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Key Highlights for Q2 till date:

* Partially commissioned 28 MW out of 100 MW wind project in Gujarat, taking the cumulative H1 FY26 YTD commissioned capacity to 378 MW

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

• PPAs signed for 50 MW/ 220 MWh1 and 550 MWh, taking the cumulative H1 FY26 YTD PPA signed capacity to 600 MW/ 1,350 MWh and 550 MWh
• First PPA signed with private discom - Tata Power Company Limited for 50 MW/ 220 MWh1
• Additional 2 GWh BESS ordered from leading global energy system suppliers taking total BESS ordered to 5.1 GWh
• ACME Solar rated as AA-/ Stable by CRISIL (upgraded) and ICRA (assigned) - highest ever credit rating received

Financial Highlights

Key Consolidated Financial Highlights are as follows: -

Consolidated Financial Highlights:

• Revenue increased by 103.8% for the quarter (y-o-y basis), driven by capacity addition and higher CUF
• EBITDA and PAT up by 108.3% and 652.1% respectively for the quarter (y-o-y basis)
• Improved EBITDA margin of 88.8% in Q2 FY26 as compared to 86.8% in Q2 FY25 on account of favorable operating leverage and optimized operational efficiency
• PAT margin stood at 19.1% in Q2 FY26
• Net debt to EBITDA[3] of 4.3x as of Q2 FY26
• DSO (as billed) [4] of 27 days in Q2 FY26

Standalone Financial Highlights:

• Standalone financials account for in-house EPC business for the company’s own projects
• At Standalone level, the company reported total revenue of INR 829 Cr, EBITDA of INR 167 Cr resulting in EBITDA margin of 20.2% for H1 FY26

Business Highlights

• Capacity Commissioned and Orderbook Addition:
  • 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 INR 2,025 - 2,075 Cr, resulting in pre-tax ROCE of ~14.5%[5]
  • Won 720 MW/ 2,460 MWh (Solar + ESS: 670 MW/ 2,240 MWh, FDRE: 50 MW/ 220 MWh1) and 550 MWh standalone BESS capacity
  • Total portfolio of 7,390 MW including 13.5 GWh1 of BESS installation, with 5,180 MW PPA signed
• PPA Signed:
  • PPAs signed for 50 MW/220 MWh and 550 MWh in Q2 FY26 till date, taking the cumulative H1 FY26 YTD PPA signed capacity to 600 MW/1,350 MWh1 and 550 MWh
• Financing and Credit Rating Updates:
  • Debt tied up for INR ~7,050 Cr in respect of 680 MW FDRE projects from SBI and REC leading to debt secured for ~ 80% of PPA signed projects.
  • INR ~1,100 Cr refinancing at an interest rate of 8.40% p.a. for 300 MW operational project
  • ~75 bps interest rate reduction by existing lender on INR ~2,080 Cr debt for 600 MW SECI ISTS projects, driven by credit rating upgrade
  • Interest rate reduced to 8.00% p.a. on INR ~1,245 Cr for a 300 MW operational asset
  • Acme Solar rated as AA-/ Stable by CRISIL (upgraded) and ICRA (assigned)
  • Acme Aklera 250 MW (SECI offtake) upgraded to ICRA AA-/Stable
  • 3x300 MW SECI ISTS projects each received rating of CRISIL AA-/Stable

• BESS Updates:
• 2 GWh BESS ordered from leading global energy system suppliers taking the total BESS ordered capacity to 5.1 GWh
• First phase of BESS delivery scheduled for Dec’25 onwards with phased commissioning commencing Q4 FY26 onwards
• 10 MWh BESS operationalized in Oct’25 on pilot basis in Rajasthan - designed for FDRE/ Solar + BESS projects

Operational Highlights

• 1,539 million units (MUs) generated in Q2 FY26 up 133.8% from Q2 FY25 driven by higher CUF and new capacity addition
• Capacity utilization factor has increased from 22.2% in Q2 FY25 to 24.1% in Q2 FY26
• Plant availability and grid availability at 99.5% and 99.4% respectively for Q2 FY26

Commenting on the quarterly performance, Mr. 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 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 optimize financing costs – shall keep on strengthening the balance sheet.”

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