ACME Solar Q2 FY26 Earnings

Financial Highlights

Key Consolidated Financial Highlights are as follows:

Particulars (INR Cr)	Quarterly Performance			Half Yearly Performance
Particulars (INR Cr)	Q2 FY26	Q2 FY25	% Change	H2 FY26	H2 FY25	% Change
Total Revenue	601	295	103.8%	1,185	635	86.6%
EBITDA	534	256	108.3%	1,065	558	90.7%
EBITDA Margin	88.8%	86.8%	NA	89.8%	87.9%	NA
PAT	115	15	652.1%	246	17	1,373.4%
PAT Margin	19.1%	5.2%	NA	20.7%	2.6%	NA
Cash PAT	228	75	203.6%	482	132	265.2%

Consolidated Financial Highlights:

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 EBITDA of 4.3x as of Q2 FY26
DSO (as billed) 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:
- 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
- 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%[4]
- Won 720 MW/ 2,460 MWh (Solar + ESS: 670 MW/ 2,240 MWh, FDRE: 50 MW/ 220 MWh¹) and 550 MWh standalone BESS capacity
- Total portfolio of 7,390 MW including 13.5 GWh¹ of BESS installation, with 5,180 MW PPA signed
PPA Signed:
- 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:
- 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.
- INR ~1,100 Cr refinancing at an interest rate of 8.40% p.a. for 300 MW operational project
- ~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
- Interest rate reduced to 8.00% p.a. on INR ~1,245 Cr for a 300 MW operational asset
- Acme Solar rated as AA-/ Stable by CRISIL (upgraded)and ICRA (assigned)
- Acme Aklera 250 MW (SECI offtake) upgraded to ICRA AA-/Stable
- 3×300 MW SECI ISTS projects each received rating of CRISIL AA-/Stable

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

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)

(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ/ ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)