ACME Solar Holdings has moved to broaden its operational scope by approving alterations to its Memorandum of Association to include data centre infrastructure and power trading. The board also appointed a new statutory auditor and scheduled the upcoming annual general meeting.

The company’s board of directors met on September 1, 2026, to consider these strategic and governance matters. The decisions require shareholder approval at the 11th annual general meeting (AGM), scheduled for September 29, 2026.

Strategic Expansion into Data Centres

The most significant strategic move is the proposed alteration to Clause III.(A) of the Memorandum of Association. The company seeks to add two new object clauses to enable entry into high-growth infrastructure sectors.

The first new clause permits the company to engage in generating, storing, transmitting, and distributing electricity. It also allows for trading in energy capacity and related products, as well as undertaking engineering, procurement, and construction activities for power infrastructure.

The second clause explicitly authorises the company to plan, develop, and operate data centres, colocation facilities, and cloud infrastructure. This includes dealing in associated hardware such as graphics processing units and servers, as well as providing cybersecurity and disaster recovery services.

Auditor Appointment and Governance

The board recommended the appointment of M/s. BSR & Co. LLP as joint statutory auditors. They will replace M/s. Walker Chandiok & Co. LLP, which is completing its final permissible consecutive term.

BSR & Co. LLP will serve a five-year term from the conclusion of the 11th AGM for FY25-26 until the conclusion of the 16th AGM for FY30-31. The firm, which has over 4,000 staff and 170 partners, audits several listed companies in the power and renewable energy sectors.

Additionally, the board recommended the re-appointment of Mr. Nikhil Dhingra as a director liable to retire by rotation at the ensuing AGM.

AGM Logistics

The 11th AGM will be held on Tuesday, September 29, 2026, at 3:00 pm through video conferencing or other audio-visual means. The cut-off date for determining voting eligibility is Wednesday, September 23, 2026.

Remote e-voting will be available from 9:00 am on Saturday, September 26, 2026, to 5:00 pm on Monday, September 28, 2026.

Acme Solar Holdings has won a confirmed work order worth Rs 300 crore from Seci for a 300 MW assured peak power project.

WHAT HAPPENED

Acme Solar Holdings received a confirmed work order valued at Rs 300 crore from Seci. The contract covers 300 MW capacity under the Assured Peak Power Tender with a discovered tariff of Rs 6.00 per kWh. The project involves an assured peak supply of 6,000 MWh.

ORDER IN FINANCIAL CONTEXT

The Rs 300 crore order value represents approximately 41% of the company's average quarterly revenue of Rs 723.75 crore. The total disclosed order book stands at Rs 300.00 crore across one order in the last three fiscal quarters. This provides coverage of 0.41 quarters of average quarterly revenue.

COMPANY ORDER TRACK RECORD

Order inflow data shows activity in Q2FY27. The current order size adds to the historical volume recorded in recent filings.

EXECUTION AND REVENUE QUALITY

The company maintains robust profitability despite evolving order visibility. Operating profit margins have remained stable above 85% in the last three quarters.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Acme Solar Holdings has sustained order wins, its annual revenue has grown from Rs 1575.20 crore in FY25 to Rs 2022.96 crore in FY26, representing a YoY growth of +28.4% based on the latest annual data.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet shows a healthy current ratio of 2.17x, indicating sufficient short-term liquidity to manage operations. However, the Total Liabilities/Equity ratio is elevated at 4.64x. This figure includes trade payables and other non-debt liabilities alongside borrowings, as the source data does not isolate interest-bearing debt. Operating cashflow was positive at Rs 1543.00 crore in FY25, but free cashflow remained negative at -Rs 1723.00 crore due to high capex outlays of Rs 3266.00 crore.

WHAT TO WATCH

• Execution rate: Monitor if quarterly revenue run-rate accelerates given the new order backlog.
• Margin quality: Watch for any compression in OPM as the company executes on new contracts versus the historical average of ~87%.
• Client concentration: Assess if future orders diversify beyond Seci or remain concentrated.
• Working capital cycle: Given the high Total Liabilities/Equity, monitor operating cashflow conversion to ensure liquidity remains adequate for capex needs.

KEY OBSERVATIONS

• Backlog signal: Book-to-bill coverage is 0.41 quarters. At this level, execution capacity is supported by new orders, improving revenue visibility.
• Leverage flag: Total Liabilities/Equity of 4.64x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
• Promoter holding: Moved from 83.29% to 71.40% in Q1FY27, a 11.89 pp change.