Acme Solar Results See Profits Rise 6x, Revenues Up 103%

Acme Solar Limited has reported a strong set of results for Q2 of FY 26.  The firm, which has lately made a strong shift towards BESS and related projects with a focus on the C&I segment, has reported EBITDA of INR 534 Cr (up ▲ 108% YoY)  and PAT of INR 115 Cr (up ▲ 652% YoY) for Q2 FY26 on Consolidated Basis. For the Manoj Kumar Upadhyay led solar developer, Q2 has been a strong quarter, validating its decision to focus more strongly on the BESS and related segments. 

Key Highlights for Q2 till date: 

✓ Partially commissioned 28 MW out of 100 MW wind project in Gujarat, taking the cumulative  H1 FY26 YTD commissioned capacity to 378 MW
 ✓ Won 720 MW/ 2,460 MWh (Solar + ESS: 670 MW/ 2,240 MWh, FDRE: 50 MW/ 220 MWh1) and  550 MWh standalone BESS capacity
 ✓ PPAs signed for 50 MW/ 220 MWh1 and 550 MWh, taking the cumulative H1 FY26 YTD PPA  signed capacity to 600 MW/ 1,350 MWh and 550 MWh
 o First PPA signed with private discom - Tata Power Company Limited for 50 MW/ 220  MWh1
 ✓ Additional 2 GWh BESS ordered from leading global energy system suppliers taking total  BESS ordered to 5.1 GWh
 ✓ ACME Solar rated as AA-/ Stable by CRISIL (upgraded) and ICRA (assigned) - highest ever  credit rating received

• Revenue increased by 103.8% for the quarter (y-o-y basis), driven by capacity addition and  higher CUF
 • EBITDA and PAT up by 108.3% and 652.1% respectively for the quarter (y-o-y basis)
 • Improved EBITDA margin of 88.8% in Q2 FY26 as compared to 86.8% in Q2 FY25 on account of favorable operating leverage and optimized operational efficiency
 • PAT margin stood at 19.1% in Q2 FY26
 • Net debt to EBITDA3 of 4.3x as of Q2 FY26

• DSO (as billed) 4 of 27 days in Q2 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 829 Cr, EBITDA of INR 167 Cr  resulting in EBITDA margin of 20.2% for H1 FY26 

Business Highlights  

• Capacity Commissioned and Orderbook Addition:  
o Partially commissioned 28 MW out of 100 MW Acme Eco Clean (wind) in Gujarat in Q2  FY26, taking the cumulative H1 FY26 YTD commissioned capacity to 378 MW 
o The operational portfolio is expected to give a run-rate annual project EBITDA of INR  2,025 - 2,075 Cr, resulting in pre-tax ROCE of ~14.5%5 
o Won 720 MW/ 2,460 MWh (Solar + ESS: 670 MW/ 2,240 MWh, FDRE: 50 MW/ 220 MWh1)  and 550 MWh standalone BESS capacity 
o Total portfolio of 7,390 MW including 13.5 GWh1 of BESS installation, with 5,180 MW  PPA signed 

PPA Signed: 

o PPAs signed for 50 MW/220 MWh and 550 MWh in Q2 FY26 till date, taking the  cumulative H1 FY26 YTD PPA signed capacity to 600 MW/1,350 MWh1 and 550 MWh 
• Financing and Credit Rating Updates:  
o Debt tied up for INR ~7,050 Cr in respect of 680 MW FDRE projects from SBI and REC  leading to debt secured for ~ 80% of PPA signed projects.  
o INR ~1,100 Cr refinancing at an interest rate of 8.40% p.a. for 300 MW operational  project 
o ~75 bps interest rate reduction by existing lender on INR ~2,080 Cr debt for 600 MW  SECI ISTS projects, driven by credit rating upgrade 
o Interest rate reduced to 8.00% p.a. on INR ~1,245 Cr for a 300 MW operational asset  

Operational Highlights 
• 1,539 million units (MUs) generated in Q2 FY26 up 133.8% from Q2 FY25 driven by higher 
CUF and new capacity addition 
• Capacity utilization factor has increased from 22.2% in Q2 FY25 to 24.1% in Q2 FY26 
• Plant availability and grid availability at 99.5% and 99.4% respectively for Q2 FY26