ACME Solar Holdings Ltd

Quick check

The five things to look at first. Open one for more.

• DebtHigh safetyRated AA- by 2 agencies.
• ResultsGrowingIn the Jun 2026 quarter, sales rose 68% and profit rose 79% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersPromoters sellingThe promoters (founders or parent) own 71%, down from 83% in Jun 2025.
• ValuationNormal for this stockThe share trades at 44.1 times its yearly earnings (P/E), cheaper than 55% of the time in the last 2 years. Its usual P/E is about 47.

ACME Solar Holdings Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)44.1 against a typical 35: pricier than most peers (1st = cheapest).22nd of 36
• Sales growth+67.9% against a typical +6.5% from a year earlier.6th of 30
• Profit growth+79.4% against a typical −1.3% from a year earlier.3rd of 25
• Share price, 3 months+14.6% against a typical −12.9%.4th of 34

Exchange filings and their impact on the company.

• 27 Oct 2026Commencement of commercial production/operationsLow impactPositivePrice −2.6% so far today
  ACME commissioned another 35.8 MW of storage, taking its SJVN-backed FDRE battery project to 65% complete.

  ACME Solar, through its subsidiary ACME Greentech Seventh, commissioned an additional 35.77 MW / 143.08 MWh of battery storage on October 27, 2026, with commercial operation from October 29, 2026. This takes total commissioned battery capacity in its 300 MW / 1200 MWh FDRE project in Bikaner, Rajasthan to 195.35 MW / 781.4 MWh, or about 65% of the project. The project has a signed power purchase agreement with SJVN Limited, so the new capacity will start adding contracted revenue.

  Full analysisFiling
• 23 Oct 2026Commencement of commercial production/operationsLow impactPositivePrice +2.8% on 26 Oct
  Acme Solar commissioned another 17.9 MW of BESS, taking the Rajasthan FDRE project to ~29% commissioned.

  Acme Solar Holdings, through its subsidiary ACME Sigma Urja, commissioned an additional 17.91 MW / 74.3 MWh of battery storage on October 23, 2026 for its 250 MW / 1069 MWh FDRE project at Chittorgarh, Rajasthan, with commercial operation from October 25, 2026. Cumulative commissioned BESS capacity in the project is now 71.64 MW / 297.3 MWh, about 29% of the total. This moves part of the under-construction pipeline into revenue generation.

  Full analysisFiling
• 16 Oct 2026Bagging/Receiving of orders/contractsMedium impactPositivePrice +1.9% on 19 Oct
  ACME signs 300 MW SECI peak-power PPA, adding long-term contracted growth pipeline.

  ACME Solar's wholly owned subsidiary ACME Greentech Twenty has signed a Power Purchase Agreement with Solar Energy Corporation of India for 300 MW of assured peak power under FDRE Tranche IX. This follows its August 2026 intimation and secures a long-term 25-year contract with a strong government counterparty. The project will require fresh investment in solar, wind and battery capacity and will start contributing revenue only after construction over the next 18-24 months.

  Full analysisFiling
• 13 Oct 2026AcquisitionLow impactNeutralPrice +1.4% on 14 Oct
  Incorporated new wholly owned subsidiaries with no immediate financial impact.

  ACME Solar Holdings has incorporated new wholly owned subsidiaries, disclosed on October 13, 2026 under Regulation 30. The filing does not disclose names, capital, or project details as Annexure-A carries no figures. These SPVs are likely holding vehicles for future solar projects with no immediate revenue, profit or debt impact.

  Full analysisFiling
• 10 Oct 2026ESOP/ESOS/ESPSLow impactNeutralPrice +0.2% on 12 Oct
  Granted 116,788 ESOPs at Rs2 with 4-year vesting; negligible near-term dilution and cost.

  Acme Solar Holdings granted 116,788 employee stock options under its 2024 plan at an exercise price of Rs2 per share. Each option converts to one Rs2 face-value share, vesting 25% each year over four years after a minimum one-year wait, exercisable within five years of vesting. With dilution of under 0.02% and a small annual accounting charge, there is no meaningful impact on earnings or share count in the next 12 months.

  Full analysisFiling
• 6 Oct 2026AcquisitionLow impactNeutralPrice −2.7% on 7 Oct
  ACME Solar set up new wholly-owned subsidiaries with no financial details disclosed, implying no near-term earnings impact.

  ACME Solar Holdings informed exchanges on October 6, 2026 that it has incorporated new wholly owned subsidiaries. The filing refers to Annexure A for details, which contained no company names, capital or purpose in the disclosed document. Such SPVs are routinely used to house future solar projects and involve only nominal initial capital, so there is no immediate impact on revenue, profit or debt.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.