ACME Solar Holdings Ltd.

“ACME Solar is a contracted-revenue renewable IPP operating in India's structurally strong energy transition, but its equity is uninvestable at current prices: ROCE has been persistently 7-9% against a ~12% cost of capital for five years, Net Debt/EBITDA sits at ~11x with only 1.6x interest coverage, FCF has been chronically negative, and the stock trades at 16-17x EV/EBITDA with no margin of safety — meaning every rupee of equity value depends on a flawless multi-GW capacity execution that the balance sheet cannot afford to get wrong, creating a meaningful and non-speculative probability of permanent capital impairment for minority shareholders.”