Acme Solar Reports Q1 FY26 EBITDA Of ₹531 Cr Up 76 Percent And PAT Of ₹131 Cr Up 9319 Percent Year On Year On Consolidated Basis

Greater Noida (Banking And Finance Desk): Key Highlights:

• Commissioned 350 MW projects including maiden 50 MW wind project in Gujarat, taking operational portfolio to 2,890 MW, ▲ 7% on YoY basis
• Won maiden standalone BESS[1]projects of 550 MWh contracted with NHPC
• Signed PPAs of 550 MW (FDRE 250 MW, Solar 300 MW) and 550 MWh of standalone BESS
• Generated CUF of5% with 1,636 MUs, ▲107.1% from Q1 FY25
• INR 1,072 Cr debt refinanced leading to ~95 bps interest cost reduction for the project
• Recently commissioned four SECI ISTS projects of 300 MW each rated CRISIL AA-/Stable
• 1+ GWh of BESS ordered from leading global energy system suppliers

Financial Highlights

Key Consolidated Financial Highlights are as follows:

Consolidated Financial Highlights:

• Revenue increased by 71.8% for the quarter (y-o-y basis), driven by capacity addition and higher CUF
• Higher EBITDA margin of 9% in Q1 FY26 as compared to 88.8% in Q1 FY25 on account of higher scale and favorable operating leverage
• PAT margin stood at 22.4% in Q1 FY26
• Net debt to EBITDA[3] of2x as of Q1 FY26, well within the targeted range of 5.5x
• DSO (as billed) [4] of 36 days[5] in Q1 FY26

Standalone Financial Highlights:

• Standalone financials account for in-house EPC business for the company’s own projects
• At Standalone level, the company reported total revenue of INR 364 Cr, EBITDA of INR 61 Cr resulting in EBITDA margin of 16.8%

Business Highlights

• Capacity Commissioned:
  • 350 MW projects commissioned during the quarter:
    • 300 MW Acme Sikar (solar) contracted with SECI
    • 50 MW Acme Pokhran (wind) – company’s first wind project, contracted with GUVNL
  • Operational capacity stands at 2,890 MW, up 115.7% from Q1 FY25
  • The operational portfolio is expected to give a run-rate annual project EBITDA of INR 2,000 – 2,050 Cr, resulting in pre-tax ROCE of 14.5%[6]
  • 100 MW Acme EcoClean wind project under advanced stages of construction
• Orderbook Addition:
  • 550 MWh of standalone BESS projects contracted with NHPC won at a weighted average tariff of INR 2.20 lakhs/MW/month
  • Total under construction portfolio stands at 4,080 MW plus 550 MWh of standalone BESS
• PPA Signed:
  • PPAs signed for 250 MW FDRE, 300 MW Solar and 550 MWh standalone battery projects leading to over 55% of UC capacity that is PPA signed
  • Grid connectivity and tariff adoption/order reserved in place for entire 6,970 MW portfolio
• Projects Contracts Update:
• 1+ GWh of BESS ordered from leading global energy system suppliers including Zhejiang Narada and Trina Energy
• Commitments secured for key long lead items like power conversion systems, transmission lines, power transformers and wind turbines
• Financing and Credit Rating Updates:
  • INR 1,072 Cr refinancing debt tied up at an interest rate of ~8.5% p.a. fixed for 5 years for 250 MW operational project in Rajasthan leading to:
    • ~95 bps reduction in interest cost for the project
    • Standard Chartered Bank, Bank of America and India Infradebt Limited added as new lenders to the debt portfolio
  • Recently commissioned 4×300 MW SECI ISTS solar projects each received rating of CRISIL AA-/Stable
  • Acme Aklera 250 MW (SECI offtake) upgraded to ICRA A+/Stable[7]

Operational Highlights

• 1,636 million units (MUs) generated in Q1 FY26 up 107.1% from Q1 FY25 driven by higher CUF and new capacity addition.
• Capacity utilization factor has increased from 27.0% in Q1 FY25 to 5% in Q1 FY26
• In Q1 FY26, Rajasthan-based operational assets with 2,250[8] MW contracted capacity delivered an average CUF of 3%
• Plant availability and grid availability at 4% and 98.7% respectively for Q1 FY26

Commenting on the quarterly performance, Mr. Manoj Kumar Upadhyay, Chairperson & MD, ACME Solar Holdings Ltd, said,

“We are proud to report another strong quarter, marked by robust financial performance and meaningful operational progress. The commissioning of 350 MW, including our first wind project, underscores our commitment to diversifying our clean energy portfolio. Securing our maiden standalone battery storage projects is a landmark moment – positioning us at the forefront of the energy transition as we scale solutions that enhance grid reliability and flexibility.

Our continued focus on execution excellence and disciplined financial management is clearly reflected in our margin expansion, significant improvement in cash PAT, and reduced debt cost. The adoption of tariffs for majority of our under-construction portfolio and signing of key PPAs reflect the strong demand for the renewable energy solutions. We remain confident in our long-term growth trajectory and are committed to delivering sustainable value to all stakeholders.”

[1] Battery Energy Storage System

[2] Computed as PAT + Depreciation +/ (-) Exceptional items

[3] Computed as TTM EBITDA divided by Operational Net Debt

[4] Days of Sales Outstanding (DSO) calculated as trade receivables excluding unbilled revenue divided by TTM revenue from operations less unbilled revenue times number of days in the period

[5]Calculation of DSO as of Q1 FY26 excludes INR 20 Cr of O/S dues from AP discom which shall be recovered in 2 EMIs as per APERC ruling in favour of the project company. 10 out of 12 instalments have already been received to the tune of INR 93 Cr as of Jun’26. DSO (as Billed) would be 41 days if INR 20 Cr related to the AP dues are included in receivables for Q1 FY26

[6] Pre-tax ROCE calculated as: Run rate EBITDA/Gross block. Expected annual run-rate EBITDA calculated basis full and steady operations of 2,890 MW of capacity and does not include any holdco. expenses. Gross block calculated as: Gross block less EPC margin realized

[7] Provisional rating received

[8] Includes phased commissioning of Acme Sikar 300 MW till Jun-25

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