ACME Solar completes ₹2,800 crore QIP fundraise; shares rally up to 4%

Shares of ACME Solar Holdings Ltd (ACME Solar), an integrated renewable energy player, rallied as much as 3.8% to ₹359 apiece on the NSE on Friday, June 5, as the company announced in the morning that it has successfully concluded its ₹2,800 crore qualified institutional placement (QIP), its first equity capital raise since listing in 2024.

When last seen, the stock was trading at ₹354.20, up 2.41%.

The company said the transaction saw strong participation from a diversified mix of existing and new institutional investors, including domestic mutual funds, insurance companies, and foreign institutional investors.

These included SBI Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, SBI Life Insurance, ICICI Prudential Life Insurance, BlackRock, Amundi, Goldman Sachs, Abu Dhabi Investment Authority, and Pictet, among others.

"This reflects deep investor conviction in the company’s execution capabilities and visible capacity expansion pipeline. The proceeds from the QIP will be used to reduce leverage and enhance the overall balance sheet strength," the company said in its press release.

QIP details

ICICI Securities Limited and IIFL Capital Services Limited acted as the book-running lead managers to the QIP. Shardul Amarchand Mangaldas & Co was the legal counsel to the company, while Cyril Amarchand Mangaldas and Hogan Lovells were the legal counsels to the book-running lead managers.

What is a QIP?

A Qualified Institutional Placement (QIP) is a way for listed companies to raise money by selling shares to large institutional investors such as mutual funds, insurance companies, and foreign portfolio investors. Companies usually do a QIP to raise capital for expansion, reduce debt, or strengthen their balance sheet.

Since it brings in large, long-term investors, it is often seen as a quick and efficient way for firms to fund growth without relying on loans or retail share issuance.

ACME Solar Q4 FY26 earnings

ACME Solar Holdings posted a 13.3% on-year rise in net profit to ₹138 crore in the March quarter, supported by higher revenues.

The company had a net profit of ₹122 crore in the quarter ended on March 31, 2025, a company statement said.

Total revenue of the company rose to ₹705 crore in the reported quarter from ₹539 crore in the period a year ago.

In the fiscal 2025-26, the net profit increased to ₹498 crore from ₹251 crore in the previous year.

Total revenues in the fiscal year also increased to ₹2,507 crore from ₹1,575 crore in the year ago.

In Q4, the company won new projects worth 301 MW FDRE (firm and dispatchable renewable energy) with SECI, taking the total under construction capacity to 5,081 MW.

It has a total portfolio of 8,071 MW, including 17 GWh of BESS (battery energy storage solutions) installation, with 6,270 MW PPA (power purchase agreement) signed, it stated.

It stated that 6,464 million units (MUs) were generated in FY26, up 61.1% from FY25, driven by a higher capacity utilisation factor (CUF) and new capacity addition.

As many as 1,720 million units (MUs) were generated in Q4 FY26, up 13.7% from Q4 FY25.

The CUF stood at 26.9% in Q4 FY25 and 25.9% in FY26.

About ACME Solar

ACME Solar Holdings Limited is a renewable energy company with an installed contracted capacity of 8,070 MW. It develops, builds, owns, operates, and maintains utility-scale renewable energy projects through its in-house engineering, procurement, and construction (EPC) and operations and maintenance (O&M) teams.

The company generates revenue from long-term power purchase agreements (PPAs) at fixed tariffs, supplying electricity to various off-takers, including central and state government-backed entities.