ACME Solar Holdings Ltd. (IN:ACMESOLAR)
:ACMESOLAR
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ACME Solar Holdings Ltd.
(ACMESOLAR)
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Rating:50Neutral
Price Target:
₹283.00
â–²(17.70% Upside)
Action:Downgraded
Date:05/09/26
The score is held back primarily by financial risk: very high and rising leverage and a sharp deterioration in operating and free cash flow. Technical signals are mixed (below the 20-DMA but above longer-term averages), and valuation is moderately pressured by a high P/E, partially offset by the reported dividend yield.
Positive Factors
Revenue Recovery
A clear revenue rebound in FY2026 indicates material demand recovery and improved project utilization. Sustained top-line recovery supports margin normalization, strengthens project economics and improves ability to convert backlog into cash over the medium term.
Negative Factors
High and Rising Leverage
Very high and rising debt materially increases refinancing and interest rate exposure, limiting financial flexibility. Elevated leverage can constrain new investment, raise funding costs for projects, and heighten default risk if operating cash generation weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
A clear revenue rebound in FY2026 indicates material demand recovery and improved project utilization. Sustained top-line recovery supports margin normalization, strengthens project economics and improves ability to convert backlog into cash over the medium term.
Read all positive factors
ACME Solar Holdings Ltd. (ACMESOLAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹170.58B
Dividend YieldN/A
Average Volume (3M)121.50K
Price to Earnings (P/E)28.4
Beta (1Y)0.88
Revenue Growth44.00%
EPS Growth97.66%
CountryIN
Employees214
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)6.45
Shares Outstanding605,971,800
10 Day Avg. Volume79,622
30 Day Avg. Volume121,502
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)3.13
Price to Sales (P/S)7.83
P/FCF Ratio-2.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)10.5
Revenue Forecast (FY)₹36.23B
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
66
Positive
Balance Sheet
38
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.06B | 20.23B | 14.05B | 10.68B | 12.94B | 14.87B |
| Gross Profit | 12.43B | 13.13B | 15.75B | 10.22B | 12.38B | 7.47B |
| EBITDA | 15.84B | 17.81B | 14.06B | 19.85B | 12.72B | 15.71B |
| Net Income | 3.82B | 4.99B | 2.52B | 6.98B | -31.41M | 620.34M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 285.40B | 184.04B | 134.00B | 121.87B | 108.87B |
| Cash, Cash Equivalents and Short-Term Investments | 29.16B | 63.03B | 29.16B | 10.27B | 11.20B | 7.63B |
| Total Debt | 0.00 | 198.96B | 109.76B | 85.36B | 90.14B | 79.15B |
| Total Liabilities | -45.09B | 234.80B | 138.94B | 108.09B | 102.56B | 88.78B |
| Stockholders Equity | 45.09B | 50.61B | 45.11B | 25.91B | 19.01B | 19.09B |
Cash Flow | ||||||
| Free Cash Flow | -10.29B | -53.03B | -17.23B | -13.89B | 4.95B | -30.64B |
| Operating Cash Flow | 7.21B | 178.93M | 15.43B | 14.29B | 12.63B | 9.55B |
| Investing Cash Flow | -19.80B | -75.84B | -39.76B | -17.31B | -14.10B | -3.74B |
| Financing Cash Flow | 7.72B | 85.13B | 34.08B | 2.16B | 2.15B | 4.20B |
ACME Solar Holdings Ltd. Technical Analysis
Positive
240.45
Price Trends
272.59
Positive
249.61
Positive
260.32
Positive
Market Momentum
0.54
Positive
48.73
Neutral
18.87
Positive
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 294.01, below the 50-day MA of 272.59, and below the 200-day MA of 260.32, indicating a neutral trend. The MACD of 0.54 indicates Positive momentum. The RSI at 48.73 is Neutral, neither overbought nor oversold. The STOCH value of 18.87 is Positive, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹44.08B | 6.49 | ― | ― | 82.37% | 90.41% | |
67 Neutral | ₹9.46B | 25.40 | ― | 0.47% | 40.79% | 34.26% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
61 Neutral | ₹72.24B | 39.77 | ― | ― | 5.25% | ― | |
50 Neutral | ₹170.58B | 28.44 | ― | ― | 44.00% | 97.66% | |
47 Neutral | ₹45.66B | 6.46 | ― | ― | 19.77% | -479.97% |
* Energy Sector Average
IN:ACMESOLAR
ACME Solar Holdings Ltd.
281.50
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15.35%
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-25.37%
ACME Solar Holdings Ltd. Corporate Events
ACME Solar clears FY26 accounts, reshuffles finance leadership
May 8, 2026
ACME Solar Holdings Ltd. said its board has approved the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, with joint statutory auditors issuing unmodified opinions. The company will publish the re...
ACME Solar posts strong FY26 results and expands large-scale renewable, storage portfolio
May 8, 2026
ACME Solar Holdings Ltd. reported a strong FY26 performance, with total revenue rising 59.2% year-on-year to INR 2,507 crore, EBITDA up 61.2% to INR 2,265 crore and profit after tax nearly doubling to INR 498 crore, supported by operating leverage...
ACME Solar Publishes Investor Presentation with FY2026 Results
May 8, 2026
ACME Solar Holdings Ltd. has released an investor presentation tied to its audited standalone and consolidated financial results for the fourth quarter and full fiscal year ended March 31, 2026. The materials, which follow an earlier earnings call...
ACME Solar Subsidiary Commissions 8 MW Wind Project in Gujarat
May 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 an 8 MW wind power project in Titoda village, Sayla taluka, S...
ACME Solar Subsidiary Wins Admission of Appeal in Rajasthan Tax Dispute
May 4, 2026
ACME Solar Holdings has disclosed that its wholly owned subsidiary, ACME Aklera Power Technology, has appealed a Rajasthan Electricity Regulatory Commission order that disallowed about Rs. 7.82 crore of Basic Customs Duty and GST claims. The Appel...
ACME Solar Hits 2 GWh Storage Milestone in Rajasthan, Targets 10 GWh by 2027
Apr 22, 2026
ACME Solar Holdings Ltd. has crossed a significant benchmark by cumulatively operationalising more than 2 GWh of battery energy storage system capacity in Rajasthan, making it one of the first Indian renewable energy players to deploy storage at t...
Rajasthan High Court Grants Interim Stay on GST Demand Against ACME Solar
Apr 20, 2026
ACME Solar Holdings Limited said the Rajasthan High Court has granted an interim stay on a show cause-cum-demand notice issued by the GST authorities. The stay order, dated April 20, 2026, temporarily halts the operation and effect of the tax noti...
ACME Solar Challenges GST Demand with Writ Petition in Rajasthan High Court
Apr 13, 2026
ACME Solar Holdings Limited has informed stock exchanges that it has filed a civil writ petition before the Rajasthan High Court challenging a show cause cum demand notice issued by the GST authorities. The company’s disclosure under securit...
ACME Solar Commissions Fourth Phase of Rajasthan Battery Storage Project
Apr 13, 2026
ACME Solar Holdings Limited has announced that its wholly owned subsidiary, ACME Surya Power Private Limited, has commissioned the fourth phase of a Battery Energy Storage System project in Jaimalsar, Bikaner, Rajasthan. The new phase adds 32.366 ...
ACME Solar Nears Completion of Large BESS Project in Rajasthan
Apr 6, 2026
ACME Solar Holdings Ltd., through its wholly owned subsidiary ACME Suryodaya Private Limited, has commissioned the fifth phase of its Battery Energy Storage System project in Rajasthan, adding 76 MW / 160.512 MWh of capacity at the Sanwara and Meh...
ACME Solar Commissions Fifth Phase of Rajasthan Battery Storage Project
Apr 6, 2026
ACME Solar Holdings Ltd., through wholly owned subsidiary ACME Sun Power Private Ltd., has commissioned the fifth phase of its battery energy storage system project in Rajasthan. The newly added phase contributes 33.334 MW/160.48 MWh, bringing the...
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...
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.