Acme Solar Holdings Limited (ACMESOLAR)

Power · Power · NSE · Updated 16 July 2026

₹394 ↑ 41.04% (1Y)

🎯 Key Takeaways

Acme Solar Holdings Limited is in a growth phase driven by expanding project execution and operational efficiency, evidenced by consistent revenue and margin expansion over the past two years. The company has demonstrated strong profitability with high operating margins above 85% and improving net income trends, though ROCE remains low at 7.
Revenue grew 10.3% QoQ to ₹548 in Q4FY26.
⚠️ High leverage with D/E of 3.75 poses refinancing and interest rate risks, especially in a rising cost environment.

Market Cap

₹16,725

P/E Ratio

33.5

P/B Ratio

3.30

ROE

9.9%

ROCE

7.5%

Debt/Equity

3.75

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Acme Solar Holdings Limited is in a growth phase driven by expanding project execution and operational efficiency, evidenced by consistent revenue and margin expansion over the past two years. The company has demonstrated strong profitability with high operating margins above 85% and improving net income trends, though ROCE remains low at 7.5% indicating capital intensity. Management is focused on scaling renewable energy infrastructure while maintaining disciplined capital allocation amid sector tailwinds.

📰 What's Happening

In the last three quarters, ACME Solar has executed key strategic moves including the approval of 723,642 ESOP shares to its Employee Welfare Trust on June 18, 2026, increasing paid-up capital to Rs. 141.37 crore without diluting shareholders due to pari-passu ranking. The company also announced the resignation of Senior Vice President Rishi Kumar Mishra on June 25, 2026, effective immediately, citing external career pursuits, though no succession plan was disclosed. Additionally, insiders were subject to a trading window closure ahead of the Q1FY26 results announcement on June 26, 2026, signaling upcoming financial disclosure. Shareholders recently approved two special resolutions via e-voting on June 12, 2026, endorsing the ESOP scheme and employee compensation framework, reflecting strong governance support.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Revenue	260	349	487	511	468	497	548
Operating Profit	256	352	474	515	538	565	650
OPM %	85.0%	88.0%	89.5%	89.6%	85.6%	89.5%	87.4%
Net Profit	15	112	122	131	115	114	138
EPS	₹0.29	₹2.09	₹2.15	₹2.16	₹1.90	₹1.88	₹2.30

The company has shown a clear upward trajectory in revenue and profitability over the past eight quarters, with revenue growing from ₹260 crore in Q2FY25 to ₹548 crore in Q4FY26 and net profit rising from ₹15 crore to ₹138 crore, accompanied by EPS growth from ₹0.29 to ₹2.30. Operating margins have remained consistently high above 85%, peaking at 89.6% in Q1FY26, indicating strong cost control and execution efficiency. Despite this, the recent quarterly performance shows a slight moderation in growth rates compared to the sharp surge in Q4FY26, suggesting scaling challenges or market saturation in certain segments. Management has not flagged any margin compression or operational setbacks, and profitability trends remain stable, supporting confidence in the current business model.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance or public commentary on future performance in the latest filings, with no available summary or commentary attached to board meeting or general announcements. The only directional signal comes from operational continuity and capital efficiency initiatives, such as the ESOP allotment aimed at retaining talent. The absence of strategic updates or growth projections suggests a focus on execution rather than expansion announcements. Investors should monitor upcoming earnings calls or regulatory filings for any commentary on capacity utilization, order book strength, or project pipelines.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2025-2026	2025-2026	2025-2026	2025-2026
Equity Capital	121	121	121	121	121
Reserves	4,390	—	4,663	—	4,940
Borrowings	10,423	—	12,314	—	18,988
Total Liabilities	13,894	—	15,642	—	23,480
Fixed Assets	11,663	—	12,934	—	14,664
Investments	275	—	275	—	275
Total Assets	18,404	—	20,424	—	28,540

The balance sheet reveals a highly leveraged capital structure with total borrowings of ₹18,988 crore and equity of only ₹121 crore plus reserves of ₹4,940 crore as of 2025-2026, resulting in a debt-to-equity ratio of 3.75. This indicates aggressive reliance on debt financing to fund asset growth, which has corresponded with total assets increasing to ₹28,540 crore from ₹20,424 crore in the prior period. While reserves have grown steadily from ₹4,663 crore to ₹4,940 crore, the modest equity base raises concerns about financial flexibility and sensitivity to interest rate movements. Capital allocation appears focused on sustaining operations and servicing debt rather than returning capital or making large-scale investments.

⚖️ Peer Comparison — Power

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Adani Power Limited	4.27 L Cr	32.9	15.7%	19.8%	0.82
NTPC Limited	3.83 L Cr	15.8	8.8%	13.1%	1.34
Power Grid Corporation of India Limited	2.84 L Cr	18.3	12.2%	16.8%	1.41
Adani Green Energy Limited	2.27 L Cr	105.3	7.6%	11.2%	5.08
Adani Energy Solutions Limited	1.57 L Cr	65.4	10.4%	9.0%	1.92
Tata Power Company Limited	1.30 L Cr	34.1	—	—	—
NTPC Green Energy Limited	90,996	163.8	—	—	—
JSW Energy Limited	90,509	46.8	—	—	—
NHPC Limited	77,136	28.4	—	—	—
Torrent Power Limited	73,872	29.9	—	—	—

🔗 Peer Stock Analyses

ADANIPOWER NTPC POWERGRID ADANIGREEN ADANIENSOL

⚠️ Risk Factors

1. High leverage with D/E of 3.75 poses refinancing and interest rate risks, especially in a rising cost environment. 2. Leadership vacuum following the resignation of Senior Vice President Rishi Kumar Mishra without a named successor may impact R&D or project execution continuity. 3. Low ROCE of 7.5% suggests capital is not being deployed efficiently, which could pressure returns if growth slows. 4. Absence of management guidance or strategic updates increases uncertainty around future growth drivers and project pipeline visibility.

📋 Recent Filings

🧠 Analyst's Read

Acme Solar demonstrates solid operational momentum with rising revenue and margins, but structural challenges persist due to high leverage and low capital efficiency. The company is executing well within its current framework, yet lacks clear visibility on future growth catalysts or strategic direction. Investors should watch for updates on project backlog, margin sustainability, and any signs of deleveraging or capital reallocation in upcoming disclosures.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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