ACME Solar Holdings, India’s leading independent renewable energy producer, has announced a strong set of Q4 and FY25 results. The company continues to grow strongly, driven by capacity addition, earnings growth and operational improvements, and solidifies its position in India’s clean energy journey.
The Gurugram-based ACME Solar Q4 FY25 results, with 69.5% year-on-year revenue growth, total consolidated revenue of INR 539 crore versus INR 318 crore in Q4 FY24. Consolidated EBITDA grew 118.3% to INR 488 crore and Profit After Tax (PAT) turned around to INR 122 crore from a loss of INR 57 crore in the year-ago quarter. Cash PAT was INR 238 crore, reflecting strong operating cash generation.
For ACME Solar FY25, recorded consolidated revenue of INR 1,575 crore, up 32.3% on a like-for-like basis (adjusted for FY24 monetization of 369 MW of assets). EBITDA for FY25 was INR 1,406 crore, up 13.7% and PAT grew 130.7% to INR 251 crore. Cash PAT more than doubled to INR 559 crore, up 117.4% from FY24.
“ACME Solar FY25 has been a fantastic year for us,” said Manoj Kumar Upadhyay, Chairperson & Managing Director of ACME Solar Holdings. “We added to our operational portfolio and commissioned our largest single-location solar project of 1,200 MW. This capacity build-out, aligned with disciplined capital structuring, is now translating into stronger earnings performance.”
About ACME Solar Holdings
Headquartered in Gurugram, Haryana, ACME Solar is one of India’s leading renewable energy Independent Power Producers (IPPs) with a total portfolio of 6,970 MW. The company develops and operates solar, wind, hybrid and FDRE projects and has long term PPAs with central and state government entities. With in-house EPC and O&M capabilities, ACME ensures greater control over project timelines, costs, and technology.
ACME Solar Post-IPO Performance
ACME Solar Holdings launched its IPO on 6 November 2024, with an issue size of INR 2,900 crore. The issue was subscribed to 2.75X and landed in red with a loss of 12.40%. Post-IPO, the company made an all-time low of INR 173.85 per share, reflecting a loss of 39%. Currently, it is trading around INR 238 per share, a recovery of ~37% from its all-time low.
Operational & Strategic Milestones
- Commissioned 1,200 MW of solar projects during the year, including one of India’s largest single-location solar power plants in Jaisalmer, Rajasthan. An additional 165 MW was commissioned in May 2025.
- Operational capacity increased by 101.9% year-on-year, reaching 2,705 MW.
- 1,900 MW of new project wins during FY25, taking the total contracted portfolio to 6,970 MW.
- Firm and Dispatchable Renewable Energy (FDRE) accounted for 1,000 MW of the new wins, aligning with India’s evolving demand for reliable clean energy.
- 1,890 MW of Power Purchase Agreements (PPAs) were signed during the year.
- Projects under construction stand at 4,265 MW, with all having secured or applied for grid connectivity.
The company is targeting 10 GW of total capacity by 2030, driven by strategic growth in solar, hybrid, and FDRE segments.
Efficiency and Financial Discipline
ACME has continued its focus on capital efficiency and financial optimization:
- Refinanced INR 7,700 crore of debt at an average interest rate of 8.8% p.a., reducing the average debt cost by 75 bps.
- Net debt as of 31 March 2025 was INR 7,507 crore with net debt to EBITDA of 4.4x, well within the company’s comfort zone of <5.5x.
- Equity raise has brought down net debt to net worth to 1.7x, with net worth increasing to INR 4,509 crore from INR 2,591 crore in FY24.
Additionally, the company’s Days Sales Outstanding (DSO) improved sharply, falling from 93 days in FY24 to just 42 days in FY25, excluding INR 49 crore of recoverable dues from Andhra Pradesh discoms.
Credit Profile Strengthens
The company’s strengthened balance sheet and improved cash flows led to multiple credit rating upgrades:
- CRISIL A+/Positive rating for ACME Solar Holdings in February 2025.
- Project-specific upgrades include:
- CRISIL AA-/Stable for Acme Dhaulpur (300 MW)
- ICRA A+/Stable for Acme Aklera (250 MW)
- CARE AA-/Stable and CRISIL A-/Stable across other SPVs (totaling 750 MW)
Standalone EPC Business Performance
The company’s in-house EPC (Engineering, Procurement & Construction) arm also posted strong results:
- Standalone revenue rose to INR 1,512 crore in FY25, compared to INR 604 crore in FY24.
- EBITDA increased to INR 428 crore, and Cash PAT reached INR 188 crore, up from INR 64 crore in FY24.
Operational Efficiency & Power Generation
Operational performance continues to drive top-line growth:
- Power generation rose to 4,013 million units (MUs) in FY25, up 55.2% year-on-year.
- CUF (Capacity Utilization Factor) improved from 23.6% to 25.6%, with Rajasthan-based assets delivering an impressive 29.4% CUF in Q4 FY25.
- Plant availability and grid availability stood at 99.5% and 99.8%, respectively.
Looking Ahead
With a clear roadmap to 10 GW and a strong focus on FDRE and hybrid technologies, ACME Solar is positioning itself as a future-ready leader in India’s renewable energy space. The company’s ability to integrate operational excellence, cost-effective financing, and technological adaptability puts it in a strategic position to harness the momentum of India’s green energy revolution.
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