ACME Solar (ACMESOLAR) Q3 24/25 earnings summary

Executive summary

• Operational capacity increased to 2,540 MW, nearly doubling with the commissioning of 1,200 MW SECI projects and 450 MW in advanced construction.

• Total contracted portfolio reached 6,970 MW, with 1,900 MW of new wins in FY25, spanning solar, hybrid, and FDRE projects.

• Net debt reduced to INR 6,882 crore, supported by IPO proceeds of INR 2,070 crore and refinancing at lower rates.

• Grid connectivity secured for all under-construction capacity; 2,000 MW available for future bids.

• Targeting 10 GW contracted capacity by 2030, with a projected 40% CAGR and pre-tax ROCE of 14.5%.

Financial highlights

• Q3 revenue at INR 401 crore, up 45% YoY on adjusted basis and 10% on reported basis, driven by new project commissioning.

• EBITDA for Q3 at INR 359 crore, up 59% YoY adjusted; PAT at INR 112 crore, up 52% reported and 317% adjusted; PAT margin at 28% vs 12% YoY.

• Nine-month revenue at INR 1,036 crore, EBITDA at INR 917 crore (89% margin); standalone nine-month revenue at INR 1,203 crore, EBITDA at INR 407 crore, PAT at INR 199 crore.

• Net debt reduced from INR 8,755 crore in Q2 FY25 to INR 6,882 crore in Q3 FY25.

• Earnings per share for the quarter was Rs. 2.09, compared to Rs. 0.29 in the previous quarter.

Outlook and guidance

• Operational EBITDA run rate from 2,540 MW is guided at INR 1,750–1,800 crore annually, with pre-tax ROCE of 14.5%.

• Targeting 6,970 MW operational by FY27-28; all projects have different timelines but base case is full execution by then.

• No equity gap expected for current pipeline; future growth to be funded by internal accruals, securitization, and EPC margins.

• Days of sales outstanding improved to 72 days in 9M FY25, with further reductions expected.

• Results for the current period are not directly comparable to the previous year due to the divestment of 369 MW of assets.