ACME Solar (ACMESOLAR) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 marked significant financial and strategic progress, with 350 MW of new projects commissioned, including the first 50 MW wind project, expanding operational capacity to 2,890 MW and annual steady-state EBITDA potential of INR 2,000–2,050 crore at a 14–15% yield.

• Revenue grew 71.8% year-over-year in Q1 FY26, driven by capacity additions and higher CUF, with PAT surging to INR 131 crore and PAT margin at 22.4%.

• Secured first standalone battery energy storage (BESS) project (550 MWh) with NHPC, diversifying into pure storage contracts; signed PPAs for 550 MW FDRE and solar projects, and 550 MWh standalone BESS.

• Total contracted portfolio reached 6,970 MW plus 550 MWh BESS, with grid connectivity in place for the entire under-construction portfolio.

• Board approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2025, following audit committee recommendation.

Financial highlights

• Q1 revenue reached INR 584 crore, up 72% year-on-year; EBITDA at INR 531 crore, up 76% year-on-year, with a margin of 91%.

• PAT stood at INR 131 crore, reflecting sharp growth due to increased capacity.

• Cash PAT: INR 254 crore in Q1 FY26, up 346.5% year-over-year.

• Consolidated revenue from operations reached Rs. 4,868.87 million, up from Rs. 3,096.40 million year-over-year.

• Net operational debt to EBITDA at 4.2x, within the guided range; net debt to net worth at 1.7x.

Outlook and guidance

• Targeting commissioning of 450 MW capacity and 2.5 GWh of FDRE battery components in FY26, with phased revenue generation.

• CapEx guidance for FY26 and FY27 is INR 12,000–14,000 crore per year, with downward trend expected as battery prices fall.

• Targeting 10 GW generation and 15 GWh BESS capacity by 2030; installed capacity expected to reach ~17 GWp by FY27/28E.

• All 2.2 GW of PPA-signed projects expected to be commissioned by FY27, with no major delays anticipated.

• Interim dividend of Rs. 0.20 per share (total Rs. 121.02 million) declared on 25 April 2025 for FY25.