ACME Solar Q2: Shares rally over 4% as EBITDA skyrockets 108% YoY to ₹534 crore; here is how

According to its press release, ACME Solar's total revenue, on a consolidated basis, for the quarter under review came in at ₹601 crore, up 103.8% year-on-year (YoY), driven by capacity addition and higher CUF.

CUF, or capacity utilisation factor, in solar is the ratio of the actual energy a solar plant generates over a period to the maximum possible energy it could have produced if it ran at its full capacity continuously.

Its operating profit, or EBITDA, jumped 108.3% YoY to ₹534 crore. EBITDA stands for earnings before interest, taxes, depreciation, and amortisation.

Commenting on the quarterly performance, Manoj Kumar Upadhyay, Chairperson & MD, ACME Solar Holdings Ltd, said, “Our quarterly performance underscores the continued strength of our renewable portfolio and our operational discipline. With higher generation and improved efficiency, we delivered resilient financial performance – achieving more than 100% growth in EBITDA on a y-o-y basis. In October 2025, we successfully installed a 10 MWh Battery Energy Storage System (BESS) on a pilot basis in Rajasthan."

Looking ahead, phased delivery of the 5.1 GWh BESS order is expected to commence in December, with staged commissioning from Q4 FY26 onwards. "Further, our continued focus on timely project execution, operational excellence, and disciplined capital allocation – combined with ongoing efforts to optimise financing costs – shall keep on strengthening the balance sheet," the MD added.

The company's EBITDA margin also increased to 88.8% from 86.8% logged a year ago. ACME Solar said that the improved EBITDA margin of 88.8% in Q2 FY26 as compared to 86.8% in Q2 FY25 was on account of favourable operating leverage and optimised operational efficiency.

Profit after tax (PAT) saw a whopping surge of 652.1% YoY to ₹115 crore. It had reported a PAT of ₹15 crore a year earlier. PAT margin stood at 19.1% in Q2 FY26. It was 5.2% in the corresponding quarter of the previous fiscal year.

Business Highlights

• Partially commissioned 28 MW out of 100 MW Acme Eco Clean (wind) in Gujarat in Q2 FY26, taking the cumulative H1 FY26 YTD commissioned capacity to 378 MW

• The operational portfolio is expected to give a run-rate annual project EBITDA of ₹2,025 - ₹2,075 crore, resulting in a pre-tax ROCE of nearly 14.5%.

• Won 720 MW/2,460MWh (Solar + ESS: 670 MW/2,240 MWh, FDRE: 50 MW/220 MWh) and 550 MWh standalone BESS capacity

• Total portfolio of 7,390 MW, including 13.5 GWh of BESS installation, with 5,180 MW PPA signed.

PPAs signed for 50 MW/220 MWh and 550 MWh in Q2 FY26 to date, taking the cumulative H1 FY26 YTD PPA signed capacity to 600 MW/1,350 MWh and 550 MWh.

PPAs stand for Power Purchase Agreement.

BESS Updates

• 2 GWh BESS ordered from leading global energy system suppliers, taking the total BESS ordered capacity to 5.1 GWh;

• The first phase of BESS delivery is scheduled for Dec’25 onwards, with phased commissioning commencing in Q4 FY26 onwards;

• 10 MWh BESS operationalised in Oct’25 on a pilot basis in Rajasthan – designed for FDRE/Solar + BESS projects.

About ACME Solar Holdings

ACME Solar Holdings Limited is a pure-play, fully integrated renewable energy company in India with a diversified portfolio across solar, wind, storage, hybrid, and Firm and Dispatchable Renewable Energy (“FDRE”) projects.

The company is one of the top 10 renewable energy independent power producers in India, with an operational capacity of 2,918 MW and an under-construction capacity of 4,472 MW, including 13.5 GWh of BESS installation.

The company generates long-term stable cash flows through the sale of electricity to various offtakers, including central and state government-backed entities via long-term fixed tariff PPAs.

The company has in-house EPC and O&M capabilities, allowing it to control processes, costs, and timelines and giving flexibility in the choice of technology and suppliers.