ACMESOLAR
Large CapAcme Solar Holdings Limited
Power
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, management trust is acceptable, price trend is neutral, and recent execution is consistent.
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 31 Mar 2026
Average · 42/100margin compression · Rev +13% YoY · PAT +13% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹548 Cr | +12.5% | +10.3% |
| EBITDA | ₹479 Cr | +9.9% | +7.9% |
| Operating margin | 87.0% | -300 bps | -200 bps |
| PAT | ₹138 Cr | +13.1% | +21.1% |
| PAT margin | 25.2% | +13 bps | +224 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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.
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
60BullishSMA20 +31.5% / mo · near 52W high
Technical chart
ACMESOLARweekly · 5Y+52.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 69.
- SMA20 rising (~23.9% over last month) — short-term momentum positive.
- RSI(14) at 69 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 78% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.2, in distress territory.
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -28.4%.
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
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 27th percentile of the scored universe and 24th percentile within Power. Main check: balance sheet trust is weak at 8/100.
Healthy Trust Lite: Promoter holding is 83.3%. Key concern: Debt/equity is 3.93.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 24th pctile, median 67 · Large: 16th pctile, median 74
45 documents indexed, 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 83.3%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Debt/equity is 3.93.
- ▸Altman Z is 1.20.
- ▸Interest coverage is 1.6x.
- ▸3 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 50.00
- P/B
- 4.22
- EV/EBITDA
- 19.91
- Market Cap
- 24874.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 8.89%
- ROA
- 1.74%
- Dividend Y
- 0.06%
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
- 1.59×
- Altman Z
- 1.20
- Book Value
- 83.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 1249.00 Cr
- EPS TTM
- 8.23
Shareholding
- Promoter Hold
- 83.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.