Acme Solar Holdings Limited (NSE: ACMESOLAR) consolidated revenue reached INR 617 crore driven by capacity additions and improved operational efficiency. The company remains a top 10 renewable energy producer in India with significant expansion in battery storage projects.
Latest Quarterly Results and Highlights
Acme Solar Holdings Ltd (BSE: 544283, NSE: ACMESOLAR) reported total consolidated revenue of INR 617 crore for Q3 FY26. This figure represents a 53.9% increase compared to INR 401 crore in Q3 FY25. EBITDA for the quarter stood at INR 564 crore, marking a 57.2% year-over-year improvement.
The EBITDA margin increased to 91.5% from 89.6% in the prior year. Profit after tax (PAT) was recorded at INR 114 crore, a 1.5% increase year-over-year. Cash PAT for the quarter grew by 24.0% to INR 234 crore. Operational highlights include the generation of 1,567 million units, a 49.0% increase from the previous year. The capacity utilization factor (CUF) improved from 22.7% to 24.3%.
Full Year and Year-over-Year Growth Context
Nine-month (9M) performance for FY26 shows significant growth across all key metrics. Total revenue for the 9M period reached INR 1,802 crore, up 74.0% from INR 1,036 crore in 9M FY25. EBITDA for the same period rose 77.6% to INR 1,629 crore. 9M PAT experienced a 179.3% increase, rising from INR 129 crore to INR 360 crore. Cash PAT for the nine-month period reached INR 716 crore, a 123.3% increase. These results were primarily driven by capacity additions and higher CUF.
Business Model and Market Situation
The company operates as a pure-play, fully integrated renewable energy company in India. The business model includes in-house EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) capabilities. This integration allows for control over costs, timelines, and technology. The company generates stable, long-term cash flows by selling electricity to government-backed entities through fixed-tariff Power Purchase Agreements (PPAs). The portfolio is diversified across solar, wind, storage, and hybrid projects.
Where Does Acme Solar Holdings Ltd Stand Today?
The company is currently one of the top 10 renewable energy Independent Power Producers (IPPs) in India. Its current portfolio totals 7,770 MW. This includes 2,962 MW of operational capacity and 4,808 MW of under-construction capacity. The total portfolio also includes 16 GWh of Battery Energy Storage System (BESS) installations. The company has secured connectivity for all under-construction projects and maintains a connectivity inventory of approximately 7.5 GW for future expansion.
Guidance and Future Outlook
Management has increased the BESS commissioning target to approximately 2 GWh by Q4 FY26, up from the previously expected 1 GWh. The company aims to commission approximately 10 GWh of BESS by CY27 for integration with Round-the-Clock (RTC) and Firm and Dispatchable Renewable Energy (FDRE) projects. Near-term visibility exists for the signing of an additional 770 MW in PPAs.
Regulatory Milestones and Segment Updates
In Q3 FY26, the company signed PPAs for 450 MW, bringing the year-to-date total to 1,050 MW. This includes a 250 MW FDRE project with NHPC signed on January 29, 2026. The standalone segment, which handles in-house EPC business, reported 9M FY26 revenue of INR 1,831 crore with an EBITDA margin of 15.7%. Financing milestones include tying up INR 3,500 crore in new debt at an 8.9% average rate and refinancing a 300 MW project at 8.0%. Several operational projects received credit rating upgrades or affirmations of AA-/Stable from CRISIL and ICRA.
Broader Industry Trends
The company’s growth aligns with the broader Indian shift toward integrated renewable solutions, specifically RTC and FDRE projects. The industry is increasingly incorporating BESS to manage grid stability and dispatchability. Acme Solar’s focus on large-scale storage and hybrid portfolios reflects these sector-wide transitions toward firm renewable power.