ACME Solar (ACMESOLAR) Q2 24/25 earnings summary

Executive summary

• Listed on BSE and NSE on 13 November 2024 after completing an IPO of 100,353,919 equity shares at Rs. 289 per share.

• Fully integrated renewable energy utility focused on in-house EPC and long-term PPAs for predictable cash flows.

• Operational capacity increased to 2,540 MW after energizing 1,023 MW of SECI ISTS projects; total contracted portfolio at 6,720 MW.

• Targeting 10 GW operational capacity by 2030, with grid connectivity secured for all projects.

• Plant uptime and performance improved through preventive maintenance and automation.

Financial highlights

• H1 FY25 consolidated revenue reported at INR 635 crore, up 5.5% YoY; like-for-like revenue up 10.6% YoY to INR 152 crore.

• EBITDA for H1 FY25: INR 558 crore, up 4.8% YoY; like-for-like EBITDA at INR 152 crore.

• Cash PAT for H1 FY25: INR 152 crore, up 10.6% YoY; Q2 cash PAT: INR 75 crore, up 75% YoY due to one-time adjustment.

• Standalone EPC business revenue: INR 876 crore; cash PAT: INR 198 crore for H1 FY25.

• Revenue and net profit for six months ended 30 September 2024 declined YoY due to asset divestment; net cash from operations increased.

Outlook and guidance

• 4.2 GW under construction to be commissioned by FY27, with 900 MW expected online in the next financial year.

• CapEx for the pipeline (4 GW) estimated at INR 40,000-42,000 crore, funded 75% by debt and the rest by equity.

• No immediate plans for further equity raise; growth to be modulated based on returns and internal funding capacity.

• Targeting mid-teen IRRs for new projects; will slow growth if returns are not attractive.

• Plans to reach 10 GW operational capacity by 2030, with 3,730 MW at advanced construction stages.