Company Overview:
Founded in June 2015, ACME Solar Holdings Limited has established itself as a prominent name in India’s renewable energy sector, primarily specializing in power generation from solar and wind energy sources. As a major contributor to India's green energy movement, the company handles all phases of renewable energy projects, encompassing development, construction, ownership, operation, and upkeep. This extensive involvement is managed by their in-house Engineering, Procurement, and Construction (EPC) team, coupled with a dedicated Operations and Maintenance (O&M) workforce.
Key Business Operations
ACME Solar's revenue stream primarily comes from the sale of electricity to a variety of clients, including government-supported projects at both the central and state levels. As of March 31, 2024, ACME Solar reported the following operational milestones:
- Active Capacity: 1,320 MW (equivalent to 1,802 MWp) generated from solar installations.
- Committed Capacity: 1,650 MW, with 1,500 MW (or 2,192 MWp) derived from solar projects and 150 MW from wind energy.
- Ongoing Construction for Awarded Projects: 2,380 MW under development, which includes 300 MW from solar projects, 830 MW from hybrid projects, and 1,250 MW from Fixed-Date Renewable Energy (FDRE) projects.
Purpose of the IPO
- Debt Reduction: A portion of the funds raised through the IPO will go towards reducing the company’s outstanding liabilities, supporting a stronger financial position.
- Corporate Expansion and Development: The remaining proceeds are earmarked for general corporate activities, aiding in ACME Solar’s strategic growth and operational stability.
Summary of Financial Information:
| Period Ended | 30-Jun-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
|---|---|---|---|---|
| Assets | 13,985.14 | 13,394.13 | 12,186.95 | 10,887.62 |
| Revenue | 340.01 | 1,466.27 | 1,361.37 | 1,562.73 |
| Profit After Tax | 1.39 | 697.78 | -3.17 | 62.01 |
| Net Worth | 1,942.12 | 2,590.87 | 1,900.56 | 1,908.76 |
| Reserves and Surplus | 1,837.68 | 1,836.43 | 1,146.12 | 1,154.32 |
| Total Borrowing | 9,319.91 | 8,217.59 | 8,657.35 | 7,563.60 |
Comparison with Listed Peers:
| Company Name | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|
| ACME Solar Holdings Limited | - | 26.93 | - |
| Adani Green Energy Ltd | 291.7 | 7.22 | 21.27 |
| ReNew Energy Global PLC | 48.8 | 3.07 | 1.46 |
Key IPO Details:
- IPO Dates: 6 to 8 November, 2024
- Price Band: Rs. 275 to Rs. 289 per share
- Lot Size: 51 shares
- Issue Size: Rs. 2,900 Crores (Fresh Issue is Rs. 2395 Cr.)
- Retail Quota: 10%
- Listing Date: 13th Nov, 2024
- GMP: 3%+ (for informational purposes only)
Note: For additional information & risk factors please refer to the Red Herring Prospectus
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Disclaimer: We are not SEBI registered. All the views are personal and only for educational purposes. Do your due diligence before making any trading or investing decisions. The data provided in this blog post is for illustrative purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions.
