ACME Solar Reports 94x Jump in Q1 PAT, Adds 350 MW to Portfolio

ACME Solar Holdings Ltd on Saturday reported a sharp rise in its consolidated profit after tax (PAT) to ₹131 crore for the April–June quarter of FY 2026, up 9,319% year-on-year, driven by robust capacity addition and improved generation.

Revenue for the quarter stood at ₹584 crore, a year-on-year growth of 71.8%, while EBITDA rose 76% to ₹531 crore, translating to an EBITDA margin of 90.9%. Cash PAT came in at ₹254 crore. PAT margin improved significantly to 22.4% from just 0.4% in the same period last year.

350 MW of New Projects 

The strong financial performance was supported by the commissioning of 350 MW of new projects, including its maiden 50 MW wind project in Gujarat. The company’s operational portfolio rose to 2,890 MW, up 115.7% from Q1 FY25. Energy generation more than doubled to 1,636 million units, with a capacity utilisation factor (CUF) of 28.5%, up from 27.0% a year ago.

ACME also secured its first standalone battery energy storage system (BESS) project of 550 MWh, contracted with NHPC, and signed power purchase agreements (PPAs) for 250 MW of firm and dispatchable renewable energy (FDRE), 300 MW of solar, and 550 MWh of storage.

BESS Orders

The company ordered over 3.1 GWh of BESS from global suppliers, including Zhejiang Narada and Trina Energy, as it looks to deepen its presence in grid-flexibility solutions.

Debt refinancing of ₹1,072 crore at a reduced fixed interest rate of 8.5% p.a. over five years also helped lower borrowing costs by nearly 95 basis points, with new lenders including Standard Chartered Bank and Bank of America joining the portfolio.

Commenting on the performance, Manoj Kumar Upadhyay, Chairperson & MD of ACME Solar, said: “We are proud to report another strong quarter, marked by robust financial performance and meaningful operational progress. Securing our maiden standalone battery storage project is a landmark moment, positioning us at the forefront of India’s energy transition.”

The company’s total under-construction portfolio stands at 4,080 MW along with 550 MWh of BESS, while grid connectivity and tariff approvals have been secured for its entire 6,970 MW pipeline.

ACME’s Rajasthan-based assets delivered an average CUF of 30.3% during the quarter, with plant availability at 99.4% and grid availability at 98.7%.

Recent project milestones include the commissioning of four 300 MW SECI ISTS solar projects, each rated CRISIL AA-/Stable, and a credit rating upgrade of its 250 MW Aklera project to ICRA A+/Stable.