Acme Solar Holdings Ltd. · NSE:ACMESOLAR
Acme Solar — Q2 FY2027 Earnings Presentation
35 slides from Acme Solar's earnings presentation, Oct 28, 2026
Slide 1: Investor Presentation filing cover letter to exchanges
Leading Through Innovation October 28, 2026 To To BSE Limited National Stock Exchange of India Ltd Corporate Relationship Dept., Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Mumbai 400001 Bandra-Kurla Complex, Bandra (East), Mumbai 400
Slide 2: Earnings Presentation – Q2 & H1 FY2027
ACME Solar Holdings Limited Earnings Presentation – Q2 & H1 FY2027 October 2026
Slide 3: Disclaimer
Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by ACME Solar Holdings Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any
Slide 4: Agenda
Agenda Business & Operational Highlights Financial Highlights Capacity Execution and Growth Strategy 2.0 Company Overview Project Details 3
Slide 5: Key Highlights – Q2 FY27
KEY HIGHLIGHTS – Q2 FY27 TOTAL REVENUE1 (INR Cr) EBITDA1 (INR Cr) PAT (INR Cr) QUARTER COMPARISON (Q2) QUARTER COMPARISON (Q2) QUARTER COMPARISON (Q2) Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 601 1,007 534 874 115 269 67.5% 63.6% 133.5% YoY YoY YoY Highlights of the quarter till date: ✓ 430 M
Slide 6: Business & Operational Highlights
Business & Operational Highlights Image source: ACME project in Rajasthan
Slide 7: Business Highlights – Q2 FY27 till date (1/2)
Business Highlights – Q2 FY27 till date (1/2) Operational Capacity1 Capacity Commissioned ✓ Commissioned ~2.1 GWh BESS during the quarter till date, taking the cumulative commissioned 4.9 GW 1.9 GW BESS capacity to ~5.24 GWh – 2nd largest installed BESS capacity in India Partially Commissioned ✓ Com
Slide 8: Business Highlights – Q2 FY27 till date (2/2)
Business Highlights – Q2 FY27 till date (2/2) Financing Update Financing and Rating Updates ✓ ACME Solar Holdings upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable Debt tied up for ~3.6 GW PPA ✓ Debt tied up of ~INR 9,100 Cr from JPMorgan Chase Bank, IIFCL, REC, PFC and IREDA signed projects ✓
Slide 9: Regulatory Highlights
Regulatory Highlights REGULATORY DEVELOPMENT WHAT CHANGED IMPACT ON ACME CTUIL initiated grant of BESS connectivity under the Non-Right of First Refusal Help in building large BESS pipeline Grant of BESS connectivity (Non-ROFR) route, speeding up deployment to enhance grid security and meeting for f
Slide 10: Operational Highlights – Q2 FY27
Operational Highlights – Q2 FY27 Operational Highlights Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 27.8% 99.5% 99.3% 24.1% Capacity Plant Availability Utilization Factor % (CUF %) 1,840 99.4% 99.2% 1,539 19.6% Generation Grid Availability (in Million Units) % • Power generation increased by 19.6% to 1,840 mn u
Slide 11: Operational Highlights – H1 FY27
Operational Highlights – H1 FY27 Operational Highlights H1 FY26 H1 FY27 H1 FY26 H1 FY27 29.4% 99.4% 99.3% 26.2% Capacity Plant Availability Utilization Factor % (CUF %) 3,860 99.1% 99.0% 3,175 21.6% Generation Grid Availability (in Million Units) % • Power generation increased by 21.6% to 3,860 mn u
Slide 12: Financial Highlights
Financial Highlights Image source: ACME project in Rajasthan
Slide 13: Consolidated Financial Highlights – Q2 FY27
Consolidated Financial Highlights – Q2 FY27 Total Revenue1 (INR Cr) EBITDA1 (INR Cr) RE EBITDA Margin: 90.8% BESS EBITDA Margin: 67.5% 78.3% 63.6% Blended EBITDA margin: 1,007 874 86.7% 601 534 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 PAT (INR Cr) Cash PAT2 (INR Cr) 269 115 133.5% 93.2% 441 228 Q2 FY26 Q2 FY
Slide 14: Consolidated Financial Highlights – H1 FY27
Consolidated Financial Highlights – H1 FY27 Total Revenue1 (INR Cr) EBITDA1 (INR Cr) RE EBITDA Margin: 89.6% 65.4% 60.1% BESS EBITDA Margin: 1,961 80.1% 1,704 Blended EBITDA margin: 1,185 1,065 86.9% H1 FY26 H1 FY27 H1 FY26 H1 FY27 PAT (INR Cr) Cash PAT2 (INR Cr) 72.3% 105.0% 831 246 504 482 H1 FY26
Slide 15: Asset Base and Capital Structure (YoY)
Asset Base and Capital Structure (YoY) Asset Base (INR Cr) Net Debt (INR Cr) Net Worth (INR Cr) 28,462 CWIP, 7,067 16,996 CWIP, 1,366 Gross 8,361 Block, 15,945 Gross 21,395 Block, 4,782 15,630 8,923 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 ❖ Asset base stands at INR 28,462 Cr, up INR 11,466 C
Slide 16: Other Financial Highlights (YoY)
Other Financial Highlights (YoY) Net Debt (INR Cr)1 Net Debt to EBITDA2 Operational Net Debt CWIP Net Debt Net Debt/TTM EBITDA TTM EBITDA (INR Cr) 15,945 3.6x 5,283 4.3x 8,923 775 2,904 10,662 1,912 8,147 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Cash RoE4 (%) Net Debt to Net Worth3 27.0% 20.0% 1.9 1.9 Q2 FY2
Slide 17: Continued Improvement in Days of Sales O/S
Continued Improvement in Days of Sales O/S DSO (as Billed) as of Q2 FY271 Operational Offtaker Split Total Portfolio Offtaker Split 181 State & Other Other State Central Offtakers Offtakers Central Offtakers 13% 28% Offtakers 67% 85% GUVNL 2% 93 Operational Total Portfolio Portfolio 42 GUVNL 5% 20 1
Slide 18: Key Initiatives - Operational Excellence
Key Initiatives - Operational Excellence 01 02 03 04 05 06 CAPTURE ENHANCE OPTIMIZE DECLUTTER PROTECT INNOVATE Reduced Right-of- Accelerated Ultra-Compact Improved Aesthetics Lower Environmental Easier Line Way (ROW) Installation & Lower Footprint & Reduced Visual & Tree-Felling Impact Upgradation L
Slide 19: Capacity Execution and Growth Strategy 2.0
Capacity Execution and Growth Strategy 2.0 Image source: ACME project in Rajasthan
Slide 20: Our Strategic Pillars
Our Strategic Pillars Building a returns-led, self-financing renewable platform with contracted, visible cash flows 01 02 03 04 05 Return on Capital & Cash Flow Conversion Execution & Operational Contracted Revenue Margin Improvement Profitability through BESS Excellence Visibility Value over volume
Slide 21: BESS Performance and Commissioning Plan
BESS Performance and Commissioning Plan P&L Snapshot for Commissioned BESS – Q2 and H1 FY27 BESS Commissioning Plan (GWh) for FY27 Particulars (INR Cr) Q2 FY27 (INR Cr) H1 FY27 (INR Cr) Capacity Commissioned by Sep’26 ~5 GWh 12+ Revenue from Sale of Power 324 550 Cost of Power 70 109 8+ EBITDA 254 4
Slide 22: Execution Update of Partially Commissioned Projects
Execution Update of Partially Commissioned Projects SPV Name Capacity (MW) BESS Status Solar Status ACME Sun Power Pvt. Ltd. 320 Commissioned Under installation ACME Surya Power Pvt. Ltd. 250 Commissioned Under installation ACME Suryodaya Pvt. Ltd. 3001 Commissioned NA ACME Renewtech Pvt. Ltd. 300 N
Slide 23: Upgraded Capacity Roadmap
Upgraded Capacity Roadmap Target to have a portfolio of 20 GW generation capacity and 70 GWh BESS capacity by 2032 Revised Commissioning Targets 37% CAGR Upward revision in BESS ~70 GWh commissioning for FY27 from 10 GWh → 12+ GWh Portfolio Contracted Capacity: 8.4 GW Portfolio Installation Capacity
Slide 24: Company Overview
Company Overview Image source: ACME project in Rajasthan
Slide 25: ACME Solar
ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Credit Rating - ASHL Portfolio of 8,370 MW spanning across solar, wind, storage, ICRA CRISIL hybrid & FDRE projects AA- /Stable AA-/Positive Re-affirmed (Oct’26) Re-affirmed (Oct’26) Shareholding Pattern1 Non-Institutiona
Slide 26: Portfolio Overview
Portfolio Overview Diversified portfolio with over 80% of the portfolio with central offtakers spanning across new Majority of operational portfolio located at high age technologies like FDRE and Hybrid resource potential states Weighted Average Under Construction Tariff Projects, 3,460 MW Operation
Slide 27: Project Details
Project Details Image source: ACME project in Rajasthan
Slide 28: Operational Portfolio Overview (1/2)
Operational Portfolio Overview (1/2) PPA Tenor Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD (years) First 12 years - 15.00 Acme Solar Technologies (Gujarat) Private Limited Gujarat Solar 15 GUVNL Mar-12 25 Next 13 years - 5.00 Madhya Phase I (10MW) - December 201
Slide 29: Operational Portfolio Overview (2/2)
Operational Portfolio Overview (2/2) PPA Tenor Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD (years) Acme Jodhpur Solar Power Pvt. Ltd. Solar 100 SECI 2.44 Sep-18 25 Acme Rewa Solar Power Pvt. Ltd. Solar 100 SECI 2.44 Oct-18 25 Rajasthan Phase I (100 MW) April 202
Slide 30: Under Construction PPA Signed Portfolio
Under Construction PPA Signed Portfolio I. PPA signed Grid Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) PPA Status Debt Tied Up Tariff Adoption Connectivity Acme Surya Power Pvt. Ltd. FDRE 250 SJVN 4.38 PPA signed Tariff adopted Secured Acme Sun Power Pvt. Ltd. FDRE 320 SJVN 4.38 PPA
Slide 31: Under Construction LOA Awarded Portfolio
Under Construction LOA Awarded Portfolio II. PPA yet to be signed Project Name Type Capacity MW Off-taker Tariff (INR/KWh) LOA/PPA Tariff Adoption Grid Connectivity Acme Alpha Renewables Pvt. Ltd. Hybrid 150 NTPC 3.32 LOA awarded Tariff adopted Secured Acme Omega Urja Pvt. Ltd. Solar 300 SJVN 2.52 L
Slide 32: Annexure
Annexure Image source: ACME project in Rajasthan
Slide 33: Key Standalone and Consolidated Financials
Key Standalone and Consolidated Financials ACME Consolidated Overview (from Sale of Power) ACME Standalone Overview (from In-house EPC Business) Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 Revenue from operations 887 858 468 EPC Revenue 3,313 2,266 332 O
Slide 34: Breakdown of Other Income
Breakdown of Other Income Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 Remarks Recurring Income: Includes interest income on FD created towards DSRA Interest on Fixed deposits 84 62 40 maintenance a BGs provided for connectivity and under PPA (Performance Bank Guarantee) Recurring: Ind AS income aga
Slide 35: Thank You
COMPANY : ACME Solar Holdings Ltd. CIN : L40106HR2015PLC102129 Email: [email protected] www.acmesolar.in Thank You Image source: ACME ISTS Project
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