Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 2 Oct - Crisil revised ACME Solar's outlook to Positive and reaffirmed AA- rating on Rs 2,500 crore bank facilities.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result30 Jul, 01:56 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 +6.4% / mo · MACD −
Stock trend: 61
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ACMESOLARD candles · FIT view+36.8%Latest close ₹417.75 on 2026-10-19
Bar
+2.4%
RSI
48
MACD hist
-4.08
52W pos
79%
2026-10-19O ₹407.90H ₹422.00L ₹402.85C ₹417.75Vol 15.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ACMESOLARNifty PowerNifty 500
- ACMESOLAR
- +10.6%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- +16.2 pp
Chart stats
19 Oct 2026- From 52W high
- -12.4%
- 52W range position
- 79%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.73x
- Avg traded value
- ₹69.9 Cr
- 20D price channel
- ₹398 - ₹476.9
₹476.9
₹195.9 - ₹476.9
₹17.5
Latest completed session
20-session average
35.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +67.9% · PAT +79.4% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model-76.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence56
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +68% YoY · PAT +79% YoY · +57% QoQ · operating leverage · margin compression
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 49.80
- P/B
- 5.02
- EV/EBITDA
- 21.54
- Market Cap
- 29636.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 8.91%
- ROA
- 2.14%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 52.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 130.00%
Balance Sheet
- Debt/Equity
- 3.93
- Interest Coverage
- 1.45×
- Altman Z
- 1.37
- 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
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,370+68.7% vs prev
Net Profit
₹ CrLatest: 498+98.4% vs prev
Return on Equity
%Latest: 9.8+77.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.0% over last month) — short-term momentum positive.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 113% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
93
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.0%
3M return
+10.6%
6M return
+37.6%
1Y return
+48.1%
RS 1D
0
RS 20D
-1
Sector rank
#17
Industry rank
-
Stage evidence
- Price is 18.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
02 Jun 2026
S2 age
98 trading sessions
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 161.26+2.95%
RS vs Nifty 500161
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth20/25
Quality2/20
Balance Sheet0/15
Cash Flow2/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
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.
- Fair-value margin of safety is negative at -76.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
49.8
PB
5.0
EV/EBITDA
21.5
ROE
10.4%
ROCE
8.9%
FCF Yield
—
Debt/Equity
3.9
MoS
-76.6%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-76.6%
Previous: -76.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹132.96
-214.2% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹236.47
-76.6% MoS
PEG
0.60
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KPIGREEN
Micro
KPI Green Energy Limited
Renewable Energy
match 196
49
14.2
16.9%
+46%
FAIR VALUE
SERVOTECH
Small
Servotech Renewable Power System Limited
Renewable Energy
match 168
35
43.4
12.8%
-64%
WATCHLIST
AGNI
SME
Agni Green Power Ltd.
Renewable Energy
match 168
23
19.7
4.4%
-30%
OVERVALUED
ADVAIT
Small
Advait Energy Transitions Limited
Renewable Energy
match 167
52
34.7
21.5%
-33%
FAIR VALUE
INA
Small
Insolation Energy Limited
Renewable Energy
match 165
75
9.4
28.1%
+68%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T07:24:53.823Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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.
Trust Score
56Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
57 docs text-extracted · 20 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
18th percentile
overall median 67 · Power: 21st pctile, median 65 · Large: 10th pctile, median 73
Evidence depth
Financial-only
57 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
8
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
90
strong · quarterly consistency
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 1.37.
- ▸Interest coverage is 1.4x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Acme Solar Holdings Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 18 Sep - Board approved amalgamation of three wholly owned subsidiaries into ACME Solar on September 18, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 30 Sep - AGM approved BSR & Co. LLP as joint auditor for 5 years and expanded MOA objects on September 29, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 15 Sep - ACME Solar incorporated four wholly owned subsidiaries on September 15, 2026, each with Rs. 1 lakh capital.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 10 Sep - Board approved incorporation of wholly-owned UAE subsidiary, ACME Renewables FZCO, with AED 10,000 initial capital.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Aug - ACME Solar refinanced ₹2,147 crore, fully redeeming offshore dollar bonds and NCDs; borrowing cost falls 150 bps.
Source: Bse
Credit rating
Credit Rating - ACME Heergarh Powertech Private Limited 18 Jun - ICRA assigned ACME Heergarh Powertech AA-(Stable) ratings for Rs 1,253 crore debt.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Jun - Intimation in respect of allotment of equity shares under ACME Employee Stock Option Plan 2024
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Jun - ACME Solar completes INR 2,800 crore QIP, its first equity raise since 2024 listing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 26 May - ACME Solar subsidiary signed 25-year SECI PPA for 300 MW FDRE assured peak power project.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.