ACME Solar Holdings Ltd (ACMESOLAR)
🎯 Key Takeaways
- ACME Solar Holdings is in a clear growth phase, transitioning from project execution to scalable expansion with a focus on asset-light financing and portfolio diversification. Management is actively leveraging strategic partnerships and long-term PPAs to secure recurring revenue, while refinancing legacy debt to improve cash flow resilience.
- Revenue grew 56.5% QoQ to ₹858 in Q1FY27.
- ⚠️ 1) Execution risk in scaling new 300 MW projects under tight timelines and fixed tariff regimes, where cost overruns could pressure margins. 2) High l
📖 The Story
ACME Solar Holdings is in a clear growth phase, transitioning from project execution to scalable expansion with a focus on asset-light financing and portfolio diversification. Management is actively leveraging strategic partnerships and long-term PPAs to secure recurring revenue, while refinancing legacy debt to improve cash flow resilience. The company is consolidating its position in India's solar infrastructure space through disciplined capital allocation and incremental capacity additions.
📰 What's Happening
In August 2026, ACME Solar secured a 300 MW Letter of Award from SECI under the FDRE-IX tender at a fixed tariff of Rs. 6.00/kWh, expanding its assured pipeline. Concurrently, it raised INR 1,571 crore via a 19-year loan from IIFCL for a Rajasthan project with integrated battery storage and a 25-year PPA at Rs. 6.28/unit, bringing total project financing to INR 10,976 crore this fiscal. The company also completed a cost-refinancing of INR 2,147 crore in offshore NCDs, reducing borrowing costs by 150 bps and raising total fiscal financing to INR 8,198 crore. Additionally, it scheduled investor meetings in early September 2026 to engage analysts on growth strategy, with no financial guidance expected.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 468 | 497 | 548 | 858 |
| Operating Profit | 283 | 324 | 356 | 579 |
| OPM % | 60.5% | 65.3% | 65.0% | 67.6% |
| Net Profit | 115 | 114 | 138 | 235 |
| EPS | ₹1.90 | ₹1.88 | ₹2.30 | ₹3.71 |
Quarterly revenue has grown steadily from ₹468 crore (Sep 2025) to ₹858 crore (Jun 2026), reflecting successful project commissioning and PPA execution. Operating margins remain stable around 65-67%, indicating efficient capital deployment despite macro volatility. Net profit and EPS have risen in tandem, supporting the upward trend in share price (+38% YoY), driven by expanding asset base and improved financing terms rather than one-time gains.
🔮 Management Outlook & What's Next
Management has not provided formal forward guidance in recent filings, but investor meetings in September 2026 are expected to offer insights into the pipeline progress of the 300 MW SECI award and integration of battery storage in new projects. The emphasis on long-term PPAs and asset-light refinancing suggests a strategy focused on predictable cash flows and capital efficiency, with growth likely to be incremental and capital-light in the near term.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 104 | 121 | 121 | 121 |
| Reserves | 1,853 | 4,390 | 4,663 | 4,940 |
| Borrowings | 10,698 | 10,423 | 12,998 | 19,896 |
| Total Liabilities | 15,521 | 18,404 | 20,424 | 28,540 |
| Fixed Assets | 6,667 | 12,314 | 13,714 | 15,732 |
| Investments | 276 | 276 | 275 | 275 |
| Total Assets | 15,521 | 18,404 | 20,424 | 28,540 |
The balance sheet shows a significant rise in borrowings from ₹10,423 crore (Mar 2025) to ₹19,896 crore (Mar 2026), reflecting aggressive project financing. However, equity remains stable at ₹121 crore, indicating capital is being raised predominantly through debt. Despite this, interest coverage appears sustainable due to long PPA tenors and recent refinancing that reduced borrowing costs by 150 bps, improving debt servicing capacity.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +1,543 |
| Investing | -3,976 |
| Financing | +3,408 |
| Net Cash Flow | +975 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 83.4% | 83.3% | 83.3% | 71.4% |
| FII | 5.6% | 4.0% | 3.6% | 4.4% |
| DII | 6.4% | 6.9% | 7.0% | 19.1% |
| Public | 4.0% | 4.6% | 4.3% | 3.4% |
| # Shareholders | 1,77,167 | 1,84,159 | 1,64,635 | 1,43,209 |
Promoter holding has declined slightly from 83.42% (Q2FY26) to 71.4% (Q1FY27), while FII allocation has increased from 3.6% (Q4FY26) to 4.39% (Q1FY27), suggesting growing institutional confidence. DII holdings have also risen steadily from 6.39% to 19.1% over the past year, reflecting broader market interest. The rising number of shareholders (1.43 million) indicates retail broadening, though promoter dominance remains high.
⚖️ Peer Comparison — Infrastructure Developers & Operators
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| LT | 5.54 L Cr | 33.4 | 17.8% | 18.1% | 0.90 |
| RVNL | 43,765 | 48.7 | 11.2% | 9.1% | 0.49 |
| ACMESOLAR | 28,505 | 41.2 | 13.8% | 13.4% | 2.31 |
| KPIL | 23,994 | 21.1 | 17.7% | 14.5% | 0.43 |
| IRB | 23,383 | 21.5 | 7.6% | 4.5% | 0.96 |
| CEMPRO | 21,035 | 35.0 | 31.4% | 25.1% | 0.40 |
| JNPR | 15,067 | — | — | — | 3.77 |
| ENGINERSIN | 14,717 | 18.8 | 32.7% | 25.7% | 0.00 |
| WABAG | 12,333 | 28.7 | 21.2% | 15.3% | 0.09 |
| TECHNOE | 11,428 | 26.5 | 15.3% | 11.5% | 0.01 |
⚠️ Risk Factors
1) Execution risk in scaling new 300 MW projects under tight timelines and fixed tariff regimes, where cost overruns could pressure margins. 2) High leverage (D/E of 2.31) remains elevated, making the company sensitive to interest rate movements despite recent refinancing. 3) Dependence on government-backed PPAs and SECI tenders exposes it to policy and regulatory risks, including tariff revisions or delays in award cycles.
📋 Recent Filings
-
🔴 Announcement 28 August 2026ACME Solar Holdings announced it received a Letter of Award from SECI for a 300 MW assured peak power project under the FDRE-IX tender, securing 300 M...
-
Announcement 27 August 2026ACME Solar announced the commissioning of a 15 MW/240.752 MWh Battery Energy Storage System in Rajasthan, raising its total commissioned capacity to 3...
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🔴 Announcement 27 August 2026ACME Solar announced it raised INR 1,571 crore in long-term funding from IIFCL for a 300 MW solar project in Rajasthan, marking IIFCL's first sole gre...
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🔴 Announcement 27 August 2026ACME Solar announced its upcoming investor meetings on September 2 and 3, 2026, in Mumbai and Delhi, inviting analysts and institutional investors to ...
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Announcement 25 August 2026ACME Solar announced it won 300 MW of assured peak power capacity in SECI's FDRE-IX tender at a tariff of Rs. 6.00/kWh, adding 1.2 GWh to its battery ...
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Announcement 13 August 2026ACME Solar announced its upcoming investor and analyst meetings scheduled for August 19, 2026, conducted virtually, with no new financial results or g...
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🟡 buyback redemption 12 August 2026ACME Solar completed a full redemption of offshore dollar bonds by refinancing INR 2,147 crore in non-convertible debentures issued by 12 operational ...
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Announcement 4 August 2026Acme Solar Holdings reported record Q1 FY27 revenue of INR954 crores (+63% YoY) and EBITDA of INR831 crores (+56% YoY), driven by strong renewable gro...
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Announcement 30 July 2026ACME Solar announced that the audio recording of its earnings call for Q1 FY27 results, held on July 30, 2026, is now available on its website for inv...
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Announcement 29 July 2026ACME Solar announced it raised INR 3,404.57 crore long-term funding from Power Finance Corporation for its 250 MW FDRE project, ACME Urja One Phase-II...
🧠 Analyst's Read
ACME Solar is executing a disciplined expansion strategy backed by long-term PPAs and improved financing, but investors should monitor execution risk on new awards and the sustainability of margin performance amid competitive bidding in the solar sector. The next earnings cycle will be critical to assess cash flow conversion from the expanding asset base.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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