ACME Solar Holdings vs Sterling and Wilson Solar: Share Price, Comparison and Key Differences

August 11, 2026
Posted by: Kunal Singla
Category: News

ACME Solar Holdings MCap Rs 26,017 Cr, PE 43.20x, ROE 9.86%, D/E 3.93. Sterling and Wilson Solar MCap Rs 4,784 Cr, loss-making (EPS -12.04).

ACME Solar Holdings vs Sterling and Wilson Solar is a comparison renewable energy investors look up when evaluating two listed Indian solar energy companies with different business models. ACME Solar Holdings, an IPP (Independent Power Producer), develops, builds, owns and operates utility-scale solar, wind and hybrid renewable energy plants and sells power to state governments and large corporates under long-term PPAs. Sterling and Wilson Solar, a Shapoorji Pallonji Group company, is a global solar EPC (Engineering, Procurement and Construction) contractor building solar plants for third-party IPPs and utilities worldwide. ACME Solar vs Sterling Wilson Solar covers an asset-owner IPP versus an EPC services company.

This ACME Solar Holdings vs Sterling and Wilson Solar article covers reach and market position, key products, latest declared results and stock valuation. The ACME Solar Holdings vs Sterling and Wilson Solar data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Table of Contents

ACME Solar Holdings vs Sterling and Wilson Solar: Reach and Market Position

On the ACME Solar Holdings side of the ACME Solar Holdings vs Sterling and Wilson Solar comparison, ACME Solar has a portfolio of operational and under-construction solar and hybrid renewable energy projects exceeding 5 GW across India. Market capitalisation is Rs 26,017 Cr.

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On the Sterling and Wilson Solar side of the ACME Solar Holdings vs Sterling and Wilson Solar comparison, Sterling and Wilson Solar provides solar EPC contracting and O&M services in India, the Middle East, Africa, Europe and the Americas. Market capitalisation is Rs 4,784 Cr.

ACME Solar Holdings vs Sterling and Wilson Solar: Key Products and Business Mix

In the ACME Solar Holdings vs Sterling and Wilson Solar product comparison, ACME Solar Holdings offers: ACME Solar earns from power generation revenues under long-term PPAs for solar and wind energy. EPS is Rs 8.52. PE is 43.20x, ROE 9.86 percent, D/E 3.93 (normal for power project finance).

For Sterling and Wilson Solar in this ACME Solar Holdings vs Sterling and Wilson Solar breakdown: Sterling and Wilson Solar earns from solar EPC contracts and operations and maintenance (O&M) services. EPS is -Rs 12.04 (loss-making). Sterling and Wilson Solar is currently loss-making due to project cost overruns and legacy receivables.

ACME Solar Holdings vs Sterling and Wilson Solar: Latest Results

The ACME Solar Holdings vs Sterling and Wilson Solar results for ACME Solar Holdings: ACME Solar has a market cap of Rs 26,017 Cr and PE of 43.20x. ROE is 9.86 percent. ACME Solar listed in 2024 and is 5.4 times larger than Sterling Wilson Solar.

The ACME Solar Holdings vs Sterling and Wilson Solar results for Sterling and Wilson Solar: Sterling and Wilson Solar has a market cap of Rs 4,784 Cr and is loss-making with EPS of -Rs 12.04. The company has been working through legacy project receivables and cost overruns. Investors considering Sterling Wilson Solar should note its loss-making status before any investment decision.

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ACME Solar Holdings vs Sterling and Wilson Solar: Stock and Valuation

The ACME Solar Holdings vs Sterling and Wilson Solar stock comparison uses the latest available market data from Groww. Investors tracking ACME Solar Holdings vs Sterling and Wilson Solar should verify current prices on NSE or BSE before trading.

ACME Solar vs Sterling Wilson Solar at current valuations: ACME Solar trades at Rs 26,017 Cr market cap, PE 43.20x, ROE 9.86 percent. Sterling Wilson Solar is loss-making at Rs 4,784 Cr market cap. ACME Solar is profitable with predictable PPA revenues. Sterling Wilson Solar is in a loss-making recovery phase.

ACME Solar Holdings vs Sterling and Wilson Solar: Quick Comparison Table

The ACME Solar Holdings vs Sterling and Wilson Solar comparison table below summarises the key metrics covered in this article side by side.

Parameter	ACME Solar Holdings	Sterling and Wilson Solar
Sector	Renewable IPP: solar + wind + hybrid power developer (India)	Global solar EPC contractor + O&M services
Market Cap	Rs 26,017 Cr	Rs 4,784 Cr
P/E Ratio	43.20x	N/A (loss-making)
ROE	9.86%	Negative (losses)
Debt to Equity	3.93	1.83
Profitability	Profitable (PPA revenues)	Loss-making
Business Model	IPP: owns and operates power plants	EPC: builds plants for clients

Conclusion

The ACME Solar Holdings vs Sterling and Wilson Solar comparison above covers the key data points on reach, products, results and valuation. ACME Solar Holdings vs Sterling and Wilson Solar covers an IPP renewable energy developer versus a solar EPC contractor at very different stages of financial health. ACME Solar has stable PPA revenues and growing renewable capacity. Sterling Wilson Solar is recovering from project losses but retains a strong global EPC brand. ACME Solar vs Sterling Wilson Solar investors should review ACME’s PPA pipeline and cost of capital, and Sterling Wilson’s receivable recovery and new order book. Consult a SEBI-registered advisor for personalised guidance. ACME Solar Holdings vs Sterling and Wilson Solar comparisons matter for investors evaluating the IPP versus EPC risk-return in Indian renewables. ACME Solar Holdings vs Sterling and Wilson Solar comparison highlights the IPP versus EPC risk profiles in India’s growing solar sector.

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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is ACME Solar Holdings?

Ans. ACME Solar Holdings is an Indian renewable energy IPP (Independent Power Producer) that develops, owns and operates utility-scale solar, wind and hybrid energy projects and sells power to state utilities and large corporates under 25-year PPAs.

What does Sterling and Wilson Solar do?

Ans. Sterling and Wilson Solar provides turnkey EPC (Engineering, Procurement and Construction) services for large-scale solar power plants globally. It is a Shapoorji Pallonji Group company and one of the world’s largest solar EPC contractors.

Why is Sterling Wilson Solar loss-making?

Ans. Sterling Wilson Solar incurred losses from project cost overruns, receivables from overseas clients and working capital challenges. The company has been working to recover legacy receivables and return to profitability.

What is a PPA?

Ans. A PPA (Power Purchase Agreement) is a long-term contract (typically 25 years) under which a power generator agrees to supply electricity to a buyer (state utility or large corporate) at a fixed or indexed price. PPAs provide IPPs like ACME Solar with predictable revenue.

What is a solar EPC contractor?

Ans. A solar EPC contractor designs, procures and constructs solar power plants for clients – typically IPPs, utilities and industrial companies. EPC contractors earn project margins rather than ongoing power revenues.

Are ACME Solar and Sterling Wilson in Nifty 50?

Ans. Neither is in Nifty 50. Both are tracked in smaller indices.

Which is larger, ACME Solar or Sterling Wilson?

Ans. ACME Solar at Rs 26,017 Cr is approximately 5.4 times larger than Sterling Wilson Solar at Rs 4,784 Cr.

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Author: Kunal Singla

Kunal Singla is the Associate Director - Research at Univest, leading quantitative equity research, intraday trading setups, and derivatives strategy. With 4+ years of experience in Indian equity markets, he combines rigorous quantitative methods with classical technical analysis to build high-conviction research frameworks for retail and advisory clients. He holds an MSc from the Indian Institute of Technology (IIT) Delhi — one of India's most selective institutions — and has completed the Certificate in Quantitative Finance (CQF), a globally recognised programme covering derivatives pricing, risk modelling, machine learning for finance, and advanced portfolio theory. This combination places him in a small group of Indian analysts with both deep academic training in quantitative methods and SEBI-recognised research credentials. Kunal holds seven SEBI-recognised NISM certifications spanning research, derivatives, portfolio management, and securities operations: Series-XV (Research Analyst), Series-XXI-A (Portfolio Managers), Series-XVI (Commodity Derivatives), Series-VIII (Equity Derivatives), Series-VII (SORM), Series-V-A (Mutual Fund Distributors), and Series-I (Currency Derivatives). At Univest — India's SEBI-registered research and advisory platform — Kunal leads research inputs for Pro Lite, Pro Super, Pro Gold, and Pro Commodity advisory services, alongside publishing intraday stock picks on Univest Blogs.