ACME Solar Holdings Ltd. (IN:ACMESOLAR)
:ACMESOLAR
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ACME Solar Holdings Ltd.
(ACMESOLAR)
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Rating:59Neutral
Price Target:
₹287.00
â–²(19.36% Upside)
Action:ReiteratedDate:12/02/25
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
Stable PPA-driven Revenue
ACME’s business model centers on selling electricity under long-term PPAs and project sales, creating predictable, durable revenue streams. This structural contract base reduces commodity exposure and supports cash flow visibility over multi-year horizons, aiding long-term project financing and planning.
Negative Factors
High Leverage
Elevated leverage raises long-term financial risk for a capital-intensive renewables developer. High debt increases interest and refinancing exposure, constraining flexibility for new project bids and making the company more sensitive to rate changes and covenant headroom over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable PPA-driven Revenue
ACME’s business model centers on selling electricity under long-term PPAs and project sales, creating predictable, durable revenue streams. This structural contract base reduces commodity exposure and supports cash flow visibility over multi-year horizons, aiding long-term project financing and planning.
Read all positive factors
ACME Solar Holdings Ltd. (ACMESOLAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹166.46B
Dividend YieldN/A
Average Volume (3M)121.50K
Price to Earnings (P/E)31.6
Beta (1Y)1.04
Revenue GrowthN/A
EPS GrowthN/A
CountryIN
Employees214
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)1.90
Shares Outstanding605,971,800
10 Day Avg. Volume79,622
30 Day Avg. Volume121,502
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.36
Price to Sales (P/S)7.59
P/FCF Ratio-6.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹350.00Price Target Upside45.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)10.33
Revenue Forecast (FY)₹35.81B
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 wit...
How the Company Makes Money
ACME Solar Holdings Ltd. generates revenue primarily through the sale of electricity produced by its solar power plants. The company typically enters into long-term power purchase agreements (PPAs) with government agencies, utility companies, or c...
ACME Solar Holdings Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| 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
Positive
240.45
Price Trends
232.43
Positive
233.25
Positive
255.91
Positive
Market Momentum
9.72
Negative
64.75
Neutral
80.72
Negative
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 240.45 is below the 20-day moving average (MA) of 245.80, above the 50-day MA of 232.43, and below the 200-day MA of 255.91, indicating a bullish trend. The MACD of 9.72 indicates Negative momentum. The RSI at 64.75 is Neutral, neither overbought nor oversold. The STOCH value of 80.72 is Negative, 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
UnderperformOutperform
Sector (65)
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% | |
65 Neutral | ₹32.22B | 14.56 | ― | ― | 152.12% | ― | |
59 Neutral | ₹166.46B | 31.58 | ― | ― | ― | ― | |
58 Neutral | ₹8.25B | 25.40 | ― | 0.47% | 39.01% | -42.51% | |
49 Neutral | ₹58.17B | 18.86 | ― | ― | 7.68% | -114.23% | |
43 Neutral | ₹38.72B | -446.21 | ― | ― | 112.24% | -474.43% |
* Energy Sector Average
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ACME Solar Holdings Ltd. Corporate Events
ACME Solar Commissions Fourth Phase of Rajasthan Battery Storage Project
Apr 1, 2026
ACME Solar Holdings Ltd., through its wholly owned subsidiary ACME Sun Power Private Ltd., has commissioned the fourth phase of its Battery Energy Storage System project in Rajasthan, adding 33.333 MW/160.48 MWh to the grid. The project, located i...
ACME Solar’s AA- Credit Rating Reaffirmed as ICRA Backs Higher Limit
Apr 1, 2026
ACME Solar Holdings Ltd. announced that ICRA Limited has reaffirmed and assigned its long-term credit rating of [ICRA]AA-(Stable) for an increased pool of non-fund-based instruments. The total rated amount has been raised from Rs. 1,500 crore to R...
ACME Solar Commissions Third Phase of Rajasthan Battery Storage Project
Mar 29, 2026
ACME Solar Holdings Limited, through its wholly owned subsidiary ACME Surya Power Private Limited, has commissioned the third phase of its Battery Energy Storage System project at Jaimalsar in Rajasthan. This phase adds 11.429 MW / 51.354 MWh to t...
ACME Solar Faces Rs. 149.7 Crore GST Demand, Plans to Contest Tax Notice
Mar 29, 2026
ACME Solar Holdings Ltd. has disclosed that it received a show-cause-cum-demand notice from the Directorate General of Goods Services Tax Intelligence, Jaipur, alleging short payment of GST on supplies related to solar power generating systems. T...
ACME Solar Nears Full Commissioning of 100 MW Gujarat Wind Project
Mar 26, 2026
ACME Solar Holdings Limited announced that its subsidiary, ACME Eco Clean Energy Private Limited, has commissioned an additional 4 MW of its 100 MW wind power project in Dhakaniya village, Sayla taluka, Surendranagar district, Gujarat. The commiss...
ACME Solar Commissions Second Phase of Rajasthan Battery Storage Project
Mar 24, 2026
ACME Solar Holdings Limited, through its wholly owned subsidiary ACME Surya Power Private Limited, has commissioned the second phase of its battery energy storage system project at Jaimalsar in Rajasthan. The newly operational phase adds 35.714 MW...
ACME Solar Adds 155 MW of Battery Storage in Rajasthan, Expands Merchant Revenue Base
Mar 24, 2026
ACME Solar Holdings Ltd. has commissioned an additional 155 MW / 470.25 MWh of battery energy storage system capacity in Rajasthan through its subsidiaries, bringing its total commissioned storage portfolio to 297.67 MW / 951.74 MWh out of a plann...
ACME Solar Plans London Investor Meetings Under Regulatory Framework
Mar 20, 2026
ACME Solar Holdings Limited has notified the stock exchanges that its officials will meet investors and analysts in London on March 25, 2026, through one-on-one and group physical interactions. The company emphasized that no unpublished price-sens...
ACME Solar Nears Full Commissioning of 100 MW Gujarat Wind Project
Mar 19, 2026
ACME Solar Holdings’ subsidiary ACME Eco Clean Energy has commissioned an additional 4 MW of its 100 MW wind power project in Titoda village, Sayla taluka, Surendranagar district, Gujarat. The commissioning has been witnessed and confirmed b...
ACME Solar Nears Full Capacity at Gujarat Wind Project With New 8 MW Commissioning
Mar 17, 2026
ACME Solar Holdings Limited announced that its subsidiary, ACME Eco Clean Energy Private Limited, has commissioned an additional 8 MW of capacity at its 100 MW wind power project in Titoda village, Sayla taluka, Surendranagar district, Gujarat. Th...
ACME Solar Commissions Third Phase of Rajasthan Battery Storage Project
Mar 11, 2026
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,...
ACME Solar Subsidiary Commissions First 4 MW of Gujarat Wind Project
Mar 9, 2026
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 Surendrana...
ACME Solar Starts First Phase of Major Battery Storage Project in Rajasthan
Mar 6, 2026
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 ...
ACME Solar Subsidiary Gets CRISIL AA-/Stable Rating Reaffirmation on Expanded Loan Facility
Mar 6, 2026
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 ha...
ACME Solar Schedules Investor and Analyst Meetings in Mumbai
Mar 5, 2026
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 Invest...
ACME Solar Plans Investor and Analyst Meetings in Mumbai
Mar 5, 2026
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 Marc...
ACME Solar Commissions Second Phase of Rajasthan Battery Storage Project
Mar 3, 2026
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 ov...
ACME Solar signs 450 MW long-term FDRE power deals with SJVN
Mar 2, 2026
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 o...
ACME Solar Subsidiary Lifts Gujarat Wind Project to 76 MW Commissioned Capacity
Feb 7, 2026
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 ...
ICRA Assigns AA-/Stable Rating to ACME Sikar Solar, Easing Financing Costs for 300 MW Project
Feb 6, 2026
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 purc...
ACME Solar Wins 301 MW SECI FDRE Project, Portfolio Tops 8 GW
Feb 6, 2026
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. Th...
ACME Solar Subsidiary Secures 250 MW FDRE Power Deal with NHPC
Jan 29, 2026
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 ...
ACME Solar Approves Q3 FY26 Results and Declares Interim Dividend
Jan 29, 2026
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 i...
ACME Solar Adds 12 MW, Lifts Gujarat Wind Project to 68 MW Operational
Jan 19, 2026
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 plann...
ACME Solar’s Chief Commercial Officer for Renewable Business Resigns
Jan 15, 2026
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 com...
ACME Solar Subsidiary Commissions Initial 12 MW of Gujarat Wind Project
Jan 6, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.