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Swing Capital

ACME Solar Holdings Ltd

NSE: ACMESOLAR BSE: 544283Energy

Incorporated in 2015, ACME Solar Holdings is a renewable energy company in India with a portfolio of solar, wind, hybrid, and firm and dispatchable renewable energy (“FDRE”) projects.[1]

₹273
52W: ₹196 — ₹324
PE 50.5 · Book ₹81.7 · +234% vs book
Market Cap₹16,549 Cr
Stock P/E50.5Price to Earnings
ROCE9.27%Return on Capital
ROE6.89%Return on Equity
Div. Yield0.07%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 45.7% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 3.32 times its book value
  • −Company has a low return on equity of 3.81% over last 3 years.
  • −Contingent liabilities of Rs.5,273 Cr.
  • −Earnings include an other income of Rs.463 Cr.
  • −Debtor days have increased from 19.6 to 57.4 days.

Shareholding Pattern

Promoters83.29%
FIIs3.6%
DIIs7.05%
Public5.96%
CategoryDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters83.41%83.41%83.41%83.41%83.29%▼0.183.29%
FIIs5.54%4.74%▼0.85.76%▲1.05.57%▼0.24.03%▼1.53.6%▼0.4
DIIs6.97%7.09%▲0.16.61%▼0.56.39%▼0.26.87%▲0.57.05%▲0.2
Public4.07%4.75%▲0.74.22%▼0.54.63%▲0.45.69%▲1.15.96%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales821903694352792692833329182,378
Expenses1022091573652742873033598812,070
Operating Profit-19-19212705-19-20-2736308
OPM %-23%-10%57%16%2%-7%-7%-8%4%13%
Net Profit0404152462-1113132276
EPS ₹0.0238.652.910.870.02-0.180.010.520.524.56

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,911Cr, up 189.3% YoY. OPM at 8%.

Debt Position

Borrowings at ₹4,260Cr. Debt-to-equity ratio: 0.88x. Moderate leverage.

Capex Cycle

CWIP at ₹1Cr (17% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 7.05% (+0.08pp change). FIIs: 3.6% (-1.94pp change). Promoters hold 83.29%.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 9% (Mar 2026). Working capital days: -155.

Valuation

PE 50.5x with 9.27% ROCE. Price is 234% above book value of ₹81.7. Dividend yield: 0.07%.

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