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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 3,23,287 | 11.7 | 1.53 | 10.2 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD | 2,11,030 | 87.2 | 7.06 | 27.2 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 96,469 | 47.0 | 2.87 | 15.3 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 76,724 | 20.2 | 1.59 | 20.1 | 8.7 | 2.7 | 3.8 | 65.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · Acme Solar to set up wholly-owned subsidiary in UAE for renewables | strategic transactions | medium | — | — |
| 10 Sept 2026 · ACME Solar to set up wholly-owned subsidiary in UAE for renewable energy supply chain | strategic transactions | high | — | — |
| 7 Sept 2026 · Notice of 11th AGM and E-Voting Information Published in Newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Letter to shareholders with web link for FY25-26 Annual Report and AGM Notice | compliance | minimal | — | — |
| 3 Sept 2026 · ACME Solar files assured FY2025-26 sustainability report | compliance | low | — | — |
| 3 Sept 2026 · 11th AGM Notice and FY26 Annual Report filed with exchanges | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · ACME Solar 11th AGM Notice and Annual Report FY2025-26 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Notice of 11th AGM scheduled for September 29, 2026 via video conferencing | compliance | minimal | — | — |
| 2 Sept 2026 · ACME Solar announces 11th AGM for September 29, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · ACME Solar expands scope to data centres; appoints new auditor | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| NTPC GREEN ENERGY LIMITED |
| 73,604 |
| 123.0 |
| 3.84 |
| 38.8 |
| 2.7 |
| 1.2 |
| — |
| 90.7 |
| NLC INDIA LIMITED | 36,725 | 11.0 | 1.45 | 9.7 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD ◆ | 28,352 | 41.0 | 5.60 | 19.9 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 25,984 | 40.8 | 1.82 | 16.1 | 4.5 | 2.8 | 12.7 | 65.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.0 | 20.2 | 18 of 25 | 29% |
| P/B | 5.6 | 1.6 | 23 of 26 | 12% |
| ROCE | 2.7 | 2.7 | 15 of 29 | 50% |
| ROE | 9.8 | 6.2 | 8 of 27 | 73% |
| Debt / Equity | 3.8 | 0.7 | 26 of 27 | 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 | 28352 | 3866 | 7 of 29 | 79% |
| 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 |
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.
