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ACME Solar Holdings Ltd.
(ACMESOLAR)
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Rating:56Neutral
Price Target:
₹383.00
▲(59.28% Upside)
Action:Reiterated
Date:09/06/26
The score is primarily held back by weak financial quality—especially the FY2026 cash flow collapse and deeply negative free cash flow alongside very high and rising debt. Offsetting this, technicals are constructive with strong trend support above major moving averages and positive MACD momentum. Valuation is mixed: a high P/E is a headwind, partially balanced by a high dividend yield.
Positive Factors
Revenue Rebound
The FY2026 revenue rebound indicates renewed commercial traction after several weaker years. If the improvement persists, a larger revenue base can support better operating leverage, strengthen the company’s position in renewable power, and provide a foundation for future earnings growth.
Negative Factors
High and Rising Debt
The sharp increase in debt leaves the company highly exposed to funding costs and refinancing conditions. Heavy leverage can restrict financial flexibility, absorb future cash flows through financing needs, and make expansion or resilience more difficult if operating performance weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Rebound
The FY2026 revenue rebound indicates renewed commercial traction after several weaker years. If the improvement persists, a larger revenue base can support better operating leverage, strengthen the company’s position in renewable power, and provide a foundation for future earnings growth.
Read all positive factors
ACME Solar Holdings Ltd. (ACMESOLAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹286.21B
Dividend Yield0.09%
Average Volume (3M)120.63K
Price to Earnings (P/E)34.6
Beta (1Y)0.80
Revenue Growth53.70%
EPS Growth47.08%
CountryIN
Employees947
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)9.79
Shares Outstanding706,874,300
10 Day Avg. Volume73,654
30 Day Avg. Volume120,633
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)12.92
Revenue Forecast (FY)₹39.26B
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 grid connected solar power projects in India. The company owns and operates solar energy pr...
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 | 23.70B | 20.23B | 14.05B | 13.19B | 12.94B | 14.87B |
| Gross Profit | 17.82B | 14.43B | 10.02B | 13.14B | 12.38B | 7.47B |
| EBITDA | 24.87B | 17.92B | 14.06B | 19.85B | 12.72B | 15.71B |
| Net Income | 6.03B | 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 | 61.58B | 61.58B | 29.16B | 10.27B | 11.20B | 7.63B |
| Total Debt | 0.00 | 198.96B | 109.76B | 85.36B | 90.14B | 79.15B |
| Total Liabilities | -50.60B | 234.80B | 138.94B | 108.09B | 102.56B | 88.78B |
| Stockholders Equity | 50.60B | 50.61B | 45.11B | 25.91B | 19.01B | 19.09B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -53.03B | -17.23B | -13.89B | 4.95B | -30.64B |
| Operating Cash Flow | 0.00 | 178.93M | 15.43B | 14.29B | 12.63B | 9.55B |
| Investing Cash Flow | 0.00 | -75.84B | -39.76B | -17.31B | -14.10B | -3.74B |
| Financing Cash Flow | 0.00 | 85.13B | 34.08B | 2.16B | 2.15B | -5.56B |
ACME Solar Holdings Ltd. Technical Analysis
Positive
240.45
Price Trends
414.07
Positive
389.93
Positive
324.37
Positive
Market Momentum
-4.54
Positive
51.22
Neutral
79.89
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 240.45 is below the 20-day moving average (MA) of 414.95, below the 50-day MA of 414.07, and below the 200-day MA of 324.37, indicating a bullish trend. The MACD of -4.54 indicates Positive momentum. The RSI at 51.22 is Neutral, neither overbought nor oversold. The STOCH value of 79.89 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | ₹54.82B | 11.96 | ― | 0.31% | 40.01% | 27.57% | |
56 Neutral | ₹286.21B | 34.60 | ― | 0.09% | 53.70% | 47.08% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹694.92B | 116.11 | ― | ― | 42.12% | 8.54% | |
52 Neutral | ₹2.13T | 114.93 | ― | ― | 20.93% | -8.88% | |
48 Neutral | ₹210.01B | 32.96 | ― | 2.81% | 60.47% | -7.36% |
* General Sector Average
IN:ACMESOLAR
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ACME Solar Holdings Ltd. Corporate Events
ACME Solar Sets Analyst Call for Q2 and H1 FY27 Results
Oct 22, 2026
ACME Solar Holdings Limited has scheduled an earnings call on October 29, 2026, at 12:00 p.m. IST to discuss its financial results for the second quarter and first half of FY27. Senior management will host the conference, engaging with analysts an...
ACME Solar signs SECI PPA for 300 MW firm renewable peak supply
Oct 19, 2026
ACME Solar Holdings Ltd., through its subsidiary ACME Greentech Twenty Pvt Ltd, has signed a power procurement agreement with Solar Energy Corporation of India for a 300 MW / 1,200 MWh firm and dispatchable renewable energy project under SECI̵...
ACME Solar Unit Signs 300 MW Peak Power PPA with SECI
Oct 16, 2026
ACME Solar Holdings Limited, through its wholly owned subsidiary ACME Greentech Twenty Private Limited, has signed a long-term power purchase agreement with Solar Energy Corporation of India Limited for an assured peak power project. The contract ...
ACME Solar Grants 116,788 ESOPs Under 2024 Employee Plan
Oct 10, 2026
ACME Solar Holdings Ltd. has approved the grant of 116,788 employee stock options under its 2024 stock option scheme, each convertible into one equity share with a face value and exercise price of Rs. 2. The options will vest over four years in eq...
ACME Solar files SEBI demat compliance certificate for September quarter
Oct 7, 2026
ACME Solar Holdings Limited has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026, to the BSE and NSE. The certificate, issued by its re...
ACME Solar Commissions Additional 66.68 MW in Rajasthan Hybrid Project
Oct 5, 2026
ACME Solar Holdings Limited, through its subsidiary ACME Renewtech Private Limited, has commissioned an additional 66.68 MW of solar capacity at its hybrid power project in Kelan village, Chhatargarh tehsil, Bikaner district, Rajasthan. This bring...
ACME Solar Elevates Nikhil Dhingra to Joint MD and CEO to Drive Next Growth Phase
Oct 3, 2026
ACME Solar Holdings Limited’s board has approved the appointment of Nikhil Dhingra as Joint Managing Director and Chief Executive Officer for a five-year term starting October 3, 2026, subject to shareholder approval. His elevation from Whol...
Crisil Lifts ACME Solar’s Outlook to Positive as Loan Limits Rise
Oct 2, 2026
ACME Solar Holdings Ltd., a major player in India’s solar power industry, develops and operates large-scale renewable energy projects financed through long-term bank facilities. The company is listed on both BSE and NSE, underscoring its acc...
ACME Solar Adds 107 MW of Battery Storage in Rajasthan, Lifts Operational BESS to 4.96 GWh
Oct 1, 2026
ACME Solar Holdings Ltd., through its subsidiaries, has commissioned an additional 107.36 MW / 437.49 MWh of battery energy storage system capacity across two projects in Rajasthan, raising its total operational storage capacity to 4.96 GWh. The n...
ACME Solar Commissions New Phase of Rajasthan Battery Storage Project
Sep 30, 2026
ACME Solar Holdings Ltd. has announced the commissioning of Phase III of its Battery Energy Storage System component at the FDRE project in Kelan, Bikaner, Rajasthan, adding 53.63 MW/214.52 MWh and taking total commissioned BESS capacity to 159.58...
ACME Solar Starts First Phase of Rajasthan Battery Storage Project
Sep 30, 2026
ACME Solar Holdings Limited, via its wholly owned unit ACME Sigma Urja Private Limited, has commissioned Phase I of the battery energy storage systems component of its FDRE project in Neemri, Rajasthan. The initial phase adds 53.73 MW/222.969 MWh ...
ACME Solar Creates New Wholly Owned Unit for Renewable Projects
Sep 19, 2026
ACME Solar Holdings Limited has incorporated a new wholly owned subsidiary, ACME Greentech Twenty Nine Private Limited, based in Gurugram, Haryana. The new entity will focus on developing, establishing and operating renewable power generation proj...
ACME Solar to Merge Three Wholly Owned Subsidiaries into Parent Entity
Sep 18, 2026
ACME Solar Holdings Ltd. has approved a scheme of amalgamation to merge its wholly owned subsidiaries ACME Pokhran Solar, ACME Sikar Solar and ACME Eco Clean Energy into the parent company. The board cleared the proposal at a meeting on 18 Septemb...
ACME Solar commissions second phase of Rajasthan battery storage project
Sep 17, 2026
ACME Solar Holdings Limited has advanced its flagship Battery Energy Storage System project in Rajasthan, commissioning Phase II of the storage component through its wholly owned subsidiary ACME Greentech Seventh Private Limited. The newly commiss...
ACME Solar Boosts Hybrid Capacity With New Solar and Battery Projects in Rajasthan
Sep 16, 2026
ACME Solar Holdings Limited has commissioned 66.68 MW of solar capacity and 300 MWh of battery energy storage system capacity at Kelan Village in Bikaner, Rajasthan, marking Phase-I of its first hybrid renewable energy project that will ultimately...
ACME Solar Commissions Phase I of Large-Scale Battery Storage Project in Rajasthan
Sep 14, 2026
ACME Solar Holdings Limited has commissioned Phase I of its Battery Energy Storage Systems project in Bikaner, Rajasthan, marking a key milestone in its flexible renewable energy strategy. The initial phase adds 53.63 MW/300 MWh of storage capacit...
ACME Solar commissions first phase of 300 MW Rajasthan project
Sep 12, 2026
ACME Solar Holdings Ltd., through its subsidiary ACME Renewtech Private Ltd., has commissioned the first phase of a 300 MW solar power project in Kelan village, Chhatargarh tehsil, Bikaner district, Rajasthan. Phase I adds 66.68 MW of capacity and...
ACME Solar Sets Up UAE Subsidiary to Bolster Global Renewables Supply Chain
Sep 10, 2026
ACME Solar Holdings Limited has approved the incorporation of a wholly owned subsidiary in the United Arab Emirates to support its renewable energy operations. The new entity, proposed under the name ACME Renewables FZCO, will focus on renewable e...
ACME Solar Wins 300 MW SECI Peak Power Project at Rs. 6 per kWh
Aug 28, 2026
ACME Solar Holdings Limited has received a Letter of Award from Solar Energy Corporation of India for a 300 MW assured peak power project under a major tender for 6,000 MWh of peak renewable supply from interstate transmission system-connected pro...
ACME Solar secures ₹3,404 crore funding for 250 MW FDRE project
Jul 29, 2026
ACME Solar Holdings Ltd. has secured INR 3,404.57 crore in long-term project financing from Power Finance Corporation Ltd. for the ACME Urja One Pvt. Ltd. Phase III 250 MW FDRE project, with PFC acting as sole financer on a 19-year tenor. This bri...
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.