India's largest commercial and industrial (C&I) renewable energy developer - builds and owns solar, wind and hybrid plants that sell power to companies (listed Mar 2026)
Price
₹1,260
snapshot 6 Nov 2026
Strengths
Largest C&I renewable provider in India (CRISIL, Mar 2025), with ~2.8 GW operational, owned and managed capacity and ~3.2 GW more contracted (Oct 2025)
Long-term corporate power contracts with data centres and industrial buyers give steadier revenue than one-off EPC work
Risks
Listed Mar 2026 below its ₹1,053 issue price - a short and so far weak public track record
Capex-heavy growth funded with debt, and open-access rules for C&I power vary from state to state
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹14,818 Cr
Stock P/E
83.0x
Div Yield
0%
ROCE
6.2%
ROE
1.8%
P/B
3.1x
Revenue growth
+27.9%FY26
Profit growth
+352.6%FY26
Net margin
4.5%FY26
1Y vs Nifty
—
Revenue, ₹ Cr (5-yr) — company table
702FY22
930FY23
1,390FY24
1,496FY25
1,913FY26
Stock price return · as of 6 Nov 2026
TrendNot enough history
52-week range as of 6 Nov 2026 vs snapshot price · 18% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Designs, builds and in many cases owns/operates the finished solar plant - the commercial layer that actually purchases ALMM-listed modules at scale and turns them into contracted power.
Why it matters
EPC and developer order books are the real-world demand signal for everything upstream - their project pipeline determines how much ALMM-listed module capacity actually gets utilised.
Where the value pool sits
Developers/IPPs capture long-dated, contracted power-sale revenue (PPAs) once a plant is operational, a very different, more annuity-like profile than EPC contractors, who earn project-based construction margins.
Key drivers
India's renewable capacity targets and state/central tender volumes
ALMM compliance requirements on the tenders they bid for
Falling module costs improving project IRRs over time
Potential bottlenecks
Land and transmission-connectivity availability for utility-scale sites
Module price volatility flowing directly into project economics and bid competitiveness
Execution and commissioning delays versus contracted timelines
Investor metrics to watch
Order book / contracted capacity under construction