ACME Solar Q2 Revenue Rises 67.5 Percent to INR 1,007 Crore

ACME Solar Holdings Ltd. has reported a 63.6 percent year-on-year increase in consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) to INR 874 crore in the second quarter of FY27, while profit after tax (PAT) more than doubled to INR 269 crore. Revenue for the quarter rose 67.5 percent to INR 1,007 crore, supported by renewable energy capacity additions and battery energy storage system (BESS) operations.

As per the firm's statement, its financial performance improved across key parameters during the quarter. PAT increased 133.5 percent from INR 115 crore in Q2 FY26, while the EBITDA margin stood at 86.7 percent against 88.8 percent in the corresponding quarter last year. The PAT margin improved to 26.7 percent from 19.1 percent.

For the first half of FY27, consolidated revenue increased 65.4 percent year-on-year to INR 1,961 crore from INR 1,185 crore. EBITDA rose to INR 1,704 crore from INR 1,065 crore, while PAT more than doubled to INR 504 crore from INR 246 crore. Cash PAT reached INR 831 crore during the half year, compared with INR 482 crore in the year-ago period.

The company also revised its battery storage and renewable energy capacity targets as it expands its portfolio of firm and dispatchable renewable energy (FDRE) projects. It raised its FY27 BESS commissioning target from 10 gigawatt-hours (GWh) to more than 12 GWh and increased its 2030 renewable energy capacity target from 10 gigawatts (GW) to 15 GW.

ACME Solar commissioned approximately 2.1 GWh of BESS capacity during the quarter up to the reporting date, taking its cumulative commissioned storage capacity to around 5.2 GWh. The company said this made it the second-largest operator of installed BESS capacity in India. It also achieved its initial target of commissioning 5 GWh of storage capacity during the first half of FY27.

The commissioning of battery storage and solar capacity enabled the partial commissioning of projects with an aggregate capacity of approximately 1.9 GW. The company has contracted around 19 GWh of BESS capacity with suppliers, including CATL, Hithium, Ganfeng Li Energy, Trina and CLOU.

ACME Solar is also seeking to secure revenue through short-term battery storage contracts. It reported revenue visibility of more than INR 1,600 crore from the partial sale of its FY27 BESS capacity and over INR 1,500 crore from the partial sale of its FY28 capacity. The remaining FY28 capacity is expected to be tied up through future bids.

On the power procurement front, the company signed power purchase agreements (PPAs) for 430 MW of FDRE capacity during the period covered by its update, taking its total signed PPA capacity for projects yet to be commissioned to 4,310 MW. It has signed PPAs for approximately 7.3 GW, representing 87 percent of its total portfolio capacity.

The company plans to leverage FDRE and assured peak power projects, contracts for difference, renewable electricity supply for green hydrogen and other green molecules, and demand from data centres to achieve its revised 2030 target.

ACME Solar reported that approximately 10 GW of renewable energy connectivity was available, secured or under application for upcoming bids, over and above its existing portfolio. Connectivity was available, secured or applied for across all under-construction projects, including those where PPAs were yet to be signed.

Electricity generation increased 19.6 percent year-on-year to 1,840 million units during Q2 FY27, driven by capacity additions and higher solar irradiation. The company also sold 324 million units through short-term peak-power operations supported by BESS.

Its capacity utilisation factor increased to 27.8 percent from 24.1 percent in Q2 FY26. Plant availability stood at 99.3 percent, while grid availability was 99.2 percent during the quarter.

On the financing front, ACME Solar's credit rating was upgraded by CRISIL to AA-/Positive from AA-/Stable. The company also tied up approximately INR 9,100 crore in debt financing from JPMorgan Chase Bank, India Infrastructure Finance Company Limited, REC, Power Finance Corporation and the Indian Renewable Energy Development Agency. Its weighted average cost of debt for fully operational projects stood at 8.4 percent.