01 — At a Glance
The Post-IPO Renewable Case File That Just Got Juicier
- 52-Week High / Low₹324 / ₹173
- Q3 FY26 Revenue₹497 Cr
- Q3 FY26 PAT₹114 Cr
- TTM EPS₹7.98
- Annualised EPS (Q1–Q3 Avg × 4)₹7.92
- Book Value / Share₹78.9
- Price to Book3.06x
- Operational Capacity (Dec 2025)2,962 MW
- Debt / Equity2.72x
- Total Portfolio (Op + UC)7,770 MW + 16 GWh BESS
Flash Summary: Q3 FY26 revenue ₹497 Cr (+42.3% YoY), PAT ₹114 Cr, operational capacity hit 2.96 GW after 72 MW wind commissioning. BESS merchant guidance doubled to 4 GWh in next two quarters. Stock at ₹240 after 16.6% one-year return, yet trades at 29x P/E with promoter holding still 83.29%. The IPO was Nov 2024 — now the real detective work begins.
02 — Introduction
The Case of the Solar Detective Who Went Public
I slipped into the ACME Solar filing room at midnight, flashlight in one hand, latest quarterly dump in the other. What I found was a classic post-IPO renewable thriller: a company that listed in November 2024, raised ₹2,900 Cr, and immediately started commissioning like there was no tomorrow. Operational portfolio now 2.96 GW across 12 states. Pipeline 7.77 GW including 16 GWh BESS. Fresh PPAs signed left, right and centre at tariffs that actually look competitive.
But here’s the twist that keeps any self-respecting detective awake: ₹13,000 Cr debt, ROE stuck at 7.57%, and promoter holding still at 83.29%. The stock has given 16.6% in one year while the broader market partied harder. Q3 FY26 delivered ₹497 Cr revenue and ₹114 Cr PAT — solid, but the real fireworks are in the BESS merchant play and the 4.8 GW under-construction pipeline. The Finance Ministry’s green push is the wind at their back; execution risk is the shadow in the alley.
Result type locked: Quarterly Results. Q3 Dec 2025 EPS ₹1.88. Q1–Q3 average EPS ₹1.98. Annualised ₹7.92. TTM EPS ₹7.98. The numbers don’t lie — but they also don’t explain why the market still prices this at 29x while giving Adani Green 88x. Time to dust for prints.
Feb 2026 Concall Nugget: “1 GWh of battery gives ₹170 Cr EBITDA at one cycle — two cycles and it doubles.” Management upgraded merchant BESS guidance on the fly. That’s not a footnote. That’s a plot twist.
03 — Business Model: WTF Do They Even Do?
They Build Solar Farms, Windmills & Giant Batteries. Then Sell Power Like It’s Street Chai.
ACME Solar is an integrated renewable IPP. They develop, build, operate and maintain solar, wind, hybrid and FDRE (firm & dispatchable renewable energy) projects across 12 states. Everything in-house — land, EPC, O&M — so no middleman eating their margin. PPAs are mostly 25-year fixed-tariff deals with SECI, NTPC, NHPC, SJVN and states. That’s basically guaranteed cash flow unless the sun stops rising or the wind goes on strike.
Portfolio mix: Solar 54.5%, Hybrid 23.5%, FDRE 20%, Wind 2.5%. The new obsession is BESS — battery energy storage that turns intermittent solar/wind into round-the-clock power. They just commissioned Phase-I & III of a 300 MW/1,400 MWh BESS and are already running merchant arbitrage. Translation: charge cheap during solar hours, discharge expensive at peak, pocket the spread. Detective’s note: this is the part where the story stops being boring utility and starts smelling like real alpha.
Solar + Hybrid78%of portfolio
FDRE + BESS20%growing fast
OfftakersSECI 42%central + state
CUF (Dec 2025)25.6%up from 22.7%
Fun fact: they already secured connectivity for another 7.5 GW beyond current pipeline. While others are still filling tender forms, ACME is quietly building the grid-access moat. Classic detective move — stay three steps ahead.
04 — Financials Overview
Q3 FY26: The Numbers Don’t Lie, But They Whisper
Result type: Quarterly Results | Q3 FY26 EPS: ₹1.88 | Q1–Q3 Avg EPS: (₹2.16 + ₹1.90 + ₹1.88)/3 = ₹1.98 | Annualised EPS: ₹7.92
| Metric (₹ Cr) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 497 | 349 | 468 | +42.3% | +6.2% |
| EBITDA (OP) | 444 | 307 | 400 | +44.6% | +11.0% |
| PAT | 114 | 112 | 115 | +1.8% | -0.9% |
| EPS (₹) | 1.88 | 1.85 | 1.90 | +1.6% | -1.1% |
P/E Check: TTM EPS ₹7.98 ÷ CMP ₹240 = 30.1x (dump rounds to 29x). Industry median 27.8x. ACME trades at a modest premium for its FDRE/BESS edge and 62% TTM sales growth. Debt is high, but operating leverage is insane — 89% OPM. The market is still treating this like a risky startup even though the assets are already printing cash.
💬 At 29x P/E with 2.96 GW live and BESS merchant EBITDA guidance of ₹680 Cr potential, is the valuation discount justified or is the street still scared of the ₹13k Cr debt? Detective wants your take in comments.
05 — Valuation: Fair Value Range
What’s This Solar Machine Actually Worth?
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