Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Total Revenue: INR 1,007 Cr (up 67.5% from INR 601 Cr)
  • EBITDA: INR 874 Cr (up 63.6% from INR 534 Cr)
  • EBITDA Margin: 86.7% (vs 88.8% in Q2 FY26)
  • PAT: INR 269 Cr (up 133.5% from INR 115 Cr)
  • PAT Margin: 26.7% (vs 19.1% in Q2 FY26)
  • Cash PAT: INR 441 Cr (up 93.2% from INR 228 Cr)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Total Revenue: INR 1,961 Cr (up 65.4% from INR 1,185 Cr)
  • EBITDA: INR 1,704 Cr (up 60.1% from INR 1,065 Cr)
  • EBITDA Margin: 86.9% (vs 89.8% in H1 FY26)
  • PAT: INR 504 Cr (up 105.0% from INR 246 Cr)
  • PAT Margin: 25.7% (vs 20.7% in H1 FY26)
  • Cash PAT: INR 831 Cr (up 72.3% from INR 482 Cr)

Operational Highlights

Capacity Commissioned:

  • Commissioned ~2.1 GWh BESS during Q2 FY27 till date
  • Cumulative commissioned BESS capacity reached ~5.2 GWh (2nd largest installed BESS capacity in India)
  • Partial commissioning of ~1.9 GW projects enabled by BESS & solar
  • Initial target achieved for half-yearly BESS commissioning at 5 GWh

Energy Generation:

  • 1,840 million units (MUs) generated in Q2 FY27 (up 19.6% from Q2 FY26)
  • Additional 324 million units sold through short-term peak power BESS operations in Q2 FY27
  • Capacity utilization factor increased to 27.8% from 24.1% in Q2 FY26
  • Plant availability: 99.3% for Q2 FY27
  • Grid availability: 99.2% for Q2 FY27

Business Updates

PPA and Contract Updates:

  • 430 MW of FDRE PPAs signed in Q2, taking total UC contracted PPA signed capacity to 4,310 MW
  • PPAs signed for 7.3 GW, representing 87% of total portfolio capacity
  • ~17 GWh BESS installations entailed in PPAs
  • ~19 GWh BESS contracted with suppliers including CATL, Hithium, Ganfeng Li Energy, Trina, CLOU

Short-term BESS Contracts:

  • INR 1,600+ Cr revenue lock-in for partial sale of FY27 BESS capacity
  • INR 1,500+ Cr revenue lock-in for partial sale of FY28 BESS capacity till date
  • Balance FY28 capacity to be tied up through future bids

Financing and Rating Updates:

  • Credit rating upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable
  • Debt tied up of ~INR 9,100 Cr from JPMorgan Chase Bank, IIFCL, REC, PFC and IREDA
  • Weighted average cost of debt for fully operational projects: 8.4%

Infrastructure Updates:

  • Connectivity available, secured and/or applied across all under-construction projects
  • RE Connectivity inventory of ~10 GW available (including secured and applied) for upcoming bids

Strategic Revisions

Strategy 2.0 Upward Target Revisions:

  • FY27 cumulative BESS commissioning target increased from 10 GWh to 12+ GWh
  • 2030 RE target increased from 10 GW generation capacity to 15 GW
  • Leveraging FDRE/assured peak power, CfD, RE power for Green Hydrogen/Molecules, Data Centers among others

Company Overview

ACME Solar Holdings Limited is a leading integrated renewable energy player with:

  • Diversified contracted portfolio of 8,370 MW spanning Solar, BESS, FDRE, Hybrid and Wind solutions
  • Operational capacity of ~3,123 MW and 5.24 GWh of BESS capacity
  • In-house EPC and O&M division for end-to-end development and maintenance

Note: Cash PAT computed as PAT + Depreciation +/ (-) Exceptional items