ACMESOLAR
Acme Solar Holdings share price & financials
- Price
- ₹385.25
- Market cap
- ₹27.0k Cr
- Sector
- Power
- Calls analysed
- 7
Acme Solar Holdings Limited Q1 FY27
What went well
- Total revenue of INR954 crores, up 63% YoY, driven by higher CUF, BESS operations, and capacity additions.
- EBITDA increased 56% YoY to INR831 crores, achieving an 87% margin.
- PAT grew 80% YoY to INR235 crores, with a PAT margin of 25%.
What to watch
- An incident at ACME Suryodaya BESS facility due to an electrical short circuit in AC cabling, though management clarified no damage to battery systems and safety measures worked.
- Acknowledged a general slowdown in RE bidding activity in the last quarter and FY26, though management expects a strong revival.
What Acme Solar Holdings Limited does
ACME Solar Holdings develops, builds, owns, operates and maintains utility-scale renewable energy projects across solar, wind, hybrid, Firm and Dispatchable Renewable Energy (FDRE) and battery energy storage (BESS), selling the power to central and state government-backed offtakers under long-term (typically 25-year) fixed-tariff PPAs. It runs in-house EPC (engineering, procurement and construction) and O&M capabilities, giving it control over project costs, technology choice and timelines rather than outsourcing construction and maintenance. The standalone entity also performs EPC work for its own wholly-owned project subsidiaries.
Segments
- Power generation (Sale of Electricity)
- In-house EPC
- Total portfolio capacity
- 8,071 MW (incl. ~17 GWh BESS)
- Operational generation capacity
- 2,990 MW
- Under-construction capacity
- 5,081 MW
- Operational BESS capacity commissioned
- ~2.32 GWh
- States with project presence
- 11
- Number of projects (operational + under construction)
- 44
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 5 delivered 6 missed 10 open- FY26 Capacity Addition delivered said Q4 FY25 Promised: 450 MW in FY26 Q1 FY27: Promise previously achieved. No new updates.
- Net Operational Debt to EBITDA went quiet said Q4 FY25 Promised: Maintain below 5.5x Q1 FY27: The specific Net Operational Debt to EBITDA ratio was not mentioned.
- Long-term Operational Capacity revised up said Q3 FY25 Promised: 10 GW by 2030 Q1 FY27: Upgraded guidance, stating 'By 2030, we contemplate to increase our target beyond 10 gigawatt as guided earlier'.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 67.9%, net profit up 79.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 260 | 349 | 487 | 511 | 468 +80% | 497 +42% | 548 +13% | 858 +68% |
| EBITDA | 221 | 307 | 436 | 458 | 400 +81% | 444 +45% | 479 +10% | 734 +60% |
| Net profit | 15 | 112 | 122 | 131 | 115 +667% | 114 +2% | 138 +13% | 235 +79% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +33.1% 1Y
1Y: ₹302.35 on 10 Sept 2025 → ₹402.3. High ₹418 (4 Sept 2026), low ₹198.96 (23 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.6%
- 30 Jul
- Q4 FY26
- −5.3%
- 8 May
- Q3 FY26
- +5.3%
- 30 Jan
- Q2 FY26
- +0.4%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 23.9% a year over 2 years, FY24 to FY26. Operating margin widened to 88.0%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.3k Cr | ₹1.4k Cr | ₹2.0k Cr |
| Operating profit | ₹1.1k Cr | ₹1.2k Cr | ₹1.8k Cr |
| Operating margin | 82.6% | 87.9% | 88.0% |
| Interest | ₹767 Cr | ₹759 Cr | ₹1.1k Cr |
| Depreciation | ₹309 Cr | ₹288 Cr | ₹468 Cr |
| Net profit | ₹697 Cr | ₹250 Cr | ₹498 Cr |
| Net margin | 52.8% | 17.8% | 24.6% |
| Cash from operations | ₹1.4k Cr | ₹1.5k Cr | ₹1.2k Cr |
| Free cash flow | ₹-1.4k Cr | ₹-1.7k Cr | ₹-4.1k Cr |
| ROCE | 8.0% | 8.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹104 Cr | ₹104 Cr | ₹104 Cr | ₹104 Cr | ₹121 Cr | ₹121 Cr |
| Reserves | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.5k Cr | ₹4.7k Cr | ₹4.9k Cr |
| Borrowings | ₹9.7k Cr | ₹7.9k Cr | ₹9.0k Cr | ₹8.5k Cr | ₹13.0k Cr | ₹19.9k Cr |
| Other liabilities | ₹900 Cr | ₹973 Cr | ₹1.1k Cr | ₹2.1k Cr | ₹2.6k Cr | ₹3.6k Cr |
| Total liabilities | ₹12.5k Cr | ₹10.8k Cr | ₹12.0k Cr | ₹13.2k Cr | ₹20.4k Cr | ₹28.5k Cr |
| Fixed assets | ₹9.0k Cr | ₹6.2k Cr | ₹6.6k Cr | ₹6.8k Cr | ₹13.7k Cr | ₹15.7k Cr |
| Capital work in progress | ₹97 Cr | ₹1.3k Cr | ₹2.1k Cr | ₹2.8k Cr | ₹1.4k Cr | ₹4.4k Cr |
| Investments | ₹25 Cr | ₹25 Cr | ₹23 Cr | ₹150 Cr | ₹275 Cr | ₹275 Cr |
| Other assets | ₹3.4k Cr | ₹3.3k Cr | ₹3.2k Cr | ₹3.5k Cr | ₹5.1k Cr | ₹8.2k Cr |
| Total assets | ₹12.5k Cr | ₹10.8k Cr | ₹12.0k Cr | ₹13.2k Cr | ₹20.4k Cr | ₹28.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +12.49 pp while promoters trimmed −12.01 pp. The shareholder count shrank 27% to 1,43,209.
- Promoters
- 71.4%
- FIIs
- 4.4%
- DIIs
- 19.1%
- Public
- 4.9%
- Others
- 0.2%
Since Jun 2025
- DIIs +12.49 pp
- Promoters −12.01 pp
- FIIs −1.37 pp
How it drifted, 7 quarters
Over this window DIIs went from 7.0% to 19.1% — +12.1 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 83.4%, FIIs 5.5%, DIIs 7.0%, Public 4.1%.Mar '25: Promoters 83.4%, FIIs 4.7%, DIIs 7.1%, Public 4.8%.Jun '25: Promoters 83.4%, FIIs 5.8%, DIIs 6.6%, Public 4.2%.Sep '25: Promoters 83.4%, FIIs 5.6%, DIIs 6.4%, Public 4.6%.Dec '25: Promoters 83.3%, FIIs 4.0%, DIIs 6.9%, Public 5.7%, Others 0.1%.Mar '26: Promoters 83.3%, FIIs 3.6%, DIIs 7.0%, Public 6.0%, Others 0.1%.Jun '26: Promoters 71.4%, FIIs 4.4%, DIIs 19.1%, Public 4.9%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund newly disclosed 3.42% held
- Nippon Life India Trustee Ltd-A/C Nippon Power & I Mutual fund +2.66 pp 4.58% held
- SBI Large & Midcap Fund Mutual fund newly disclosed 2.63% held
- SBI Life Insurance Co. Ltd Insurer newly disclosed 2.12% held
- ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund newly disclosed 1.60% held
- Tata Mutual Fund - Tata Small Cap Fund Mutual fund newly disclosed 1.22% held
- Kotak Large Cap Fund Mutual fund newly disclosed 1.15% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Acme Solar Holdings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Acme Cleantech Solutions Pvt Ltd | 71.40% | −11.89 pp |
| Nippon Life India Trustee Ltd-A/C Nippon Power & I Mutual fund | 4.58% | +2.66 pp |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 3.42% | newly disclosed |
| SBI Large & Midcap Fund Mutual fund | 2.63% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 2.12% | newly disclosed |
| ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund | 1.60% | newly disclosed |
| Tata Mutual Fund - Tata Small Cap Fund Mutual fund | 1.22% | newly disclosed |
| Kotak Large Cap Fund Mutual fund | 1.15% | newly disclosed |
| ACME Akshay Energy Private Limited | 0.00% | unchanged |
| ACME Clean Energy Private Limited | 0.00% | unchanged |
| ACME Green Hydrogen and Chemicals Private Ltd | 0.00% | unchanged |
| Oman Green Solutions (UK) Pvt Ltd | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ACMESOLAR
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 4 sold out — net −17.83 L shares (−2.4%).
- Held by funds
- ₹2.8k Cr
- 19 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹984 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹984 Cr | held | Nov '24 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹584 Cr | held | Jun '26 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹301 Cr | held | Jun '26 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹301 Cr | held | Jun '26 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹157 Cr | held | Nov '24 |
| HDFC Value Fund HDFC Mutual Fund | ₹114 Cr | held | Nov '25 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹110 Cr | held | Jun '26 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹71 Cr | held | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net −17.83 L shares (−2.4%)
- Funds are sitting on
- +9%
- vs est. average cost
- Held by funds
- ₹2.8k Cr
- 19 schemes · ≈ 10% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹984 Cr · 1.2% of that fund
Shares held by these funds +926%
Nov '24 7.32 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Acme Solar Holdings Limited
Guides on how to read this kind of business and the numbers that matter.