Acme Solar Holdings Limited (ACMESOLAR)
Large CapPower stocks · Large cap · NSE
ACME Solar Holdings Limited is one of India's largest Renewable Energy IPPs, with a portfolio of 8,071 MW and 550 MWh standalone BESS across solar, wind, storage, hybrid & FDRE projects. It focuses on long-term PPAs with government-backed entities, leveraging in-house EPC and O&M capabilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +68% YoY · PAT +79% YoY · +57% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹858 Cr | +67.9% | +56.6% |
| EBITDA | ₹734 Cr | +60.3% | +53.2% |
| Operating margin | 86.0% | -400 bps | -100 bps |
| PAT | ₹235 Cr | +79.4% | +70.3% |
| PAT margin | 27.4% | +175 bps | +221 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ACME Solar reported strong FY26 performance with revenue up 59.2% YoY to INR 2,507 Cr and PAT nearly doubling to INR 498 Cr. Q4 FY26 also saw robust growth, with revenue up 30.7% YoY to INR 705 Cr and PAT up 13.3% YoY to INR 138 Cr, driven by capacity additions and higher CUF.
The company delivered strong financial and operational growth in FY26, driven by significant capacity commissioning and new project wins. Strategic BESS deployment and refinancing efforts are positive. The increasing share of central offtakers and improving DSO are favorable, supporting the long-term thesis.
Large-scale BESS Deployment
Commissioned ~2.32 GWh BESS, delivering ~INR 2.2 Cr/day net realization. Future BESS portfolio capacity to be ~10 GWh.
New Project Wins
Won 301 MW FDRE with SECI in Q4, taking cumulative FY26 project additions to 1,401 MW. Total under construction capacity is 5,081 MW.
PPA Signed Capacity
Cumulative FY26 PPA signed capacity stood at 3,280 MW out of total under construction portfolio of 5,081 MW.
Connectivity Inventory
Connectivity inventory of ~9.6 GW available for upcoming bids over and above existing portfolio.
BESS Commissioning
~2.32 GWh BESS commissioned in phases from Feb’26 till May’26 across 3 project sites, generating revenue under merchant/short term peak power contracts.
Wind Project Commissioning
Fully commissioned 100 MW Acme Eco Clean wind project, taking total operational capacity to 2,990 MW.
FY26 Capex Commitment
Total committed capex of ~INR 12,475 Cr in FY26, with ~INR 6,445 Cr incurred and ~INR 6,030 Cr in Purchase Orders.
BESS Merchant Sale Clarification
MNRE clarified BESS charged from conventional power under FDRE bids can sell in merchant mode without buyer NOC, speeding deployment.
Grid Charging for BESS
CTU processing BESS connectivity requests under ROFR, with 36 months of grid charging allowed from GNA effective date.
Transmission Delay Relief
CERC draft order to extend SCOD timelines by up to one year with compensation, and MoP allowing ISTS waiver extension for delayed projects.
Refinancing Benefits
Secured refinancing of ~INR 3,300 Cr for ~850 MW operational projects, reducing interest rate by ~150 bps.
Grid Availability Impact
Grid availability dropped in FY26 due to transformer failure at a solar park pooling substation and planned transmission line shutdown.
DSM Regulations Stayed
CERC's amended DSM regulations, narrowing revenue-neutral band, were stayed by Karnataka HC.
Transmission Connectivity Risk
Future BESS capacity is tied to PPA-signed projects and to be connected at operational/near-term TGNA-ready substations, mitigating this risk.
Project Execution & Evacuation Delays
Future upcoming BESS portfolio capacity estimates are subject to external factors like project execution and evacuation infrastructure delays.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The power generation business often exhibits seasonality, making year-over-year comparisons more relevant for assessing underlying operational performance and financial growth. The document also provides full-year comparisons which are crucial for overall business health.
Total Operational Capacity
Total Operational Capacity reached 2,990 MW as of May 7, 2026, including 2,352 MWh BESS commissioned till date.
Generation (FY26)
Power generation increased by 61.1% YoY to 6,464 Million Units in FY26, driven by higher CUF and new capacity additions.
Capacity Utilization Factor (CUF) FY26
CUF for FY26 was 25.9%, up from 25.6% in FY25. Rajasthan-based operational assets (2,250 MW) delivered an average CUF of 28.5% in Q4 FY26.
Weighted Average Cost of Debt
Weighted average cost of debt for Operational projects stands at 8.4%.
Target 2030
Target to have a portfolio of 10 GW generation capacity and 20 GWh BESS capacity by 2030.
BESS Early Commissioning Strategy
Advancing commissioning and operation of large-scale BESS capacity on merchant/short term basis, utilizing existing transmission infrastructure.
Offtaker Mix Improvement
Share of Central Offtakers to increase to 84% from present 67%, which is expected to further reduce DSO days.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| BESS Net Realization | ~INR 2.2 Cr/day | Sustained or increasing daily net realization from commissioned BESS capacity. |
| Under Construction PPA Signed Capacity | 3,280 MW | Conversion of LOA awarded projects into PPA signed capacity and timely commissioning. |
| Net Debt to TTM EBITDA | 3.9x | Management targets to keep Net Debt/Run-Rate EBITDA under ~5.5x on operational portfolio basis. |
| Connectivity Inventory | ~9.6 GW | Successful utilization of available connectivity inventory for upcoming bids and new project awards. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
85Strong Bullfull bull SMA stack · SMA20 +4.1% / mo · MACD + · near 52W high
Technical chart
ACMESOLARdaily · 1Y · AUTO+80.8%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 67.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.0% over last month) — short-term momentum positive.
- RSI(14) at 67 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 32.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.9%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 20/25 to the score.
- Cash flow contributes 2/10 to the score.
- Quality contributes 2/20 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -78.9%.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 18th percentile of the scored universe and 21st percentile within Power. Main check: balance sheet trust is weak at 8/100.
Mixed Trust Lite: Promoter holding is 71.4%. Key concern: Promoter holding fell 12%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 21st pctile, median 65 · Large: 10th pctile, median 73
39 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 12%.
- ▸Debt/equity is 3.93.
- ▸Altman Z is 1.35.
- ▸Interest coverage is 1.4x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.60
- P/B
- 5.01
- EV/EBITDA
- 21.53
- Market Cap
- 29547.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 8.89%
- ROA
- 2.11%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 51.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 127.50%
Balance Sheet
- Debt/Equity
- 3.93
- Interest Coverage
- 1.44×
- Altman Z
- 1.35
- Book Value
- 83.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 1249.00 Cr
- EPS TTM
- 9.41
Shareholding
- Promoter Hold
- 71.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.