECI) for a 200 MW solar project with energy storage solutions. This agreement marks a significant step in expanding ACME Solar’s renewable energy portfolio, aiming to supply renewable energy during solar and peak hours, with the project scheduled to commence operations by June 2027 and a tenure of 25 years. This development is expected to strengthen ACME Solar’s position in the renewable energy market and contribute to the growing demand for sustainable energy solutions.

ACME Solar Wins 130 MW Renewable Energy Bid for Indian Railways

ACME Solar Holdings Limited has won a bid to supply 130 MW of round-the-clock renewable energy to Indian Railways as part of REMCL’s 1000 MW tender. The project will require ACME Solar to provide a consistent power supply using solar, wind, and energy storage systems, with a minimum availability of 75% for the first three years and 85% thereafter. This achievement underscores the competitiveness of renewable energy and strengthens ACME Solar’s position in the industry.

ACME Solar Expands Wind Power Project in Gujarat

ACME Solar Holdings Limited has successfully commissioned an additional 16 MW of its 100 MW wind power project in Surendaranagar, Gujarat, bringing the operational capacity of the project to 44 MW. This development follows the first phase commissioning of 28 MW in October 2025. The project, financed by Power Finance Corporation and constructed using SANY’s 4 MW turbines, is part of a 25-year Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited. The recent commissioning, ahead of the revised SCOD of March 5, 2026, underscores ACME Solar’s commitment to expanding its renewable energy footprint and enhancing its operational capacity.

ACME Solar Commissions First Phase of Gujarat Wind Project

ACME Solar Holdings Limited announced the commissioning of the first phase of its 100 MW wind power project in Gujarat, with 28 MW now operational. This development marks a significant step in ACME’s expansion in the renewable energy sector, enhancing its portfolio and potentially strengthening its market position in sustainable energy solutions.

ACME Solar Commissions First Phase of 100 MW Wind Project in Gujarat

ACME Solar Holdings Limited has announced the commissioning of the first phase of its 100 MW wind power project in Surendaranagar, Gujarat, increasing its total operational capacity to 2,918 MW. The project, financed through Power Finance Corporation and utilizing SANY’s 4 MW turbines, contributes significantly to India’s renewable energy goals and will sell power through a 25-year Power Purchase Agreement with Gujarat Urja Vikas Nigam Limited.

ACME Solar Ensures Regulatory Compliance with SEBI Regulations

ACME Solar Holdings Limited has announced the submission of a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. This certification, provided by KFin Technologies Limited, confirms that the necessary details of securities dematerialized or rematerialized during the period have been furnished to all stock exchanges where the company’s shares are listed, ensuring regulatory compliance.

ACME Solar Achieves Highest Credit Rating from ICRA

ICRA Limited has assigned an ‘ICRA AA-/Stable’ credit rating to ACME Solar Holdings Limited’s long-term non-fund based bank facilities, marking the highest credit rating the company has received to date. This rating reflects ACME Solar’s diversified portfolio, revenue visibility from long-term PPAs, optimal generation performance, and strong debt coverage metrics. The improved credit rating is expected to reduce the cost of debt for the company and its subsidiaries, enhancing its financial profile post-IPO and supporting its ongoing projects.

ACME Solar to Engage with Investors in UAE Roadshow

ACME Solar Holdings Limited has announced its participation in a non-deal roadshow scheduled for October 6-7, 2025, in the United Arab Emirates, specifically in Dubai and Abu Dhabi. This interaction with investors and analysts aims to discuss publicly available information, potentially enhancing the company’s visibility and engagement with stakeholders in the region.