1. We have audited the accompanying standalone
financial statements of ACME Solar Holdings
Limited (formerly known as ACME Solar Holdings
Private Limited) ('the Company'), which comprise
the Standalone Balance Sheet as at 31st March
2026, the Standalone Statement of Profit and
Loss (including Other Comprehensive Income),
the Standalone Statement of Cash Flow and
the Standalone Statement of Changes in
Equity for the year then ended, and notes to
the standalone financial statements, including
material accounting policy information and
other explanatory information.
2. In our opinion and to the best of our information
and according to the explanations given to us, the
aforesaid standalone financial statements give
the information required by the Companies Act,
2013 ('the Act') in the manner so required and give
a true and fair view in conformity with the Indian
Accounting Standards ('Ind AS') specified under
section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 and
other accounting principles generally accepted
in India, of the state of affairs of the Company as
at 31st March 2026, and its profit (including other
comprehensive income), its cash flows and the
changes in equity for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the
Standards on Auditing specified under section
143(10) of the Act. Our responsibilities under those
standards are further described in the Auditor's
Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are
independent of the Company in accordance with
the Code of Ethics issued by the Institute of Chartered
Accountants of India ('ICAI') together with the
ethical requirements that are relevant to our audit
of the standalone financial statements under the
provisions of the Act and the rules thereunder, and
we have fulfilled our other ethical responsibilities
in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence
we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that, in our
professional judgment, were of most significance
in our audit of the standalone financial
statements of the current period. These matters
were addressed in the context of our audit of the
standalone financial statements as a whole, and
in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
5. We have determined the matters described below
to be the key audit matters to be communicated
in our report.
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Key audit matters
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How our audit addressed the key audit matters
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Related party transactions
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Our audit procedures in relation to related party transactions
included, but were not limited to the following:
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Refer note 38 to the standalone financial statements in relation
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to related party transactions and balances.
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• Obtained an understanding of management's processes
and procedures in respect of identifying related parties,
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The Company has entered into several transactions with
related parties during the year ended 31st March 2026 and also
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obtaining approval, recording and disclosing related party
transactions;
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has outstanding balances as at the year-end.
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• Evaluated the design and tested the operating
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The Company's related party transactions comprise of
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effectiveness of key internal financial controls in relation to
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investments made in subsidiaries, loans received/given
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identification and disclosure of related party relationships
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during the year and interest expense/income thereupon,
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and transactions and arm's length price assessment;
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rendering of engineering, procurement and construction
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services and operational and maintenance services, provision
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• Assessed the compliance with the relevant provisions of the
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of reimbursements of expenses, corporate guarantee given
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Act and the SEBI Listing Regulations, including authorisation
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amongst others.
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and approvals as specified in Section 177 and Section 188
of the Act with respect to the related party transactions,
as applicable;
• Assessed the professional competence and objectivity of
the management's expert and obtained management
expert's report on arm's length analysis for related party
transactions and also evaluated the compliance with
Indian Transfer Pricing Regulations by involving an auditor's
expert and comparing such contracts with market
available data;
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Key audit matters
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How our audit addressed the key audit matters
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Considering the risk with respect to accuracy and completeness
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• On a sample basis, inspected relevant ledgers, agreements,
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of related party transactions and disclosures made in the
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confirmation letters and other information that may
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standalone financial statements in accordance with Ind AS 24
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indicate the existence of related party relationships or
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"Related Party Disclosures" due to volume of such transactions,
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transactions. We also assessed the completeness of
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compliance with applicable statutory regulations governing
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related parties with reference to the various statutory
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such related party transactions such as the Companies Act,
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registers and declarations maintained by the Company's
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2013 ('the Act'), and Securities and Exchange Board of India
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management; and
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(Listing Obligations and Disclosure Requirements) Regulations
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• Evaluated the appropriateness and adequacy of
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2015 ("the SEBI Listing Regulations') and the judgements
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involved in assessing whether transactions with related
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disclosures given in the standalone financial statements
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parties are undertaken at an arms' length, we have considered
related party transactions as a key audit matter for the current
year audit.
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in accordance with applicable accounting standards.
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Impairment assessment of carrying values of investments in
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Our audit procedures in relation to impairment assessment
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and loans given to subsidiaries
Refer note 2.l(m) and 2.1(g) in material accounting policy
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of the carrying values of investments in and loans given to
subsidiaries included, but were not limited to the following:
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information and note 6 and 15 in notes forming part of
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• Obtained an understanding of the management's process
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standalone financial statements in relation to investments in
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for identification of impairment indicators for investments
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and loans to subsidiaries.
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and significant increase in credit risk of loans, and evaluated
the design and tested the operating effectiveness of key
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As at 31st March 2026, the Company has investments in and
loans given to subsidiaries aggregating to INR 75,623.99 million,
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internal financial controls relating to such process;
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which constitutes 58.43% of the total assets of the Company.
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• Evaluated the Company's accounting policies with
respect to impairment assessment and assessed its
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At each period end, the management reviews whether any
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compliance with the requirements of Ind AS 36 and
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impairment indicators exist in the carrying value of investments,
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Ind AS 109;
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in accordance with the requirements of Ind AS 36, "Impairment
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of Assets" ('Ind AS 36'), and whether there is any significant
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• Obtained the management's assessment on impairment
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increase in credit risk in loans receivables in accordance with
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indicators around the recoverability of investment in and
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the requirements of Ind AS 109, "Financial instruments" ('Ind AS
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loans given to subsidiaries and tested the mathematical
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109'). In respect of investments and loans where impairment
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accuracy of the underlying calculations and traced such
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indicators are identified or significant increase in credit risk is
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information to source financial information relating to
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noted, the management performs a detailed impairment test
by determining the recoverable value of such balances.
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subsidiary companies;
• For cases where impairment indicators presents, obtained
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As at 31st March 2026, the carrying value of investment in 14
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the impairment assessment working from the management
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subsidiaries was higher than their net worth, which has been
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and tested the arithmetical accuracy of valuation model
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identified as an impairment indicator by the management in
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and traced the future cash flow projections used for
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accordance with Ind AS 36.
The management has estimated the recoverable amount of its
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determining recoverable amount with the approved
business plans and signed PPAs entered with the customers;
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investment in such subsidiaries using the 'Discounted Cash Flow
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• Performed sensitivity analysis of the key assumptions,
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valuation model'. The future cash flows were projected based
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including the discount rate applied in determining the
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on the Power Purchase Agreements (PPAs) entered with the
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recoverable value to evaluate the possible variation on the
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customers for a long term and the present value of such cash
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current recoverable amount to ascertain the sufficiency of
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flows were derived using a discount rate.
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headroom available;
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As per such assessment done by the management, no
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• Reviewed the regularity of repayment of principal and
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further adjustments are required to the carrying value of the
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payments of interest as per terms of the agreement relating
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investments in and loans given to such subsidiaries as at
31st March 2026.
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to loans given to the subsidiary companies; and
• Evaluated the appropriateness and adequacy of disclosures
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Considering the significance of aforesaid balances to the overall
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given in the standalone financial statements in accordance
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financial statements, the large number of entities and degree of
judgement involved in assumptions used for the computation
of the recoverable amount, we have considered impairment
assessment of carrying value of investments in and loans given
to subsidiaries as a key audit matter for the current year audit.
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with applicable accounting standards.
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Information other than the Standalone Financial
Statements and Auditor's Report thereon
6. The Company's Board of Directors are responsible
for the other information. The other information
comprises the information included in the Annua
Report, but does not include the standalone
financial statements and our auditor's report
thereon. The Annual Report is expected to be
made available to us after the date of this
auditor's report.
Our opinion on the standalone financia
statements does not cover the other information
and we will not express any form of assurance
conclusion thereon.
In connection with our audit of the standalone
financial statements, our responsibility is to read
the other information identified above when i
becomes available and, in doing so, considei
whether the other information is materially
inconsistent with the standalone financia
statements or our knowledge obtained in the audit
or otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude
that there is a material misstatement therein, we
are required to communicate the matter to those
charged with governance.
Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements
7 The accompanying standalone financia
statements have been approved by the
Company's Board of Directors. The Company's
Board of Directors are responsible for the matters
stated in section 134(5) of the Act with respect
to the preparation and presentation of these
standalone financial statements that give a true
and fair view of the financial position, financia
performance including other comprehensive
income, changes in equity and cash flows of the
Company in accordance with the Ind AS specifiec
under section 133 of the Act and other accounting
principles generally accepted in India. This
responsibility also includes maintenance o
adequate accounting records in accordance
with the provisions of the Act for safeguarding ot
the assets of the Company and for preventing
and detecting frauds and other irregularities
selection and application of appropriate
accounting policies; making judgments and
estimates that are reasonable and prudent; and
design, implementation and maintenance o
adequate internal financial controls, that were
operating effectively for ensuring the accuracy
and completeness of the accounting records
relevant to the preparation and presentation of
the financial statements that give a true and fair
view and are free from material misstatement,
whether due to fraud or error.
8. In preparing the standalone financial statements,
the Board of Directors is responsible for assessing
the Company's ability to continue as a going
concern, disclosing, as applicable, matters
related to going concern and using the going
concern basis of accounting unless the Board of
Directors either intends to liquidate the Company
or to cease operations, or has no realistic
alternative but to do so.
9. The Board of Directors and those charged with
governance are also responsible for overseeing
the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the
Standalone Financial Statements
10. Our objectives are to obtain reasonable
assurance about whether the standalone
financial statements as a whole are free from
material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an
audit conducted in accordance with Standards
on Auditing will always detect a material
misstatement when it exists. Misstatements can
arise from fraud or error and are considered
material if, individually or in the aggregate, they
could reasonably be expected to influence the
economic decisions of users taken on the basis
of these standalone financial statements.
11. As part of an audit in accordance with Standards
on Auditing, specified under section 143(10) of
the Act we exercise professional judgment and
maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error,
design and perform audit procedures
responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not
detecting a material misstatement resulting
from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or
the override of internal control;
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the
Act we are also responsible for expressing
our opinion on whether the Company has
adequate internal financial controls with
reference to financial statements in place and
the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by management;
• Conclude on the appropriateness of Board of
Directors' use of the going concern basis of
accounting and, based on the audit evidence
obtained, whether a material uncertainty
exists related to events or conditions that
may cast significant doubt on the Company's
ability to continue as a going concern. If we
conclude that a material uncertainty exists,
we are required to draw attention in our
auditor's report to the related disclosures
in the standalone financial statements or, if
such disclosures are inadequate, to modify
our opinion. Our conclusions are based on
the audit evidence obtained up to the date of
our auditor's report. However, future events or
conditions may cause the Company to cease
to continue as a going concern; and
• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent
the underlying transactions and events in a
manner that achieves fair presentation.
12. We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and significant audit findings, including any
significant deficiencies in internal control that we
identify during our audit.
13. We also provide those charged with governance
with a statement that we have complied
with relevant ethical requirements regarding
independence, and to communicate with
them all relationships and other matters
that may reasonably be thought to bear on
our independence, and where applicable,
related safeguards.
14. From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the
audit of the standalone financial statements of
the current period and are therefore the key audit
matters. We describe these matters in our auditor's
report unless law or regulation precludes public
disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter
should not be communicated in our report
because the adverse consequences of doing so
would reasonably be expected to outweigh the
public interest benefits of such communication.
Other Matter
15. The standalone financial statement of the
Company for the year ended 31st March 2025
were audited by Walker Chandiok & Co LLP, one
of the joint auditors of the Company, jointly with
the other auditor, S. Tekriwal & Associates who
have expressed unmodified opinion on those
standalone financial statements vide their audit
report dated 19th May 2025.
Report on Other Legal and Regulatory
Requirements
16. As required by section 197(16) of the Act, based on
our audit, we report that the Company has paid
remuneration to its directors during the year in
accordance with the provisions of and limits laid
down under section 197 read with Schedule V to
the Act.
17. As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of section 143(11) of
the Act we give in the Annexure A a statement on
the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.
18. Further to our comments in Annexure A, as
required by section 143(3) of the Act based on our
audit, we report, to the extent applicable, that:
a) We have sought and obtained all the
information and explanations which to
the best of our knowledge and belief
were necessary for the purpose of our
audit of the accompanying standalone
financial statements;
b) Except for the matters stated in paragraph
18(h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors)
Rules, 2014 (as amended), in our opinion,
proper books of account as required by
law have been kept by the Company so
far as it appears from our examination of
those books;
c) The standalone financial statements dealt
with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid standalone
financial statements comply with Ind AS
specified under section 133 of the Act;
e) On the basis of the written representations
received from the directors and taken on
record by the Board of Directors, none of the
directors is disqualified as on 31st March 2026
from being appointed as a director in terms
of section 164(2) of the Act;
f) The qualification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 18(b)
above on reporting under section 143(3)(b)
of the Act and paragraph 18(h)(vi) below on
reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internal
financial controls with reference to financial
statements of the Company as on 31st March
2026 and the operating effectiveness of
such controls, refer to our separate report in
Annexure B wherein we have expressed an
unmodified opinion; and
h) With respect to the other matters to be
included in the Auditor's Report in accordance
with rule 11 of the Companies (Audit and
Auditors) Rules, 2014 (as amended), in our
opinion and to the best of our information
and according to the explanations given
to us:
i. The Company, as detailed in note 44 to
the standalone financial statements,
has disclosed the impact of pending
litigations on its financial position as at
31st March 2026;
ii. The Company did not have any long¬
term contracts including derivative
contracts for which there were any
material foreseeable losses as at
31st March 2026;
iii. There were no amounts which were
required to be transferred to the Investor
Education and Protection Fund by
the Company during the year ended
31st March 2026;
iv. a. The management has represented
that, to the best of its knowledge
and belief, as disclosed in note
45(h) to the standalone financial
statements, no funds have been
advanced or loaned or invested
(either from borrowed funds or
securities premium or any other
sources or kind of funds) by the
Company to or in any person(s) or
entity(ies), including foreign entities
('the intermediaries'), with the
understanding, whether recorded
in writing or otherwise, that the
intermediary shall, whether, directly
or indirectly lend or invest in other
persons or entities identified in
any manner whatsoever by or
on behalf of the Company ('the
Ultimate Beneficiaries') or provide
any guarantee, security or the like
on behalf the Ultimate Beneficiaries;
b. The management has represented
that, to the best of its knowledge
and belief, as disclosed in note
45(i) to the standalone financial
statements, no funds have been
received by the Company from any
person(s) or entity(ies), including
foreign entities ('the Funding
Parties'), with the understanding,
whether recorded in writing or
otherwise, that the Company shall,
whether directly or indirectly, lend
or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding
Party ('Ultimate Beneficiaries') or
provide any guarantee, security or
the like on behalf of the Ultimate
Beneficiaries; and
c. Based on such audit procedures
performed as considered
reasonable and appropriate in the
circumstances, nothing has come
to our notice that has caused us
to believe that the management
representations under sub-clauses
(a) and (b) above contain any
material misstatement.
v. The interim dividend declared and paid
by the Company during the year ended
31st March 2026 and until the date of
this audit report is in compliance with
section 123 of the Act.
vi. As stated in note 50 to the standalone
financial statements and based on our
examination which included test checks,
the Company, in respect of financial year
commencing on 01st April 2025, has used
an accounting software for maintaining
its books of account which has a feature
of recording audit trail (edit log) facility
and the same has been operated
throughout the year for all relevant
transactions recorded in the software
except that, the audit trail feature was
enabled from 16th September 2025 at the
database level for accounting software
to log any direct data changes used for
maintenance of all accounting records
by the Company. Further, one user id
created on 29th October 2025 did not
have the audit trail feature enabled at
the database level. Furthermore, during
the course of our audit, we did not come
across any instance of audit trail feature
being tampered with, in respect of the
accounting software where such feature
is enabled other than the consequential
impact of the exception given above.
Also, the audit trail has been preserved
by the Company as per the statutory
requirement for record retention except
for the matters referred above.
For Walker Chandiok & Co LLP For A Prasad & Associates
Chartered Accountants Chartered Accountants
Firm's Registration No.: 001076N/N500013 Firm Registration No.: 004250C
Anamitra Das Isha Baidya
Partner Partner
Membership No.: 062191 Membership No.: 430264
UDIN: 26062191NBKZMX7284 UDIN: 26430264PAENAU5935
Place: Gurugram Place: Gurugram
Date: 07th May 2026 Date: 07th May 2026
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