Key Metrics of Solarcraft Cleantech Private Limited
About Solarcraft Cleantech Private Limited
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Company details
Operational Areas of Solarcraft Cleantech Private Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Apr 2026 | ICRA | Reaffirmed | AA | — | Stable | ₹336 Cr | View |
| 24 Mar 2026 | ICRA | Other | AA | — | Stable | ₹336 Cr | View |
| 18 Feb 2026 | CARE | Other | — | — | — | — | View |
| 26 Nov 2024 | CARE | Reaffirmed | A- | — | Stable | ₹351 Cr | View |
| 09 Oct 2023 | CARE | Reaffirmed | A- | — | Stable | ₹351 Cr | View |
| 09 Mar 2023 | CARE | Reaffirmed | A- | — | Stable | ₹576 Cr | View |
| 14 Feb 2023 | CARE | Other | — | — | — | — | View |
| 09 Mar 2020 | CARE | Other | — | — | — | — | View |
| 14 Sep 2019 | CARE | Other | — | — | — | — | View |
| 06 Mar 2019 | CARE | Other | A(SO) | A2+ | Stable | ₹608 Cr | View |
| 16 Apr 2018 | CARE | Other | — | — | — | — | View |
| 12 Jan 2016 | CARE | Assigned | — | — | — | ₹3,380 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Restricted group structure with pooling of cash flows along with well -defined pre -default surplus sharing mechanism
The company benefits from being part of a cash pooling mechanism, wherein surplus cash from any of the 17 SPVs can be used to meet the shortfall in debt servicing of any other SPV in this pool prior to the due date of debt servicing.
+ Diversified geographical presence and counterparty mix mitigate risks of cash flow timing mismatches
The overall portfolio of the RG stands at around ~1.45 GWp, with the entire capacity being operational and spread over eight states, resulting in geographic and counterparty diversification including utilities and strong C&I players.
+ Satisfactory generation performance; debt coverage metrics expected to remain adequate
The weighted average PLF of the SPVs with more than one year of track record has remained at 16.64% against a weighted average P-90 PLF of 15.72%.
+ Experienced promoter group with a demonstrated track record in renewable energy sector
All the 17 SPVs are ultimately held by Actis PE (Actis) through BEPL, which has committed an investment of $800 million in India for the development of around 4 GW of renewable power projects through its energy fund (Actis Energy -5).
Credit challenges
− Debt metrics of solar and wind projects remain sensitive to PLF levels
The pool’s debt coverage metrics remain exposed to the generation level, given the single-part structure under the PPAs.
− Exposure to counterparty credit risk
Although ~64% of the offtakers have strong credit profiles, the RG is exposed to counterparty related risks as ~36% of the capacity under the portfolio is contracted with offtakers with moderate to weak credit risk profiles.
− Interest rate and regulatory risks
The interest rate on the term loan to be availed by the structure for its projects is floating and subject to regular resets.
Could lead to an upgrade
ICRA could upgrade the rating if the actual generation level for all the SPVs in the pool is in line or higher than the P-90 estimate on a sustained basis, leading to an improvement in the pool’s debt coverage metrics.
Could lead to a downgrade
The rating can be downgraded if the actual generation performance is lower than the P-90 level on a sustained basis, pulling down the pool’s cumulative DSCR to less than 1.30x, or if there are delays in payments from the offtakers, impacting its
Agency-reported financials (ICRA, 08 Apr 2026)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Operating income | ₹253 Cr | ₹299 Cr |
| PAT | ₹-46.09 Cr | ₹-84.33 Cr |
| OPBDIT/OI | 81.1% | 78.0% |
| PAT/OI | -18.2% | -28.2% |
| Total outside liabilities/Tangible net worth (times) | 4.91× | 4.29× |
| Total debt/OPBDIT (times) | 12.06× | 19.91× |
| Interest coverage (times) | 1.01× | 1.04× |
| Revenue growth (YoY) | — | 18.2% |
| EBITDA (margin × income) | ₹205 Cr | ₹233 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,471 Cr | ₹4,638 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹203 Cr | ₹224 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹351 Cr | — | A- (Stable) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | FY FY | Term loans | — | 31 Mar 2026 | 31 Mar 2048 | ₹336 Cr | AA | Outstanding |
| — | FY FY | Term loans | — | 31 Mar 2026 | 31 Mar 2048 | ₹336 Cr | AA | Outstanding |
CARE ratings on record (checked 31 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | — | Withdrawn |
| EPC / PCFC / FBP / FBD / WCDL / OD / BG / SBLC | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 55% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 59% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 1.04×
What happened, step by step
- Apr 2018 — Project / plant of ₹356 cr
- Mar 2019 — Term debt tied up
“Successful commissioning of the solar power projects and transfer to AMPL The firm, during FY17 & Q1FY18, had successfully commissioned 3 solar projects for a total project cost of Rs.356 crore financed out of debt of Rs.245 crore and balance out of internal accruals.”
Rated limits by facility
Timeline
From the report
Interest rate and regulatory risks - The interest rate on the term loan to be availed by the structure for its projects is floating and subject to regular resets.
From the report
As on February 28, 2026, the pool of 17 SPVs combined had free cash balances of ~Rs. 200 crore and a DSRA balance of Rs. 153.24 crore (of which Rs. 83.27 crore will be created in the form of bank guarantee, and the remaining is in the form of fixed deposits).
From the report
Interest rate and regulatory risks - The interest rate on the term loan to be availed by the structure for its projects is floating and subject to regular resets.
From the report
As on February 28, 2026, the pool of 17 SPVs combined had free cash balances of ~Rs. 200 crore and a DSRA balance of Rs. 153.24 crore (of which Rs. 83.27 crore will be created in the form of bank guarantee, and the remaining is in the form of fixed deposits).
From the report
Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has withdrawn the rating assigned to bank facilities of Solarcraft Cleantech Private Limited (SCPL) with immediate effect as the company has fully repaid its term loan.
From the report
Additionally, CareEdge Ratings has withdrawn the rating on the working capital facility as that facility was never availed by the company and stands cancelled.
From the report
Liquidity: Adequate The liquidity of the RG is adequate, as reflected by free cash and bank balances of around Rs. 129 crore and DSRA of ~Rs. 5 crore in the form of FDs and ~Rs. 105 crore in the form of BGs on a combined basis as on October 2024 end.
From the report
CARE Ratings has also withdrawn the outstanding rating assigned to the long-term bank facilities availed from Indian Renewable Energy Development Agency Limited (IREDA) with immediate effect, as the company has repaid the entire facility and there is no amount outstanding under the said facility.
From the report
The firm had availed term debt for the solar projects which during March 2018 were transferred to AMPL Cleantech (P) Ltd.
From the report
The group has unencumbered cash and bank balance/ liquid investments of Rs. 215.50 crore as on January 31, 2019. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Key Rating Weaknesses Constitution as a partnership firm: NV’s legal status as a partnership firm exposes it to the risk of withdrawal of capital by the partners.
From the report
To fund this acquisition, Atha Group has raised Rs.125 cr (Rs.105.0 cr outstanding as on Jan 31, 2019) of term debt in NV in the current fiscal and remaining through existing cash/bank balance of the group.
From the report
Successful commissioning of the solar power projects and transfer to AMPL The firm, during FY17 & Q1FY18, had successfully commissioned 3 solar projects for a total project cost of Rs.356 crore financed out of debt of Rs.245 crore and balance out of internal accruals.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Solarcraft Cleantech Private Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Premier Energies Limited |
Solar Panel Manufacturing · Electricity, Gas and Water companies | premierenergies.com | — | Rangareddy, Telangana, India |
 Vikram Solar Limited |
Solar Panel Manufacturing · Oil, Gas & Energy | vikramsolar.com | — | Kolkata, West Bengal, India |
| Acme Solar Holdings Limited | · Electricity, Gas and Water companies | — | — | Gurugram, Haryana, India |
| Solar Defence And Aerospace Limited | Solar Panel Manufacturing · Oil, Gas & Energy | — | — | Maharashtra, India |
| Solarworld Energy Solutions Limited | Solar Panel Manufacturing · Oil, Gas & Energy | — | — | Delhi, India |
 Indosolar |
Solar Panel Manufacturing · Oil, Gas & Energy | indosolar.co.in | — | New Delhi, India |
| Solarcraft Power India 25 Private Limited | Solar Panel Manufacturing · Oil, Gas & Energy | — | — | Haryana, India |
 Garda Solar Private Limited |
Solar Panel Manufacturing · Electricity, Gas and Water companies | gardasolar.com | — | Haryana, India |
 Credence Solar Panels Private Limited |
Solar Panel Manufacturing · Electricity, Gas and Water companies | credencesolar.com | — | Rajkot, Gujarat, India |
 Loom Solar Private Limited |
Solar Panel Manufacturing · Manufacturing (Machinery and Equipments) | loomsolar.com | — | Faridabad, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.