Acme Solar Q3 FY 26 Results On Track With 54% Growth, Margins Under Pressure

ACME Solar Holdinmgs Limited (Acme Solar), bucked the trend for developers in Q3 with a strong show. The firm reported revenue of INR 617 Cr in Q3, a 54% year-over-year increase, and EBITDA of INR 564 Cr, up 57% year-over-year. Key highlights include the partial commissioning of a 72 MW wind project, bringing the YTD commissioned capacity to 422 MW, and PPAs signed for 450 MW projects, increasing the cumulative YTD PPA signed capacity to 1,050 MW. The firm's total operational capacity has moved to over  2.9 GW, with total portfolio size of 7,770 MW including 16 GWh of BESS installation, and 5,630 MW PPA signed  

Financial Performance

EBITDA Margin came in at  91.5%, with PAT at INR 114 Cr (up 1.5% YoY), on net margins of 18.4%. Cash PAT was  INR 234 Cr (up 24% YoY)

For the nine-month period:

• Total Revenue: INR 1,802 Cr (up 74.0% YoY)
• EBITDA: INR 1,629 Cr (up 77.6% YoY)
• EBITDA Margin: 90.4%
• PAT: INR 360 Cr (up 179.3% YoY)
• PAT Margin: 20.0%
• Cash PAT: INR 716 Cr (up 123.3% YoY)

Revenue increase during the quarter was due to capacity addition and higher CUF. Net debt to EBITDA stands at 4.2x.

Operational Highlights

• Partially commissioned 72 MW out of 100 MW wind project, taking YTD commissioned capacity to 422 MW.
• Won 130 MW round-the-clock project with REMC Limited.
• PPAs signed for 450 MW projects, taking the cumulative YTD PPA signed capacity to 1,050 MW and 550 MWh.
• BESS commissioning planned to be ~2 GWh by Q4 FY26.
• Weighted average cost of debt for entire debt stands at 8.6%.
• Cash ROE at 20.6% for Dec’25.
• Near-term visibility of 770 MW PPAs signing.
• The under construction PPA signed portfolio stands at 2,668 MW

Other Updates

• Connectivity available for all UC projects including the unsigned PPAs.
• Connectivity inventory of ~7.5 GW available for upcoming projects.
• Grant already received for 4.3 GWh to install BESS utilizing transmission infrastructure of existing operational projects.

Operational Performance

• 1,567 million units (MUs) generated in Q3 FY26, up 49.0% from Q3 FY25.
• Capacity utilization factor increased from 22.7% in Q3 FY25 to 24.3% in Q3 FY26.
• Plant availability and grid availability at 99.6% and 99.8% respectively for Q3 FY26.