ACME Solar Holdings Limited reported a consolidated net profit of ₹235 crore for the quarter ended June 30, 2026 (Q1FY27), marking an 80% year-on-year increase from ₹131 crore in Q1FY26. Consolidated revenue from operations rose 63.3% to ₹954 crore, driven by higher electricity sales, improved plant performance, and significant revenue generation from battery energy storage systems (BESS). The company achieved its highest-ever quarterly capacity utilization factor (CUF) of 30.9%, up from 28.5% in the prior year period. This performance underscores the successful integration of BESS assets, which contributed ₹226 crore in direct revenue during the quarter.

The unaudited standalone and consolidated financial results were approved by the Board of Directors at its meeting held on July 29, 2026. The results were reviewed by the Audit Committee and subjected to a limited review by Joint Statutory Auditors M/s Walker Chandiok & Co. LLP and M/s A Prasad & Associates. The filing was made pursuant to Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance Highlights

The following table outlines the key consolidated financial metrics for the quarter ended June 30, 2026:

Total revenue includes other income of ₹96 crore in Q1FY27, compared to ₹73 crore in Q1FY26. EBITDA margin stood at 87.1%, marginally lower than the prior year due to the inclusion of power purchase costs for BESS operations under operating expenses. Cash PAT stood at ₹390 crore, up 53.4% from ₹254 crore in Q1FY26.

BESS Expansion and Operational Growth

ACME Solar commissioned approximately 2.3 GWh of BESS capacity during the quarter, taking the total commissioned BESS capacity to ~3.62 GWh. The phased operationalization of ~3.1 GWh of BESS capacity generated ₹226 crore in revenue in Q1FY27. The company has ordered BESS capacity for its entire under-construction (UC) PPA signed portfolio from suppliers including CATL and Hithium.

Operationally, the company sold 2,020 million units (MUs) in Q1FY27, a 23.4% increase from Q1FY26. Plant availability stood at 99.2% and grid availability at 98.8%. Rajasthan-based operational assets with 2,250 MW contracted capacity delivered an average CUF of 32.5%, while wind operational assets with 150 MW delivered a CUF of 41.4%. The company has revised its upward guidance to commission cumulative 10+ GWh BESS capacity by FY27.

Strategic Developments and Financing

During Q1FY27, ACME Solar signed power purchase agreements (PPAs) for 600 MW of FDRE/Hybrid projects with SECI:

• ACME Renewtech Sixth 300 MW FDRE at a tariff of ₹6.28/unit.
• ACME Renewtech Fifth 300 MW Hybrid at a tariff of ₹3.25/unit.

This brings the total UC PPA signed capacity to 3,880 MW. Additionally, the company won bids for short-term contracts with a revenue lock-in of over ₹1,400 crore for partial sale of FY27 BESS capacity.

On the financing front, ACME Solar tied up debt of over ₹6,000 crore for 700 MW of under-construction FDRE projects with REC and PFC. The weighted average cost of debt for operational projects stands at 8.4%. Credit rating updates include an ICRA AA- rating for the operational 300 MW Acme Heergarh project and Crisil A+ ratings for the 150 MW Acme Pokhran and Acme Eco Clean wind projects.

Balance Sheet and Working Capital Metrics

The asset base stands at ₹24,910 crore, up ₹8,593 crore from last year on account of commissioning of assets. Net debt decreased to ₹1,634 crore from ₹2,565 crore in Q1FY26, driven by Qualified Institutional Placement (QIP) inflows. Consequently, the net debt to trailing twelve-month (TTM) EBITDA ratio improved to 2.9x from 4.2x in the prior year. The net debt to net worth ratio also declined to 1.6x from 1.7x. Cash return on equity (RoE) stood at 17.3% in Q1FY27, down from 23.0% in Q1FY26.

Days Sales Outstanding (DSO) as billed stood at 20 days as of Q1FY27, excluding BESS operations and corresponding receivables. If BESS operations and receivables are included, DSO stands at 37 days. The share of Central Offtakers is expected to increase to 84% from the present 67%, which is anticipated to further reduce DSO days.

What the Numbers Show

The surge in revenue and profit is significantly bolstered by the integration of BESS assets, which contributed ₹226 crore in direct revenue. While EBITDA margins compressed to 87.1% due to power purchase costs for storage operations, the overall profitability expanded due to volume growth and higher CUF. The substantial debt tie-up of ₹6,000 crore indicates strong institutional confidence in the under-construction pipeline, supporting the aggressive 10+ GWh BESS commissioning target for FY27. The improvement in net debt ratios reflects effective capital management through QIP inflows, strengthening the balance sheet ahead of significant capacity additions.

acme solar holdings has secured ₹3,404.57 crore in long-term project funding from Power Finance Corporation Limited (PFC) for its Acme Urja One Pvt Ltd (Phase – III) 250 MW Flexible Distributed Renewable Energy (FDRE) project. This financing milestone brings the company’s total project funding raised during the current fiscal to ₹6,051 crore, reinforcing its capital position for large-scale renewable infrastructure development.

The funding structure includes a repayment tenor of 19 years, with PFC serving as the sole financier. The project’s revenue visibility is underpinned by a 25-year Power Purchase Agreement (PPA) signed with NHPC Limited. The tariff of ₹4.33 per unit has been approved and adopted by both Central and State regulators, ensuring stable cash flows for the duration of the contract.

Project Specifications

The Acme Urja One FDRE project integrates multiple renewable energy technologies to enhance dispatchability and predictability. The facility combines Solar, Wind, and Battery Energy Storage System (BESS) components. Development is progressing on schedule across two locations: Fategarh-II in Jaisalmer, Rajasthan, and Jamkhambhaliya in Devbhumi Dwarka, Gujarat. The company confirms that necessary land and connectivity are already in place, with commissioning expected next year.

Strategic Context

This transaction highlights strong institutional backing for Acme Solar’s renewable energy ambitions. The integration of BESS with wind and solar assets addresses grid stability challenges, a critical factor for utility-grade projects in India. The company’s broader portfolio stands at 8,070 MW, including an operational contracted capacity of 2,990 MW and ~3.62 GWh of BESS capacity. With 5,080 MW under construction and a signed PPA portfolio of 3,880 MW, the firm continues to leverage its in-house EPC and O&M divisions to deliver projects cost-effectively.

What the Numbers Show

The ₹4.33/unit tariff, locked in for 25 years, provides a fixed revenue floor against potential input cost fluctuations. Combined with the 19-year debt tenor, this structure aligns liability maturity with asset life, reducing refinancing risk. The rapid accumulation of ₹6,051 crore in fiscal funding underscores the company’s ability to secure institutional capital at scale, supporting its aggressive expansion in hybrid renewable energy solutions.