Crisil Ratings has noted successful equity listing of ASHL in November 2024, leading to a raise of —Rs 2,395 crore were through fresh issue by the company. ASHL has repaid Rs 2,069 crore of debt (Subsidiary project loan / non project loan) from IPO proceeds.
Also, ASHL has long track record of refinancing projects at Lower rate of Interest which gives comfort to overall liquidity of the group. In house execution of single location largest solar project in Rajasthan i.e. commissioned 1.2 GW in the current year proves the ability of group to deliver projects of large scale.
The 'positive’ outlook reflects that proportion of operational portfolio composition of ASHL may improve through commissioning of under implementation portfolio, especially projects with storage requirements, within time and cost.
The ratings reflect the track record of development and operation of renewable power assets, above average financial profile supported by diverse portfolio of assets, and above average financial flexibility supported.
These strengths are partially offset by implementation risk and investment requirement of under-construction portfolio and variability in operating margin of engineering, procurement and construction (EPC) segment.
Acme Solar Holdings (ASHL) is a renewable power developer with 2.54 GW of operational capacity and another 2.34 GW of capacity under construction. Their projects include pure play solar and wind power projects and FDRE, hybrid and solar power projects with energy storage systems. Apart from this, ASHL is also into EPC and O&M for in-house renewable power projects.
The scrip tumbled 5.25% to currently trade at Rs 192.50 on the BSE.