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ACMESOLAR - ACME Solar Hold.

📊 NSE: ACMESOLAR 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/13/2025 17:49

📢 Recent Corporate Announcements

ACME Solar Holdings to Host Q4 and FY26 Earnings Call on May 8, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Apr 2026, 08:27 PM

ACME Solar Holdings Limited has scheduled its earnings conference call for Friday, May 8, 2026, at 11:30 AM IST. The call will focus on the company's financial performance for the fourth quarter and the full fiscal year ending March 2026. Senior management will be present to discuss results and engage in a Q&A session with analysts and institutional investors. This is a standard regulatory filing following the conclusion of the 2025-26 financial year.

Earnings call scheduled for May 8, 2026, at 11:30 AM IST.
Management to discuss financial results for both Q4 FY26 and the full fiscal year 2026.
Universal dial-in numbers provided are +91 22 6280 1488 and +91 22 7115 8869.
International toll-free access available for investors in the USA, UK, Singapore, and Hong Kong.

💡 Investors should monitor the official results release on the exchanges prior to the call to prepare for management's commentary. This call is a key opportunity to understand the company's growth outlook and operational efficiency for the upcoming fiscal year.

ACME Solar Subsidiary ACME Dhaulpur Powertech Retains CRISIL AA-/Stable Rating for Rs 990 Cr Loan

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 23 Apr 2026, 03:18 PM

CRISIL Ratings has reaffirmed the credit rating of 'CRISIL AA-/Stable' for ACME Dhaulpur Powertech Private Limited, a wholly owned subsidiary of ACME Solar Holdings. The rating applies to bank loan facilities totaling Rs. 990 Crore. This reaffirmation indicates a high degree of safety regarding timely servicing of financial obligations and low credit risk. The stable outlook suggests that the credit profile is expected to remain steady in the medium term, reflecting consistent operational performance.

CRISIL reaffirmed 'CRISIL AA-/Stable' rating for ACME Dhaulpur Powertech Private Limited
The rating covers total bank loan facilities amounting to Rs. 990 Crore
ACME Dhaulpur Powertech is a 100% wholly owned subsidiary of ACME Solar Holdings Limited
The stable outlook reflects expectations of consistent debt servicing capability and project stability

💡 Investors should view this as a sign of financial stability within the company's project portfolio. No immediate action is required as the rating remains unchanged, confirming the existing risk profile.

ACME Solar Operationalizes 2 GWh Battery Energy Storage System (BESS) Capacity in Rajasthan

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 22 Apr 2026, 08:29 AM

ACME Solar has achieved a major milestone by operationalizing a cumulative 2 GWh of Battery Energy Storage System (BESS) capacity in Rajasthan. The company's operational BESS footprint now stands at 591.18 MW / 2031.24 MWh, positioning it as a leader in large-scale energy storage in India. This operationalization is a key step toward the company's ambitious goal of reaching 10 GWh of BESS capacity by 2027. With a total portfolio of 8,071 MW and a significant under-construction pipeline, the company is well-positioned to capitalize on the transition toward round-the-clock renewable energy.

Operationalized a cumulative 2,031.24 MWh (2 GWh) of BESS capacity across Rajasthan subsidiaries.
Current operational BESS capacity stands at 591.18 MW, aimed at enhancing grid stability and peak power management.
Company targets a total operational BESS capacity of 10 GWh by 2027.
Total diversified portfolio reaches 8,071 MW, with 2,990 MW currently operational and contracted.
Under-construction pipeline remains robust at 5,081 MW, including approximately 15 GWh of BESS installations.

💡 Investors should recognize this as a significant execution milestone that validates ACME Solar's technical capability in the high-growth energy storage sector. The stock warrants a positive outlook as the company progresses toward its 10 GWh storage target and converts its large under-construction pipeline into revenue-generating assets.

Acme Solar Receives Interim Stay from Rajasthan High Court on GST Demand Notice

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 20 Apr 2026, 11:00 PM

Acme Solar Holdings Limited has secured an interim stay from the Rajasthan High Court against a show cause cum demand notice (SCN) issued by GST authorities. The court order, dated April 20, 2026, halts the operation and effect of the demand notice until further judicial orders. This provides the company with temporary relief from potential tax liabilities that were previously disclosed in March and April 2026. While the matter remains sub-judice, the stay prevents immediate enforcement or recovery actions by the tax department.

Rajasthan High Court granted an interim stay on the GST show cause cum demand notice on April 20, 2026.
The stay order halts the operation and effect of the SCN until further orders from the court.
This follows previous company disclosures regarding the tax dispute made on March 29 and April 13, 2026.
The legal development provides immediate relief against potential cash outflows related to the GST demand.

💡 Investors should view this as a positive short-term development that mitigates immediate financial risk, though they should continue to monitor the final outcome of the litigation.

ACME Solar Commissions 16 MW Wind Power Project in Gujarat

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 17 Apr 2026, 07:56 PM

ACME Solar Holdings Limited, through its subsidiary ACME Eco Clean Energy Private Limited, has successfully commissioned a 16 MW wind power project in Gujarat. The company received the official Certificate of Commissioning from the Gujarat Energy Development Agency (GEDA) on April 16, 2026. This project is located in the Surendranagar district and follows a series of progress updates provided by the company in March 2026. The commencement of operations marks a transition from construction to revenue generation for this specific capacity.

Successfully commissioned 16 MW wind power capacity in Surendranagar, Gujarat
Received official Certificate of Commissioning from GEDA dated April 16, 2026
Project executed through subsidiary ACME Eco Clean Energy Private Limited
Follows a series of project updates issued on March 17, 19, and 26, 2026

💡 Investors should note the company's ability to execute and commission projects within its pipeline, which will contribute to incremental revenue growth. Monitor the company's total operational capacity versus its under-construction portfolio for long-term valuation.

ACME Solar Files Writ Petition in Rajasthan High Court Against GST Demand Notice

🔵 WATCH ⭐ 6/10

LEGAL 📅 13 Apr 2026, 10:21 PM

ACME Solar Holdings Limited has filed a civil writ petition in the Rajasthan High Court on April 13, 2026, to challenge a show cause cum demand notice (SCN) issued by GST authorities. This legal move follows a previous disclosure made by the company on March 29, 2026, regarding the receipt of the notice. By escalating the matter to the High Court, the company is actively contesting the tax authority's claims. Investors should monitor the proceedings as the outcome will determine the company's potential tax liabilities and financial impact.

Filed a civil writ petition before the Hon’ble Rajasthan High Court on April 13, 2026.
The petition challenges a show cause cum demand notice (SCN) issued by GST authorities.
The legal action is a follow-up to the company's initial intimation dated March 29, 2026.
The company is seeking judicial intervention to contest the validity of the tax demand.

💡 Investors should monitor future disclosures to understand the specific monetary value of the GST demand and any interim stay orders from the High Court.

ACME Solar Commissions 32.366 MW / 145.435 MWh BESS Phase-IV in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Apr 2026, 09:40 PM

ACME Solar Holdings has successfully commissioned the fourth phase of its Battery Energy Storage System (BESS) project in Bikaner, Rajasthan, through its subsidiary ACME Surya Power. This phase adds 32.366 MW / 145.435 MWh to the company's operational capacity, with commercial operations scheduled to begin on April 15, 2026. The total commissioned capacity for this specific project has now reached 139.509 MW / 626.875 MWh. This expansion demonstrates the company's execution capability in the high-growth energy storage segment.

Commissioned 32.366 MW / 145.435 MWh capacity in Phase-IV of the BESS project
Commercial Operation Date (COD) for the new phase is set for April 15, 2026
Total commissioned capacity for the subsidiary ACME Surya Power reaches 139.509 MW / 626.875 MWh
Project is strategically located in Bikaner, Rajasthan, a hub for renewable energy

💡 Investors should look favorably on this capacity addition as it directly contributes to revenue growth and strengthens the company's position in the renewable storage market. Monitor the execution of remaining phases and the impact on upcoming quarterly earnings.

ACME Solar Commissions Phase IV of 32.366 MW BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Apr 2026, 09:11 PM

ACME Solar Holdings Limited, through its subsidiary ACME Surya Power Private Limited, has commissioned the fourth phase of its Battery Energy Storage System (BESS) project in Bikaner, Rajasthan. This phase adds 32.366 MW / 145.435 MWh to the company's operational portfolio, with commercial operations scheduled to begin on April 15, 2026. This milestone brings the total commissioned capacity for this specific project to 139.509 MW / 626.875 MWh. The expansion enhances the company's revenue-generating assets in the high-growth energy storage sector.

Commissioned 32.366 MW / 145.435 MWh capacity in Phase IV of the BESS project
Commercial Operation Date (COD) for the new phase is set for April 15, 2026
Total commissioned capacity for the project reached 139.509 MW / 626.875 MWh
Project is located at Village Jaimalsar, District Bikaner, Rajasthan

💡 Investors should look favorably on this capacity addition as it directly contributes to the company's operational revenue. Monitor the execution of remaining project phases to gauge long-term growth trajectory.

ACME Solar Commissions 32.366 MW Phase-IV BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Apr 2026, 09:01 PM

ACME Solar Holdings Limited has successfully commissioned the fourth phase of its Battery Energy Storage System (BESS) project in Bikaner, Rajasthan. This phase adds 32.366 MW / 145.435 MWh of capacity through its subsidiary, ACME Surya Power Private Limited. The commercial operation date for this phase is set for April 15, 2026. This milestone brings the total commissioned capacity of the project to 139.509 MW / 626.875 MWh, demonstrating steady progress in the company's operational expansion.

Commissioned 32.366 MW / 145.435 MWh capacity in the fourth phase of the BESS project
Commercial Operation Date (COD) for Phase-IV is scheduled for April 15, 2026
Total commissioned capacity for the subsidiary now reaches 139.509 MW / 626.875 MWh
Project is strategically located at Village Jaimalsar, Bikaner district, Rajasthan

💡 Investors should monitor the revenue contribution from these newly commissioned phases in upcoming quarterly results. The successful execution of large-scale battery storage projects strengthens the company's position in the renewable energy transition.

Acme Solar Submits SEBI Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 05:05 PM

Acme Solar Holdings Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the registrar has processed and reported all dematerialization and rematerialization requests for the quarter ended March 31, 2026. This is a standard procedural filing required to ensure the integrity of the company's shareholding records across NSDL and CDSL. Such filings are routine for all listed entities in India and do not indicate any change in business fundamentals.

Compliance certificate submitted for the quarter ending March 31, 2026.
Issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited.
Confirms reporting of dematerialized and rematerialized securities to BSE and NSE.
Adherence to SEBI (Depositories and Participants) Regulations, 2018 confirmed for both NSDL and CDSL.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

ACME Solar Commissions Additional 4 MW Wind Capacity; Total Project Reaches 96 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 08 Apr 2026, 08:42 PM

ACME Solar Holdings Limited, through its subsidiary ACME Eco Clean Energy Private Limited, has commissioned an additional 4 MW of wind power capacity in Gujarat. This is part of a larger 100 MW wind power project located in the Surendranagar district. With this latest addition, the total commissioned capacity for this specific project has reached 96 MW. The commissioning has been verified by state agencies GEDA and PGVCL, marking the near-completion of the project and moving it closer to full revenue generation.

Commissioned 4 MW additional wind power capacity at Titoda, Gujarat.
Total commissioned capacity for the project now stands at 96 MW out of 100 MW.
Project is being executed by subsidiary ACME Eco Clean Energy Private Limited.
Commissioning witnessed and confirmed by GEDA and PGVCL officials.

💡 Investors should view this as a positive operational milestone that brings the 100 MW project to 96% completion. Monitor for the final 4 MW commissioning to mark the full operational status of this asset.

ACME Solar Commissions 33.33 MW Phase-IV of Rajasthan Battery Storage Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 01 Apr 2026, 10:45 PM

ACME Solar Holdings has announced the commissioning of the fourth phase of its Battery Energy Storage System (BESS) project in Rajasthan through its subsidiary, ACME Sun Power. This phase adds 33.333 MW / 160.48 MWh of capacity, with the commercial operation date set for April 03, 2026. The company has now successfully commissioned a total of 133.336 MW out of the planned 300 MW for this specific project. This steady execution highlights the company's progress in the high-growth energy storage segment.

Commissioned 33.333 MW / 160.48 MWh capacity in the fourth phase of the Rajasthan BESS project
Total commissioned capacity for this project reaches 133.336 MW / 641.980 MWh
Overall project target stands at 300 MW / 1409.34 MWh capacity
Commercial Operation Date (COD) for the fourth phase is confirmed as April 03, 2026
Project is located at Village Badi Sid, Rajasthan, and executed by a wholly owned subsidiary

💡 Investors should monitor the timely execution of the remaining 166.66 MW capacity as it will significantly contribute to the company's operational revenue. The successful scaling of BESS technology positions the company well in the evolving Indian renewable energy landscape.

ACME Solar Credit Rating Reaffirmed at [ICRA]AA- (Stable); Rated Amount Increased to ₹2,500 Cr

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 01 Apr 2026, 08:31 AM

ICRA Limited has reaffirmed the long-term credit rating of ACME Solar Holdings Limited at [ICRA]AA- with a Stable outlook. The total rated amount for non-fund based facilities has been significantly enhanced from ₹1,500 crore to ₹2,500 crore. This includes an increase in existing non-fund based limits to ₹1,850 crore and a new assignment of ₹650 crore for unallocated facilities. The reaffirmation and limit enhancement indicate strong creditworthiness and support for the company's expanding operational scale.

ICRA reaffirmed the long-term rating at [ICRA]AA- with a Stable outlook.
Total rated amount for non-fund based facilities increased by ₹1,000 crore to reach ₹2,500 crore.
Long-term non-fund based (Others) limit enhanced from ₹1,500 crore to ₹1,850 crore.
New rating of [ICRA]AA- (Stable) assigned to ₹650 crore of unallocated non-fund based facilities.

💡 Investors should take confidence in the reaffirmed high credit rating, which reflects financial stability and facilitates lower borrowing costs. The enhancement in limits suggests the company is positioning itself for larger project executions in the solar sector.

ACME Solar Commissions Phase III of 300 MW Rajasthan Battery Energy Storage Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 31 Mar 2026, 09:22 PM

ACME Solar Holdings Limited, through its subsidiary ACME Sun Power Private Limited, has successfully commissioned the third phase of its Battery Energy Storage System (BESS) project in Rajasthan. This phase adds 33.333 MW / 160.51 MWh of capacity, bringing the total commissioned capacity to 100.003 MW out of the planned 300 MW. The commercial operation date for this phase is set for April 02, 2026. This milestone demonstrates steady execution of the company's large-scale energy storage strategy, which is critical for grid stability and renewable energy integration.

Commissioned 33.333 MW / 160.51 MWh capacity in Phase III of the Rajasthan BESS project
Total commissioned capacity now stands at 100.003 MW / 481.500 MWh
The overall project target is 300 MW / 1409.34 MWh capacity
Commercial Operation Date (COD) for the third phase is April 02, 2026
Project is located at Village Badi Sid, Phalodi and Jodhpur districts, Rajasthan

💡 Investors should take this as a positive sign of operational execution and project delivery. Monitor the progress of the remaining 200 MW capacity as it will be a key driver for revenue growth in the storage segment.

Acme Solar Commissions Phase III of 250 MW BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 29 Mar 2026, 09:16 PM

Acme Solar Holdings has successfully commissioned the third phase of its Battery Energy Storage System (BESS) project in Bikaner, Rajasthan, through its wholly-owned subsidiary. This phase adds 11.429 MW / 51.354 MWh to the operational capacity, with the Commercial Operation Date (COD) set for March 31, 2026. The total commissioned capacity for this specific project has now reached 107.143 MW out of the planned 250 MW. This milestone reflects steady execution in the company's renewable energy storage portfolio.

Commissioned 11.429 MW / 51.354 MWh in the third phase of the Rajasthan BESS project
Cumulative commissioned capacity for the project now stands at 107.143 MW / 481.440 MWh
The total planned capacity for the Bikaner project is 250 MW / 1103.392 MWh
Commercial operations for this phase are scheduled to begin on March 31, 2026
Project is executed via ACME Surya Power Private Limited, a 100% owned subsidiary

💡 Investors should take this as a positive sign of the company's ability to execute complex energy storage projects. Monitor the progress of the remaining 143 MW capacity as it will contribute significantly to future revenue streams.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 103.8% YoY to INR 601 Cr in Q2 FY26. EPC revenue contributed INR 332 Cr (71.4% of total income) in Q2 FY26, up 17.3% from Q1 FY26. Adjusted for asset divestments, FY25 revenue grew 32.3% YoY to INR 1,405.1 Cr.

Geographic Revenue Split

The portfolio is spread across 11 states in India, with revenue generated from 17 different counterparties. Central offtakers (SECI/NTPC) account for 69% of the operational portfolio and 83% of the total portfolio.

Profitability Margins

Operating profit margin improved from 13% in FY24 to 28% in FY25 (up 120%). Net profit margin was 14% in FY25, down from 89% in FY24 due to one-time divestment gains in the previous year; however, adjusted net margin improved from 5.4% to 15.9% in FY25.

EBITDA Margin

EBITDA margin stood at 88.8% in Q2 FY26, up from 86.8% in Q2 FY25, driven by favorable operating leverage and optimized operational efficiency. EBITDA grew 108.3% YoY to INR 534 Cr in Q2 FY26.

Capital Expenditure

Planned capital expenditure is approximately INR 12,000 Cr for FY26 and INR 12,000-13,000 Cr for FY27. Projects are typically funded with a debt-equity ratio of 75:25 or 80:20.

Credit Rating & Borrowing

Credit rating was upgraded to CRISIL AA-/Stable in October 2025 from A+/Positive. Borrowing costs were reduced by 75 basis points (0.75%) through debt refinancing and prepayment of INR 2,069.9 Cr of debt using IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Key equipment includes Solar PV modules (Bifacial and TopCon technology), Wind Turbines, and Battery Energy Storage Systems (BESS).

Capacity Expansion

Current operational capacity is 2.54 GWAC (2,918 MW). The total portfolio is 7,390 MW, with 1,890 MW of PPAs signed in FY25 and 550 MWh of standalone BESS projects won.

Raw Material Costs

Cost of materials consumed was INR 261 Cr in Q2 FY26, representing 72.7% of total expenses. Procurement strategies focus on 'just-in-time' delivery for major equipment like turbines 3-4 months before COD.

Manufacturing Efficiency

Capacity Utilization Factor (CUF) improved to 24.1% in Q2 FY26 from 22.2% in Q2 FY25. Plant and grid availability remained above 99%.

📈 Strategic Growth

Expected Growth Rate

32.30%

Growth Strategy

Growth will be achieved through the execution of the 7.39 GW portfolio, focusing on Firm and Dispatchable Renewable Energy (FDRE) and Hybrid projects (49% of portfolio). The company is also expanding into standalone BESS (550 MWh won) and winning Round-The-Clock (RTC) tenders like the 130 MW REMCL Railways project.

Products & Services

Renewable electricity generated from Solar, Wind, Hybrid, and FDRE projects sold under long-term Power Purchase Agreements (PPAs).

Brand Portfolio

ACME Solar.

New Products/Services

New product focus includes 550 MWh of Standalone Battery Energy Storage Systems (BESS) and FDRE projects to manage intermittency.

Market Expansion

Expanding presence across 11 states in India with a focus on increasing the share of Central offtakers to 83% of the total portfolio.

Market Share & Ranking

One of the largest Renewable Energy Independent Power Producers (IPPs) in India.

Strategic Alliances

Winning bidder for 130 MW Railways (REMCL) Round-The-Clock Renewable Energy tender.

🌍 External Factors

Industry Trends

The share of renewables in India's power mix is projected to grow from 22% in FY25 to 35% by FY27, led by solar PV and hybrid projects with storage.

Competitive Landscape

The industry is shifting toward complex Hybrid and FDRE projects where ACME Solar's experience in balancing solar, wind, and battery proportions provides a competitive edge.

Competitive Moat

Moat is built on scale (7.39 GW portfolio), geographical diversity (11 states), and a high-quality offtaker profile (83% Central offtakers), which ensures lower credit risk and stable cash flows.

Macro Economic Sensitivity

Peak power demand in India is forecast to increase by a CAGR of 6% from FY25 to FY27, directly driving demand for new capacity.

Consumer Behavior

Rising electrification and digital technology adoption are driving a 6% CAGR in peak power demand.

⚖️ Regulatory & Governance

Industry Regulations

New amendments allow battery energy storage systems to use existing connectivity infrastructure for merchant operations. Regulatory commissions are directed to liquidate INR 1.5 lakh Cr of regulatory assets within 4 years.

Environmental Compliance

Focused on decoupling economic growth from emissions by increasing RE share to 35% by 2027.

Taxation Policy Impact

Effective tax rate was approximately 24.4% in Q2 FY26 (INR 10 Cr tax on INR 41 Cr PBT).

Legal Contingencies

Received a favorable APERC ruling for the recovery of INR 48.6 Cr in outstanding dues from Andhra Pradesh discoms, to be recovered in installments.

⚠️ Risk Analysis

Key Uncertainties

Execution risks for under-construction projects (time/cost overruns), weather-related generation variability, and potential delays in PPA signing for projects under LOA.