ACME Solar Holdings Ltd.
Power · NSE
52-week range
₹196 – ₹324
From 52w high
-12.7%
RSI (14)
46.3
vs SMA 50 / 200
↑ 50 · ↑ 200
ACME Solar Holdings is a renewable energy developer in the NSE Power sector, currently priced at ₹282.8 with a trailing PE of 34.6 and a forward PE of 12.6. The stock has gained 33.3% over 12 months and trades above its 50-DMA (₹267) and 200-DMA (₹260), while carrying a debt-to-equity ratio of 393.2 — a structural feature of large-scale solar project financing. ROE stands at 10.4% against a profit margin of 19.9%, and the company plans to operationalise 10 GWh of battery energy storage by 2027.
- ✓Revenue compounded at 44.8% over 5 years, reflecting rapid capacity additions in the utility-scale solar segment.
- ✓Profit margin of 19.9% is in positive territory despite heavy interest costs, and the trailing PE of 34.6 is well below renewable-energy peers such as ADANIGREEN (PE 140.2) and ADANIENSOL (PE 73.1).
- ✓Price is 33.3% higher over 12 months and 23.8% higher over 3 months, currently positioned above both the 50-DMA and 200-DMA with RSI at 46.3 in neutral territory.
- ✓Mean analyst rating of 1.0 across 11 analysts (1–5 scale, lower = more constructive), the most constructive end of the scale.
- ✗Debt-to-equity of 393.2 is exceptionally high; at this leverage level, even moderate increases in borrowing costs or project delays can have outsized effects on equity returns and refinancing capability.
- ✗FCF has been positive in only 1 of the tracked years and ROE has exceeded 15% in only 1 of the tracked years, indicating that free-cash profitability and return on equity have not yet reached sustained levels.
- ✗Earnings growth of 6.3% over 5 years lags revenue growth of 44.8% sharply, suggesting that incremental revenue is being absorbed by interest expense, depreciation, or cost overruns rather than flowing to the bottom line.
- ✗A CFO departure and broad management reshuffle announced May 8 2026 introduces execution and lender-relationship uncertainty at a stage when the company is scaling capital-intensive BESS projects.
- ·Q4 and Q3 results were reported in May 2026 (Mint); details of earnings trajectory will be material given the wide gap between trailing and forward PE assumptions.
- ·The Rajasthan High Court granted an interim stay on a GST demand against ACME Solar (reported April 20 2026), temporarily relieving one contingent liability, though the underlying case remains active.
- ·The company announced plans to operationalise 10 GWh of battery energy storage capacity overall by 2027, a significant capital commitment that, if executed, would expand revenue streams beyond solar generation.
- ?Does the project-finance debt structure ring-fence individual SPV liabilities from the holding company, or does holding-company leverage compound exposure to any single project?
- ?What is the interest coverage ratio at current earnings levels, and how sensitive is it to a 100-basis-point increase in borrowing costs given the D/E of 393.2?
- ?Does the forward PE of 12.6 embed a specific earnings step-change from BESS commissioning, and what are the key execution milestones and timelines that would need to be met for that step-change to materialise?
- ?How does ACME Solar's pipeline-to-commissioned-capacity ratio compare with peers like ADANIGREEN, and what does historical conversion rate imply about revenue visibility over the next 2–3 years?
PE
34.6
Forward PE
12.6
ROE
+10.4%
Profit margin
+19.9%
D/E
393.19
Dividend yield
+0.1%
Quality score
37/100
ROE 5y above 15%
1/5 yrs
FCF 5y positive
1/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.