ACME Solar (ACMESOLAR) Q4 24/25 earnings summary

Executive summary

• FY2025 saw operational capacity rise to 2,705 MW, with 1,200 MW of new solar projects commissioned and a total portfolio expanding to 6,970 MW after winning 1,900 MW in new projects.

• Power generation increased 55.2% year-over-year, with a CUF of 25.6% and 1,890 MW of new PPAs signed.

• Audited consolidated and standalone financial results for FY25 were approved, and a successful IPO in November 2024 raised Rs. 22,932.88 million.

• Interim dividend of Rs. 0.20 per share was declared in April 2025 for FY25.

• Credit rating was upgraded to CRISIL A+/Positive, with multiple project-level upgrades.

Financial highlights

• FY25 consolidated revenue was Rs. 14,051.31 million, up from Rs. 13,188.54 million in FY24; adjusted revenue growth was 32.3%.

• EBITDA for FY25 was Rs. 1,406 crore, with a margin of 89.2%; PAT was Rs. 251 crore, and cash PAT was Rs. 559 crore.

• Q4 FY25 revenue was Rs. 539 crore, up 73% year-over-year; EBITDA was Rs. 488 crore, up 119%.

• Net profit for FY25 more than doubled to Rs. 5,323.71 million; standalone net profit was Rs. 4,036.65 million.

• Net cash from operating activities (consolidated) was Rs. 15,430.19 million for FY25.

Outlook and guidance

• Targeting 10 GW portfolio by 2030, with 6,970 MW locked-in by FY27/28E and 7 GW contracted capacity by FY2027-28.

• Run-rate annual project EBITDA for 2,540 MW operational capacity expected at Rs. 1,750–1,800 crore; pre-tax ROCE at 14.5%.

• Results for FY25 are not directly comparable to FY24 due to the divestment of 369 MW assets in January 2024.

• IPO proceeds are earmarked for prepayment of borrowings and general corporate purposes, with full utilization as of 31 March 2025.

• Emphasis on financial prudence, conservative bidding, and no further equity raises for CapEx.