ACME Solar Holdings Ltd.
ACMESOLARUtilities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
6 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 6 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20241129 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250526 | 2025-03-31 | yes | |
| TRANSCRIPT | 20251110 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260204 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260514 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260804 | 2026-06-30 | yes |
ACMESOLAR
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 446.65 |
| 52-week range | 198.96 – 458.65 |
| Return 1M | 11.86% |
| Return 3M | 25.04% |
| Return 1Y | 57.3% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 858.00 |
| Other income | 96.00 |
| Total income | 954.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 18.00 |
| Finance costs | 344.00 |
Ownership — 2026-06-30, and the change from 2026-06-04
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.71 | -0.00 |
| institutions foreign | 0.04 | 0.00 |
| institutions domestic | 0.19 | 0.00 |
| mutual funds | 0.16 | 0.00 |
| public | 0.28 | -0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 6 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 260.00 | 349.00 | 487.00 | 511.00 | 468.00 | 497.00 | 548.00 | 858.00 |
| Other income | 36.00 | 52.00 | 52.00 | 73.00 | 134.00 | 120.00 | 157.00 | 96.00 |
| Total income | 295.00 | 401.00 | 539.00 | 584.00 | 601.00 | 617.00 | 705.00 | 954.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 16.00 | 17.00 | 17.00 | 16.00 | 15.00 | 16.00 | 15.00 | 18.00 |
| Finance costs | 178.00 | 179.00 | 206.00 | 233.00 | 265.00 | 288.00 | 337.00 | 344.00 |
| Depreciation and amortisation | 60.00 | 70.00 | 102.00 | 108.00 | 117.00 | 120.00 | 123.00 | 155.00 |
| Other expenses | 23.00 | 25.00 | 34.00 | 37.00 | 52.00 | 36.00 | 54.00 | 105.00 |
| Total expenses | 277.00 | 291.00 | 359.00 | 394.00 | 449.00 | 461.00 | 529.00 | 622.00 |
| Profit before exceptional items and tax | 18.00 | 110.00 | 180.00 | 190.00 | 152.00 | 156.00 | 176.00 | 331.00 |
| Exceptional items | 0.00 | -7.00 | -14.00 | -16.00 | 4.00 | 0.00 | 14.00 | 0.00 |
| Profit before tax | 18.00 | 103.00 | 166.00 | 174.00 | 156.00 | 156.00 | 190.00 | 331.00 |
| Current tax | 17.00 | 14.00 | -5.00 | 8.00 | 10.00 | 24.00 | 126.00 | 58.00 |
| Deferred tax | -14.00 | -23.00 | 49.00 | 35.00 | 31.00 | 18.00 | -74.00 | 38.00 |
| Tax expense | 3.00 | -9.00 | 44.00 | 44.00 | 41.00 | 43.00 | 52.00 | 96.00 |
| Profit for the period | 15.00 | 112.00 | 122.00 | 131.00 | 115.00 | 114.00 | 138.00 | 235.00 |
| Profit attributable to owners | 15.00 | 112.00 | 123.00 | 131.00 | 115.00 | 114.00 | 139.00 | 235.00 |
| Profit attributable to non-controlling interests | 0.00 | — | -1.00 | -0.00 | -0.00 | -0.00 | -1.00 | -0.00 |
| Other comprehensive income | 0.00 | 0.00 | 0.00 | 3.00 | -3.00 | 0.00 | 1.00 | 5.00 |
| Total comprehensive income | 15.00 | 112.00 | 122.00 | 134.00 | 112.00 | 114.00 | 139.00 | 241.00 |
| Earnings per share, basic | 0.29 | 2.09 | 2.15 | 2.16 | 1.90 | 1.88 | 2.30 | 3.71 |
| Earnings per share, diluted | 0.29 | 2.09 | 2.14 | 2.14 | 1.88 | 1.87 | 2.27 | 3.67 |
Annual results, as filed
| Line | 2025-03-31 | 2026-03-31 |
|---|---|---|
| Revenue from operations | 1,405.00 | 2,023.00 |
| Other income | 170.00 | 484.00 |
| Total income | 1,575.00 | 2,507.00 |
| Cost of materials consumed | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 |
| Employee benefit expense | 65.00 | 62.00 |
| Finance costs | 759.00 | 1,123.00 |
| Depreciation and amortisation | 287.00 | 468.00 |
| Other expenses | 105.00 | 180.00 |
| Total expenses | 1,216.00 | 1,833.00 |
| Profit before exceptional items and tax | 359.00 | 674.00 |
| Exceptional items | -21.00 | 3.00 |
| Profit before tax | 338.00 | 677.00 |
| Current tax | 73.00 | 169.00 |
| Deferred tax | 14.00 | 10.00 |
| Tax expense | 87.00 | 179.00 |
| Profit for the period | 251.00 | 498.00 |
| Profit attributable to owners | 252.00 | 499.00 |
| Profit attributable to non-controlling interests | -1.00 | -1.00 |
| Other comprehensive income | 0.00 | 1.00 |
| Total comprehensive income | 251.00 | 498.00 |
| Earnings per share, basic | 4.55 | 8.24 |
| Earnings per share, diluted | 4.53 | 8.16 |
Balance sheet, as filed
| Line | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|
| Total assets | 15,517.00 | 18,404.00 | 20,424.00 | 28,540.00 |
| Non-current assets | 13,249.00 | 14,622.00 | 16,346.00 | 21,555.00 |
| Current assets | 2,256.00 | 3,772.00 | 4,068.00 | 6,976.00 |
| Property, plant and equipment | 6,239.00 | 11,662.00 | 12,934.00 | 14,664.00 |
| Capital work-in-progress | 5,730.00 | 1,362.00 | 1,366.00 | 4,358.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 422.00 | 651.00 | 779.00 | 1,068.00 |
| Inventories | 0.00 | 4.00 | 29.00 | 17.00 |
| Trade receivables | 320.00 | 381.00 | 294.00 | 333.00 |
| Cash and cash equivalents | 533.00 | 1,284.00 | 403.00 | 2,231.00 |
| Total equity and liabilities | 15,517.00 | 18,404.00 | 20,424.00 | 28,540.00 |
| Equity | 1,958.00 | 4,509.00 | 4,782.00 | 5,060.00 |
| Equity share capital | 104.00 | 121.00 | 121.00 | 121.00 |
| Other equity | 1,853.00 | 4,390.00 | 4,663.00 | 4,940.00 |
| Total liabilities | 13,560.00 | 13,894.00 | 15,642.00 | 23,480.00 |
| Non-current liabilities | 12,199.00 | 12,575.00 | 12,645.00 | 20,260.00 |
| Current liabilities | 1,360.00 | 1,320.00 | 2,997.00 | 3,220.00 |
| Borrowings, non-current | 9,717.00 | 9,857.00 | 9,756.00 | 16,740.00 |
| Borrowings, current | 637.00 | 566.00 | 2,558.00 | 2,248.00 |
| Trade payables | 253.00 | 225.00 | 31.00 | 15.00 |
Cash flow, as filed
| Line | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|
| Net cash from operating activities | 2,039.00 | 1,543.00 | 294.00 | 1,249.00 |
| Net cash from investing activities | -2,783.00 | -3,976.00 | -2,460.00 | -7,317.00 |
| Net cash from financing activities | 968.00 | 3,408.00 | 1,284.00 | 7,015.00 |
| Purchase of property, plant and equipment | 2,554.00 | 3,266.00 | 1,402.00 | 5,321.00 |
| Net increase in cash | 224.00 | 975.00 | -882.00 | 947.00 |
| con:CFO.BEFORE_TAX | 2,104.00 | 1,675.00 | 327.00 | 1,331.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 132.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 65.00 | 0.00 | 32.00 | 82.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | -0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 3.00 | 4.00 | 2.00 | 2.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 19.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-11-13 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-04 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 83.41 | 83.41 | 83.41 | 83.41 | 0.83 | 0.83 | 0.83 | 0.71 | 0.71 |
| Domestic institutions | 5.80 | 6.97 | 7.09 | 6.61 | 0.06 | 0.07 | 0.07 | 0.19 | 0.19 |
| Mutual funds | — | — | — | 4.10 | 0.04 | 0.05 | 0.05 | 0.16 | 0.16 |
| Insurance companies | 1.98 | 2.07 | 2.08 | 1.93 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 |
| Foreign institutions | 6.70 | 5.54 | 4.74 | 5.76 | 0.06 | 0.04 | 0.04 | 0.04 | 0.04 |
| Government | — | — | — | — | — | — | — | 0.00 | — |
| Public | 16.59 | 16.59 | 16.59 | 16.59 | 0.17 | 0.17 | 0.17 | 0.28 | 0.28 |
| Non-institutional | 4.09 | 4.07 | 4.75 | 4.22 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Shares outstanding | 605087781 | 605087781 | 605087781 | 605087781 | 605087781 | 605971804 | 605971804 | 706150694 | 706874336 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| ACME Solar Energy Private Limited | Fellow Subsidiary Company | Any other transaction, Interest paid, Interest recei | 2,840,400,000.00 | 13 |
| ACME Pokhran Solar Private Limited | Fellow Subsidiary Company | Any other transaction, Inter-corporate deposit, Inve | 2,535,040,000.00 | 7 |
| ACME Raisar Solar Energy Private Limited | Subsidiary Company | Any other transaction, Sale of goods or services | 1,489,160,000.00 | 2 |
| ACME Phalodi Solar Energy Private Limited | Subsidiary Company | Any other transaction, Sale of goods or services | 1,157,790,000.00 | 2 |
| ACME Dhaulpur Powertech Private Limited | Subsidiary Company | Any other transaction, Sale of goods or services | 1,035,880,000.00 | 2 |
| ACME Deoghar Solar Power Private Limited | Subsidiary Company | Any other transaction, Interest received, Sale of go | 1,029,620,000.00 | 4 |
| ACME Sikar Solar Private Limited | Subsidiary Company | Any other transaction, Inter-corporate deposit, Sale | 791,840,000.00 | 3 |
| ACME Aklera Power Technology Private Limited | Subsidiary Company | Any other transaction, Inter-corporate deposit, Inte | 228,990,000.00 | 3 |
| ACME Heergarh Powertech Private Limited | Subsidiary Company | Any other transaction, Inter-corporate deposit, Inte | 155,490,000.00 | 3 |
| Aarohi Solar Private Limited | Fellow Subsidiary Company | Inter-corporate deposit, Interest paid, Interest rec | 147,990,000.00 | 5 |
| Niranjana Solar Energy Private Limited | Fellow Subsidiary Company | Inter-corporate deposit, Interest paid, Interest rec | 103,600,000.00 | 7 |
| ACME Surya Power Private Limited | Subsidiary Company | Inter-corporate deposit, Investment | 59,140,000.00 | 2 |
| ACME Sun Power Private Limited | Subsidiary Company | Inter-corporate deposit, Investment | 51,760,000.00 | 2 |
| ACME Rewa Solar Energy Private Limited | Fellow Subsidiary Company | Inter-corporate deposit, Interest paid, Interest rec | 43,040,000.00 | 5 |
| Vishwatma Solar Energy Private Limited | Fellow Subsidiary Company | Inter-corporate deposit, Interest paid, Interest rec | 39,240,000.00 | 6 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-04 | Q1FY27 | Read the call | |
| 2026-05-14 | FYFY26 | Read the call | |
| 2026-02-04 | Q3FY26 | ACME, HOLDINGS, MANAGING, SERVICES LIMITED | Read the call |
| 2025-11-10 | Q2FY26 | HOLDINGS LIMITED | Read the call |
| 2025-05-26 | Q4FY25 | Read the call | |
| 2024-11-29 | H1FY25 | Read the call |
What they said about it, quarter by quarter
| Topic | FYFY26 | H1FY25 | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY25 |
|---|---|---|---|---|---|---|
| Capex | India continues to maintain strong momentum in capacity additions with approximately 55 gigawatt of RE added in financial year '26, taking cumulative … | If you look at the net debt movement during the quarter, the net debt went up by approximately INR1,200 odd crores on a sequential quarter-to-quarter … | Of course, as we scale up from 3.6 to 10, this will be a number which will keep on adding every month, and that is how we are contracting, planning fo… | So, renewable energy sector achieved significant growth with 35 gigawatts of new capacity additions from January through October 2025, bringing the to… | India continues to maintain strong momentum in capacity addition with 30 gigawatt of solar and 4.5 gigawatt of wind addition in nine-month ending FY'2… | Coming to the equipment orders and the capex lock-in for our under construction project, let me highlight the strategic progress we have made in secur… |
| Capital allocation | — | — | — | — | Land acquisition has been completed for majority of the projects. | Additionally, the Board declared an interim dividend of 10% for the period ended 31st December 2024. |
| Costs | But from an international procurement perspective and large equipment, we have to because it helps you to bind the supplier also in terms of the contr… | — | — | — | If the solar module, raw material prices goes up, goes down, who takes the losses or the profits of this contract? | And of course, the raw material prices are also benign currently, because the Chinese raw materials are also not getting good customers abroad. |
| Debt and cash | So despite the significant scale up, could you help us understand whether this is largely driven by like onetime collections or is this like a structu… | Our net debt at the end of quarter stood at INR8,755 crores, comprising around INR5,500 crores debt outstanding of operational projects, and the balan… | — | Further, the days of sales outstanding has dropped to a record low of 27 days as the proportion of central offtake has increased in our operational po… | This approach is expected to enable early cash flow generation while ensuring seamless integration of BESS with the respective FDRE projects upon full… | Our net debt to net worth ratio has improved to 1.7x, reflecting continued progress in our financial discipline. |
| Demand | India has observed its all-time highest peak electricity demand of 256 gigawatt on 25th April '26. | And overall, if I look at the entire portfolio, you have I think total 6.7 gigawatt including operational pipeline. | Because of the El Nino effect, there is a lot of planning which states are doing in terms of the shortage they are perceiving across the monsoon month… | I would also like to briefly mention a few key regulatory updates, which are instrumental in accelerating the power demand and renewable energy instal… | Further, power demand rebounded sharply in December '25 with energy demand at 138 billion units, a 7% year-on-year increase, followed by subdued power… | Additionally, we have applied for over 10,000 acres of government land, which is currently at various stages of approval process, and will support our… |
| Guidance | — | Of course, as the base rate falls down, we expect this to also come down ACME Solar Holdings Limited November 25, 2024 along with the base rate fall o… | The megawatt-wise, I think I would like to also add, the megawatt-wise, there may be lesser megawatt, but each megawatt will be equivalent to 4 megawa… | So, our execution guidance for FY26 was to commission 450 megawatts of renewable energy capacity, and we are on track to achieve it. | We expect the demand revival to continue going forward, resulting in increased PPA signing. | This refinancing would yield a significant benefit, reducing the average interest rate on these projects by about 75 basis points, and we expect this … |
| Margin | EBITDA margin of over 90%, both for the quarter and full year on account of favourable operating leverage and optimized operational efficiency. | EBITDA for the first six months stood at INR558 crores, which is up 4.8% Y-o-Y, and for the quarter, it is at INR256 crores, which is up 3.7% Y-o-Y. | And the EBITDA margins would be similar as 1Q, 82%? | With recent commissioning, our operational portfolio now stands at around 2,918 megawatts, capable of delivering an annual steady state project level … | Now, coming to our Company's performance: During Q3 to date, we commissioned 72 megawatt of wind capacity, taking our total operational portfolio to 2… | So, on a like-to-like basis for the quarter, we reported total revenue of around INR539 crores, which is up 73%, and EBITDA of around INR488 crores, u… |
| People | — | — | So we are -- we have started with the hiring and other key strategic planning. | Also, our capacity utilization factor improved to 24.1% from 22.2% last year, with both plant and grid availability above 99%. | — | We are further pleased to report a significant improvement in our capacity utilization factor, which is ACME Solar Holdings Limited May 20, 2025 the c… |
| Pricing | — | — | The thing -- only thing right now, which we are figuring out is the profitability metrics because the profitability we are seeing, of course, in terms… | — | — | — |
| Revenue growth | The rise in demand is in line with the progression of summer conditions across the country with electricity consumption witnessing a significant growt… | And, sir, if I see the revenue growth, which you have given like to like, for H1 to H1, the growth is lower than the generation growth. | — | So I will request you to look at return on capital employed or EBITDA divided by revenue or EBITDA divided by tariff as a metric because all these PPA… | — | On a run rate basis at the indicated tariff, which is currently going on, it is expected to generate a top line of around INR230 to INR240 crores when… |