Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹182.04 last close on 23 Oct 2026 −1.74%
Research updated
Acme Solar Holdings Ltd.
NSE: ACMESOLARUtilitiesUtilities - Renewable
- Last close
- ₹371.85
- Day change
- −₹16.95 (−4.36%)vs
- Market cap
- ₹29,237 crIndian rupees
- Research updated
- 1 report
Follow Acme Solar Holdings
Create an account, then follow this company for weekday briefs. You will return to Acme Solar Holdings after signing in.
About Acme Solar Holdings
Acme Solar Holdings Ltd. is a prominent player in the renewable energy sector, focusing on the development, construction, and maintenance of solar power projects. The primary function of Acme Solar is to harness solar energy to generate electricity, contributing to sustainable development and decreasing reliance on fossil fuels. By operating in the solar energy industry, it significantly impacts the energy, environmental, and infrastructure sectors. Acme Solar supports government and corporate initiatives to reduce carbon footprints and promote clean energy solutions. The company's projects can be found across various geographic locations, underlining its commitment to expanding its solar footprint. Acme Solar also engages in long-term power purchase agreements with government bodies and private entities, ensuring a steady revenue stream while supporting global and local energy needs. As a leader in renewable energy, Acme Solar Holdings Ltd. plays a critical role in the transition towards a greener, more sustainable future, positioning itself as an essential entity in the fight against climate change.
- Sector
- Utilities
- Industry
- Utilities - Renewable
- Listing
- NSE: ACMESOLAR
- Next results
- Chief executive
- Mr. Nikhil Dhingra
- Employees
- 947
- Headquarters
- Gurugram, India
- ISIN
- INE622W01025
- Website
- acmesolar.in
Public research · Report of
Business model & financial foundation
ACME Solar (NSE: ACMESOLAR), Renewable power generation and battery energy storage (independent power producer): revenue of ₹2,023 crore in FY26 (+44.0% on FY25), an EBITDA margin of 88.0%, net profit of ₹498.9 crore and net debt of ₹12,830 crore.
- Revenue, FY26 (₹ crore)
- 2,023
- consolidated
- Revenue growth, FY26
- +44.0%
- on FY25
- EBITDA margin, FY26
- 88.0%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 498.9
- to owners
- Return on equity, FY26
- 10.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 12,830
- Company net debt including liquidity investments
- Market capitalisation (₹ crore)
- 29,523
- at the close of 13 Oct 2026
Company profile
ACME Solar Holdings is an Indian independent renewable power producer that develops, owns and operates utility-scale solar, wind, hybrid, FDRE and battery-storage projects, selling power mainly under 25-year PPAs with central intermediaries (SECI, NTPC, NHPC, SJVN) and state utilities. It had 2,982 MW operating and ~5,088 MW under construction at 31 Mar 2026, and 4.96 GWh of commissioned battery storage by 30 Sep 2026. The company is in-house EPC and O&M integrated through its promoter group.
| Item | Value |
|---|---|
| Legal name | ACME Solar Holdings Limited |
| Exchange and ticker | NSE: ACMESOLAR; BSE: 544283 |
| ISIN | INE622W01025 |
| CIN | L40106HR2015PLC102129 |
| Sector | Utilities |
| Industry | Renewable power generation and battery energy storage (independent power producer) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP and A Prasad & Associates (joint, FY26); BSR & Co LLP replaces Walker from the 29 Sep 2026 AGM |
| Market capitalisation | ₹29,523 crore (13 Oct 2026) |
| Shares outstanding | 61.13 crore shares (FY26) |
| Price | ₹418.8 (close, 13 Oct 2026) |
| 52-week range | ₹195.9 - ₹476.9 (to 13 Oct 2026) |
| Website | https://www.acmesolar.in |
Corporate structure and shareholding
Parent: ACME Cleantech Solutions Pvt Ltd (ultimate parent MKU Holdings Pvt Ltd).
| Entity | Holding | Business |
|---|---|---|
| ACME Solar Energy Pvt Ltd | 100% | Operating solar SPV; the only material subsidiary on the FY26 test |
| ACME Heergarh Powertech Pvt Ltd | 100% | Operating solar SPV (material on the FY25 test) |
| ACME Aklera Power Technology Pvt Ltd | 100% | Operating solar SPV (material on the FY25 test) |
| Amshuman Renewables Pvt Ltd | 100% | Shell incorporated 13 Oct 2026 for future renewable projects, Rs 1 lakh capital |
| Urjita Powertech Pvt Ltd | 100% | Shell incorporated 13 Oct 2026 for future renewable projects, Rs 1 lakh capital |
75 subsidiaries at 31 Mar 2026; 18 further WOS incorporated 6 Oct 2026 and 2 on 13 Oct 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 83.29% | 83.29% | 71.40% | |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 4.04% | 3.60% | 4.39% | |
| Domestic institutions | 6.87% | 7.06% | 19.10% | |
| of which mutual funds | 4.89% | 5.35% | 16.20% | |
| Retail | 4.37% | 3.66% | ||
| Other | 1.43% | 2.39% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ACME Solar is a contracted renewable IPP: ~75 project SPVs selling solar, wind, hybrid and FDRE power under 25-year fixed-tariff PPAs, mostly to central intermediaries (SECI, NTPC, NHPC, SJVN). Operating capacity 2,990 MW at 30 Jun 2026, MW-weighted tariff 3.41/kWh; 5,080 MW under construction at 4.4/kWh. Since March 2026 it also sells standalone battery storage (BESS) output on short-term contracts and merchant: 226 cr in Q1 FY27, 85% short-term. EPC and O&M come largely from the promoter group (ACSPL, MKU). It controls bidding, land, construction and O&M; it does not control resource, grid connectivity (GNA) timing, procurer PPA signing or power prices.
| Peer | Why the dossier compares them |
|---|---|
| Adani Green Energy (ADANIGREEN) | Largest listed pure-play renewable IPP; contracted solar/wind/hybrid with storage build |
| NTPC Green Energy (NTPCGREEN) | Listed renewable IPP of similar vintage, contracted with central counterparties |
| JSW Energy (JSWENERGY) | IPP pivoting to renewables and BESS, comparable leverage and build-out |
| Tata Power (TATAPOWER) | |
| KPI Green Energy (KPIGREEN) | Mid-cap listed solar/hybrid IPP and EPC, Gujarat-centred |
| NHPC (NHPC) | |
| SJVN (SJVN) | State-owned generator with large solar/storage pipeline and ACME offtaker overlap |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,487 | 1,294 | 1,319 | 1,405 | 2,023 |
| Cost of revenue (vendor classification) * | 156.3 | 56.8 | 46.1 | 51.1 | 51.7 |
| Other operating costs (vendor classification) * | 50.7 | 29.9 | 201.4 | 131.8 | 102.5 |
| EBITDA (vendor classification) * | 1,240 | 1,233 | 1,236 | 1,406 | 2,129 |
| Operating EBIT excluding other income and exceptional | 1,025 | 787.7 | 781.0 | 948.1 | 1,313 |
| Finance costs | 922.6 | 803.1 | 767.3 | 759.2 | 1,123 |
| Profit before tax | 102.4 | -15.4 | 909.4 | 338.0 | 676.8 |
| Current plus deferred tax expense | 40.4 | -12.2 | 211.6 | 87.2 | 178.9 |
| Profit after tax before minority allocation | 62.0 | -3.17 | 697.8 | 250.8 | 497.9 |
| Diluted EPS reported split-adjusted (₹) | 1.03 | -0.05 | 12.55 | 4.53 | 8.16 |
| Cost of power purchased / materials | 0.00 | 0.00 | 0.00 | ||
| Employee benefits expense | 59.0 | 64.9 | 62.0 | ||
| Other operating expenses | 171.1 | 104.8 | 180.1 | ||
| Operating EBITDA excluding other income | 1,089 | 1,235 | 1,781 | ||
| Company headline EBITDA including other income | 1,236 | 1,406 | 2,265 | ||
| Other income | 147.0 | 170.1 | 483.7 | ||
| Depreciation and amortisation | 308.1 | 287.3 | 467.9 | ||
| Exceptional items signed gain / loss | 748.7 | -21.0 | 2.68 | ||
| Profit attributable to non-controlling interests signed | -0.02 | -1.29 | -1.03 | ||
| Share of associates profit / loss | n.a. | n.a. | n.a. | ||
| PAT attributable to holding-company owners | 697.8 | 252.1 | 498.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,009 | 1,930 | 2,591 | 4,509 | 5,060 |
| Borrowings excluding lease liabilities | 7,915 | 9,014 | 8,218 | 10,423 | 18,988 |
| Cash and cash equivalents | 423.1 | 403.1 | 309.2 | 1,284 | 2,231 |
| Trade receivables incl unbilled net allowance | 931.4 | 699.3 | 420.9 | 380.8 | 332.9 |
| Inventories | 0.00 | 3.93 | 17.4 | ||
| Trade payables MSME plus other creditors | 273.0 | 62.1 | 73.8 | 224.7 | 15.3 |
| Net PPE excluding ROU and CWIP | 501.1 | 522.1 | 6,353 | 11,662 | 14,664 |
| Capital work-in-progress | 1,998 | 2,312 | 2,828 | 1,362 | 4,358 |
| Total assets | 10,887 | 12,187 | 13,400 | 18,404 | 28,540 |
| Current plus noncurrent lease liabilities | 318.8 | 553.0 | 908.2 | ||
| Other bank balances incl restricted deposits | 1,006 | 1,632 | 3,927 | ||
| Short-term liquid investments | 149.9 | 0.00 | 0.00 | ||
| Company net debt including liquidity investments | 6,753 | 7,507 | 12,830 | ||
| Equity attributable to owners | 2,591 | 4,511 | 5,061 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operations after income taxes | 639.7 | 1,065 | 1,434 | 1,543 | 1,249 |
| Free cash flow (vendor definition) * | -3,064 | 494.7 | -1,389 | -1,723 | -4,073 |
| Dividends paid (the provider's sign: an outflow is negative) * | -24.2 | ||||
| Cash PPE purchases incl CWIP capital creditors advances (positive) | -1,451 | -768.5 | 2,823 | 3,266 | 5,321 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares for EPS | 60.51 | 60.51 | 55.62 | 55.61 | 61.13 |
| Closing ordinary equity shares split-adjusted | 52.22 | 60.51 | 60.54 | ||
| Weighted average basic shares | 55.62 | 55.42 | 60.52 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 259.6 | 349.0 | 486.9 | 511.0 | 467.7 | 496.8 | 547.9 | 857.5 |
| Cost of revenue (vendor classification) * | 0.00 | 39.0 | ||||||
| Other operating costs (vendor classification) * | 25.2 | 33.9 | 37.4 | 36.5 | 54.1 | 66.5 | ||
| EBITDA (vendor classification) * | 359.0 | 488.1 | 530.8 | 564.5 | 635.9 | 830.5 | ||
| Operating EBIT excluding other income and exceptional | 160.9 | 237.5 | 333.5 | 350.3 | 282.8 | 324.3 | 356.0 | 579.5 |
| Finance costs | 178.3 | 179.1 | 205.5 | 233.0 | 264.5 | 288.0 | 337.5 | 344.3 |
| Profit before tax | 18.1 | 103.4 | 166.3 | 174.4 | 156.2 | 156.3 | 190.0 | 331.5 |
| Current plus deferred tax expense | 2.85 | -8.69 | 44.2 | 43.6 | 41.1 | 42.6 | 51.7 | 96.1 |
| PAT before minority allocation | 15.3 | 112.1 | 122.1 | 130.8 | 115.1 | 113.7 | 138.3 | 235.3 |
| Diluted EPS reported split-adjusted (₹) | 0.29 | 2.09 | 2.14 | 2.14 | 1.88 | 1.87 | 2.27 | 3.67 |
| Employee benefits expense | 16.0 | 16.7 | 17.3 | 15.8 | 15.5 | 15.8 | 14.9 | 17.7 |
| Other operating expenses | 22.8 | 25.2 | 33.9 | 37.4 | 52.1 | 36.5 | 54.1 | 66.5 |
| Cost of power purchased / materials | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 39.0 |
| Operating EBITDA excluding other income | 220.8 | 307.2 | 435.7 | 457.8 | 400.2 | 444.5 | 478.8 | 734.3 |
| Company headline EBITDA including other income | 256.3 | 359.0 | 488.1 | 530.8 | 533.8 | 564.5 | 635.9 | 830.5 |
| Other income | 35.6 | 51.8 | 52.4 | 73.0 | 133.6 | 120.0 | 157.1 | 96.3 |
| Depreciation and amortisation | 59.9 | 69.7 | 102.2 | 107.6 | 117.4 | 120.2 | 122.8 | 154.8 |
| Exceptional items signed gain / loss | 0.00 | -6.90 | -14.1 | -15.9 | 4.25 | 0.00 | 14.3 | 0.00 |
| Profit attributable to NCI signed | 0.00 | 0.00 | -1.29 | -0.01 | -0.01 | -0.01 | -1.01 | 0.00 |
| PAT attributable to holding-company owners | 15.3 | 112.1 | 123.4 | 130.8 | 115.1 | 113.7 | 139.3 | 235.3 |
| Share of associates profit / loss | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -13.0% | 1.9% | 6.5% | 44.0% | |
| EBITDA margin | 82.6% | 87.9% | 88.0% | ||
| Net margin | 52.9% | 17.9% | 24.7% | ||
| Return on equity | 30.9% | 7.1% | 10.4% | ||
| Return on capital employed | 10.3% | 7.5% | 7.2% | 7.4% | 6.7% |
| Return on assets | 5.5% | 1.6% | 2.1% | ||
| Net debt (₹ crore) | 6,753 | 7,507 | 12,830 | ||
| Net debt / EBITDA | 6.20x | 6.08x | 7.20x | ||
| Interest cover | 1.11x | 0.98x | 1.02x | 1.25x | 1.17x |
| Asset turnover | 0.14x | 0.11x | 0.10x | 0.09x | 0.09x |
| Receivable days | 229 | 197 | 116 | 99 | 60 |
| Inventory days (on revenue) | 0 | 1 | 3 | ||
| Payable days (on revenue) | 67 | 18 | 20 | 58 | 3 |
| Cash conversion | 2.06x | 6.12x | 2.50x | ||
| Capex intensity | 97.5% | 59.4% | 214.0% | 232.4% | 263.0% |
| Free cash flow (₹ crore) | -811.1 | 296.5 | -1,389 | -1,723 | -4,073 |
| Dividend payout | 4.9% | ||||
| EPS, diluted (₹) | 1.03 | -0.05 | 12.55 | 4.53 | 8.16 |
| Book value per share (₹) | 33.20 | 31.90 | 46.59 | 81.09 | 82.78 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt including liquidity investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS reported split-adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Acme Solar Holdings includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Acme Solar Holdings
- Research reportLatest
Same sector
More research in Utilities
Ntpc Ltd.
NSE: NTPC
Utilities · Utilities - Regulated Electric
₹298.00 last close on 23 Oct 2026 −1.52%Research updated
Power Grid Corporation of India Ltd.
NSE: POWERGRID
Utilities · Utilities - Regulated Electric
₹247.40 last close on 23 Oct 2026 −0.40%Research updated
Adani Green Energy Limited
NSE: ADANIGREEN
Utilities · Utilities - Renewable
₹1,185.10 last close on 23 Oct 2026 −5.19%Research updated
Adani Energy Solutions Ltd.
NSE: ADANIENSOL
Utilities · Utilities - Independent Power Producers
₹1,220.00 last close on 23 Oct 2026 −5.82%Research updated
Siemens Energy India Ltd.
NSE: ENRIN
Utilities · Utilities - Renewable
₹2,653.30 last close on 23 Oct 2026 −4.01%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.