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ACME Solar Holdings Ltd.
(ACMESOLAR)
ACME Solar Holdings Ltd. (ACMESOLAR) vs. iShares MSCI India ETF (INDA)
ACME Solar Holdings Ltd. Business Overview & Revenue Model
ACME Solar Holdings Ltd. Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 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
ACME Solar Holdings Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | ₹145.52B | 31.58 | ― | ― | ― | ― | |
59 Neutral | ₹23.63B | 14.56 | ― | ― | 152.12% | ― | |
58 Neutral | ₹7.90B | 25.40 | ― | 0.47% | 39.01% | -42.51% | |
49 Neutral | ₹59.19B | 18.86 | ― | ― | 7.68% | -114.23% | |
43 Neutral | ₹41.92B | -446.21 | ― | ― | 112.24% | -474.43% |
ACME Solar Holdings Ltd. Corporate Events
ACME Solar Holdings Ltd., through its wholly owned subsidiary ACME Suryodaya Private Limited, has commissioned the third phase of its Battery Energy Storage System project in Sanwara and Mehar Nagar in Rajasthan. This phase adds 19 MW / 40.50 MWh, bringing the total commissioned capacity to 76 MW / 160.50 MWh out of the planned 285 MW / 601.904 MWh, marking a significant step in expanding grid-scale storage infrastructure in India.
The project’s gradual commissioning enhances ACME’s role in the growing battery energy storage segment, which is critical for integrating renewable power and improving grid reliability. As more capacity comes online, the company strengthens its operational base in Rajasthan and reinforces its positioning as a key player in India’s transition toward flexible, storage-backed clean energy assets.
ACME Solar Holdings Limited has announced that its subsidiary, ACME Eco Clean Energy Private Limited, has received a commissioning certificate from the Gujarat Energy Development Agency for 4 MW of a planned 100 MW wind power project in Surendranagar district, Gujarat. The partial commissioning marks an initial milestone in bringing the larger wind project online, underscoring the group’s ongoing expansion in wind power and its contribution to India’s renewable energy capacity build-out.
ACME Solar Holdings Limited has commissioned the first phase of its large-scale Battery Energy Storage System project in Rajasthan, bringing 33.335 MW/160.48 MWh of capacity online out of a planned 300 MW/1400 MWh. The initial phase, operated via wholly owned unit ACME Sun Power Private Limited, will achieve commercial operation from March 8, 2026, marking a significant step in expanding grid-supportive storage infrastructure.
The partial commissioning underscores ACME Solar’s push into energy storage as a complement to its solar portfolio, enhancing its position in India’s renewable power sector. The project’s rollout in Rajasthan, a key renewable hub, is expected to strengthen operational capabilities in balancing intermittent solar generation and could improve service reliability for offtakers and grid stakeholders.
ACME Solar Holdings Ltd. reported that its wholly owned subsidiary, ACME Raisar Solar Energy Private Limited, has had its long-term bank facility rating of Crisil AA-/Stable reaffirmed by Crisil Ratings Ltd. The total bank loan facilities rated have been increased to Rs.1,100 crore from Rs.890 crore, reflecting expanded borrowing capacity.
The reaffirmed AA-/Stable rating underscores the subsidiary’s credit strength and supports ACME Solar’s ability to finance and sustain large-scale solar projects. The enhanced facility size signals continued lender confidence in the group’s operations and balance sheet, which may bolster its position in India’s competitive renewable energy sector and facilitate future project growth.
ACME Solar Holdings Limited has announced that its officials will participate in a series of investor and analyst meetings in Mumbai in March 2026. The company will attend the Investec Promoter & Founder Conference and the SBIFM-Amundi India Investment Seminar, using an existing investor presentation, while affirming that no unpublished price-sensitive information will be shared during these interactions.
These scheduled engagements underscore ACME Solar’s efforts to maintain active communication with institutional investors and analysts, supporting transparency and ongoing market engagement. The meetings may enhance investor understanding of the company’s business and outlook, although the schedule remains subject to change based on exigencies for either the investors or the company.
ACME Solar Holdings Ltd. has scheduled in-person meetings with investors and analysts at two upcoming events in Mumbai, including the Investec Promoter & Founder Conference 2026 on March 10 and the SBIFM-Amundi India Investment Seminar 2026 on March 13. The company stated that its existing investor presentation is available on its website, noted that the schedule may change, and emphasized that no unpublished price-sensitive information will be shared during these interactions.
These planned interactions signal ACME Solar’s ongoing effort to engage the institutional investor community and provide updates on its business in a regulated, transparent manner. By committing not to disclose any unpublished price-sensitive information, the company underscores its adherence to Indian securities regulations and aims to maintain fair disclosure standards for all stakeholders.
ACME Solar Holdings Limited has commissioned the second phase of its large battery energy storage system project in Rajasthan through wholly owned subsidiary ACME Suryodaya Private Limited. The newly operational segment adds 38 MW/82 MWh to the overall 285 MW/600 MWh capacity at the Sanwara and Mehar Nagar sites in Jaisalmer.
Commercial operations for this second phase are scheduled to begin on March 5, 2026, marking continued progress in deploying one of the region’s significant grid-scale storage assets. The expansion underscores ACME Solar’s push into battery storage alongside its solar portfolio, which could strengthen its position in India’s evolving clean energy and grid-balancing market.
ACME Solar Holdings Limited, through its wholly owned subsidiary ACME Greentech Seventh Private Limited, has signed two long-term Power Purchase Agreements with state-owned SJVN Limited for a total firm and dispatchable renewable energy capacity of 450 MW in India. The contracts, priced at a tariff of Rs. 6.74 per unit and set to commence supply in March 2028 for a 25-year term, strengthen ACME Solar’s project pipeline and revenue visibility, reinforcing its positioning in India’s evolving market for reliable renewable power and offering long-duration offtake certainty for stakeholders.
The agreements, covering 300 MW and 150 MW capacities under a domestic FDRE power project, are structured as arm’s-length contracts with no related-party involvement. By locking in a substantial capacity under regulated PPAs with a government-backed utility, ACME Solar enhances its long-term operational scale, underpins cash-flow stability, and supports the broader policy push toward dependable, dispatchable renewable energy in the country.
ACME Solar Holdings Limited has announced that its subsidiary, ACME Eco Clean Energy Private Limited, has commissioned an additional 4 MW of its planned 100 MW wind power project in Titoda, Sayla, in Gujarat’s Surendranagar district, taking the total commissioned capacity at the site to 76 MW. The latest capacity milestone, verified on site by officials from the Gujarat Energy Development Agency and Paschim Gujarat Vij Company Limited, marks steady progress toward full commissioning of the project, underscoring ACME’s ongoing build-out of its wind portfolio and strengthening its operational footprint in India’s renewable power market.
ICRA Limited has assigned an AA-/Stable credit rating to the Rs 1,209 crore long-term debt of ACME Solar Holdings’ wholly owned subsidiary ACME Sikar Solar Private Limited, which develops a 300 MW solar project backed by a 25-year power purchase agreement with Solar Energy Corporation of India. The rating, underpinned by the project’s competitive costs, favourable refinancing terms and SECI’s strong credit profile and timely payments, is expected to further lower ACME Sikar’s financing costs on top of recent interest rate reductions, reinforcing the financial strength and bankability of ACME Solar’s growing renewable portfolio.
ACME Solar Holdings Limited has secured a 301 MW/1,204 MWh assured peak supply FDRE project in SECI’s FDRE-VII auction, requiring four hours of daily supply during non-solar hours with stringent monthly and annual availability thresholds. The win lifts ACME Solar’s total contracted portfolio to 8,071 MW across multiple renewable technologies, reinforcing its position in India’s evolving firm and dispatchable green power market and leveraging existing night-time grid connectivity and battery storage integration to meet increasingly demanding reliability requirements.
ACME Solar Holdings Limited has announced that its wholly owned subsidiary, ACME Urja One Private Limited, has signed a long-term Power Purchase Agreement with NHPC Limited to develop a 250 MW firm and dispatchable renewable energy (FDRE) project in India. The project, contracted at a tariff of Rs 4.33 per unit, has a scheduled commercial operation date of 30 June 2027 and a 25-year tenure, underscoring ACME Solar’s expanding pipeline of utility-scale renewable assets and reinforcing its positioning as a key player in supplying reliable renewable power to major public-sector buyers.
ACME Solar Holdings Limited’s board has approved the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, with the results to be published on the company’s website and in newspapers as required by listing regulations. The board also declared an interim dividend of Rs. 0.20 per equity share for the 2025-26 financial year and set February 6, 2026 as the record date to determine shareholder eligibility for this payout, signaling a distribution of value to investors while the company continues to report its quarterly performance.
ACME Solar Holdings Limited has commissioned an additional 12 MW of its wind power project in Surendranagar, Gujarat, through its subsidiary ACME Eco Clean Energy Pvt Ltd, increasing the project’s operational capacity to 68 MW out of a planned 100 MW. Financed by Power Finance Corporation and built using the company’s in-house EPC capabilities with 4 MW turbines supplied by SANY, the project will supply power under a 25-year power purchase agreement with Gujarat Urja Vikas Nigam Limited, reinforcing ACME Solar’s position in India’s renewable energy market as it continues phased commissioning and expands its wind generation footprint in the state.
ACME Solar Holdings Limited has announced the resignation of Rahula Kumar Kashyapa, its Chief Commercial Officer – Renewable Business and designated Senior Managerial Personnel, effective at the close of business on January 20, 2026. The company stated that Kashyapa is leaving to pursue opportunities outside the organisation and acknowledged his role in advancing strategic priorities and strengthening operations in the renewable business, a change that marks a notable shift in its senior leadership structure and may be closely watched by stakeholders given his commercial responsibilities in the core solar segment.
ACME Solar Holdings Limited announced that its subsidiary, ACME Eco Clean Energy Private Limited, has received a commissioning certificate from the Gujarat Energy Development Agency for 12 MW of capacity from its planned 100 MW wind power project in Surendranagar district, Gujarat. The partial commissioning marks a key step in expanding ACME’s wind portfolio alongside its solar operations, signaling incremental capacity addition that should strengthen its position in India’s renewable energy market and begin revenue generation from this portion of the project while the remaining capacity progresses toward completion.
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 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 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 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.