ACME Solar Holdings Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹29,392 Cr
- P/E
- 49.35
- ROE
- 10.44%
- PEG
- 0.34
- Price to sales
- 12.39
- Debt to equity
- 3.93
- 52W high / low
- ₹459 / ₹199
- Sales growth (5Y)
- 3.64%
- EBITDA margin
- 86.83%
- Net profit margin
- 24.65%
- Promoter holding
- 71.40%
- Sales (last year)
- ₹2,370 Cr
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]
Guidance scorecard · Q2 FY27 call
What ACME Solar Holdings Ltd's management guided
and where it ranks in Power
Power
RevenueQ1 FY27 call
40%+- ACME Solar expects a revenue run rate of INR 1,400 crores+ in the next 2-3 years, based on a 10-gigawatt hour BESS capacity in short-term contracts.
- There is potential to exceed INR 1,400 crores if the full 10-gigawatt hour capacity is contracted, with possibilities of reaching INR 2,000-2,500 crores in subsequent years.
- The plan includes continuous pipeline development and bid submissions targeting more BESS capacity beyond 3 years, depending on market conditions and PPAs.
- By 2030, the company plans to expand its capacity target beyond 10 gigawatts due to emerging market opportunities.
2 more points from ACME Solar Holdings Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what ACME Solar Holdings Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Capex largely done for non-module parts of projects, including 80% of transmission lines, substations, and plant infrastructure.
- Modules are being purchased opportunistically, with current prices around INR11.60 per watt, considering favorable Chinese module pricing until December.
- Plans to minimize interest during construction by balancing timing of module purchase.
- Ordered more than 15 gigawatt-hours of batteries from global suppliers CATL and Hithium, within budgeted costs (~INR93 lakhs per MW including IDC and EPC profit).
- Battery capital costs expected to stay within budget despite potential modest price increases (5-10%) due to commodity and currency fluctuations.
- Building capability and team focused on catering to data center power requirements.
- Future investments aimed at CTU-connected projects to leverage peak power and infra strengths.
2 more points from ACME Solar Holdings Ltd's call on capex
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FundraisingQ1 FY27 call
See what ACME Solar Holdings Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- ACME Solar Holdings currently has a total portfolio of 8,070 megawatts under execution, which includes around 20 gigawatt hours (GWh) of battery storage.
- They have signed 3,880 megawatts of FDRE and hybrid PPAs (power purchase agreements) out of the 5,080 megawatts of projects under construction.
- Approximately 1,200 megawatts of projects are under construction but PPAs are yet to be signed; these are progressing well and expected to be signed soon.
- They have already contracted nearly all of their planned 20 GWh of battery capacity (around 90% contracted), with only about 600 megawatt hours currently uncontracted but intended to be put under PPA soon.
2 more points from ACME Solar Holdings Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- 2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Power companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,624 Cr | 8.3 | |
| 2 | ACME Solar Holdings LtdThis stock | 40%+ | Flat | ₹28,982 Cr | 48.7 |
| 3 | 40%+ | Flat | ₹15,130 Cr | 573.5 | |
| 4 | 40%+ | Flat | ₹15,007 Cr | 95.7 | |
| 5 | 20–40% | Flat | ₹3.78L Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1.95L Cr | 100.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Power rankingACME Solar Holdings Ltd announcements
All announcements →- Order winNotableACME Solar Holdings executes 400 MW Power Purchase Agreement with NTPC
- Capex / expansionMajor developmentACME Solar Holdings reports Q2 FY27 EBITDA ₹874 Cr, PAT ₹269 Cr on consolidated basis
- Capex / expansionNotableACME Solar commissions additional 35.77 MW/143.08 MWh BESS in Rajasthan
- Order winNotableACME Solar subsidiary signs 300 MW Power Purchase Agreement with SECI Limited
- Capex / expansionNotableACME Solar Holdings commissions additional 66.68 MW solar capacity in Rajasthan
Financials of ACME Solar Holdings Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
ACME Solar Holdings Ltd
Shareholding breakup across reporting periods.
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Promoters + | 83.41% | 83.41% | 83.41% | 83.41% | 83.29% | 83.29% | 71.40% | 71.40% |
| FIIs + | 5.54% | 4.74% | 5.76% | 5.57% | 4.03% | 3.60% | 4.39% | 6.44% |
| DIIs + | 6.97% | 7.09% | 6.61% | 6.39% | 6.87% | 7.05% | 19.10% | 17.46% |
| Public + | 4.07% | 4.75% | 4.22% | 4.63% | 5.69% | 5.96% | 4.92% | 4.57% |
| Others + | 0.00% | 0.00% | 0.00% | 0.00% | 0.11% | 0.10% | 0.18% | 0.13% |
| No. of Shareholders | 1,99,394 | 2,15,043 | 1,97,223 | 1,77,167 | 1,84,159 | 1,64,635 | 1,43,209 | 1,42,608 |
Financials of ACME Solar Holdings Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 323 | 332 | 295 | 310 | 260 | 349 | 487 | 511 | 468 | 497 | 548 | 858 | 887 |
| Expenses + | 34 | 54 | 94 | 38 | 39 | 42 | 51 | 53 | 68 | 52 | 69 | 123 | 134 |
| Operating Profit | 290 | 277 | 201 | 272 | 221 | 307 | 436 | 458 | 400 | 444 | 479 | 734 | 753 |
| OPM % | 90% | 84% | 68% | 88% | 85% | 88% | 90% | 90% | 86% | 89% | 87% | 86% | 85% |
| Other Income + | 73 | 39 | 719 | 30 | 36 | 45 | 38 | 57 | 138 | 120 | 171 | 96 | 120 |
| Interest | 200 | 202 | 177 | 196 | 178 | 179 | 206 | 233 | 265 | 288 | 337 | 344 | 345 |
| Depreciation | 86 | 85 | 61 | 56 | 60 | 70 | 102 | 108 | 117 | 120 | 123 | 155 | 172 |
| Profit before tax | 77 | 29 | 681 | 50 | 18 | 103 | 166 | 174 | 156 | 156 | 190 | 331 | 356 |
| Tax % | 50% | -55% | 22% | 97% | 16% | -8% | 27% | 25% | 26% | 27% | 27% | 29% | 25% |
| Net Profit + | 39 | 44 | 532 | 1 | 15 | 112 | 122 | 131 | 115 | 114 | 138 | 235 | 269 |
| EPS in Rs | 0.74 | 0.85 | 10.20 | 0.03 | 0.29 | 1.85 | 2.04 | 2.16 | 1.90 | 1.88 | 2.30 | 3.33 | 3.80 |
Financials of ACME Solar Holdings Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | 2,023 | 2,789 |
| Expenses + | 129 | 139 | 247 | 122 | 225 | 168 | 238 | 378 |
| Operating Profit | 1,649 | 1,553 | 1,240 | 1,173 | 1,094 | 1,237 | 1,785 | 2,411 |
| OPM % | 93% | 92% | 83% | 91% | 83% | 88% | 88% | 86% |
| Other Income + | 82 | 218 | 404 | 106 | 891 | 147 | 482 | 508 |
| Interest | 1,237 | 1,151 | 996 | 809 | 767 | 759 | 1,123 | 1,315 |
| Depreciation | 704 | 622 | 546 | 485 | 308 | 287 | 468 | 570 |
| Profit before tax | -211 | -1 | 102 | -15 | 909 | 338 | 677 | 1,034 |
| Tax % | -141% | -1,470% | 39% | -79% | 23% | 26% | 26% | |
| Net Profit + | 86 | 15 | 62 | -3 | 698 | 251 | 498 | 756 |
| EPS in Rs | 1.64 | 0.29 | 1.19 | -0.06 | 13.36 | 4.17 | 8.23 | 11.31 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 5% | 0% |
Financials of ACME Solar Holdings Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 104 | 104 | 104 | 104 | 104 | 121 | 121 | 141 |
| Reserves | 1,088 | 1,753 | 1,804 | 1,796 | 2,486 | 4,390 | 4,940 | 8,221 |
| Borrowings + | 10,593 | 9,732 | 7,915 | 9,014 | 8,536 | 10,976 | 19,896 | 27,596 |
| Other Liabilities + | 3,675 | 900 | 973 | 1,113 | 2,080 | 2,654 | 3,188 | 4,669 |
| Total Liabilities | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 | 40,628 |
| Fixed Assets + | 9,650 | 8,984 | 6,177 | 6,631 | 6,758 | 12,315 | 15,732 | 19,412 |
| CWIP | 220 | 97 | 1,273 | 2,147 | 2,828 | 1,362 | 4,358 | 7,067 |
| Investments | 0 | 25 | 25 | 23 | 150 | 275 | 275 | 275 |
| Other Assets + | 5,590 | 3,383 | 3,322 | 3,226 | 3,471 | 4,188 | 7,781 | 13,873 |
| Total Assets | 15,460 | 12,489 | 10,797 | 12,027 | 13,207 | 18,140 | 28,145 | 40,628 |
Financials of ACME Solar Holdings Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | 1,249 |
| Cash from Investing Activity + | -1,426 | 458 | -425 | -1,410 | -1,888 | -3,976 | -7,317 |
| Cash from Financing Activity + | 474 | -2,040 | -556 | 215 | 216 | 3,408 | 7,015 |
| Net Cash Flow | -31 | 164 | -25 | 69 | -238 | 975 | 947 |
| Free Cash Flow | -1,327 | 1,560 | -496 | 495 | -1,368 | -1,719 | -4,071 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 57% | 112% | 79% | 112% | 132% | 135% | 75% |
Financials of ACME Solar Holdings Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 138 | 156 | 203 | 197 | 116 | 99 | 60 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 138 | 156 | 203 | 197 | 116 | 99 | 60 |
| Working Capital Days | -97 | -79 | 81 | 111 | 72 | -118 | -432 |
| ROCE % | 9% | 7% | 7% | 8% | 8% | 9% |
Guidance history
How ACME Solar Holdings Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
84 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +45.6% | 83% |
| Last 6 months | +37.3% | 84% |
| Last 3 months | +15.3% | 84% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ACME Solar Holdings Ltd: 0.4 × 83 + 0.4 × 84 + 0.2 × 84 = 84.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What ACME Solar Holdings Ltd's management said in earlier quarters
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