ACME Solar (ACMESOLAR) Q4 25/26 earnings summary

Executive summary

• Achieved strong revenue and profit growth in FY26, driven by capacity additions, higher capacity utilization factors, and major BESS commissioning, with operational capacity reaching 2,990 MW and 2.3 GWh BESS.

• Secured new project wins totaling 1,401 MW, expanding the total portfolio to 8,071 MW including 17 GWh BESS, and signed cumulative PPAs of 3,280 MW.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified opinion; major board actions included ESOP amendments and a CFO transition.

Financial highlights

• FY26 consolidated revenue was Rs. 20,233.79 million, up from Rs. 14,051.31 million; standalone revenue was Rs. 39,109.50 million, up from Rs. 13,521.01 million.

• FY26 consolidated net profit was Rs. 4,978.85 million, up from Rs. 2,508.21 million; standalone net profit was Rs. 3,401.58 million, up from Rs. 1,887.71 million.

• EBITDA margin exceeded 90% for both the quarter and full year, with FY26 EBITDA at INR 2,265 Cr and PAT at INR 498 Cr.

• Interim dividends totaling Rs. 242.10 million were paid during the year.

• Generated 6,464 million units in FY26 (up 61% YoY); CapEx incurred during the year was INR 6,445 Cr, with total committed CapEx at INR 12,475 Cr.

Outlook and guidance

• Targeting 1.5 GW of new generation assets and up to 10 GWh of battery installations in the coming year, with a long-term goal of 10 GW generation and 20 GWh BESS by 2030.

• Expecting continued strong demand for peak power and battery-linked projects, with regulatory and market tailwinds supporting growth.

• Labour code changes effective November 2025 resulted in a recognized financial impact of Rs. 19.28 million (standalone) and Rs. 5.10 million (consolidated) for FY26.

• Anticipate EBITDA margins of 75%-80% for merchant BESS operations, assuming current tariff arbitrage persists.