ACME Solar Holdings LimitedQ1 FY27 Results & Financial Update
ACME Solar Holdings Limited: Q1 FY27 consolidated results and company financials – revenue ₹857.50 Cr, PAT ₹235.33 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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Quarter overview
Quarterly earnings analysis
ACME Solar Holdings recorded its highest ever quarterly revenue and EBITDA for Q1 FY27, backed by expanded operational capacity, improved solar irradiation, and strong plant performance.
Total consolidated revenue reached INR 954 crore (including total income of INR 953.77 crore), while consolidated net profit (PAT) stood at INR 235.33 crore, reflecting broad operational scale advantages across its asset base.
Power generation efficiency improved notably during the quarter, with the company achieving its highest ever quarterly capacity utilization factor (CUF) of 30.9%, compared with 28.5% in the corresponding period of the previous year, alongside total electricity sales of 2,020 million units (MUs).
Operating profitability remained robust with an EBITDA of INR 831 crore, translating to an EBITDA margin of 87.1%, which incorporates the cost of power purchased for Battery Energy Storage System (BESS) operations under operating expenses.
The business expanded its operational footprint through the phased operationalization of BESS capacity, which contributed INR 226 crore in revenue during the quarter following the commissioning of approximately 2.3 GWh of storage during the period.
Financing and capital management advanced significantly, with debt tied up exceeding INR 6,000 crore for 700 MW of under-construction FDRE projects with REC and PFC, while the weighted average cost of debt for operational projects remained stable at 8.4%.
Profit after tax was ₹235.33 Cr for the reported quarter. EPS was ₹3.67 for the reported quarter.
01 · Business model
What does ACME Solar Holdings do?
ACME Solar Holdings Limited operates as a pure-play, fully integrated renewable energy independent power producer (IPP) in India, managing a diversified asset portfolio that spans solar, wind, storage, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects.
The company generates long-term stable cash flows through the sale of electricity to various off-takers, including central and state government-backed entities, under long-term fixed-tariff power purchase agreements (PPAs).
With an in-house engineering, procurement, and construction (EPC) and operations and maintenance (O&M) framework, the company retains direct control over execution processes, cost structures, timelines, and equipment procurement flexibility across technology and supplier choices.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹857.50 Cr |
| Total income | ₹953.77 Cr |
| Profit before tax | ₹331.46 Cr |
| Profit after tax | ₹235.33 Cr |
| EPS | ₹3.67 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was driven by higher solar irradiation, superior plant performance, and incremental contributions from newly operational renewable energy and BESS capacity.
The phased operationalization of BESS capacity generated INR 226 crore in revenue during Q1 FY27, reflecting the scaling up of energy storage monetization.
Electricity sales grew by 23.4% year-on-year to 2,020 million units (MUs) in Q1 FY27, supported by higher CUF of 30.9% and robust plant and grid availability of 99.2% and 98.8% respectively.
What drove margins
EBITDA margin stood at 87.1% for Q1 FY27 compared with 90.9% in Q1 FY26, reflecting the inclusion of power purchase costs for BESS operations within operating expenses.
Profit after tax margin strengthened to 24.7% for the quarter compared with 22.4% in the corresponding previous period, aided by operating leverage.
04 · Demand, customers & order book
Where demand is coming from
The company signed 600 MW of new PPAs during Q1 FY27, comprising a 300 MW FDRE PPA for ACME Renewtech Sixth with SECI at a tariff of INR 6.28/unit and a 300 MW Hybrid PPA for ACME Renewtech Fifth at INR 3.25/unit, taking the under-construction PPA-signed portfolio to 3,880 MW.
The company secured short-term contract wins with over INR 1,400 crore in revenue lock-in for the partial sale of FY27 BESS capacity.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Commissioned approximately 2.3 GWh of BESS capacity during the quarter, bringing cumulative commissioned BESS capacity to approximately 3.62 GWh.
The company maintains an operational contracted capacity of 2,990 MW alongside ~3.62 GWh of BESS capacity, with an under-construction contracted capacity of 5,080 MW.
Projects, capex and execution
BESS capacity has been fully ordered for the entire under-construction PPA-signed portfolio to date, with procurement contracts placed with suppliers including CATL and Hithium.
Over 18,000 acres of land have been acquired for the under-construction portfolio, with grid connectivity secured, available, or applied across all under-construction projects.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic focus remains centered on scaling Firm and Dispatchable Renewable Energy and hybrid offerings backed by large-scale battery storage integration.
07 · Reported developments
What changed operationally
Achieved highest ever quarterly revenue of INR 954 crore, EBITDA of INR 831 crore, and PAT of INR 235 crore.
Achieved highest ever quarterly CUF of 30.9% and strong grid availability of 98.8%.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Successfully tied up debt of over INR 6,000 crore for 700 MW of under-construction FDRE projects with REC and PFC.
The weighted average cost of debt for operational projects stood at 8.4%.
Operational 300 MW Acme Heergarh project was assigned ICRA AA- rating; 150 MW wind projects (Acme Pokhran and Acme Eco Clean) received Crisil A+ ratings, and the under-construction 150 MW Acme Platinum Urja FDRE project was assigned ICRA A- rating.
09 · Management guidance & targets
What management is targeting from here
Management revised its upward guidance to commission cumulative BESS capacity of 10+ GWh by FY27.
10 · Beyond the numbers
What changed beyond the numbers
Credit Rating Assignments
Credit rating agencies assigned ICRA AA- to the 300 MW Heergarh project, Crisil A+ to the Pokhran and Eco Clean wind projects, and ICRA A- to the Platinum Urja FDRE project.
11 · Key Q&A
The quarter, answered directly
What does ACME Solar Holdings do?
ACME Solar Holdings Limited operates as a pure-play, fully integrated renewable energy independent power producer (IPP) in India, managing a diversified asset portfolio that spans solar, wind, storage, hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects.
What is the clearest takeaway from Q1 FY27?
ACME Solar Holdings recorded its highest ever quarterly revenue and EBITDA for Q1 FY27, backed by expanded operational capacity, improved solar irradiation, and strong plant performance.
What drove revenue or demand?
Revenue expansion was driven by higher solar irradiation, superior plant performance, and incremental contributions from newly operational renewable energy and BESS capacity.
What mattered most for margins or profitability?
EBITDA margin stood at 87.1% for Q1 FY27 compared with 90.9% in Q1 FY26, reflecting the inclusion of power purchase costs for BESS operations within operating expenses.
What changed operationally beyond the headline numbers?
Commissioned approximately 2.3 GWh of BESS capacity during the quarter, bringing cumulative commissioned BESS capacity to approximately 3.62 GWh.
What is management guiding or targeting from here?
Management revised its upward guidance to commission cumulative BESS capacity of 10+ GWh by FY27.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
BESS Capacity Scale-Up: Monitor execution progress toward the revised target of commissioning cumulative BESS capacity of 10+ GWh by FY27.
- 02
Under-Construction Execution: Track the construction and grid synchronization milestones for the 3,880 MW PPA-signed under-construction portfolio.
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