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.

Acme Solar Holdings has received a Letter of Intent for 300 MW of solar capacity at a tariff of ₹6.00 per kWh for the full Power Purchase Agreement duration.

Order details

The LOI covers the entire term of the PPA at the agreed tariff rate, locking in pricing for the contracted capacity. The following table summarises the key parameters of the order:

The receipt of the LOI represents a formal commitment ahead of the execution of the full Power Purchase Agreement, a standard step in the procurement process for utility-scale renewable energy projects in India.