Acme Solar Holdings' Credit Rating Upgraded to 'CRISIL AA-/Stable' on Strong Performance
Crisil Ratings upgraded Acme Solar Holdings' long-term bank facilities to 'AA-/Stable' from 'A+/Positive', enhancing rated facilities to ₹1,000 crore. The upgrade reflects strong operational growth, robust liquidity, and prudent financial management.
A credit rating upgrade of this magnitude, especially to 'AA-/Stable', significantly improves the company's standing in the financial markets. it can lead to a reduced cost of debt, better terms for future financing, enhanced investor confidence, and greater flexibility for funding its substantial under-construction portfolio and future growth plans.
The upgrade to 'Crisil AA-/Stable' from 'Crisil A+/Positive' and the increase in rated bank loan facilities signify improved financial health, lower perceived risk, and better access to funding at potentially lower interest rates. The strong operational performance, healthy growth, and robust liquidity profile all contribute to a positive outlook.
Acme Solar Holdings Limited (ACMESOLAR) announced on October 7, 2025, that Crisil Ratings has upgraded its long-term bank facilities rating to 'Crisil AA-/Stable' from 'Crisil A+/Positive'. The total bank loan facilities rated have been enhanced to ₹1,000 crore (100 million) from ₹350 crore (35 million).
Key factors contributing to the upgrade include: * Healthy growth in the operating portfolio during fiscal 2025, with 1,550 MW of renewable capacities (primarily solar ISTS and the company's first wind project) commissioned. * A strong execution track record and timely stabilization of assets at healthy operating levels (at or above P-90 levels). * Successful refinancing of projects, leading to a lower cost of debt and improved operating cash flow. * Crisil Ratings projects the company's consolidated EBITDA to increase to ₹2,000 crore (200 million) in fiscal 2026 from ₹1,406 crore (140.6 million) in fiscal 2025. * The company has a significant under-construction portfolio of 2.84 GW Solar FDRE, Hybrid, and Wind Projects, along with a 550 MWh standalone BESS project, backed by PPAs/BESPAs, to be executed over the next 2-3 years. * Strong liquidity profile, with consolidated free cash & cash equivalents exceeding ₹1,400 crore (140 million) (and over ₹800 crore (80 million) at the standalone level) as of August 31, 2025. * Improved financial flexibility following a successful IPO in November 2024, which raised ₹2,900 crore (290 million) (including OFS proceeds) and was used to repay approximately ₹2,070 crore (207 million) of debt. * The company's operational capacity stands at ~2.89 GWAC, with 100% of the portfolio secured by long-term power purchase agreements (25 years) across 11 states and 17 counterparties.
Crisil Ratings maintains a 'Stable' outlook for Acme Solar Holdings, anticipating continued benefits from sustained operational performance, long-term PPAs, and prudent capital allocation for future capacity additions.
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Acme Solar Holdings Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Acme Solar Holdings Limited. Read the original for the full detail.