ACME Solar reported a strong Q3 FY26 with revenue of INR 617 Cr, 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.
Financial Performance
ACME Solar announced its financial results for Q3 FY26, showcasing significant growth:
- Total Revenue: INR 617 Cr (up 54% YoY)
- EBITDA: INR 564 Cr (up 57% YoY)
- EBITDA Margin: 91.5%
- PAT: INR 114 Cr (up 1.5% YoY)
- PAT Margin: 18.4%
- Cash PAT: 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 increased by 53.9% for the quarter due to capacity addition and higher CUF. The EBITDA margin improved to 91.5% in Q3 FY26. 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 Operational projects stands at 8.45%.
- Cash ROE at 20.6% for Dec’25.
- Near-term visibility of 770 MW PPAs signing.
Project Updates
- New debt tied up for INR ~3,500 Cr (450 MW under construction projects) at an average rate of 8.9% p.a. from PFC and NABFID.
- Refinanced 300 MW project at INR ~1,200 Cr at a rate of 8.0% p.a. from Yes Bank.
- Acme Raisar 300 MW, Acme Deoghar 300 MW and Acme Phalodi 300 MW operational projects received rating of CRISIL AA-/Stable.
- Acme Aklera 250 MW operational project upgraded to ICRA AA-/Stable.
BESS Updates
- BESS commissioning ongoing at 3 project sites and commissioning planned to be ~2 GWh by Q4 FY26.
- ~1,150 MWh of BESS delivered at sites.
- ~10 GWh BESS to be commissioned by CY27.
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.
Source: BSE
