ACME Solar Holdings Limited (ACMESOLAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-257.9%

-₹652.02

vs ₹412.90 price

Levered DCF

-₹598.82

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.02

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.75×	42.11×	21.99×	-4,884.39×	246.12×	938.89×	408.87×	384.09×
P/B	3.13×	2.36×	5.92×	8.07×	8.04×	7.59×	21.25×	21.8×
P/S	7.83×	7.59×	11.63×	11.85×	10.31×	8.33×	30.88×	34.73×
EV / EBITDA	18.69×	14.48×	11.9×	18.82×	14.5×	15.57×	38.06×	44.77×
Gross margin	71.3%	71.3%	99.6%	95.6%	50.2%	100.0%	100.0%	100.0%
Operating margin	65.5%	67.6%	64.1%	53.2%	46.8%	98.2%	99.7%	99.6%
Net margin	24.7%	17.9%	52.9%	-0.2%	4.2%	0.9%	7.5%	9.0%
Current ratio	2.17×	2.87×	2.2×	2.79×	1.88×	1.34×	2.37×	1.59×
Debt / equity	3.93×	2.43×	3.29×	4.74×	4.15×	5.24×	3.93×	4.05×
Interest coverage	1.18×	1.25×	1.26×	0.85×	0.7×	1.62×	1.77×	2.08×
Dividend yield	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	4.9%	0.0%	0.0%	0.0%	0.0%	0.0%	42.5%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.9%	5.6%	26.9%	-0.2%	3.2%	0.8%	5.2%	5.7%
Return on invested capital	3.5%	4.0%	5.2%	1.2%	4.1%	-190.5%	-66.0%	11.9%
Return on assets	1.7%	1.4%	5.2%	-0.0%	0.6%	0.1%	0.9%	0.9%
Free cash flow yield	-33.5%	-16.2%	-9.1%	3.2%	-20.0%	11.1%	-1.2%	0.0%
Earnings yield	3.1%	2.4%	4.5%	-0.0%	0.4%	0.1%	0.2%	0.3%
Enterprise value	₹335.1B	₹203.5B	₹236.2B	₹239.5B	₹227.8B	₹233.3B	₹150.2B	₹150.2B
Net debt / EBITDA	9.86×	6.9×	4.17×	6.77×	4.73×	6.16×	5.76×	6.78×
Cash conversion cycle (days)	61	-101	-427	-53	285	194	142	146