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Strong Growth Trajectory Seen for Acme Solar as Capacity, Revenue Surge

Acme Solar Holdings is on a strong growth path, driven by rising operational capacity and fully tied long-term Power Purchase Agreements (PPAs) with central and state agencies. The company reported robust performance in FY25, with revenue rising 32.2% to Rs1,575 crore and net profit soaring 292.2% to Rs251 crore. EBITDA also jumped 43.3% to Rs1,406 crore, aided by increased power generation and improved capacity utilisation factor (CUF), which rose to 25.6%.

Following the commissioning of 75 MW in Sikar, Rajasthan, and 165 MW in May, Acme has now commissioned 240 MW out of its planned 300 MW project. Its total operational capacity has reached 2,806 MW, more than doubling from 1,340 MW a year ago. An additional 4,164 MW is under various stages of development and is expected to be completed by FY28, offering strong visibility for future earnings.

In FY25, power generation surged 55.2% to 4,013 million units, while asset monetisation of 369 MW added to the bottom line. The company's asset base grew 36% to Rs15,507 crore, while net worth increased 74% to Rs4,509 crore, supported by a Rs2,395 crore IPO in November 2024.

Despite trading below its IPO price of Rs289 due to promoter stake reduction pressures, JM Financial has issued a 'buy' rating with a target price of Rs270, citing strong execution and projected revenue and EBITDA growth of 54% and 57% respectively over FY25–FY28. Acme’s stock last closed at Rs253.3 on the BSE, reflecting a 18% gain over the past month.