MarketFriction

ACME Solar Holdings Ltd

NSE ACMESOLAR · BSE 544283 · Power Generation
₹432.55 -1.47%
NSE close2026-10-01
52 week range195.90 - 476.90
Market cap₹30,958 Cr.
P/E52.0
IPO 2024 · +50% since Nifty 500Smallcap 250 Price band 20% Delivery 30.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales323332295310260349487511468497548858
Expenses3454943839425153685269123
Operating Profit290277201272221307436458400444479734
OPM %90%84%68%88%85%88%90%90%86%89%87%86%
Other Income7339719303645385713812017196
Interest200202177196178179206233265288337344
Depreciation868561566070102108117120123155
Profit before tax77296815018103166174156156190331
Tax %50%-55%22%97%16%-8%27%25%26%27%27%29%
Net Profit3944532115112122131115114138235
EPS in Rs3.704.2650.970.030.291.852.042.161.901.882.303.33
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,7771,6921,4881,2951,3191,4052,0232,370
Expenses129139247122225168238312
Operating Profit1,6491,5531,2401,1731,0941,2371,7852,058
OPM %93%92%83%91%83%88%88%87%
Other Income82218404106891147482526
Interest1,2371,1519968097677591,1231,234
Depreciation704622546485308287468515
Profit before tax-211-1102-15909338677834
Tax %-141%-1,470%39%-79%23%26%26%
Net Profit861562-3698251498602
EPS in Rs8.201.465.94-0.3066.814.178.239.41
Dividend Payout %0%0%0%0%0%5%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%4%16%48%
Compounded Profit Growth%52%150%45%
Stock Price CAGR%%%58%
Return on Equity%4%8%10%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital104104104104104121121
Reserves1,0881,7531,8041,7962,4864,3904,940
Borrowings10,5939,7327,9159,0148,53610,97619,896
Other Liabilities3,6759009731,1132,0802,6543,188
Total Liabilities15,46012,48910,79712,02713,20718,14028,145
Fixed Assets9,6508,9846,1776,6316,75812,31515,732
CWIP220971,2732,1472,8281,3624,358
Investments0252523150275275
Other Assets5,5903,3833,3223,2263,4714,1887,781
Total Assets15,46012,48910,79712,02713,20718,14028,145
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity9221,7469551,2631,4341,5431,249
Cash from Investing Activity-1,426458-425-1,410-1,888-3,976-7,317
Cash from Financing Activity474-2,040-5562152163,4087,015
Net Cash Flow-31164-2569-238975947
Free Cash Flow-1,3271,560-496495-1,368-1,719-4,071
CFO/OP57%112%79%112%132%135%75%
Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1381562031971169960
Inventory Days
Days Payable
Cash Conversion Cycle1381562031971169960
Working Capital Days-97-798111172-118-432
ROCE %9%7%7%8%8%9%
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters83.41%83.41%83.41%83.41%83.29%83.29%71.40%
FIIs5.54%4.74%5.76%5.57%4.03%3.60%4.39%
DIIs6.97%7.09%6.61%6.39%6.87%7.05%19.10%
Public4.07%4.75%4.22%4.63%5.69%5.96%4.92%
Others0.00%0.00%0.00%0.00%0.11%0.10%0.18%
No. of Shareholders1,99,3942,15,0431,97,2231,77,1671,84,1591,64,6351,43,209

Fundamentals

Market Cap₹ 30,958 Cr.
Current Price₹ 438
Stock P/E52.0
Book Value₹ 83.5
ROCE8.91 %
ROE10.4 %
Dividend Yield0.05 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)48%
Compounded Profit Growth (TTM)45%
Consolidated figures.
Valuation
Market capRs 30,576 Cr
Enterprise valueRs 38,251 Cr
P/E (TTM)50.67x
Price to book16.09x
Price to sales12.90x
EV / EBITDA14.81x
EV / EBIT18.49x
EV / sales16.14x
Price to cash flow24.20x
Earnings yield1.97%
Profitability
Operating margin (excl. other income)90.56%
Operating margin (incl. other income)98.74%
EBITDA margin109.01%
Pre-tax margin35.19%
Net profit margin25.46%
Net margin, latest quarter27.44%
ROE-0.16%
ROCE7.66%
ROA-0.03%
ROE, 3-year average1.38%
ROCE, 3-year average9.25%
ROA, 3-year average0.20%
ROIC (approx.)4.45%
Tax rate79.42%
Other income / net worth5.57%
Growth
Sales growth (latest year)-12.97%
Profit growth (latest year)-105.06%
Sales CAGR, 3 years-10.02%
Sales growth QoQ56.52%
Profit growth QoQ68.91%
Sales growth YoY (latest quarter)67.81%
Profit growth YoY (latest quarter)79.87%
Per share
EPS (TTM)Rs 8.54
EPS (latest year)Rs -0.30
EPS (latest quarter)Rs 3.33
EPS, 3-year averageRs 2.37
Book value per shareRs 26.89
Sales per shareRs 33.53
Cash flow per shareRs 17.87
Free cash flow per shareRs -57.59
Efficiency
Asset turnover0.11x
Fixed asset turnover0.20x
Debtor days197 days
Debtors turnover1.85x
Cash conversion cycle60 days
Working capital days-432 days
Leverage
Total debtRs 9,014 Cr
Cash and bankRs 1,338 Cr
Net debtRs 7,675 Cr
Debt to equity4.74x
Net debt / EBITDA2.97x
Interest coverage1.68x
Current ratio (filing 2026-03-31)2.17x
Quick ratio (filing 2026-03-31)2.16x
Trade payables (filing 2026-03-31)Rs 15 Cr
Owners' fund to total sources15.80%
Debt to assets74.94%
Cash flow
Cash from Operating Activity (latest year)Rs 1,263 Cr
Cash from Investing Activity (latest year)Rs -1,410 Cr
Cash from Financing Activity (latest year)Rs 215 Cr
Net Cash Flow (latest year)Rs 69 Cr
Free cash flow (latest year)Rs -4,071 Cr
FCFE (approx.: FCF + change in debt)Rs -2,972 Cr
Cash from ops / profit, 5 years4.28x
Sales to cash flow1.02x
Statement figures
Net sales (TTM)Rs 2,370 Cr
Net sales (latest year)Rs 1,295 Cr
Sales (latest quarter)Rs 858 Cr
Operating profit excl. other income (latest year)Rs 1,173 Cr
Operating profit (latest quarter)Rs 734 Cr
Other income (TTM)Rs 526 Cr
EBITDA (TTM)Rs 2,583 Cr
PBDT (TTM)Rs 1,349 Cr
Profit before tax (TTM)Rs 834 Cr
Tax (latest year)Rs -12 Cr
Net profit (TTM)Rs 603 Cr
Net profit (latest year)Rs -3 Cr
Net profit (latest quarter)Rs 235 Cr
Depreciation (TTM)Rs 515 Cr
Depreciation (latest quarter)Rs 155 Cr
Interest (TTM)Rs 1,234 Cr
Cost of goods sold (latest year)Rs 57 Cr
Total expenditure (latest year)Rs 122 Cr
Total income (latest year)Rs 1,401 Cr
Share capitalRs 104 Cr
ReservesRs 1,796 Cr
Shareholders' fundsRs 1,901 Cr
Total assetsRs 12,027 Cr
Net blockRs 6,631 Cr
Capital work in progressRs 2,147 Cr
InvestmentsRs 23 Cr
ReceivablesRs 699 Cr
Other liabilitiesRs 1,113 Cr
Shares outstanding (crore)70.69
Ownership
Promoter holding71.40% (-12.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 16.09 is at the 92th percentile (median 10.03).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodACMESOLARNifty 50Difference
1 week-3.2%-2.8% -0.4 pts
1 month+7.1%-6.8% +13.9 pts
3 months+12.9%-7.6% +20.5 pts
6 months+65.3%+0.4% +64.9 pts
1 year+54.0%-9.9% +63.9 pts
80 mutual fund schemes hold about ₹4,308 Cr. Over three months 14 bought more and 62 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund1.19%984 -11%
HDFC Flexi Cap Fund0.57%647 -12%
SBI Dividend Yield Fund3.51%301 -7%
SBI Large & Midcap Fund0.71%301 -10%
Tata Small Cap Fund1.81%238 -10%
ICICI Pru Energy Opportunities Fund1.88%156 -31%
Nippon India Power & Infra Fund1.93%155 -8%
Kotak Small Cap Fund0.79%155 -11%
HDFC Value Fund1.52%126 -14%
HDFC Multi Cap Fund0.59%122 -8%
Canara Rob Small Cap Fund0.77%113 +100%
Kotak Business Cycle Fund2.55%90 -12%
Bandhan Small Cap Fund0.24%82 -22%
Nippon India Value Fund0.79%71 -7%
DSP India T.I.G.E.R Fund1.05%68 -30%
PGIM India Midcap Fund0.57%64 +45%
Tata Multi Asset Allocation Fund1.14%60 -8%
Kotak Large Cap Fund0.51%55 -26%
ICICI Pru Aggressive Hybrid Fund(A0.10%54 -72%
Nippon India Multi Asset Allocation Fund0.28%50 -17%
HDFC Business Cycle Fund1.77%49 -9%
Tata Business Cycle Fund1.63%43 -4%
Aditya Birla SL Dividend Yield Fund2.08%31 +100%
UTI Small Cap Fund0.58%31 +26%
Aditya Birla SL Infrastructure Fund2.44%30 +7%

Red flags

F-score 4 of 8
lookAuditor change Auditor change 2026-09-30: Acme Solar Holdings Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-11-06ACME EMPLOYEES WELFARE TRUSTOtherother884,023Rs 23.79 CrESOP
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹858 Cr +67.9% vs Jun 2025. Net profit ₹235 Cr +79.4%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-02-06Interim Dividend - Re 0.20 Per Share
2025-05-02Interim Dividend - Re 0.20 Per Share
DateTypeWhat it says
2026-10-02Credit RatingCredit Rating
2026-10-01UpdatesACME Solar operationalizes additional cumulative BESS capacity of 107.36 MW / 437.49 MWh in Rajasthan.
2026-10-01Commencement of commercial pCommissioning of Battery Energy Storage Systems (BESS) Project
2026-10-01Commencement of commercial pUpdate on commissioning of Battery Energy Storage System (BESS) Project
2026-09-30Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-09-30Change in AuditorsChange in Auditors of the company.
2026-09-30Shareholder meetingVoting results.
2026-09-29Shareholder meetingProceedings of Annual General Meeting held on September 29, 2026
2026-09-19AcquisitionIncorporation of wholly owned subsidiary
2026-09-18Amalgamation/MergerThe Scheme of Amalgamationamongst ACME Pokhran Solar Private Limited, ACME Sikar Solar Private Limited, ACME Eco Clean Energy Private Limited and ACME...
2026-09-17Commencement of commercial pUpdate on commissioning of Battery Energy Storage System (BESS) Project
2026-09-16Press ReleaseA press release dated September 16, 2026, titled "ACME Solar commissions 66.68 MW Solar Capacity and 300 MWh BESS Capacity in Rajasthan".
2026-09-15AcquisitionIncorporation of four wholly owned subsidiaries.
2026-09-15Concall / analyst meetSchedule of meet
2026-09-14Commencement of commercial pCommissioning of Battery Energy Storage Systems (BESS) Project
2026-09-12Commencement of commercial pCommissioning of solar power project in Rajasthan
2026-09-10General UpdatesApproval of Incorporation of a wholly-owned subsidiary company in United Arab Emirates
2026-09-03General UpdatesGeneral Updates
2026-09-03UpdatesBusiness Responsibility and Sustainability Report for FY 2025-26.
2026-09-03Shareholder meetingNotice of Annual General Meeting to be held on September 29, 2026
2026-09-01AppointmentAppointment of M/s. BSR & Co. LLP as joint Statutory Auditor of the company w.e.f. April 01, 2026.
2026-09-01Board meeting outcomeOutcome of Board Meeting
2026-08-28Order winReceiving of Letter of Award.
2026-08-27Commencement of commercial pCommissioning Of Battery Energy Storage System (BESS) Project in Rajasthan
2026-08-27Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-28100
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of ACME Solar Holdings Ltd?

ACME Solar Holdings Ltd (ACMESOLAR) has a market capitalisation of Rs 30,958 Cr. at the 2026-10-01 close.

What is the P/E ratio of ACME Solar Holdings Ltd?

ACME Solar Holdings Ltd trades at a P/E of 52.0 on trailing twelve-month profit, at the 2026-10-01 close.

What were ACME Solar Holdings Ltd's latest quarterly results?

In the Jun 2026 quarter, ACME Solar Holdings Ltd sales was Rs 858 Cr (+67.9% vs Jun 2025) and net profit was Rs 235 Cr.

What is the 52-week high and low of ACME Solar Holdings Ltd?

The 52-week high is Rs 476.90 and the 52-week low is Rs 195.90.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03