ACME Solar Reports 103% Revenue Growth in Q2 FY26
Filing Summary
ACME Solar Holdings Ltd reported a significant increase in financial performance for Q2 FY26, with total revenue rising by 103% to INR 601 Cr. The company’s EBITDA grew by 108% to INR 534 Cr, and PAT surged by 652% to INR 115 Cr. Operational highlights include the partial commissioning of a 28 MW wind project in Gujarat and the signing of PPAs for 600 MW. The company secured debt financing of INR 7,050 Cr for its projects. ACME Solar’s credit rating was upgraded to AA-/Stable by CRISIL and ICRA.
ACME Solar Holdings Ltd has announced its financial results for the second quarter of FY26, reporting a substantial increase in revenue and profitability. The company achieved a total revenue of INR 601 Cr, marking a 103% year-over-year increase. The EBITDA for the quarter was INR 534 Cr, reflecting a 108% rise compared to the previous year. The profit after tax (PAT) stood at INR 115 Cr, a significant increase of 652% from Q2 FY25.
The financial performance was driven by capacity additions and improved capacity utilization factors (CUF). The EBITDA margin improved to 88.8% from 86.8% in the same quarter last year. The PAT margin increased to 19.1% from 5.2% in Q2 FY25. The company reported a net debt to EBITDA ratio of 4.3x as of Q2 FY26. Standalone financials for the in-house EPC business showed a total revenue of INR 829 Cr and an EBITDA of INR 167 Cr for H1 FY26.
Operationally, ACME Solar partially commissioned 28 MW out of a 100 MW wind project in Gujarat, bringing the cumulative commissioned capacity to 378 MW for H1 FY26. The company won a total of 720 MW/2,460 MWh in solar and energy storage system (ESS) projects, along with a 550 MWh standalone battery energy storage system (BESS) capacity. Additionally, ACME Solar ordered 2 GWh of BESS, increasing the total ordered capacity to 5.1 GWh.
The timeline for these projects includes the phased delivery of the 5.1 GWh BESS order starting in December 2025, with commissioning expected from Q4 FY26 onwards. The company also operationalized a 10 MWh BESS on a pilot basis in Rajasthan in October 2025.
ACME Solar secured debt financing of approximately INR 7,050 Cr for 680 MW of FDRE projects from State Bank of India and REC, covering 80% of PPA signed projects. The company also refinanced INR 1,100 Cr at an interest rate of 8.40% per annum for a 300 MW operational project. A 75 basis point interest rate reduction was achieved on INR 2,080 Cr debt for 600 MW SECI ISTS projects due to a credit rating upgrade.
The market context for ACME Solar includes its position as a leading renewable energy company in India, with a diversified portfolio across solar, wind, storage, and hybrid projects. The company has a total operational capacity of 2,918 MW and an under-construction capacity of 4,472 MW, including 13.5 GWh of BESS installation. ACME Solar generates stable cash flows through long-term fixed tariff PPAs with various off-takers, including government-backed entities.
ACME Solar Holdings Ltd is a fully integrated renewable energy company in India, focusing on solar, wind, and energy storage projects. The company emphasizes operational excellence and disciplined capital allocation to maintain its position as a top renewable energy independent power producer in the country.
