Company Update : ACME Solar Holdings Ltd by Motilal Oswal Financial Services Ltd
EBITDA in line; APAT beat driven by higher other income Financial Highlights
* ACME’s consol. revenue beat our est. by 3% at INR4.7b (+80% YoY, -8% QoQ), driven by higher generation due to improved capacity utilization factor (CUF).
* EBITDA came in at INR4.0b (+81% YoY, -13% QoQ), in line with our estimate, with an EBITDA margin of 86%.
* Adj PAT was 13% higher than est. at INR1.1b (+624% YoY, -24% QoQ) on account of higher-than-expected other income.
* Net debt stood at INR89b. The net debt-to-TTM EBITDA ratio declined to 4.3x from 5x in 2QFY25.
* ACME secured INR70.5b debt for 680 MW FDRE projects.
* It received a ~75bp interest rate cut from the existing lender on INR20.8b debt tied to 600 MW SECI ISTS projects following a credit rating upgrade. Also, the rate was lowered to 8% p.a. on INR12.45b debt for a 300MW operational project.
Operational Highlights
* Generation stood at 1,539MUs in 2QFY26 (+133.8% YoY). The company recorded CUF of 24.1% (22.2% in 2QFY25).
* Operational capacity reached 2,918MW as the company commissioned 28MW wind capacity during 2QFY26.
* During 1HFY26, ACME won 720 MW/2,460 MWh (Solar + ESS and FDRE) and 550 MWh standalone BESS capacity.
* During 2QFY26, PPAs were signed for 50 MW/220 MWh and 550 MWh, taking cumulative PPA signings in 1HFY26 to 600 MW/1,350 MWh and 550 MWh.
* Total portfolio of the company now stands at 7,390 MW, including 13.5 GWh of BESS installation, with PPAs signed for 5,180 MW.
* A phased delivery of the 5.1 GWh BESS order is expected to start in Dec’25, with phased commissioning from 4QFY26 onward.
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