ACME Solar (ACMESOLAR) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total revenue rose 67.5% YoY to INR 1,007 Cr, EBITDA increased 63.6% to INR 874 Cr and PAT grew 133.5% to INR 269 Cr.

• Generation capacity reached 4.9 GW, including 1.9 GW partially commissioned; cumulative commissioned BESS reached 5.24 GWh.

• FY27 BESS commissioning guidance rose to 12+ GWh; 2030 targets increased to 15 GW RE and 50 GWh BESS, with 2032 targets of 20 GW RE and 70 GWh BESS.

Financial highlights

• Q2 FY27 total revenue was INR 1,007 Cr, up 67.5% YoY; EBITDA was INR 874 Cr, up 63.6%, and PAT was INR 269 Cr, up 133.5%.

• Q2 cash PAT reached INR 441 Cr, up 93.2% YoY; PAT margin was 26.7%.

• H1 FY27 revenue was INR 1,961 Cr, up 65.4%; EBITDA was INR 1,704 Cr, up 60.1%, and PAT was INR 504 Cr, up 105.0%. H1 cash PAT was INR 831 Cr.

• Consolidated revenue from operations was Rs 8,870.11 million in Q2 and Rs 17,445.11 million in H1; net profit was Rs 2,686.61 million and Rs 5,039.91 million, respectively.

• Standalone Q2 revenue was Rs 33,131.08 million and net profit Rs 2,412.58 million; H1 revenue was Rs 55,794.14 million and net profit Rs 3,629.61 million.

Outlook and guidance

• FY27 BESS commissioning guidance increased from 10 GWh to 12+ GWh; 5 GWh was commissioned by H1 and 8+ GWh was shown by the Q3 estimate.

• FY27 commissioning target remains 1.5 GW, subject to GNA timelines; partial commissioning could reach 2.5–3 GW. FY28 outlook is 2.5–3 GW.

• 2030 targets are 15 GW RE generation and 50 GWh BESS; 2032 targets are 20 GW generation and 70 GWh BESS.

• ~10 GWh of BESS is expected to operate on a rolling basis, subject to tariff realization; resulting cash flows are expected to fund growth and reduce equity needs.