ACME Solar Holdings Ltd. (ACMESOLAR) AI Stock Analysis

• Market Cap: ₹166.22B
• Dividend Yield: N/A
• Average Volume (3M): 121.50K
• Price to Earnings (P/E): 43.6
• Beta (1Y): 1.66
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 214
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): 2.40
• Shares Outstanding: 605,087,770
• 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: Hold
• Number of Analyst Covering: 0

• Rating: 64 Neutral
• Price Target: ₹311.00 ▲(9.91% Upside)

ACME Solar Holdings Ltd. demonstrates strong financial performance with significant revenue and profit growth. However, high leverage and negative free cash flow pose risks. The technical analysis suggests moderate bullish momentum, but the high P/E ratio indicates overvaluation, limiting upside potential.

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 present risks. The balance sheet is improving, but these challenges need addressing 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: Positive
• Last Price: 282.95
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 282.95 is above the 20-day moving average (MA) of 282.02, below the 50-day MA of 289.45, and above the 200-day MA of 244.53, indicating a neutral trend. The MACD of -2.05 indicates Negative momentum. The RSI at 48.27 is Neutral, neither overbought nor oversold. The STOCH value of 59.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
SWELECTES	70 Outperform	₹12.66B	47.14	―	0.37%	103.45%	-53.21%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ACMESOLAR	64 Neutral	₹166.22B	43.56	―	―	―	―
WEBELSOLAR	62 Neutral	₹51.75B	26.01	―	―	397.23%	―
BORORENEW	56 Neutral	₹87.84B	―	―	―	4.94%	-328.07%
SWSOLAR	43 Neutral	₹52.96B	51.96	―	―	112.24%	-474.43%

ACME Solar Holdings Ltd. Corporate Events

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.

ACME Solar Secures INR 1,100 Crore Refinancing for Rajasthan Project

ACME Solar Holdings Limited has secured INR 1,100 crore refinancing from the State Bank of India for its 300 MW renewable energy project in Rajasthan. This refinancing aims to reduce financing costs and strengthen the company’s credit profile, supporting its strategy for significant capacity growth in the coming years.

ACME Solar Clarifies No Grid Access Revocation

ACME Solar Holdings Limited clarified that there has been no revocation of grid access for its projects, contrary to a recent Reuters report suggesting India had cancelled grid access for 17 GW of clean energy projects. The company confirmed compliance with regulatory disclosure requirements and stated it has not received any cancellation notice from CTUIL.

ACME Solar Expands with Acquisition of AK Renewable Infra

ACME Solar Holdings Limited has announced the acquisition of AK Renewable Infra Private Limited, a company involved in developing renewable energy parks in India. This acquisition, valued at INR 79.25 Crores, will make AK Renewable Infra a wholly-owned subsidiary of ACME Solar, enhancing its project pipeline and accelerating project execution, which is expected to boost revenue and profitability.

ACME Solar Holdings Announces AGM and Annual Report Access

ACME Solar Holdings Limited announced the dispatch of a letter to shareholders containing the weblink and path to access the company’s Notice and Annual Report for the financial year 2024-25. The 10th Annual General Meeting (AGM) is scheduled for September 29, 2025, and will be conducted via video conference. This move ensures compliance with regulatory requirements and facilitates shareholder engagement by providing easy access to important documents electronically.

ACME Solar Secures 50 MW FDRE Project from Tata Power

ACME Solar Holdings Ltd has been awarded a 50 MW Firm and Dispatchable Renewable Energy (FDRE) project by Tata Power at a tariff of INR 4.43 per unit. This project, part of a 250 MW tender, will utilize a combination of solar and Battery Energy Storage System (BESS) technologies to meet supply obligations over a 25-year Power Purchase Agreement (PPA). The project is expected to be commissioned within 24 months from the PPA signing, enhancing ACME Solar’s industry positioning and operational capacity.

ACME Solar Releases Q1 FY’26 Earnings Call Transcript

ACME Solar Holdings Limited has released the transcript of its earnings conference call for the first quarter of the fiscal year 2025-26, which was held on July 28, 2025. The conference call discussed the company’s unaudited financial results, both standalone and consolidated, for the quarter ended June 30, 2025. This release is part of the company’s regulatory obligations and provides transparency to analysts and institutional investors regarding its financial performance.

ACME Solar Publishes Q2 2025 Financial Results in Leading Newspapers

ACME Solar Holdings Limited announced the publication of its financial results for the quarter ending June 30, 2025, in prominent newspapers including Financial Express and Jansatta. This disclosure aligns with the SEBI regulations on listing obligations and aims to maintain transparency with stakeholders by providing easy access to the company’s financial performance through QR codes and weblinks.