ACME Solar Holdings

Listed IPP — per-stock model.

As of 21 Aug 2026

IPP—

CMP ₹402NSE: ACMESOLAR

Latest concall

Q4 FY26 · 8 May 2026

FY26 rev ₹2,507cr +59%, EBITDA ₹2,265cr +61%; Q4 rev ₹705cr, PAT ₹138cr.
Operational capacity ~2,990 MW (incl. 100 MW wind); under-construction 5,081 MW.
Locked-in portfolio ~8,070 MW; PPA-signed 6,570 MW (~2.1 GW PPA pending).
Q4 win 301 MW FDRE; commissioned ~2.3 GWh battery energy storage.

Order-book execution

5.08 GW under construction commissioning through FY27-FY29; ~1.5 GW targeted in FY27 alone.

Management guidance

Targets ~1.5 GW capacity commissioning in FY27.
Refinanced debt cutting interest ~150 bps; ~₹15,000cr financing tied up.
FDRE/hybrid plus BESS mix to drive high-EBITDA-margin growth.

ACME Solar Q4 FY26 concall, May 8 2026; Yahoo Finance, SaurEnergy, SolarBytes, ScanX

UC + pipeline

5.08GW

own capacity, not an order book

Revenue FY26E

2,023₹ cr

EBITDA margin

88%

P/E

47.7×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY20	1,777	1,649	93.0%	86	—	—	—	—	—	8.2	—
FY21	1,692	1,553	92.0%	15	—	—	—	—	—	1.5	—
FY22	1,488	1,240	83.0%	62	—	—	—	—	—	5.9	—
FY23	1,295	1,173	91.0%	-3	—	—	—	—	—	-0.3	—
FY24	1,319	1,094	83.0%	698	—	—	—	—	—	66.8	—
FY25	1,405	1,237	88.0%	251	—	—	—	—	—	4.2	—
FY26	2,023	1,781	88.0%	498	—	—	—	—	—	8.2	—

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	369	322	87.0%	82	22.2%
Q2FY24	323	290	90.0%	39	12.1%
Q3FY24	332	277	84.0%	44	13.3%
Q4FY24	295	201	68.0%	532	180.3%
Q1FY25	310	272	88.0%	1	0.3%
Q2FY25	260	221	85.0%	15	5.8%
Q3FY25	349	307	88.0%	112	32.1%
Q4FY25	487	436	90.0%	122	25.1%
Q1FY26	511	458	90.0%	131	25.6%
Q2FY26	468	400	86.0%	115	24.6%
Q3FY26	497	444	89.0%	114	22.9%
Q4FY26	548	479	87.0%	138	25.2%
Q1FY27	858	734	86.0%	235	27.4%

Source Company filings (aggregated)· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Company filings (aggregated)· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

47.7×

EV / EBITDA

23.5×

P/B

4.8×

Operating metrics

What the rest of the dashboard tracks for ACME Solar Holdings — capacity, auctions, offtake, manufacturing and returns.

2.9 GW

Operational

4 GW

Under construction

3.1 GW

Pipeline

10 GW

Target FY30

951 MW

Auctions won

3 auctions

11.2%

Greenfield IRR · IPP

at its 88% margin

601 MW

PPAs signed

2 agreements

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
30 Oct 2025	SECI	FDRE	301	6.27	source
15 Nov 2024	SJVN	Solar	300	2.52	source
15 Jul 2024	SECI	Solar + BESS	350	3.41	—

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
FY26 generation build (Sikar solar + wind)	0.45 GW	Q4 FY26	Q4 FY26	—	commissioned
Merchant BESS (Fatehgarh / Bikaner) GWh. Merchant BESS reshaped (2.5->1->2 GWh across Q1-Q3); ~2.3 GWh finally commissioned in phases Feb-May 2026, spilling into Q1 FY27 for peak-tariff arbitrage.	2.3 GWh	Q4 FY26	Q1 FY27	+1Q	delayed
FY27 program (1.5 GW gen + ~10 GWh BESS)	1.5 GW	Q4 FY27	Q4 FY27	—	on track

PPA / PSA signings

Power-purchase agreements from the maintained tracker

IPPs

Date	Agency	Type	MW	₹/kWh
30 Oct 2025	SECI	FDRE	301	6.28
15 Nov 2024	SJVN	Solar	300	2.52

Policy exposure

Schemes whose impact note names this company

Policy

BESS VGF Scheme (Battery Storage)StorageActive
De-risks battery projects for developers — Adani, JSW Energy, Tata Power, NTPC, ACME — and supports the BESS pipeline visible in the tender mix.
FDRE (Firm & Dispatchable Renewable Energy) TendersStorageActive
Reshapes bidding for large IPPs — Adani Green, ReNew, NTPC, JSW, ACME — rewarding those with solar-plus-wind-plus-storage portfolios; drives the firm-power share seen in the tender mix.
National Green Hydrogen MissionManufacturingActive
Backs the green-hydrogen and electrolyser ambitions of Reliance, Adani, NTPC, ACME, JSW; creates fresh demand for captive solar and wind to power electrolysers.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Company filings (aggregated)· As of 21 Aug 2026