Acme Solar Holdings Ltd.
ACMESOLARNSEPowerPower Generation/DistributionSmall Cap
₹337.65
▲ 1.73%
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52
Composite
The company is a renewable energy company in India with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
Q-DITS fundamental score
52Composite
Growth
67
Profitability
42
Valuation
35
Quality
28
Solvency
4
Earnings
100
Key metrics
MCap
₹23.8K Cr
TTM PE
47.8x
Industry PE
26.7x
TTM EPS
₹7.06
Book Value
₹111.22
Face Value
₹2
Div Yield
0.06%
PEG
—
PB
2.6x
ROE
7.8%
ROCE
8.5%
EBITDA mgn
100%
D/E
2.32
Int. Cover
1.4x
Curr. Ratio
2.86x
EPS
₹4.17
Growth — CAGR across horizons
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Net Sales | 44% | — | — | — |
| EBITDA | 44.2% | — | — | — |
| Net Profit | 85.7% | — | — | — |
Score snapshot
Piotroski
6/9
Altman Z
0.48
Quality
28.1
Growth
66.7
Valuation
35
Earn. Qual
100
PEAD
-1
SURGE
-1
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Revenue, profitability & returns
Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA
Annual financials — last 10 years
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| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 0 | 292 | 1,096 | 1,672 | 1,777 | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 | |
| ›EBITDACr | -6 | 236 | 974 | 1,583 | 1,731 | 1,771 | 1,645 | 1,279 | 1,985 | 1,385 | |
| ›EBITDA margin | -13,651.2% | 80.6% | 88.9% | 94.7% | 97.4% | 104.7% | 88.4% | 95.7% | 93.7% | 100% | |
| ›Net profitCr | -5 | -68 | -240 | -47 | 86 | 15 | 62 | -3 | 698 | 251 | |
| ›PAT margin | 0% | -23.3% | -21.9% | -2.8% | 4.8% | 0.9% | 4.2% | -0.2% | 52.9% | 17.9% | |
| ›EPS₹ | ₹-0.61 | ₹-7.56 | ₹-23.01 | ₹-4.49 | ₹8.2 | ₹1.46 | ₹5.94 | ₹-0.3 | ₹66.81 | ₹4.17 | |
| ›Revenue growth | 0% | 0% | 274.9% | 52.5% | 6.3% | -4.8% | -12% | -13% | 1.9% | 6.5% | |
| ›PAT growth | 0% | -1,140.9% | -253.4% | 80.5% | 282.7% | -82.2% | 307.6% | -105.1% | 0% | -64.1% | |
| ›ROE | -3.3% | -68.8% | -40.3% | -4.1% | 7.4% | 1.3% | 5% | -0.3% | 43.7% | 7.8% | |
| ›ROCE | -2.3% | 3% | 6.4% | 8.7% | 8.3% | 9.7% | 10.6% | 7.9% | 15.7% | 8.5% | |
| ›ROA | -0.8% | -1.5% | -2.3% | -0.3% | 0.6% | 0.1% | 0.5% | -0% | 5.5% | 1.6% | |
| ›P/E | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 46.1x | |
| ›P/B | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 0x | 2.6x | |
| ›D/E | 0.7 | 226.4 | 8.6 | 10 | 9.4 | 8.3 | 6.5 | 7.4 | 4.6 | 2.3 | |
| ›Current ratio | 0x | 0.3x | 0.9x | 0.9x | 1.1x | 1.3x | 1.9x | 2.8x | 2.2x | 2.9x | |
| ›Interest cover | -39x | 0.6x | 0.9x | 1x | 0.8x | 1x | 1.1x | 1x | 2.2x | 1.4x |
Quarterly results
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| Metric | Trend | 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 332 | 295 | 310 | 260 | 349 | 487 | 511 | 468 | 497 | 548 | |
| ›Rev growth YoY | — | — | — | -19.7% | 5.2% | 65% | 65% | 80.2% | 42.3% | 12.5% | |
| ›EBITDACr | 277 | 201 | 272 | 221 | 307 | 436 | 458 | 400 | 444 | 479 | |
| ›EBITDA margin | 83.6% | 68% | 87.8% | 85% | 88% | 89.5% | 89.6% | 85.6% | 89.5% | 87.4% | |
| ›Net profitCr | 44 | 532 | 1 | 15 | 112 | 122 | 131 | 115 | 114 | 138 | |
| ›PAT growth YoY | — | — | — | -60.4% | 152.1% | -77.1% | 9,318.6% | 652.1% | 1.5% | 13.3% | |
| ›EPS₹ | ₹0.85 | ₹10.19 | ₹0.03 | ₹0.29 | ₹1.85 | ₹2.04 | ₹2.16 | ₹1.9 | ₹1.88 | ₹2.3 |
Balance sheet — last 10 years (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Shareholders' equityCr | 34 | 1,157 | 1,110 | 1,192 | 1,208 | 1,259 | 1,251 | 1,941 | 4,511 | 5,061 | |
| ›ReservesCr | -56 | 1,053 | 1,006 | 1,088 | 1,103 | 1,154 | 1,146 | 1,836 | 4,365 | 4,940 | |
| ›Total borrowingsCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| ›InvestmentsCr | 2,550 | 1,471 | 585 | 853 | 981 | 937 | 459 | 615 | 681 | 0 | |
| ›Total assetsCr | 6,421 | 9,351 | 10,506 | 13,525 | 10,782 | 9,550 | 11,057 | 11,756 | 16,787 | 28,540 | |
| ›Current assetsCr | 480 | 2,638 | 2,992 | 2,122 | 2,283 | 2,340 | 2,702 | 3,143 | 3,772 | 6,986 | |
| ›Current liabilitiesCr | 1,823 | 3,083 | 3,510 | 1,934 | 1,708 | 1,246 | 970 | 1,432 | 1,320 | 3,220 | |
| ›Trade payablesCr | 5 | 33 | 34 | 50 | 150 | 273 | 62 | 74 | 225 | 15 | |
| ›Gross blockCr | 4,384 | 8,669 | 11,825 | 11,431 | 11,300 | 8,461 | 9,405 | 9,034 | 14,885 | 14,664 |
Cash flow statement (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Operating CF (CFO)Cr | 387 | 727 | 940 | 922 | 1,746 | 955 | 1,263 | 1,434 | 1,543 | 1,249 | |
| ›Investing CF (CFI)Cr | -5,663 | -2,650 | -1,181 | -1,426 | 493 | -374 | -1,410 | -1,731 | -3,976 | -7,317 | |
| ›Financing CF (CFF)Cr | 5,516 | 2,186 | 103 | 474 | -2,040 | -556 | 215 | 216 | 3,408 | 7,015 | |
| ›Net cash changeCr | 240 | 263 | -139 | -31 | 200 | 25 | 69 | -81 | 975 | 947 | |
| ›Closing cashCr | 256 | 545 | 407 | 340 | 504 | 478 | 547 | 309 | 1,284 | 2,231 |
Cash flow components
CFO · CFI · CFF (₹ Cr)
CFOCFICFF
Q-DITS scorecard
Composite score
52
Quality (25%)28.1
Growth (25%)66.7
Valuation (20%)35
Piotroski (15%)67
Earnings Quality (10%)100
Momentum (5%)—
Weighted blend, rescaled to the components available for this stock.
Piotroski F-Score
6/9
✓ROA positiveROA 1.6%
✓CFO positiveCFO ₹1248.59 Cr
✗ROA improving5.55% → 1.6%
✓CFO > PAT (low accruals)CFO 1248.59 vs PAT 250.82
✓Leverage decreasedD/E 4.57 → 2.32
✓Liquidity improvedCR 2.19 → 2.86
✗No share dilutionEPS 66.81 → 4.17
✓Margin improvedEBITDA mgn 93.7% → 100.03%
✗Asset turnover upAsset TO 0.1 → 0.09
Altman Z-Scoredistress
0.48
X1
0.132
X2
0.173
X3
0.038
X4
0.177
X5
0.049
>2.9 safe · 1.23–2.9 grey · <1.23 distress
Quality
28.1/100
ROE
7.8%
ROCE
8.5%
Margin
17.9%
Debt
2.3
Int. cover
1.4x
Growth
66.7/100
Revenue 3Y
44%
Profit 3Y
85.7%
EPS
-93.8%
Valuation
35/100
PE
46.1x
PB
2.6x
EV/EBITDA
13.8x
vs universe median: PE 25.6x · PB 2.81x · EV 13.41x
Earnings quality
100/100
CFO₹1,249 Cr
PAT₹251 Cr
Accrual ratio-0.035
CFO/PAT4.98x
PEAD · SURGE
-1 / -1
Revenue SUE-0.76
EPS SUE-0.02
Latest quarter2026-03
Rev growth YoY12.5%
Documents & filings
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Peer comparison
| Company | MCap (Cr) | Revenue | PAT | PE | PB | ROE% | ROCE% | D/E |
|---|---|---|---|---|---|---|---|---|
| Adani Power Ltd. | 4,46,344 | 54,241 | 12,971 | 34.8x | 6.9x | 21.9 | 17.8 | 0.82 |
| NTPC Ltd. | 3,54,656 | 1,87,385 | 27,146 | 13.1x | 1.7x | 13.9 | 11 | 1.35 |
| Power Grid Corporation Of India Ltd. | 2,71,950 | 46,733 | 18,835 | 17.1x | 2.7x | 17.3 | 12.9 | 1.41 |
| Adani Green Energy Ltd. | 2,47,282 | 12,928 | 1,570 | 149.7x | 12.8x | 14.4 | 9.9 | 5.24 |
| Adani Energy Solutions Ltd. | 1,80,961 | 27,588 | 2,343 | 79.3x | 7.1x | 10.1 | 9.7 | 2.02 |
| Tata Power Company Ltd. | 1,28,485 | 62,429 | 4,410 | 34.3x | 3.3x | 13.6 | 11.6 | 1.81 |
| JSW Energy Ltd. | 1,04,573 | 18,901 | 2,751 | 46.7x | 3.1x | 9.7 | 8.5 | 2.53 |