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Indian independent power producer building and operating utility-scale solar, wind and hybrid renewable projects.
Indian independent power producer building and operating utility-scale solar, wind and hybrid renewable projects.
Sells most of its electricity under long fixed-price power purchase agreements, many with government-backed buyers such as SECI and NTPC, so income depends on building plants on time and keeping them running, not on market power prices. New capacity is won by bidding in auctions, increasingly for hybrid supply backed by storage.
In one line: A smaller Indian renewables IPP, like a regional NextEra Energy.
Moat: narrow (scale, installed base). Long-term fixed-price PPAs lock in revenue but new capacity faces intense tariff bidding.
Headquarters: Gurugram, India · Founded: 2003 · Employees: 1,354
Size ACME Solar (ACMESOLAR.NS) is an India Industrials company (Engineering & Construction) with a market value of $2.95B, the 288th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹394.95 on 6 Nov 2026.
Performance Over six months the shares gained 32.3%, against -9.7% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 53.7% over the last twelve months (peer median +7.2%); the operating margin is 66.0% (peer median 4.7%).
Valuation It trades at 29.6× forward earnings against a peer median of 13.5× (2nd most expensive of 21).
Capital Return on invested capital runs 2.7 points below its cost of capital (8.1% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹27.9B | ₹20.2B | ₹14.1B | ₹13.2B | ₹12.9B |
| Revenue growth | — | +44% | +7% | +2% | — |
| Gross profit | ₹19.5B | ₹14.4B | ₹10.0B | ₹8.90B | ₹7.19B |
| EBITDA | ₹24.1B | ₹17.9B | ₹12.4B | ₹11.5B | ₹11.7B |
| Net income | ₹7.57B | ₹4.99B | ₹2.52B | ₹6.98B | -₹31.4M |
| Free cash flow | n/a | -₹53.0B | -₹25.3B | -₹19.4B | -₹1.68B |
| Capital expenditure | n/a | ₹53.2B | ₹32.7B | ₹28.2B | ₹7.69B |
| Total debt | ₹276B | ₹199B | ₹110B | ₹85.4B | ₹90.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ACME Solar ACMESOLAR.NS | $2.95B | +32% | +54% | 66% | 29.6× | n/a |
| ReNew Energy Global RNW | $2.53B | +23% | +11% | 42% | 26.4× | n/a |
| Adani Green Energy ADANIGREEN.NS | $24.7B | +4% | +21% | 61% | 87.9× | n/a |
| NTPC Green Energy NTPCGREEN.NS | $7.37B | -24% | +49% | 50% | 59.8× | n/a |
| JSW Energy JSWENERGY.NS | $10.1B | -9% | +26% | 36% | 39.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACMESOLAR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | -2.2% | 8th lowest of 21 |
| 6-month return | +32.3% | -9.7% | 2nd highest of 21 |
| Distance from 52-week high | -17.2% | -25.2% | 7th highest of 21 |
| Revenue growth (TTM) | +53.7% | +7.2% | 2nd highest of 21 |
| Operating margin | 66.0% | 4.7% | highest of 21 |
| Forward P/E | 29.6× | 13.5× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -2.7 pp | +4.3 pp | 2nd lowest of 19 |
| EV / EBITDA | 18.6× | 8.6× | 2nd most expensive of 14 |
| Net debt / EBITDA | 7.1× | 0.2× | most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |