Acme Solar Holdings Ltd. is a fully integrated renewable energy firm in India with a diversified portfolio across solar, wind, hybrid, storage and Firm and Dispatchable Renewable Energy (FDRE) projects. It ranks among India’s top 10 renewable Independent Power Producers (IPPs), with an operational capacity of 2,918 MW and an under-construction capacity of 4,472 MW, including 13.5 GWh of Battery Energy Storage Systems (BESS). The firm generates long-term stable cash flows through power sales to central and state-backed entities via long-term fixed tariff PPAs. With strong in-house EPC and O&M capabilities, Acme Solar maintains tight control over execution timelines, costs, and technology selection, ensuring efficiency and reliability across projects.
For Q2 FY26, Acme Solar reported stellar financial results, posting an EBITDA of Rs. 534 cr, up 108% y-o-y, and a PAT of Rs. 115 cr, up 652% y-o-y, on a consolidated basis. Total revenue for the quarter stood at Rs. 601 cr, a sharp rise of 103.8% over the same period last year, driven by capacity addition and higher capacity utilization factors (CUF). The EBITDA margin improved to 88.8% compared to 86.8% in Q2 FY25, supported by favorable operating leverage and improved efficiency, while PAT margin stood at 19.1%.
During H1 FY26, Acme Solar partially commissioned 28 MW out of its 100 MW wind project in Gujarat, taking cumulative YTD commissioned capacity to 378 MW. The company also secured multiple project wins totaling 720 MW/2,460 MWh (solar + ESS and FDRE) and 550 MWh standalone BESS capacity. It signed PPAs for 50 MW/220 MWh and 550 MWh, taking cumulative PPA-signed capacity to 600 MW/1,350 MWh and 550 MWh. Notably, the first PPA was signed with Tata Power Company Limited for 50 MW/220 MWh — a milestone for private-sector collaborations.
On the financing front, debt worth Rs. 7,050 cr has been tied up for 680 MW FDRE projects from SBI and REC, covering around 80% of PPA-signed projects. The firm refinanced Rs. 1,100 cr at 8.4% p.a. for a 300 MW operational project and secured a 75 bps interest rate reduction on Rs. 2,080 cr debt for SECI ISTS projects. Reflecting its financial strength, Acme Solar received an upgraded credit rating of AA-/Stable from CRISIL and ICRA — the highest rating in its history.
The company has ordered an additional 2 GWh of BESS from global suppliers, bringing total orders to 5.1 GWh. The first phase of delivery is scheduled for December 2025, with phased commissioning from Q4 FY26. A 10 MWh BESS was also operationalized in October 2025 in Rajasthan on a pilot basis.
Operationally, Acme Solar generated 1,539 million units in Q2 FY26, up 133.8% y-o-y, with CUF rising to 24.1% from 22.2%. Both plant and grid availability stood above 99%, underscoring operational efficiency.
Commenting on the performance, Mr. Manoj Kumar Upadhyay, Chairperson & MD, said, “Our quarterly results reflect the strength of our renewable portfolio and disciplined execution. With robust growth in generation and efficiency, we more than doubled EBITDA y-o-y. As we move forward, our BESS rollout, operational excellence, and prudent capital management will continue to strengthen our balance sheet.”
