ACME Solar Holdings — one of India’s leading renewable IPPs — has reported a stellar financial and operational performance for the second quarter and first half of FY26, underscoring its transformation from a solar-focused developer into a diversified clean energy major with expanding hybrid and battery storage capabilities.
ACME Solar Q2 FY26 Results: A Quarter of Exceptional Growth
ACME Solar Q2 FY26 results marked a breakout quarter, driven by new project commissioning, improved capacity utilisation, and disciplined cost management.
| Metric | Q2 FY25 | Q2 FY26 | YoY Growth (%) |
|---|---|---|---|
| Total Revenue | 295 | 601 | +103.8 |
| EBITDA | 256 | 534 | +108.3 |
| PAT | 15 | 115 | +652 |
| Cash PAT | 75 | 228 | +203 |
| Generation (MUs) | 658 | 1,539 | +133.8 |
EBITDA margins improved to 88.8% from 86.8%, while PAT margin reached 19.1%.
The strong financial performance was driven by capacity additions, higher CUF, and favorable operating leverage.
ACME Solar H1 FY26 Results: Sustained Momentum Across Six Months
ACME Solar H1 FY26 sustained the upward trajectory seen in Q2, confirming operational consistency and scalability across assets.
| Metric | H1 FY25 | H1 FY26 | YoY Growth (%) |
|---|---|---|---|
| Total Revenue | 635 | 1,185 | +86.6 |
| EBITDA | 558 | 1,065 | +90.7 |
| PAT | 17 | 246 | +1,373 |
H1 generation surged 119% YoY to 3,175 MUs, with average CUF improving to 27.8%.
The company’s Rajasthan-based 2,250 MW operational assets were key contributors, maintaining grid availability at 99.4% despite minor substation outages (insurance under process).
ACME Solar Q2 FY26: Operational Expansion
- Operational capacity: 2,918 MW (↑118% YoY)
- Under construction: 4,472 MW / 13.5 GWh (solar, wind, hybrid, FDRE, BESS)
- Total portfolio: 7,390 MW with 13.5 GWh battery storage
During Q2 FY26, ACME commissioned 28 MW of the 100 MW wind project in Gujarat, certified by the Gujarat Energy Development Agency (GEDA) on 1 Nov 2025.
This partial commissioning lifts ACME H1 FY26 YTD commissioned capacity to 378 MW.
🔋 Battery Energy Storage & FDRE: Future-Ready Investments
ACME has placed firm orders for 5.1 GWh of battery energy storage systems (BESS) from leading global suppliers, adding 2 GWh in Q2 alone. The first phase of delivery begins in December 2025, with phased commissioning from Q4 FY26.
- PPAs signed: 50 MW/220 MWh FDRE with Tata Power – D (first private discom tie-up)
and 550 MWh standalone BESS with NHPC - Debt secured: ~INR 7,050 crore for 680 MW FDRE projects from SBI and REC
- Interest rate reduction: 75 bps cut on INR 2,080 crore SECI ISTS project loans post credit upgrade
- Refinancing: INR 1,100 crore at 8.4% p.a. for a 300 MW asset
A pilot 10 MWh BESS was successfully operationalized in Rajasthan in Oct 2025, serving as a testbed for its hybrid solar + storage model.
💰 Balance Sheet Fortified, Credit Quality Upgraded
| Metric | Q2 FY25 | Q2 FY26 |
|---|---|---|
| Net Worth | 1,958 | 4,782 |
| Cash Balance | 1,598 | 3,391 |
| Gross Block | 8,560 | 15,630 |
| Net Debt / EBITDA | 5.0x | 4.3x |
| DSO (Days Sales Outstanding) | 181 days (FY23) | 27 days (Q2 FY26) |
Both CRISIL and ICRA upgraded ACME to AA- / Stable, the highest rating in its history, citing improved leverage, cash flow visibility, and a secure offtaker profile (83% central agencies).
🏗️ Robust Portfolio & Offtaker Mix
- Central offtakers (SECI, NTPC, NHPC, SJVN): 83%
- State/offtakers: 17%
- Weighted avg. tariff:
- Operational: ₹3.4/kWh
- Under construction: ₹4.2/kWh
The company’s DSO reduction and central offtaker dominance significantly de-risk its receivables and ensure stable cash flows.
🧭 Long-Term Outlook: 10 GW by 2030
ACME aims to reach 10 GW of generation capacity and 15 GWh of BESS by 2030.
The company projects a run-rate annual EBITDA of INR 2,025–2,075 crore and a pre-tax ROCE of ~14.5% on its operational portfolio.
📊 Segment Overview (H1 FY26)
Consolidated (Sale of Power): Revenue INR 1,185 cr | EBITDA INR 1,065 cr | PAT INR 246 cr | EBITDA margin ≈ 90%
Standalone (EPC Business): Revenue INR 829 cr | EBITDA INR 167 cr | PAT INR 32 cr | EBITDA margin ≈ 20%
The in-house EPC arm continues to strengthen project delivery, enabling cost efficiency and schedule control across subsidiaries.
Conclusion
ACME Solar Q2 & H1 FY26 performance reflects a company in transformation — financially stronger, operationally diversified, and technologically progressive. With a rising share of storage-backed and dispatchable projects, ACME is positioning itself at the heart of India’s 500 GW renewable-energy vision, blending sustainability with financial strength.
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