News ArticleACME Solar Holdings Posts 67.5% Revenue Growth in Q2 FY27 and Boosts Battery Storage Targets
Company reports INR1,007 crore revenue with 26.7% PAT margin and increases FY27 BESS commissioning guidance to over 12 GWh
ACME Solar Holdings Limited announced a 67.5% year-on-year revenue rise to INR1,007 crores for Q2 FY27, driven by increased renewable energy and battery energy storage system capacity. The company raised its battery storage commissioning guidance for FY27 from 10 GWh to over 12 GWh and set a 2030 target of 15 GW renewable capacity with 50 GWh battery storage. Key contracts, government incentives, and a robust project pipeline support this expansion.
ACME Solar Holdings Limited
Earnings Call Transcript
ACME Solar Holdings Limited reported strong financial results for Q2 FY27, with revenue rising 67.5% year-on-year to INR1,007 crores, driven by renewable energy generation and battery energy storage system (BESS) operations. Profit after tax more than doubled year-on-year to INR269 crores. The company raised its BESS commissioning guidance to over 12 GWh for FY27 and announced an upgraded 2030 target of 15 GW renewable capacity supported by 50 GWh of battery storage.
The company achieved an EBITDA of INR874 crores in Q2 FY27, up 63.6% year-on-year, with a blended EBITDA margin of 86.7%, reflecting 90.8% margin from renewable generation and 78.3% from BESS operations. The asset base expanded by INR11,466 crores over the year to INR28,462 crores following the commissioning of BESS and renewable energy projects.
Operational milestones include commissioning approximately 5.2 GWh of BESS capacity, making it the second largest in India, and partial commissioning of 1.9 GW of contracted projects. Delivered modules totaled 1.7 GW with 1.1 GW installed; 200 MW peak modules are already charged with the balance expected by year-end.
Power purchase agreements (PPAs) advanced with 430 MW signed in the quarter, and an additional 400 MW signed with NTPC, lifting the total signed PPAs to 92% of the 8,370 MW contracted portfolio. Short-term BESS contracts secured over INR1,600 crore revenue for FY27 capacity and INR1,500 crore for FY28.
The capacity utilization factor (CUF) improved from 24.1% to 27.8% year-on-year, with power generation growing 19.6% to 1,840 million units. Short-term BESS contracts contributed 324 million units of power sold. The weighted average cost of debt for operational projects is approximately 8.4%, with a majority of borrowings from government-affiliated financial institutions.
Sector developments included government initiatives to facilitate BESS connectivity, significant financial outlays for interstate and intrastate transmission under the Green Energy Corridor Phase III, and the launch of floating solar projects with co-located storage incentives. Revised curtail energy use norms allow solar power to charge BESS for merchant sales, enhancing project flexibility and reducing deployment risks.
Highlights
- Q2 FY27 total revenue rose 67.5% year-on-year to INR1,007 crores.
- EBITDA increased 63.6% to INR874 crores; blended margin was 86.7%.
- Profit after tax surged 133.5% to INR269 crores, with a 26.7% PAT margin.
- Commissioned 5.2 GWh of BESS capacity, second largest in India.
- Signed 430 MW PPAs this quarter plus recent 400 MW deal with NTPC.
- BESS short-term contracts secured revenues over INR1,600 crore for FY27 and INR1,500 crore for FY28 sales capacity portions respectively . The total contracted portfolio reached 92% coverage for 8,370 MW projects contracted . The weighted
Key Data Snapshot
What happened
- ACME Solar reported Q2 FY27 revenue of INR1,007 crores, a 67.5% increase year-on-year.
- EBITDA for the quarter rose 63.6% to INR874 crores with strong margins from renewable and BESS operations.
- Profit after tax more than doubled to INR269 crores, reflecting improved profitability.
- Commissioned 5.2 GWh of BESS, the second largest capacity in India to date.
- Contracted 430 MW of fresh PPAs and an additional 400 MW with NTPC, reaching 92% contract coverage.
Key details
- 1.9 GW of contracted projects are partially commissioned; 1.7 GW of modules delivered with 1.1 GW installed.
- 200 MW peak modules already charged; rest to be charged by November-December 2026.
- Short-term BESS contracts locked revenue over INR1,600 crore for FY27 and INR1,500 crore for FY28 respectively.
- Capacity utilization factor rose from 24.1% to 27.8% year-on-year, with power generation increasing 19.6%.
Strategic context
- Government initiatives include BESS connectivity facilitation, Green Energy Corridor Phase III with INR1.36 lakh crore funding, and floating solar scheme offering up to INR1 crore per megawatt assistance.
- Curtail energy use policy allows charging of BESS with curtailed solar energy prior to grid network access grant, enhancing project flexibility.
- Company raised FY27 BESS commissioning guidance to more than 12 GWh from 10 GWh previously and targets 15 GW renewable capacity with 50 GWh BESS by 2030.
- Pipeline includes over 20 GW of upcoming tenders across solar plus BESS, FDRE, CfD, and PHSP, with ongoing auctions by SECI offering viability gap funding incentives.
Funding and capital details
- Weighted average cost of debt is around 8.4%; 65% borrowings sourced from government institutions with stable long-term funding costs.
- Credit rating outlook upgraded from AA-stable to AA-positive by CRISIL.
Highlights
- Q2 FY27 total revenue rose 67.5% year-on-year to INR1,007 crores.
- EBITDA increased 63.6% to INR874 crores; blended margin was 86.7%.
- Profit after tax surged 133.5% to INR269 crores, with a 26.7% PAT margin.
- Commissioned 5.2 GWh of BESS capacity, second largest in India.
- Signed 430 MW PPAs this quarter plus recent 400 MW deal with NTPC.
- BESS short-term contracts secured revenues over INR1,600 crore for FY27 and INR1,500 crore for FY28 sales capacity portions respectively . The total contracted portfolio reached 92% coverage for 8,370 MW projects contracted . The weighted
Disclosures
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations)
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