Acme Solar Holdings LimitedQ2 FY27 Results & Financial Update
Acme Solar Holdings Limited: Q2 FY27 consolidated results and company financials – revenue ₹887.01 Cr, PAT ₹268.66 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Acme Solar Holdings Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Acme Solar Holdings Limited reported consolidated revenue from operations of INR 887.01 crore for Q2 FY27, representing a sequential increase of 3.44% over the INR 857.50 crore recorded in Q1 FY27, while total income reached INR 1,007.08 crore compared to INR 953.77 crore in the preceding quarter.
Consolidated profit before tax (PBT) expanded to INR 356.01 crore from INR 331.46 crore in Q1 FY27, driven by higher power generation and capacity additions in BESS and renewable energy assets.
Consolidated profit after tax (PAT) for the quarter rose by 14.16% sequentially to INR 268.66 crore compared to INR 235.33 crore in Q1 FY27, resulting in a PAT margin of 30.29%. Basic earnings per share (EPS) grew to INR 4.00 from INR 3.67 in the previous quarter.
On a year-over-year basis, the company's investor presentation and press release highlighted that total revenue (including other income) surged 67.5% to INR 1,007 crore in Q2 FY27 from INR 601 crore in Q2 FY26, while EBITDA grew 63.6% to INR 874 crore and PAT climbed 133.5% from INR 115 crore, reflecting substantial operational scaling from BESS and RE capacity additions.
Power generation reached 1,840 million units (MUs) during Q2 FY27, up 19.6% year-on-year from 1,539 MUs, supported by higher irradiation and expanded capacity, alongside an incremental 324 million units sold through short-term peak power BESS operations.
Capacity utilization factor (CUF) across the portfolio improved to 27.8% in Q2 FY27 compared to 24.1% in Q2 FY26, with Rajasthan-based operational assets achieving an average CUF of 29.6% and wind assets delivering 41.6%.
Finance costs remained steady at INR 345.21 crore in Q2 FY27 compared to INR 344.27 crore in Q1 FY27, while depreciation and amortization rose to INR 172.31 crore from INR 154.80 crore. Tax expenses for the quarter stood at INR 87.35 crore.
01 · Business model
What does Acme Solar Holdings do?
Acme Solar Holdings Limited is an integrated renewable energy independent power producer (IPP) with a diversified portfolio spanning solar, wind, battery energy storage systems (BESS), hybrid, and firm and dispatchable renewable energy (FDRE) solutions.
The company manages an in-house engineering, procurement, and construction (EPC) as well as operation and maintenance (O&M) division, enabling end-to-end plant development and execution cost control.
Revenue is primarily generated through long-term power purchase agreements (PPAs) typically spanning 25 years with government-backed central and state entities at fixed tariffs, supplemented by short-term peak power and BESS sales.
Geographically, its operational and under-construction footprint is heavily anchored in high resource potential states across India, notably Rajasthan, backed by strategic land acquisition and grid connectivity inventories.
02 · Historical context
What shaped the business before this quarter
Previously, the company expanded its operational footprint through multiple solar and wind project commissionings across Rajasthan and Gujarat, building a foundational operational capacity prior to FY27.
In earlier periods, the company transitioned into large-scale battery energy storage system integration, establishing a significant cumulative BESS capacity to support peak power delivery and short-term market sales.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹887.01 Cr | ₹857.50 Cr |
| Total income | ₹1,007.08 Cr | ₹953.77 Cr |
| Profit before tax | ₹356.01 Cr | ₹331.46 Cr |
| Profit after tax | ₹268.66 Cr | ₹235.33 Cr |
| EPS | ₹4.00 | ₹3.67 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was primarily driven by the progressive commissioning of new renewable energy assets and battery energy storage system capacity.
Power generation increased 19.6% year-on-year to 1,840 million units in Q2 FY27, aided by higher irradiation and improved portfolio capacity utilization factors.
Short-term peak power BESS operations contributed an incremental 324 million units sold during the quarter, generating substantial trading and peak-tariff revenue.
What drove margins
Blended EBITDA margin stood at 86.7% in Q2 FY27, marginally lower year-on-year as operating expenses included the cost of power purchased for BESS operations.
Commissioned BESS operations recorded an EBITDA margin of 78% for Q2 FY27 and 80.1% for H1 FY27, reflecting power procurement costs relative to peak tariff realizations.
Weighted average cost of debt for fully operational projects was maintained at 8.4%, with approximately 65% of borrowings sourced from infrastructure lenders like PFC, REC, IREDA, and NaBFID.
05 · Demand, customers & order book
Where demand is coming from
Total under-construction contracted PPA signed capacity reached 4,310 MW, entailing approximately 17 GWh of BESS installations, with PPAs signed for 7.3 GW representing 87% of total portfolio capacity.
The company secured short-term BESS contracts with over INR 1,600 crore revenue lock-in for partial sale of FY27 capacity and over INR 1,500 crore for FY28 capacity.
Central offtakers (SECI, NTPC, SJVN, NHPC) account for 67% of the operational portfolio and 85% of the total portfolio, with management expecting the central share to rise to 84%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The standalone entity, focusing on in-house engineering, procurement, and construction, reported total income of INR 3,426 crore and PAT of INR 241 crore for Q2 FY27, up from total income of INR 2,358 crore and PAT of INR 122 crore in Q1 FY27.
Commissioned BESS capacity reached approximately 5.2 GWh, generating INR 324 crore in revenue from sale of power against INR 70 crore in power costs for Q2 FY27.
Geography and market mix
Rajasthan-based operational assets comprising 2,281 MW AC capacity delivered an average CUF of 29.6% in Q2 FY27, anchoring regional generation performance.
Operational wind assets with 150 MW contracted capacity delivered an average CUF of 41.6% during the quarter.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioned ~2.1 GWh of BESS during the quarter till date, taking total cumulative commissioned BESS capacity to ~5.24 GWh, representing the second largest installed BESS capacity in India.
Newly commissioned BESS and solar assets enabled the partial commissioning of approximately 1.9 GW of under-construction projects across multiple SPVs.
Plant availability and grid availability remained high at 99.3% and 99.2% respectively for Q2 FY27.
Projects, capex and execution
The company maintains an active under-construction portfolio including 3,460 MW of projects, supported by over 22,000 acres of land acquired.
Connectivity is available, secured, and/or applied across all under-construction projects, supported by an additional RE connectivity inventory of ~10 GW for future bids.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management revised FY27 cumulative BESS commissioning targets from 10 GWh to 12+ GWh and increased the 2030 renewable energy target from 10 GW generation capacity (25 GWh storage) to 15 GW generation capacity (50 GWh storage), alongside a new 2032 target of 20 GW generation and 70 GWh BESS capacity.
Contracted approximately 19 GWh of BESS with major equipment suppliers including CATL, Hithium, Ganfeng Li Energy, Trina, and CLOU.
09 · Reported developments
What changed operationally
Reported a 67.5% year-on-year increase in total revenue to INR 1,007 crore and a 133.5% surge in PAT to INR 269 crore for Q2 FY27.
Received a credit rating upgrade from CRISIL to AA-/Positive from CRISIL AA-/Stable, reflecting strengthened financial stability and execution progress.
10 · Pressure points & risks
What is not going smoothly
Blended EBITDA margin moderated slightly year-on-year due to the inclusion of power purchase costs for BESS operations under operating expenses.
11 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions of INR 2.73 crore during Q2 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Billed DSO improved further, standing at 13 days as of Q2 FY27 excluding BESS operations (and 29 days including BESS operations), continuing a multi-year downward trend from 181 days in FY23.
Capital allocation & funding
ACME Solar Holdings was upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable, alongside a re-affirmed ICRA AA-/Stable rating. Debt of ~INR 9,100 crore has been tied up from lenders including JPMorgan Chase Bank, IIFCL, REC, PFC, and IREDA.
Consolidated net debt stood at INR 15,945 crore as of Q2 FY27 (comprising INR 10,662 crore operational net debt and INR 5,283 crore CWIP net debt), resulting in a net debt to TTM EBITDA ratio of 3.6x.
13 · Management guidance & targets
What management is targeting from here
Management revised its FY27 cumulative BESS commissioning target upward from 10 GWh to 12+ GWh.
Management established an upgraded 2030 RE target of 15 GW generation capacity (50 GWh storage) and a 2032 target of 20 GW generation capacity and 70 GWh BESS capacity.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Operational Excellence Initiatives
Implemented design innovations including multi-circuit monopoles, modular pre-engineered sections, and ultra-compact footprints to reduce right-of-way constraints and installation timelines.
Reported update
Regulatory Approvals
Benefited from Ministry of Power and Union Cabinet regulatory updates, including non-ROFR BESS connectivity grants, ISTS waiver protections linked to in-principle grant dates, and permission to utilize curtailed solar energy for BESS charging without NOC requirements.
15 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 3.44% sequentially from INR 857.50 crore in Q1 FY27 to INR 887.01 crore in Q2 FY27.
Quarterly PAT expanded by 14.16% from INR 235.33 crore in Q1 FY27 to INR 268.66 crore in Q2 FY27.
16 · Key Q&A
The quarter, answered directly
What does Acme Solar Holdings do?
Acme Solar Holdings Limited is an integrated renewable energy independent power producer (IPP) with a diversified portfolio spanning solar, wind, battery energy storage systems (BESS), hybrid, and firm and dispatchable renewable energy (FDRE) solutions.
What is the clearest takeaway from Q2 FY27?
Acme Solar Holdings Limited reported consolidated revenue from operations of INR 887.01 crore for Q2 FY27, representing a sequential increase of 3.44% over the INR 857.50 crore recorded in Q1 FY27, while total income reached INR 1,007.08 crore compared to INR 953.77 crore in the preceding quarter.
What drove revenue or demand?
Revenue growth was primarily driven by the progressive commissioning of new renewable energy assets and battery energy storage system capacity.
What mattered most for margins or profitability?
Blended EBITDA margin stood at 86.7% in Q2 FY27, marginally lower year-on-year as operating expenses included the cost of power purchased for BESS operations.
What changed operationally beyond the headline numbers?
Commissioned ~2.1 GWh of BESS during the quarter till date, taking total cumulative commissioned BESS capacity to ~5.24 GWh, representing the second largest installed BESS capacity in India.
What is management guiding or targeting from here?
Management revised its FY27 cumulative BESS commissioning target upward from 10 GWh to 12+ GWh.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
BESS Commissioning Progress: Monitor the execution and commissioning of the targeted 12+ GWh cumulative BESS capacity through the remainder of FY27.
- 02
PPA Signing and Tariff Adoption: Track the formalization of remaining under-construction project PPAs and tariff adoptions across awarded LOA capacities.
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