ACME Solar (ACMESOLAR) Q2 25/26 earnings summary

Executive summary

• Renewable energy sector in India added 35 GW Jan–Oct 2025, reaching 247 GW and 27% of national generation; regulatory reforms include GST reduction and new RE obligations targeting 43% by 2030.

• Q2 FY26 revenue rose 103.8% year-over-year to INR 601 Cr, EBITDA up 180% to INR 534 Cr, and PAT at INR 115 Cr, driven by capacity additions and higher CUF.

• Portfolio expanded to 7,390 MW (including 13.5 GWh BESS), with 378 MW commissioned YTD and 720 MW new project wins; operational portfolio at 2,918 MW.

• Signed PPAs with Tata Power and NHPC for BESS projects; credit rating upgraded to AA- by CRISIL and ICRA.

• Board approved unaudited Q2 and H1 FY26 results, with unmodified auditor conclusions.

Financial highlights

• Q2 FY26 consolidated revenue was ₹4,677.48 million, up from ₹2,595.92 million in Q2 FY25; H1 FY26 revenue was ₹9,787.32 million, up from ₹5,692.32 million in H1 FY25.

• EBITDA margin improved to 89% in Q2 FY26; PAT margin at 19%.

• Cash PAT for Q2 FY26 was INR 228 Cr, up 203.6% year-over-year; H1 FY26 Cash PAT was INR 482 Cr, up 265.2%.

• Days sales outstanding dropped to 27 days, improving cash flow.

• Other income increased due to hedging gains on battery procurement; other expenses rose due to ESOPs.

Outlook and guidance

• Targeting 10 GW generation and 15 GWh BESS by 2030; early 2026 to see 1 GWh BESS operational, expected to add INR 170 Cr annual EBITDA.

• CapEx plan of INR 12,000 Cr for FY2026, with 75–80% debt and 20–25% equity funding; most debt already sanctioned.

• Equity for future CapEx to be supported by internal accruals, refinancing, and cash on balance sheet.

• Management and auditors confirm compliance with Indian Accounting Standards and SEBI regulations.