Acme Solar FY25 Results- Profits Up 130.7% As Margins Double

Renewable energy developer and EPC firm Acme Solar has reported its Q4, and full year results for FY25.

Key Highlights:

• 1,200 MW solar projects commissioned during the year; Additional 165 MW solar capacity commissioned in May’25, ▲ 9% from FY24
• 1,900 MW projects won during the year, resulting in a total portfolio of 6,970 MW
• 1,890 MW of PPAs signed during the year
• Generated CUF of 25.6% with 4,013 MUs, ▲55.2% from FY24
• Balance sheet strengthening via equity raise, improving net debt-to-net worth of 7x
• INR 7,700 Cr refinanced debt tied up, resulting in an average ~75 bps debt cost reduction for refinanced projects
• Credit rating upgraded to CRISIL A+/A+/Positive for Acme Solar
  • Achieved Crisil/Care AA-/Stable rating for multiple project SPVs (750 MW)
• Declared interim dividend of INR 0.20/share for FY25

Financial Highlights

Key Consolidated Financial Highlights are as follows:

Particulars Q3 FY25: ACME Solar’s PAT Up By 152% YoY, PAT Margin At 28% Also Read (INR Cr)	Quarterly Performance			Annual Performance
	Q4 FY25	Q4 FY24	% Change	FY25	FY24	% Change
Total Revenue	539	318	69.5%	1,575	1,466	7.4%
EBITDA	488	224	118.3%	1,406	1,236	13.7%
EBITDA Margin	90.5%	70.3%	–	89.2%	84.3%	–
PAT	122	-57	NA	251	109	130.7%
PAT Margin	22.6%	–	–	15.9%	7.4%	–
Cash PAT	238	-103	NA	559	257	117.4%

 

Consolidated Financial Highlights:

• Revenue increased by 69.5% for the quarter (yoy basis), driven by the capacity addition of 1200 MW
• Healthy EBITDA margin of 90.5% in Q4 FY25
• PAT margin stood at 22.6% in Q4 FY25
• For FY25, PAT rose significantly to INR 251 Cr in FY25, compared to INR 109 Cr in FY24, demonstrating a 7% increase.
• Net debt stood at INR 7,507 Cr as of FY2,5 comprising:
  • INR 6,232 Cr with respect to operational portfolio
  • INR 1,275 Cr with respect to UC capacity
• Net debt-to-EBITDA stood at 4.4x as of FY25, well within the target range of 5.5x
• Days Sales Outstanding decreased by 55.2%, dropping from 93 days in FY24 to 42 days[7] in FY25

 

Standalone Financial Highlights:

• Standalone financials account for the in-house EPC business for the company’s own projects
• At the Standalone level, the company reported total revenue of INR 1,512 Cr, EBITDA of INR 428 Cr, and Cash PAT of INR 188 Cr for FY25

Business Highlights

• Capacity Addition:
  • Commissioned one of the India’s largest single-located solar projects of 1,200 MW in Jaisalmer, Rajasthan
  • 1,900 MW capacity won in FY25 comprising 1,000 MW FDRE, 600 MW solar and 300 MW hybrid projects
  • 450 MW projects in advanced stages of construction with status as below:
    • 165 MW/ 300 MW Acme Sikar solar project commissioned, balance capacity under commissioning.
    • 50 MW Acme Pokhran wind project under commissioning
    • The 100 MW Acme EcoClean wind project is under advanced stages of construction
  • Operational capacity stands at 2,705 MW, up 101.9% from FY24

• PPA Signed/LOA Awarded during the Year:
  • PPA Signed: 1,890 MW signed, comprising 1,590 MW FDRE and 300 MW hybrid capacity
  • LOA Awarded: 2,050 MW signed,d comprising 1,000 MW FDRE, 600 MW solar and 450 MW hybrid capacity

• In Q4 FY25, Rajasthan-based operational assets with 1,950 MW contracted capacity delivered an average CUF of 29.4%

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

“FY25 has been a remarkable year for us. We significantly expanded our operational portfolio and successfully commissioned our largest single-location project – a 1,200 MW SECI ISTS solar project. This capacity build-out, aligned with disciplined capital structuring, is now translating into stronger earnings performance.

As we continue to scale our presence in the hybrid and FDRE space, our business is becoming more resilient and future-ready. With over 4,265 MW under construction and strong alignment across stakeholders, we are confident in our ability to deliver sustained growth and long-term value creation.

Looking ahead, we are targeting a contracted capacity portfolio of 10 GW by 2030, reinforcing our commitment to sustainable growth and energy transition leadership.”

The company monetized 369 MW of its operational assets in Q4 FY24. Thus, for like-for-like periodic comparison with FY25, the operational highlights for FY24 have been adjusted to factor in the impact of monetized assets.