# Acme Solar Holdings (ACMESOLAR) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/acmesolar

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹396.4
- Change: -2.82%
- As of: 2026-11-06
- 1D return: -2.82%
- 5D return: -2.08%
- 1M return: -5.71%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

ACMESOLAR presents a mixed technical picture as of the close on 5 November 2026, trading at ₹408.25. The stock is in a clear short-term downtrend on the daily chart, with price below the 20-period and 50-period moving averages and the Supertrend signaling bearish momentum. This weakness is corroborated by recent anomalies, including a wide intraday range on 30 October and a volume-backed move on 29 October. However, the broader context remains constructive; both weekly and monthly timeframes show bullish structures, with price above key moving averages and strong trend strength (ADX > 40). The stock sits near the upper end of its 252-day range (+75.6%) but is currently consolidating around the middle of its 20-day range. Immediate resistance lies at ₹411.50 (0.80% above), while support is found at ₹405.80 (0.60% below). The annualized volatility of 43.4% indicates significant price fluctuation risk.

- Short-term daily trend is bearish (price below 20/50 EMAs and Supertrend) despite strong weekly and monthly bullish structures.
- Immediate resistance at ₹411.50 (+0.80%) and support at ₹405.80 (-0.60%) define a tight consolidation zone.
- Recent high-severity anomaly on 30 October featured a +15.8% intraday range with a -2.6% return, indicating elevated volatility.
- Stock trades near the top of its yearly range (+75.6%) with an 11.0% current drawdown from highs.

- Inside Bar
- Harami

### News Context

ACME Solar Holdings advanced its renewable energy expansion by commissioning an additional 66.68 MW of solar capacity in Bikaner, Rajasthan, on November 3, 2026. Executed by subsidiary ACME Renewtech Pvt Ltd under a Power Purchase Agreement with NTPC Ltd at ₹3.36 per kWh, this addition brings the company’s total operational renewable portfolio to approximately 3,190 MW. The project is part of a hybrid initiative incorporating wind generation to diversify output. This development supports the company's target to fully operationalize the project's 300 MW solar component by the end of Q3 FY27.

- Capacity Addition: Commissioned 66.68 MW in Bikaner, raising total operational renewable capacity to ~3,190 MW.
- Revenue Contract: PPA with NTPC Ltd fixed at ₹3.36 per kWh.
- Strategic Context: Part of a hybrid solar-wind initiative; supports goal to complete 300 MW solar component by end of Q3 FY27.

- [ACME Solar Holdings commissions additional 66.68 MW solar capacity](https://www.thehindubusinessline.com/companies/acme-solar-holdings-commissions-additional-6668-mw-solar-capacity/article71659484.ece)

### Official Filings

ACMESOLAR reported strong Q2 FY27 financials, with revenue rising 67.5% YoY to ₹1,007 crores and PAT surging 133.5% to ₹269 crores, driven by Battery Energy Storage System (BESS) operations and renewable capacity additions. The company upgraded its FY27 BESS commissioning guidance to over 12 gigawatt-hour and set a 2030 target of 15 gigawatts of renewable capacity alongside 50 gigawatt-hours of battery storage. CRISIL also upgraded the rating outlook to AA- positive from stable.

Operationally, ACMESOLAR commissioned an additional 66.68 MW solar component at its Rajasthan Hybrid Project (COD: November 4, 2026), bringing cumulative commissioned solar capacity to 200.04 MW out of 300 MW. Additionally, it commissioned 88.02 MW / 366.969 MWh of BESS in Chittorgarh (COD: November 1, 2026), raising cumulative BESS capacity to 159.660 MW / 664.261 MWh against a total project capacity of 250 MW / 1069 MWh. The company also signed a 400 MW FDRE PPA with NTPC Limited at INR 4.37 per unit, increasing its under-construction PPA-locked portfolio to 4,710 MW out of 5,380 MW contracted capacity.

- Financial Performance: Q2 FY27 revenue reached ₹1,007 crores (+67.5% YoY) and PAT was ₹269 crores (+133.5% YoY).
- Guidance Upgrade: FY27 BESS commissioning guidance raised to 12 GWh; 2030 targets set at 15 GW renewable capacity and 50 GWh battery storage.
- Capacity Commissioning: Added 66.68 MW solar (Rajasthan Hybrid) and 88.02 MW/366.969 MWh BESS (Chittorgarh); cumulative BESS capacity now 159.660 MW/664.261 MWh.
- New Contract: Signed 400 MW FDRE PPA with NTPC at INR 4.37/unit; total under-construction PPA-locked portfolio stands at 4,710 MW.

- [Acme Solar Holdings Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_04112026191833_intimation04112026m.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261104_192550927.xml)
- [Acme Solar Holdings Limited has informed the Exchange regarding 'ACME Solar commissions additional 66.68 MW solar capacity at its Hybrid Project in Rajasthan'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_03112026083454_Intimation03112026.pdf)
- [ACME Solar Holdings Limited has informed the Stock Exchanges regarding an update on the commissioning of the solar component of the Hybrid Power Project. |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_02112026191802_Intimation02112026.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about updation on commissioning of Battery Energy Storage System (BESS) Project |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_31102026132802_Intimation311026.pdf)
- [ACME SOLAR HOLDINGS LIMITED has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261031_160959293.xml)
- [ACME Solar Holdings Limited has informed the Exchange regarding signing of PPA with NTPC for 400 ISTS connected FDRE Project'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026084319_Intimation30102026.pdf)
- [ACME Solar Holdings Limited has submitted Newspaper Publication of Unaudited Financial Results for the Quarter and half year ended September 30, 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026130853_Intimation30102026.pdf)
- [Acme Solar Holdings Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_29102026161051_Intimation291026.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261029_162440251.xml)

### Fundamentals

ACME Solar Holdings is executing a rapid expansion phase, marked by a 90% year-on-year sales increase to ₹887 crore in Q2 FY2026-27 and a net profit jump to ₹269 crore. The company’s asset base has doubled to ₹40,628 crore, driven by aggressive capital expenditure that increased Capital Work in Progress (CWIP) from ₹1,366 crore to ₹7,067 crore. This growth is heavily financed by debt, with borrowings rising to ₹27,596 crore and interest costs reaching ₹345 crore per quarter. While earnings quality remains strong with CFO/EBITDA at 75%, the working capital cycle shows negative days (-432), indicating significant trade credit leverage. A notable shift occurred in shareholding: promoters reduced their stake from 83.41% to 71.4% between Sep 2025 and Sep 2026, while DIIs increased their holding to 17.46%.

- Revenue surged 90% YoY to ₹887 crore in Q2 FY2026-27, with Net Profit rising 134% to ₹269 crore.
- Balance sheet expanded sharply; CWIP grew to ₹7,067 crore and total assets reached ₹40,628 crore as of Sep 2026.
- Leverage intensified: Borrowings rose to ₹27,596 crore and quarterly interest costs hit ₹345 crore.
- Promoter holding decreased to 71.4% in Sep 2026, while DII participation increased to 17.46%.

### Bull Case

ACME Solar Holdings demonstrates operational expansion and strong longer-term market performance, providing a conditional upside case despite near-term technical weakness. The company commissioned an additional 66.68 MW of solar capacity in Bikaner, Rajasthan, bringing its total operational renewable energy portfolio to approximately 3,190 MW. This project, executed by subsidiary ACME Renewtech Pvt Ltd under a Power Purchase Agreement with NTPC Ltd at ₹3.36 per kWh, is part of a hybrid initiative including wind generation. The company targets fully operationalizing the project's 300 MW solar component by the end of Q3 FY27, indicating continued execution momentum.

Technically, while the daily trend is bearish with the price at ₹408.25 on 2026-11-05, the weekly and monthly trends remain bullish. The stock has delivered significant returns over longer horizons, including +71.6% year-to-date and +49.1% over the past year. However, the stock is currently experiencing a -11.0% drawdown from recent highs, with resistance levels nearby at ₹411.5 and ₹413.4. The constructive case relies on the successful completion of the remaining capacity additions and the resilience of the multi-timeframe bullish structure against the current short-term volatility.

- Operational Expansion: Commissioned 66.68 MW in Bikaner; total portfolio now ~3,190 MW; target to complete 300 MW solar component by end of Q3 FY27.
- Contractual Revenue: New capacity secured via PPA with NTPC Ltd at ₹3.36 per kWh, supporting long-term cash flow visibility.
- Long-Term Performance: Stock up +71.6% YTD and +49.1% over 1 year, reflecting sustained investor interest despite recent consolidation.
- Technical Context: Weekly and monthly trends are bullish, but daily trend is bearish (-11.0% drawdown); immediate resistance at ₹411.5.

- [ACME Solar Holdings commissions additional 66.68 MW solar capacity](https://www.thehindubusinessline.com/companies/acme-solar-holdings-commissions-additional-6668-mw-solar-capacity/article71659484.ece)
- [Acme Solar Holdings Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_04112026191833_intimation04112026m.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261104_192550927.xml)
- [Acme Solar Holdings Limited has informed the Exchange regarding 'ACME Solar commissions additional 66.68 MW solar capacity at its Hybrid Project in Rajasthan'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_03112026083454_Intimation03112026.pdf)
- [ACME Solar Holdings Limited has informed the Stock Exchanges regarding an update on the commissioning of the solar component of the Hybrid Power Project. |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_02112026191802_Intimation02112026.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about updation on commissioning of Battery Energy Storage System (BESS) Project |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_31102026132802_Intimation311026.pdf)
- [ACME SOLAR HOLDINGS LIMITED has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261031_160959293.xml)
- [ACME Solar Holdings Limited has informed the Exchange regarding signing of PPA with NTPC for 400 ISTS connected FDRE Project'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026084319_Intimation30102026.pdf)
- [ACME Solar Holdings Limited has submitted Newspaper Publication of Unaudited Financial Results for the Quarter and half year ended September 30, 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026130853_Intimation30102026.pdf)
- [Acme Solar Holdings Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_29102026161051_Intimation291026.pdf)

### Bear Case

ACME Solar Holdings faces near-term technical headwinds and elevated volatility despite strong long-term returns. On a daily basis, the stock is trading in a bearish regime with a Supertrend signal indicating downward pressure, supported by a negative slope in the 20-day simple moving average (-5.91). The share price closed at ₹408.25 on November 5, 2026, following a 3.0% decline over the past week and a 4.5% drop over the last month. Immediate resistance is tight, with levels at ₹411.5 and ₹413.4 just 0.8% to 1.3% above the current price, suggesting limited upside momentum in the short term. Furthermore, the stock has experienced a significant maximum drawdown of -37.6%, with an annualized volatility of +43.4%, highlighting substantial price instability. While the monthly trend remains bullish, the divergence between short-term weakness and longer-term gains warrants caution regarding entry timing and risk tolerance.

- Daily technicals are bearish: Supertrend direction is down, and the 20-day SMA slope is negative (-5.91), contrasting with a bullish monthly outlook.
- Short-term performance is weak: The stock fell 3.0% over one week and 4.5% over one month, closing at ₹408.25 on November 5, 2026.
- High volatility and drawdown risk: Annualized volatility stands at +43.4%, with a historical maximum drawdown of -37.6% and a current drawdown of -11.0%.
- Tight resistance ceiling: Immediate resistance levels at ₹411.5 (+0.8%) and ₹413.4 (+1.26%) constrain near-term upside potential.

- [ACME Solar Holdings commissions additional 66.68 MW solar capacity](https://www.thehindubusinessline.com/companies/acme-solar-holdings-commissions-additional-6668-mw-solar-capacity/article71659484.ece)
- [Acme Solar Holdings Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_04112026191833_intimation04112026m.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261104_192550927.xml)
- [Acme Solar Holdings Limited has informed the Exchange regarding 'ACME Solar commissions additional 66.68 MW solar capacity at its Hybrid Project in Rajasthan'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_03112026083454_Intimation03112026.pdf)
- [ACME Solar Holdings Limited has informed the Stock Exchanges regarding an update on the commissioning of the solar component of the Hybrid Power Project. |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_02112026191802_Intimation02112026.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about updation on commissioning of Battery Energy Storage System (BESS) Project |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_31102026132802_Intimation311026.pdf)
- [ACME SOLAR HOLDINGS LIMITED has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261031_160959293.xml)
- [ACME Solar Holdings Limited has informed the Exchange regarding signing of PPA with NTPC for 400 ISTS connected FDRE Project'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026084319_Intimation30102026.pdf)
- [ACME Solar Holdings Limited has submitted Newspaper Publication of Unaudited Financial Results for the Quarter and half year ended September 30, 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026130853_Intimation30102026.pdf)
- [Acme Solar Holdings Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_29102026161051_Intimation291026.pdf)

### FAQs

**What recent capacity additions has ACME Solar Holdings commissioned, and how do they impact its operational portfolio?**

ACME Solar commissioned an additional 66.68 MW solar capacity in Bikaner, Rajasthan, with a commercial operation date of November 4, 2026. This brings the total operational renewable energy portfolio to approximately 3,190 MW. Additionally, the company commissioned 88.02 MW / 366.969 MWh of Battery Energy Storage System (BESS) capacity for its FDRE Project in Chittorgarh on October 30, 2026.

**How did the company perform financially in H1 FY27, and what guidance has been updated?**

In H1 FY27, ACME Solar reported total revenue of INR 1,007 crores (up 67.5% YoY) and PAT of INR 269 crores (up 133.5% YoY). Management raised FY27 BESS commissioning guidance to greater than 12 gigawatt-hour and updated the 2030 target to 15 gigawatts of renewable capacity with 50 gigawatt-hour of battery storage. The company also signed a 400 MW FDRE PPA with NTPC, bringing the overall PPA portfolio to 92% of the contracted 8,370 MW.

**What is the current technical price structure and trend for ACME Solar stock?**

As of November 5, 2026, the stock closed at ₹408.25, down 3.0% from the previous close. The monthly trend remains bullish with an ADX of 37.95, while the daily trend is bearish with an ADX of 14.31. Key resistance levels are noted at ₹411.50 and ₹413.40, with immediate support at ₹405.80. The stock has gained +71.6% YTD but is currently experiencing an -11.0% drawdown.

- [ACME Solar Holdings commissions additional 66.68 MW solar capacity](https://www.thehindubusinessline.com/companies/acme-solar-holdings-commissions-additional-6668-mw-solar-capacity/article71659484.ece)
- [Acme Solar Holdings Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_04112026191833_intimation04112026m.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261104_192550927.xml)
- [Acme Solar Holdings Limited has informed the Exchange regarding 'ACME Solar commissions additional 66.68 MW solar capacity at its Hybrid Project in Rajasthan'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_03112026083454_Intimation03112026.pdf)
- [ACME Solar Holdings Limited has informed the Stock Exchanges regarding an update on the commissioning of the solar component of the Hybrid Power Project. |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_02112026191802_Intimation02112026.pdf)
- [ACME Solar Holdings Limited has informed the Exchange about updation on commissioning of Battery Energy Storage System (BESS) Project |SUBJECT: Commencement of commercial production/operations](https://nsearchives.nseindia.com/corporate/ACMECS_31102026132802_Intimation311026.pdf)
- [ACME SOLAR HOLDINGS LIMITED has informed the Exchange about Commencement or postponement (Sub-para 1-Para B) |SUBJECT: Commencement or postponement (Sub-para 1-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261031_160959293.xml)
- [ACME Solar Holdings Limited has informed the Exchange regarding signing of PPA with NTPC for 400 ISTS connected FDRE Project'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026084319_Intimation30102026.pdf)
- [ACME Solar Holdings Limited has submitted Newspaper Publication of Unaudited Financial Results for the Quarter and half year ended September 30, 2026 |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ACMECS_30102026130853_Intimation30102026.pdf)
- [Acme Solar Holdings Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ACMECS_29102026161051_Intimation291026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Downtrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹413.45
- Risk regime: Price Risk Requires Attention

### Support levels
- 376.3
- 344.7
- 333

### Resistance levels
- 398.4
- 411.5
- 423.7

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -2.82% |
| return_10 | +6.60% |
| return_1m | -11.56% |
| return_1y | +47.31% |
| return_20 | -5.71% |
| return_3m | +5.58% |
| return_5 | -2.08% |
| return_6m | +33.72% |
| return_since_start | +68.93% |
| return_ytd | +66.67% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -37.59% |
| annualized_volatility | +43.45% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Acme Solar Holdings Limited Q2 FY2026-27: Profit more than doubles

Revenue from operations rose 89.6% year on year to ₹887 crore in the quarter ended 30 September 2026, while profit for the period increased 133.5% to ₹269 crore. Sequentially, revenue grew 3.4% and profit rose 14.2%; the company also reported a larger asset base alongside higher borrowings and cash balances.

## Revenue and earnings growth

Revenue from operations was ₹887 crore, up from ₹858 crore in Q1 FY2026-27 and ₹468 crore in Q2 FY2025-26. Total income, including other income of ₹120 crore, reached ₹1,007 crore, up 5.6% quarter on quarter and 67.5% year on year.

Expenses increased 4.6% sequentially to ₹651 crore. Profit before tax was ₹356 crore, up 7.4% from Q1 FY2026-27 and 128.0% from Q2 FY2025-26. Finance costs were ₹345 crore, little changed from Q1 but 30.5% higher year on year.

## Tax, profit and per-share earnings

Tax expense declined 9.1% quarter on quarter to ₹87 crore. Current tax rose to ₹89 crore from ₹58 crore in Q1 FY2026-27, while deferred tax was a credit of ₹1.5 crore, compared with a charge of ₹38 crore in the prior quarter. Profit for the period increased to ₹269 crore from ₹235 crore in Q1 and ₹115 crore in Q2 FY2025-26.

Diluted earnings per share from continuing operations was ₹3.75, compared with ₹3.67 in Q1 FY2026-27 and ₹1.88 in Q2 FY2025-26.

## Assets and construction

Total assets stood at ₹40,628 crore on 30 September 2026, compared with ₹28,540 crore on 31 March 2026 and ₹20,424 crore a year earlier. Property, plant and equipment increased to ₹18,152 crore from ₹14,664 crore at March-end, while capital work in progress rose to ₹7,067 crore from ₹4,358 crore. Other intangible assets were ₹1,260 crore.

## Borrowings, liquidity and equity

Non-current borrowings reached ₹24,057 crore at 30 September 2026, up from ₹16,740 crore at 31 March. Current borrowings were ₹2,468 crore, compared with ₹2,248 crore at March-end.

Cash and cash equivalents increased to ₹4,384 crore from ₹2,231 crore, while other bank balances rose to ₹6,196 crore from ₹3,927 crore. Equity was ₹8,361 crore, compared with ₹5,060 crore at March-end; equity share capital stood at ₹141 crore.

## Operating developments and management commentary

Management reported that about 2.1 GWh of battery energy storage (BESS) was commissioned during the quarter, taking cumulative commissioned capacity to about 5.24 GWh. It described this as the second-largest installed BESS capacity in India. The company also commissioned 133 MW of solar capacity out of the 300 MW ACME Renewtech hybrid project contracted with NTPC.

Management attributed the revenue increase mainly to BESS and renewable capacity additions. It also cited more than ₹1,600 crore of revenue lock-in for partial sale of FY27 BESS capacity, which it said supports visibility on the revenue base.

## Key Takeaway

Q2 combined strong year-on-year revenue and profit growth with further sequential gains. The expanded asset base and commissioned storage and solar capacity point to ongoing project scale-up, while higher borrowings make financing a key consideration alongside the larger cash and bank balances.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +71.40%
- FII holding: +4.39%
- DII holding: +19.10%
- Mutual fund holding: +16.20%
- Retail holding: +2.62%
- Promoter pledged: +0.00%

### Major reported shareholders

- ACME CLEANTECH SOLUTIONS PVT LTD — +71.40% (Bodies Corporate)
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON POWER & I — +4.58%
- HDFC TRUSTEE COMPANY LIMITED-HDFC FLEXI CAP FUND — +3.42%
- SBI LARGE & MIDCAP FUND — +2.63%
- SBI LIFE INSURANCE CO. LTD — +2.12%
- ICICI PRUDENTIAL MUTUAL FUND - ICICI PRUDENTIAL NI — +1.60%
- TATA MUTUAL FUND - TATA SMALL CAP FUND — +1.22%
- KOTAK LARGE CAP FUND — +1.15%

## Official filings

- 2026-11-04 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_04112026191833_intimation04112026m.pdf)
- 2026-11-04 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261104_192550927.xml)
- 2026-11-03 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_03112026083454_Intimation03112026.pdf)
- 2026-11-02 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_02112026191802_Intimation02112026.pdf)
- 2026-10-31 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_31102026132802_Intimation311026.pdf)
- 2026-10-31 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261031_160959293.xml)
- 2026-10-30 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_30102026084319_Intimation30102026.pdf)
- 2026-10-30 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_30102026130853_Intimation30102026.pdf)
- 2026-10-29 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_29102026161051_Intimation291026.pdf)
- 2026-10-29 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_24030_WebXMLFile_20261029_162440251.xml)
- 2026-10-29 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261029_171023997.xml)
- 2026-10-28 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026211030_Outcome.pdf)
- 2026-10-28 — Press Release: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026211656_IntimationPR.pdf)
- 2026-10-28 — Earnings Presentation: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026212157_IntimationInvstPresnt.pdf)
- 2026-10-28 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026213952_IntimationMAR28102026.pdf)
- 2026-10-28 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026215019_IntimationDeviation28102026.pdf)
- 2026-10-28 — Financial Results Filing: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748336_28102026095516_WEB.xml)
- 2026-10-28 — Financial Results Filing: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1748335_28102026095431_WEB.xml)
- 2026-10-28 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_24030_WebXMLFile_20261028_220952506.xml)
- 2026-10-28 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_28102026220731_Outcome.pdf)
- 2026-10-27 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_27102026193023_IntimationGreentech7.pdf)
- 2026-10-27 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261027_195000378.xml)
- 2026-10-23 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_23102026203138_Intimation23102026.pdf)
- 2026-10-23 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_24030_WebXMLFile_20261023_204142687.xml)
- 2026-10-22 — Generic Announcement: Acme Solar Holdings Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ACMECS_22102026195012_Intimation22102026.pdf)

## News and market events

- 2026-11-03 — The Hindu: **ACME Solar Holdings commissions additional 66.68 MW solar capacity** — ACME Solar Holdings has commissioned an additional 66.68 MW of solar capacity in Bikaner, Rajasthan, bringing its total operational renewable energy portfolio to approximately 3,190 MW. The project, executed by subsidiary ACME Renewtech Pvt Ltd under a Power Purchase Agreement with NTPC Ltd at ₹3.36 per kWh, is part of a hybrid initiative that includes wind generation to diversify the company's output. This development supports ACME Solar's target to fully operationalize the project's 300 MW solar component by the end of Q3 FY27. — [Source](https://www.thehindubusinessline.com/companies/acme-solar-holdings-commissions-additional-6668-mw-solar-capacity/article71659484.ece)
- 2026-10-30 — MONEYCONTROL: **Acme Solar posts strong Q2 results; Nomura raises target price to Rs 515, maintains 'Buy** — Nomura has raised its target price for Acme Solar to Rs 515 and maintained a 'Buy' rating following the company's strong Q2 results. — [Source](https://www.moneycontrol.com/news/business/stocks/acme-solar-posts-strong-q2-results-nomura-raises-target-price-to-rs-515-maintains-buy-14064551.html)
- 2026-10-30 — MONEYCONTROL: **Buy Acme Solar Holdings; target of Rs 520: ICICI Securities** — ICICI Securities has issued a 'Buy' recommendation for Acme Solar Holdings with a price target of Rs 520. — [Source](https://www.moneycontrol.com/news/business/buy-acme-solar-holdings-target-of-rs-520-icici-securities-14064364.html)
- 2026-10-30 — CNBC-TV18: **ACME Solar raises FY27 battery storage commissioning target to 12 GWh** — Nikhil Dhingra, Joint MD and CEO of ACME Solar, said BESS is expected to account for 30-50% of revenue over the next two years, supported by rising demand for peak power and additional long-term power purchase agreements. — [Source](https://www.cnbctv18.com/market/earnings/acme-solar-holdings-renewable-energy-fy27-bess-target-12-gwh-battery-q2-earnings-results-boardroom-alpha-article-20023101.htm)
- 2026-10-29 — The Hindu: **ACME Solar Q2 results: Posts net profit of Rs 267 cr** — ACME Solar Holdings posted a consolidated net profit of approximately Rs 267 crore for Q2 FY27, significantly up from Rs 115 crore in the same period last year, supported by increased power generation and better capacity utilisation. The company also commissioned an additional 2.1 GWh of battery energy storage system (BESS) capacity during the quarter, bringing its total commissioned BESS capacity to around 5.2 GWh. — [Source](https://www.thehindubusinessline.com/companies/acme-solar-posts-net-profit-of-267-crore-in-q2-fy27/article71639594.ece)
- 2026-10-29 — Economic Times: **ACME Solar shares rally 5% after Q2 profit jumps over 100%, signs 400MV agreement with NTPC** — ACME Solar Holdings Limited's subsidiary, ACME Marigold Urja, signed a 25-year power purchase agreement with NTPC Limited for a 400 MW firm and dispatchable renewable energy project. The market reacted positively to the news, with ACME Solar shares rallying up to 5% on the NSE. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/acme-solar-shares-rally-5-after-q2-profit-jumps-over-100-signs-400mv-agreement-with-ntpc/articleshow/135297383.cms)
- 2026-10-29 — CNBC-TV18: **11:11 | Vance reaches out to Iran to revive nuclear talks; Jio Platforms extends rally; Fed changes meeting format** — JD Vance has reportedly reached out to Iran’s security chief to explore restarting nuclear talks, weeks after Trump warned against negotiations, while Jio Platforms extends its post-listing rally. Plus, earnings, Apple’s first touchscreen MacBook Pro, the rupee, Delhi’s voter rolls in today’s 11:11 roundup. — [Source](https://www.cnbctv18.com/business/vance-reaches-out-to-iran-to-revive-nuclear-talks-jio-platforms-extends-rally-fed-changes-meeting-format-20022174.htm)
- 2026-10-29 — BUSINESSTODAY: **ACME Solar shares gain 4% after subsidiary signs 400 MW PPA with NTPC** — ACME Solar Holdings Ltd shares jumped 4% on Thursday after its wholly owned subsidiary, ACME Marigold Urja Private Limited, signed a power purchase agreement (PPA) with NTPC Ltd for a 400 MW firm and dispatchable renewable energy (FDRE) project.Under the agreement, the project will be developed under NTPC's FDRE Tranche 01 at a tariff of Rs 4.37 per unit. — [Source](https://www.businesstoday.in/markets/stocks/story/acme-solar-shares-gain-4-after-subsidiary-signs-400-mw-ppa-with-ntpc-564432-2026-10-29)
- 2026-10-29 — BUSINESSTODAY: **GIFT Nifty down 95 pts; Hero Moto, Dr Reddys, ACME Solar, Titagarh, Suzlon among top stocks in focus** — Indian equity markets are set for a cautious opening on Thursday as traders assess the global monetary policy and rising crude oil prices. — [Source](https://www.businesstoday.in/markets/trending-stocks/story/gift-nifty-down-95-pts-hero-moto-dr-reddys-acme-solar-titagarh-suzlon-among-top-stocks-in-focus-564422-2026-10-29)
- 2026-10-23 — CNBC-TV18: **ACME Solar commissions additional battery storage capacity of 17.91 MW in Rajasthan** — The latest commissioning takes ACME Sigma Urja’s operational battery storage capacity to 71.64 MW, with commercial operations of the new capacity scheduled to begin on October 25. — [Source](https://www.cnbctv18.com/business/companies/acme-solar-commissions-additional-battery-storage-capacity-of-17-91-mw-in-rajasthan-20018383.htm)
- 2026-10-21 — Mint: **Acme Solar vs NTPC Green: Renewable stocks in focus - Check what Nomura prefers | Share price target, outlook** — Nomura initiated coverage on Acme Solar with a Buy rating and ₹505 target, citing its battery-storage plans, dispatchable renewable projects and development pipeline. It rated NTPC Green Energy Neutral at ₹100, balancing growth potential against transmission constraints and execution risks. — [Source](https://www.livemint.com/market/stock-market-news/acme-solar-vs-ntpc-green-renewable-stocks-in-focus-check-what-nomura-prefers-share-price-target-outlook-11792573553843.html)
- 2026-10-21 — BUSINESSTODAY: **Acme Solar, NTPC Green shares: Nomura initiates coverage, targets suggest up to 21% upside** — stocks to buy, NTPC Green share price, Acme Solar share price — [Source](https://www.businesstoday.in/markets/stocks/story/acme-solar-ntpc-green-shares-nomura-initiates-coverage-targets-suggest-up-to-21-upside-562669-2026-10-21)
- 2026-10-21 — MONEYCONTROL: **Acme Solar gets Nomura's 'Buy'; NTPC Green rated 'Neutral' on execution risks** — NTPC Green, ACME Solar, Solar stocks, buzzing stocks, Nomura — [Source](https://www.moneycontrol.com/news/business/stocks/acme-solar-gets-nomura-s-buy-ntpc-green-rated-neutral-on-execution-risks-14056342.html)
- 2026-10-16 — CNBC-TV18: **ACME Solar signs 25-year deal to supply 300 MW of peak power at ₹6 per unit** — The project will supply power under a 25-year contract from April 2028, as ACME Solar expands its renewable energy and storage operations. — [Source](https://www.cnbctv18.com/energy/acme-solar-signs-25-year-deal-to-supply-300-mw-of-peak-power-at-rs6-per-unit-20013925.htm)
- 2026-10-15 — BUSINESSTODAY: **Acme Solar shares: Axis Capital initiates coverage, sees 31% upside; check stock reaction** — Acme Solar Holdings, Acme Solar share price, Axis Capital, Buy rating, Rs 550 target price, battery energy storage systems, BESS, renewable energy projects, EBITDA growth, FY30, transmission constraints, solar power stocks. — [Source](https://www.businesstoday.in/markets/stocks/story/acme-solar-shares-axis-capital-initiates-coverage-sees-31-upside-check-stock-reaction-561709-2026-10-15)
- 2026-10-13 — BUSINESSTODAY: **Suzlon, IEX, Tata Power, NTPC, Power Grid, CESC, ACME: What to watch in Q2** — Suzlon share, Tata Power share, NTPC share price, IEX share price, CESC share price, ACME solar share price — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-iex-tata-power-ntpc-power-grid-cesc-acme-what-to-watch-in-q2-561191-2026-10-13)
- 2026-10-09 — BUSINESSTODAY: **Suzlon, Waaree, Premier, ACME, Clean Max, Emmvee, Vikram: RE stocks to buy ahead of Q2, targets** — Suzlon share price, Waaree share price, Premier share price, ACME share pice, Clean Max share price, Emmvee share price, Vikram share price, stocks to buy, Q2 results, targets — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-waaree-premier-acme-clean-max-emmvee-vikram-re-stocks-to-buy-ahead-of-q2-targets-560675-2026-10-09)
- 2026-10-07 — BUSINESSTODAY: **Suzlon, Waaree, NTPC Green, ACME Solar share price targets; rising power demand may drive Q2** — Suzlon share price, Suzlon share, Suzlon target price, Waaree share price, Waaree shares, Waaree Energies share price today, NTPC Green shares, ACME Solar share price target, Suzlon share price target 2026 — [Source](https://www.businesstoday.in/markets/stocks/story/suzlon-waaree-ntpc-green-acme-solar-share-price-targets-rising-power-demand-may-drive-q2-560092-2026-10-07)
- 2026-10-01 — BUSINESSTODAY: **ACME Solar in focus after commissioning Phase-I BESS project in Rajasthan** — ACME Solar Holdings, ACME Solar, BESS, Battery Energy Storage System, Rajasthan, FDRE, renewable energy, energy storage, ACME Sigma Urja, solar power, renewable energy stocks — [Source](https://www.businesstoday.in/markets/stocks/story/acme-solar-in-focus-after-commissioning-phase-i-bess-project-in-rajasthan-558935-2026-10-01)
- 2026-10-01 — Mint: **Top stocks to watch today: Infosys, IRFC, Muthoot Finance among shares in focus on Thursday, 1 Oct | Full list** — Top stocks to watch on Thursday, 1 October: Infosys, HDFC Bank, Acme Solar, Muthoot Finance, Jio Financial Services, IRFC among shares that will remain in focus on Thursday. — [Source](https://www.livemint.com/market/stock-market-news/top-stocks-to-watch-today-and-why-infosys-irfc-muthoot-finance-among-shares-in-focus-on-thursday-1-oct-full-list-11790817912219.html)
- 2026-10-01 — CNBC-TV18: **PM Dhara Scheme Unveiled - These stocks could be the likely beneficiaries** — Power Grid will be another potential beneficiary of this scheme, along with cables and power companies such as KEI Industries, Polycab, and others due to their Medium Voltage Power Cables (MV), and Extra High Voltage (EHV) power cables capabilities. — [Source](https://www.cnbctv18.com/market/pm-dhara-scheme-likely-beneficiaries-power-grid-ge-vernova-power-grid-polycab-cap-goods-share-price-capex-timeline-objectives-20002551.htm)
- 2026-09-30 — The Hindu: **Inox Clean Energy files for ₹10,000 crore IPO** — Inox Clean Energy files for a ₹10,000 crore IPO, including ₹8,000 crore fresh shares and up to ₹2,000 crore offer for sale. — [Source](https://www.thehindubusinessline.com/markets/inox-clean-energy-files-for-10000-crore-ipo-to-tap-clean-energy-growth/article71526534.ece)
- 2026-09-22 — MONEYCONTROL: **AI infra capex is surging 65% for India’s ‘AI Enablers’: Goldman Sachs** — AI, infrastructure, Company, IT, india, capex — [Source](https://www.moneycontrol.com/news/business/markets/ai-infra-capex-is-surging-65-for-india-s-ai-enablers-goldman-sachs-14035331.html)
- 2026-09-21 — MONEYCONTROL: **Momentum Stocks: Suraj Estate Developers, Presstonic Engineering, Kay Cee Energy rise up to 13% on sheer momentum** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/stocks/momentum-stocks-suraj-estate-developers-presstonic-engineering-kay-cee-energy-rise-up-to-13-on-sheer-momentum-14030712.html)
- 2026-09-20 — The Hindu: **Peak demand crisis: Kerala State Electricity Board to procure 300 MW for 25 years via Solar Energy Corporation of India** — Kerala State Electricity Board plans to procure 300 MW of solar power for 25 years to address peak demand starting in 2028. — [Source](https://www.thehindu.com/news/national/kerala/peak-demand-crisis-kerala-state-electricity-board-to-procure-300-mw-for-25-years-via-solar-energy-corporation-of-india/article71487649.ece)

## Business profile

**Strategic vision:** Develops, builds, owns, and operates clean energy projects.

### Business segments
- **Renewable Energy Generation:** Develops, builds, owns, and operates large-scale clean energy projects including solar, wind, hybrid, and Firm, Dispatchable, Renewable Energy (FDRE) solutions.
- **Energy Storage Systems:** Incorporates Standalone Battery Energy Storage Systems (BESS) into its renewable energy projects.
- **Manufacturing and Advanced Energy Solutions:** Establishes facilities for solar PV module manufacturing and is involved in Green Hydrogen and Green Ammonia initiatives.

### Competitive strengths
- Independent power producer specializing in renewable energy solutions.
- Portfolio includes solar, wind, hybrid, and FDRE solutions.
- Involves manufacturing and advanced energy solutions like Green Hydrogen.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/acmesolar
Markdown representation: https://faxioms.com/stocks/acmesolar?render=md