Thread by @megharaj_g_k

𝗔𝗰𝗺𝗲 𝗦𝗼𝗹𝗮𝗿 – 𝗜𝗻𝗱𝗶𝗮’𝘀 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗥𝗲𝗻𝗲𝘄𝗮𝗯𝗹𝗲 𝗣𝗼𝘄𝗲𝗿𝗵𝗼𝘂𝘀𝗲 🧵👇
One of India’s largest Independent Power Producers (IPP) and among the Top 10 renewable players.
A deep dive into business model, capacity, financials & valuations

1/ Business Model & Moat
▪ Integrated structure with inhouse EPC + O&M provides:
– Lower execution costs
– Superior EBITDA margins/MW
– Reduced vendor dependency

▪ 25-year PPAs with central/state entities ensure long-term cash flow visibility.

2/ Portfolio Snapshot (Q1FY26)
▪ Operational: 2,890 MW (+115% YoY)
▪ Under Construction: 4,080 MW + 550 MWh BESS
▪ LOA/Awarded: 1,840 MW
▪ Contracted Portfolio: 6,970 MW + 550 MWh BESS

🎯 Target → 10 GW capacity + 15 GWh BESS by 2030

3/ Operational Momentum
▪ 350 MW commissioned in Q1FY26 (incl. 50 MW maiden wind project in Gujarat).
▪ Signed PPAs for 550 MW solar & FDRE + 550 MWh standalone BESS.
▪ Ordered 3.1 GWh+ BESS from global suppliers.
▪ SECI ISTS projects (4 × 300 MW) received CRISIL AA-/Stable rating.

4/ Financial Performance – Q1FY26
📊 YoY comparison vs Q1FY25:
▪ Revenue: ₹584 Cr (+71.8%)
▪ EBITDA: ₹531 Cr (+75.7%) | Margin ~90.9%
▪ PAT: ₹131 Cr (vs ₹1 Cr last year)
▪ Generation: 1,636 MUs (+107%)

💡 Strong improvement on operating leverage + CUF.

5/ Balance Sheet & Liquidity
▪ Gross Block: ₹15,296 Cr (+₹6,740 Cr YoY).
▪ Net Worth: ₹4,647 Cr (+139% YoY).
▪ Net Debt: ₹7,842 Cr.
▪ Net Debt / Net Worth: 1.7x (vs 3.9x YoY).
▪ DSO improved from 181 days (FY23) → 36 days (Q1FY26).

👉 86% portfolio with central offtakers → lowering receivable risks.

6/ Growth Projections (Nuvama Est.)
FY25E → Rev: ₹1,342 Cr, PAT: ₹213 Cr
FY27E → Rev: ₹4,436 Cr, PAT: ₹745 Cr

📈 CAGR FY25–27E:
▪ Revenue: 82%
▪ PAT: 87%

7/ Valuations vs Peer (EV/Sales)
🔹 Adani Green: FY25E 24× | FY26E 18.2×
🔹 Acme Solar: FY25E 14.2× | FY26E 10.4×

Even at a 25% discount to peers → Fair Value ₹381 (~32% upside).

8/ Street View – Nuvama Coverage
▪ Rating: BUY
▪ Target Price: ₹328
▪ Upside: ~70%

9/ Strategic Expansion
▪ Accelerating ₹17,000 Cr capex for additional 3.5 GW.
▪ Benefiting from falling module & input costs.
▪ Strong focus on BESS → positioning as India’s leading renewable + storage IPP.

10/ Investment Thesis
– Integrated model: cost efficiency & margin edge
– Capacity ramp-up: visibility to 7 GW by FY28
– Financial turnaround: PAT positive, strong CUF
– Valuation comfort: trades at discount to Adani Green

📌 Acme Solar is shaping up as a high-growth, cost-advantaged, debt-reducing renewable play.

👉Follow @megharaj_g_k

👉Follow my whatsapp channel
whatsapp.com/channel/0029Vb…
For more content

🔕Disclaimer:
x.com/megharaj_g_k/s…