NSE: ACMESOLAR · BSE: 544283
ACME SOLAR HOLDINGS LTD
Builds, owns and operates utility-scale solar power plants and battery energy storage systems in India. PPAs are signed with central government offtakers including SECI, NHPC and SJVN at Rs 3.25-6.74 per unit on 25-year tenors. Revenue comes from selling solar power under these long-term PPAs and from merchant battery arbitrage — charging from the grid at off-peak rates around Rs 2/kWh and discharging at peak around Rs 8/kWh. Merchant BESS EBITDA margins are guided at 75-80% with round-trip efficiency of 88-90%. FY26 revenue grew 59% YoY to Rs 2,507 crore with PAT of Rs 498 crore; Q1 FY27 revenue rose 63% YoY to Rs 954 crore. Depreciation at 23.1% of revenue is the biggest cost line, reflecting asset intensity, while capex at 263% of revenue is funded by long-term project debt at a weighted average cost of 8.4%, a Rs 2,800 crore QIP in June 2026, and Rs 15,000 crore of project finance for the under-construction pipeline. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar power under long-term PPAs, Merchant BESS arbitrage, FDRE and peak power BESS PPAs. Capital-intensive renewable energy IPP pivoting to integrated solar-plus-storage
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,405 | 2,023 |
| EBITDA (ex other income) | 1,214 | 1,784 |
| margin % | 86.4 | 88.2 |
| Owners' profit | 252 | 499 |
| EPS, as reported (₹) | 4.55 | 8.24 |
| ROE % · ROCE % | 5.6 · 6.4 | 9.8 · 7.1 |
| Debt / equity (x) | 2.31 | 3.75 |
| Cash from operations | 1,543 | 1,249 |
| Capex | (3,266) | (5,321) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260 | 349 | 487 | 511 | 468 | 497 | 548 | 858 |
| Profit before tax | 18 | 103 | 166 | 174 | 156 | 156 | 190 | 331 |
| Net profit | 15 | 112 | 122 | 131 | 115 | 114 | 138 | 235 |
| EPS (₹) | 0.29 | 2.09 | 2.15 | 2.16 | 1.90 | 1.88 | 2.30 | 3.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,92,646 | 10.5 | 1.39 | 9.6 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,12,298 | 87.7 | 7.11 | 27.3 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 86,061 | 41.9 | 2.56 | 14.4 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 73,530 | 19.4 | 1.52 | 19.6 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 70,242 | 117.4 | 3.66 | 37.5 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,990 | 9.6 | 1.27 | 9.0 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD ◆ | 29,643 | 42.9 | 5.86 | 20.5 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,081 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.9 | 19.1 | 17 of 22 | 24% |
| P/B | 5.9 | 1.4 | 23 of 26 | 12% |
| ROCE | 2.7 | 2.7 | 15 of 29 | 50% |
| ROE | 9.8 | 5.3 | 8 of 26 | 72% |
| Debt / Equity | 3.8 | 0.8 | 25 of 26 | 4% |
| EBITDA margin | 96.9 | 53.8 | 3 of 24 | 91% |
| Revenue growth | 67.8 | 10.0 | 4 of 24 | 87% |
| Profit growth | 79.9 | 4.2 | 3 of 25 | 92% |
| Market cap | 29643 | 3297 | 7 of 29 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Additional 35.77 MW battery storage unit commissioned | capex operations | high | — | — |
| 23 Oct 2026 · BESS project reaches 71.64 MW cumulative capacity in Rajasthan | capex operations | high | — | — |
| 22 Oct 2026 · ACME Solar schedules Q2 and H1 FY27 earnings call for Oct 29 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meeting on Oct 28, 2026 to consider Q2 FY27 results | results | low | — | — |
| 19 Oct 2026 · ACME Solar signs PPA for 300 MW SECI FDRE project at Rs 6/unit | business updates | high | — | — |
| 16 Oct 2026 · ACME Solar subsidiary signs 300 MW PPA with SECI at Rs 6 per unit | business updates | high | — | — |
| 14 Oct 2026 · ACME Solar forms wholly-owned subsidiary in UAE for renewable energy supply chain | strategic transactions | medium | — | — |
| 13 Oct 2026 · ACME Solar incorporates two wholly owned subsidiaries in renewable energy | strategic transactions | medium | — | — |
| 10 Oct 2026 · ACME Solar grants 116,788 ESOPs to employees under ESOP Plan 2024 | capital market events | medium | — | — |
| 7 Oct 2026 · ICRA reaffirms AA- rating, enhances rated amount to Rs 3,500 cr | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.