ACME Solar Holdings Limited announced its Q1 FY27 earnings, showcasing substantial growth. Total Revenue surged by 63.3% YoY to INR 954 Cr, while EBITDA increased by 56.5% YoY to INR 831 Cr. The company also reported a significant 79.9% YoY jump in PAT to INR 235 Cr. Key operational highlights include the highest-ever quarterly CUF achieved at 30.9% and 600 MW of new PPAs signed with SECI.
ACME Solar Holdings Ltd. Announces Strong Q1 FY27 Performance
ACME Solar Holdings Limited has released its earnings presentation for the first quarter of the Financial Year 2027 (Q1 FY27), reporting a period of significant growth and operational achievements. The company’s financial and operational highlights demonstrate a robust upward trajectory, driven by strategic capacity additions and improved performance metrics.
Key Financial Highlights – Q1 FY27
The company reported its highest-ever Revenue and EBITDA for the quarter. Total Revenue saw a substantial increase of 63.3% year-on-year, reaching INR 954 Crore compared to INR 584 Crore in Q1 FY26. EBITDA also experienced strong growth, rising by 56.5% year-on-year to INR 831 Crore from INR 531 Crore in the prior year’s quarter. Profit After Tax (PAT) demonstrated an impressive 79.9% year-on-year increase, standing at INR 235 Crore, up from INR 131 Crore in Q1 FY26. The consolidated EBITDA margin stood at 87.1%.
Operational Milestones Achieved
Operationally, ACME Solar achieved its highest-ever quarterly CUF (Capacity Utilization Factor) at 30.9%. The company signed 600 MW of FDRE/Hybrid PPAs with SECI, increasing its total Under Construction (UC) PPA signed capacity to 3,880 MW. This includes approximately 15 GWh of BESS (Battery Energy Storage System) installations. Furthermore, approximately 2.3 GWh of BESS capacity was commissioned during the quarter, bringing the total commissioned BESS capacity to approximately 3.62 GWh. Phased operationalization of about 3.1 GWh of BESS capacity generated revenue of INR 226 Crore in Q1 FY27. Additionally, ACME Solar won bids for short-term contracts with an estimated revenue lock-in of over INR 1,400 Crore for the partial sale of FY27 BESS capacity.
Capex and Financing Updates
In Q1 FY27, the company incurred a capital expenditure of approximately INR 2,958 Crore. Purchase orders worth around INR 2,300 Crore were issued as of June 30th. The company has secured debt for approximately 85% of its PPA signed projects. Financing updates include debt of over INR 6,000 Crore for 700 MW UC FDRE projects with REC and PFC, and a weighted average cost of debt for operational projects at 8.4%.
Connectivity and Land Acquisitions
Connectivity is available, secured, and/or applied for all under-construction projects. The company has a connectivity inventory of approximately 10 GW available for future bids. Over 18,000 acres of land have been acquired for the under-construction portfolio.
Regulatory Environment
Recent regulatory developments are expected to benefit ACME Solar. The extension of the ALMM timeline to December 31, 2026, offers flexibility for exploring and commissioning merchant BESS projects. The MoP’s extension of the graded ISTS charge waiver also provides benefits for projects delayed due to transmission unreadiness. CERC’s introduction of a free-exit option or merchant-route conversion for projects lacking PPAs enhances flexibility, and CTUIL’s initiative for BESS connectivity under ROFR route accelerates deployment.
BESS Performance and Future Outlook
The P&L snapshot for commissioned BESS shows revenue from sale of power at INR 226 Crore with an EBITDA of INR 189 Crore and an EBITDA margin of 82%. Technical performance metrics for BESS include approximately 89% Round Trip Efficiency (RTE), 93% Depth of Discharge (DoD), and 99.9% State of Health (SoH). The company has set a target to have a portfolio of 10 GW generation capacity and 25 GWh BESS capacity by 2030, aiming for a 35% CAGR.
Project Pipeline
ACME Solar has a strong pipeline of upcoming projects. FY27 commissioning targets include approximately 1.5 GW of renewable energy capacity and 10+ GWh of BESS. The company has received grant for 10+ GWh BESS connectivity, with 11+ GWh applied under ROFR and approval process. Guidance for battery commissioning in FY27 is approximately 3.62 GWh operational, with a target of 10+ GWh cumulative by FY27.
Source: BSE
