India’s Renewable Powerhouse With a Power Bill Problem
📌 At a Glance
ACME Solar is one of India’s largest renewable IPPs with a 2.8 GW+ operational portfolio across solar, wind, hybrid, and energy storage. It boasts ultra-high OPMs and 25-year PPAs but also sits on ₹10,976 Cr of debt. Despite impressive EBITDA margins (~88%), the bottom line often looks like a voltage dip. Is it a clean energy multibagger or just expensive hype?
1. 🔋 The Business Model – Solar, Wind & Storage Buffet
ACME is not your basic rooftop solar player.It’s a full-stack B2B infrastructure company with:
- 💡 Solar Projects:Pan-India, utility-scale, fixed tariff-based
- 💨 Wind & Hybrid:Strategic diversification beyond solar
- ⚡ FDRE (Firm & Dispatchable Renewable Energy):Includes battery &
- hydro storage to deliver poweron demand
- 🔧 EPC + O&M:In-house teams keep costs low, uptime high
🎯 25-year PPAs = predictable revenue📍 Spread across 10 Indian states🛠️ Strong backward integration (engineering to maintenance)
2. 🔢 Financials – Margins So High, Even FMCG Is Jealous
| ₹ in Cr | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 1,692 | 1,488 | 1,295 | 1,319 | 1,405 |
| EBITDA | 1,553 | 1,240 | 1,173 | 1,089 | 1,235 |
| EBITDA Margin % | 92% | 83% | 91% | 83% | 88% |
| Net Profit | 15 | 62 | -3 | 698 | 251 |
| ROCE (%) | — | 7% | 7% | 8% | 8% |
| ROE (%) | — | — | — | 8% | 7.5% |
| EPS (₹) | 1.46 | 5.94 | -0.30 | 66.85 | 4.17 |
😮 Net profit in FY24 included₹896 Crofother income(asset sales or one-offs).Without that? FY25 paints a more realistic ₹251 Cr PAT.
3. 🧱 Balance Sheet – Big Assets, Bigger Debt
