Operational Highlights

Q2 FY27 (Till Date)

  • BESS Commissioning: Commissioned ~2.1 GWh of Battery Energy Storage System (BESS) capacity, taking cumulative commissioned BESS capacity to ~5.24 GWh, making it the 2nd largest installed BESS capacity in India.
  • Project Commissioning: The commissioned BESS and solar capacity enabled partial commissioning of ~1.9 GW projects.
  • Solar Commissioning: Commissioned 133 MW solar capacity out of the 300 MW ACME Renewtech Hybrid project contracted with NTPC.
  • PPA Signing: Signed Power Purchase Agreements (PPAs) for 430 MW of Firm and Dispatchable Renewable Energy (FDRE), taking the total PPA signed capacity to 4,310 MW. This represents 87% of the total UC (Under Construction) contracted portfolio capacity of 5,380 MW.
  • 300 MW FDRE project (ACME Greentech Twenty) signed with SECI.
  • 130 MW FDRE projects (ACME Marigold Urja) signed with Northeast Frontier Railway (REMCL).
  • BESS Contracts: Secured short-term BESS contracts locking in revenue of over ₹3,100 crore.
  • ₹1,600+ Cr revenue locked in for partial sale of FY27 BESS capacity.
  • ₹1,500+ Cr revenue locked in for partial sale of FY28 BESS capacity.
  • BESS Supply: ~19 GWh of BESS capacity contracted with suppliers including CATL, Hithium, Ganfeng Li Energy, Trina, and CLOU.

Financing and Connectivity

  • Credit Rating: ACME Solar Holdings was upgraded to 'CRISIL AA-/Positive' from 'CRISIL AA-/Stable'.
  • Debt Financing: Debt of ~₹9,100 Cr tied up from JPMorgan Chase Bank, IIFCL, REC, PFC, and IREDA for ~3.6 GW of PPA-signed projects.
  • Debt Cost: The weighted average cost of debt for fully operational projects stands at 8.4%.
  • Funding Stability: ~65% of borrowings in operational projects are from PFC, REC, and IREDA, providing stable funding costs.
  • Connectivity Inventory: RE connectivity inventory of ~10 GW is available (secured and/or applied) for future projects beyond the existing portfolio.
  • Land Bank: Over 22,000 acres of land acquired for the under-construction portfolio.

Financial Highlights

Consolidated Financials - Q2 FY27

  • Revenue from Operations: ₹887 Cr (vs. ₹468 Cr in Q2 FY26)
  • Other Income: ₹120 Cr
  • Total Income: ₹1,007 Cr
  • EBITDA: ₹874 Cr
  • Finance Costs: ₹345 Cr
  • Depreciation & Amortization: ₹172 Cr
  • Profit Before Tax (PBT): ₹356 Cr
  • Tax Expense: ₹87 Cr
  • Profit After Tax (PAT): ₹269 Cr
  • Cash PAT (PAT + Depreciation): ₹441 Cr

Consolidated Financials - H1 FY27

  • Revenue from Operations: ₹1,745 Cr (₹887 Cr + ₹858 Cr from Q1)
  • Other Income: ₹216 Cr (₹120 Cr + ₹96 Cr from Q1)
  • Total Income: ₹1,961 Cr
  • EBITDA: ₹1,705 Cr (₹874 Cr + ₹831 Cr from Q1)
  • Finance Costs: ₹689 Cr (₹345 Cr + ₹344 Cr from Q1)
  • Depreciation & Amortization: ₹327 Cr (₹172 Cr + ₹155 Cr from Q1)
  • Profit Before Tax (PBT): ₹687 Cr (₹356 Cr + ₹331 Cr from Q1)
  • Tax Expense: ₹183 Cr (₹87 Cr + ₹96 Cr from Q1)
  • Profit After Tax (PAT): ₹504 Cr (₹269 Cr + ₹235 Cr from Q1)
  • Cash PAT (PAT + Depreciation): ₹831 Cr

Standalone Financials (EPC Business) - Q2 FY27

  • EPC Revenue: ₹3,313 Cr
  • Other Income: ₹113 Cr
  • Total Income: ₹3,426 Cr
  • EBITDA: ₹431 Cr
  • Finance Costs: ₹105 Cr
  • Depreciation & Amortization: ₹4 Cr
  • Profit Before Tax (PBT): ₹323 Cr
  • Tax Expense: ₹81 Cr
  • Profit After Tax (PAT): ₹241 Cr

BESS Financial Performance

| Particulars (INR Cr) | Q2 FY27 | H1 FY27 |

| Capacity Commissioned by Sep'26 | ~5 GWh | |

| Revenue from Sale of Power | 324 | 550 |

| Cost of Power | 70 | 109 |

| EBITDA | 254 | 441 |

| EBITDA Margin | 78% | 80% |

  • BESS Technical Performance: Round Trip Efficiency (RTE) of ~89%, Depth of Discharge (DoD) of ~95%, State of Health (SoH) of ~99.9%.
  • The capitalized cost of BESS capacity is stated as <1 Cr/ MWh.

Other Financial Metrics (YoY)

  • Net Debt to Equity: 2.9x (vs. 3.2x in FY26)
  • Return on Net Worth (TTM): 16.5% (vs. 11.8% in FY26)
  • Days Sales Outstanding (DSO): Improved to 54 days (Q2 FY27) from 98 days (FY25). Q1 and Q2 FY27 DSO excludes DSO from BESS operations with GUVNL.

Regulatory Highlights

The presentation lists several regulatory developments and their impact on ACME:

1. Grant of BESS connectivity under non-ROFR category: Speeds up deployment for grid security and peak demand.

2. ISTS Waiver Protection linked with in-principle grant date: Mitigates financial risk for projects delayed due to transmission unreadiness.

3. Green Energy Corridor Phase III (GEC-III) approval: INR 1.36 Lakh Cr for intra-state transmission and INR 50,000 Cr for 50 GWh BESS.

4. Pradhan Mantri Surya Sarovar Yojana (PM-SSY): Targets 5,000 MW floating solar with CFA of INR 1 Cr/MW.

5. Utilization of curtailed energy for BESS charging: Permitted without NOC from the offtaker.

Strategic Updates & Targets

  • Strategy 2.0 - Upward Revisions:
  • FY27 cumulative BESS commissioning target revised upward from 10 GWh to 12+ GWh.
  • 2030 RE generation capacity target revised upward from 10 GW to 15 GW.
  • Long-Term Target: Aims to have a portfolio of 20 GW generation capacity and 70 GWh BESS capacity by 2032.
  • Market Outlook: Expects ~50 GWh of peak power bids to be rolled out till Sep'27 and 200-250 GWh of short-term peak power tenders in the near to medium term. Expects 20+ GW of upcoming tendering.

Project Portfolio Details

Operational Portfolio

  • Total operational capacity: 2,990 MW across various solar and wind projects.
  • Weighted average tariff: ₹3.41/kWh.

Under Construction Portfolio - PPA Signed (4,310 MW + ~17 GWh BESS)

Details of 17 projects with off-takers including SECI, NTPC, SJVN, NHPC, and Tata Power-D. Debt is tied up or under process for these projects. Grid connectivity is secured.

Under Construction Portfolio - LOA Awarded, PPA Yet to be Signed (1,070 MW + ~2.3 GWh BESS)

Details of 4 projects with off-takers including NTPC, SJVN, and MPPMCL. Grid connectivity is secured.