ACME Solar (ACMESOLAR) Q3 25/26 earnings summary

Executive summary

• Operational portfolio reached 2,962 MW as of Jan'26, with 72 MW wind commissioned in Q3 and 422 MW YTD, up 16.6% YoY, on track for 450 MW FY26 guidance.

• Total portfolio stands at 7,770 MW, including 16 GWh BESS and 5,630 MW of PPA signed capacity.

• Q3 revenue rose 54% YoY to INR 617 crore, driven by capacity addition and higher CUF.

• EBITDA margin improved to 91.5% (vs. 89.6% YoY); PAT at INR 114 crore, margin 18.4%.

• Board approved unaudited financial results for Q3 and nine months ended December 31, 2025; interim dividend of Rs. 0.20 per share declared.

Financial highlights

• Q3 revenue: INR 617 crore (up 54% YoY); EBITDA: INR 564 crore (up 57.2% YoY); PAT: INR 114 crore (up 1.5% YoY).

• 9M FY26 revenue: INR 1,802 crore (up 74% YoY); EBITDA: INR 1,629 crore (up 77.6% YoY); PAT: INR 360 crore (up 179.3% YoY).

• Cash PAT for Q3 FY26: INR 234 crore (up 24% YoY); for 9M FY26: INR 716 crore (up 123.3% YoY).

• Net operational debt/EBITDA: 4.2x; Net debt/net worth: 2.0x.

• Standalone Q3 revenue: Rs. 9,176.63 million; net profit: Rs. 316.81 million; consolidated Q3 revenue: Rs. 4,967.93 million; net profit: Rs. 1,137.09 million.

Outlook and guidance

• Targeting 10 GW operational capacity and 20 GWh BESS by 2030, implying a 35% CAGR.

• FY27 plan: 1.5 GW contracted renewable capacity and >10 GWh BESS commissioning by CY27.

• BESS commissioning planned to reach ~2 GWh by Q4 FY26, up from 1 GWh previously expected.

• Near-term PPA signing visibility of 770 MW; 450 MW signed this quarter.

• Execution readiness: debt secured, land acquired, connectivity and major equipment ordered.