ACME Solar Holdings reported strong Q2 FY26 results, with revenue up 104% year-on-year to INR601 crore and EBITDA increasing by 108% to INR534 crore. The company commissioned 378 MW of renewable energy capacity and is on track to meet its 450 MW target for the fiscal year. ACME secured new projects totaling 720 MW, including a 50 MW FDRE project and a 670 MW solar plus BESS project, expanding its portfolio to 7,390 MW. They are also planning one-gigawatt hour of battery energy storage systems on merchant beginning in Q4 FY26.
Financial Performance
ACME Solar Holdings showcased substantial financial growth in Q2 FY26:
- Revenue reached INR601 crore, a 104% increase year-over-year.
- EBITDA stood at INR534 crores, up by 108%, with a margin of 89%.
- PAT recorded at INR115 crores, yielding a PAT margin of approximately 19%.
Operational Highlights
Key operational achievements during the quarter include:
- Commissioned 378 MW of renewable energy capacity, striving to attain 450 MW target by the end of the fiscal year.
- Operational portfolio now stands at 2,918 MW, expected to deliver an annual steady-state project-level EBITDA between INR 2,025 to INR 2,075 crores.
- EBITDA yield is approximately 14%-15%.
New Projects and Expansion
ACME Solar Holdings secured new projects, bolstering its under-construction portfolio:
- Signed PPAs with Tata Power for a 50 MW Firm and Dispatchable Renewable Energy (FDRE) project.
- Won projects aggregating to 720 MW capacity.
- The total portfolio now stands at 7,390 MW, including 13.5 gigawatt-hours of BESS capacity and 5,180 MW of PPA signed capacity.
Strategic Developments
- Placed new orders for 2 gigawatt-hours of BESS with global suppliers. Total BESS orders stand at 5.1 gigawatt-hours, with installations phased to begin in Q4 FY‘26.
- Successfully commissioned a pilot BESS project of 10 megawatt-hours.
Capital Optimization
- Achieved an interest rate reduction of approximately 75 basis points on existing INR2,080 crores debt.
- Refinanced one project with INR1,100 crores at an optimized interest rate of around 8.4%.
- Secured financing of around INR7,000 crores for the 680 MW FDRE projects from SBI and REC.
Credit Rating
- ACME Solar’s credit rating upgraded to AA- by both CRISIL and ICRA.
- 1,100 MW of operational projects received a rating of AA- from ICRA and CRISIL.
Source: BSE
