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ACME Solar Holdings Ltd.
(ACMESOLAR)
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Rating:56Neutral
Price Target:
₹431.00
▲(79.25% 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 business activity after several weaker years and provides a stronger base for future earnings. If the improvement persists, greater scale can support operating leverage, investment capacity, and a more durable competitive position over the next several quarters.
Negative Factors
Very high and rising debt
The sharp increase in debt materially raises financial risk and leaves the company more exposed to funding costs and refinancing conditions. High leverage can restrict capital allocation, reduce resilience during operating weakness, and make future growth increasingly dependent on continued access to financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The FY2026 revenue rebound indicates renewed business activity after several weaker years and provides a stronger base for future earnings. If the improvement persists, greater scale can support operating leverage, investment capacity, and a more durable competitive position over the next several quarters.
Read all positive factors
ACME Solar Holdings Ltd. (ACMESOLAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹295.54B
Dividend Yield0.09%
Average Volume (3M)140.09K
Price to Earnings (P/E)42.8
Beta (1Y)0.76
Revenue Growth47.52%
EPS Growth55.34%
CountryIN
Employees557
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)9.79
Shares Outstanding706,874,300
10 Day Avg. Volume195,899
30 Day Avg. Volume140,095
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)12.99
Revenue Forecast (FY)₹38.98B
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 | 10.68B | 12.94B | 14.87B |
| Gross Profit | 16.09B | 14.43B | 15.75B | 10.22B | 12.38B | 7.47B |
| EBITDA | 24.87B | 22.68B | 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 | 4.20B |
ACME Solar Holdings Ltd. Technical Analysis
Positive
240.45
Price Trends
381.39
Positive
347.79
Positive
291.24
Positive
Market Momentum
9.97
Negative
63.20
Neutral
70.82
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 391.37, below the 50-day MA of 381.39, and below the 200-day MA of 291.24, indicating a bullish trend. The MACD of 9.97 indicates Negative momentum. The RSI at 63.20 is Neutral, neither overbought nor oversold. The STOCH value of 70.82 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | ₹295.54B | 42.80 | ― | 0.09% | 47.52% | 55.34% | |
55 Neutral | ₹60.69B | 13.26 | ― | 0.29% | 40.01% | 27.56% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹753.23B | 125.63 | ― | ― | 42.12% | 8.54% | |
48 Neutral | ₹256.18B | 40.43 | ― | 2.29% | 60.47% | -7.36% | |
45 Neutral | ₹2.14T | 121.05 | ― | ― | 10.30% | 1.33% |
* General Sector Average
IN:ACMESOLAR
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ACME Solar Holdings Ltd. Corporate Events
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...
ICRA assigns AA- stable rating to ACME Solar subsidiary
Jun 18, 2026
ACME Solar Holdings Limited said that ICRA Limited has assigned a long-term credit rating of [ICRA]AA-(Stable) to its wholly owned subsidiary ACME Heergarh Powertech Private Limited. The rating covers a Rs 1,224 crore term loan and Rs 29 crore cre...
ACME Solar boosts capital with new ESOP share allotment
Jun 18, 2026
ACME Solar Holdings Ltd. has approved the allotment of 723,642 equity shares, each with a face value of Rs. 2, to the ACME Employees Welfare Trust under its 2024 employee stock option plan. As a result, the company’s paid-up equity share cap...
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.