ACME Solar (ACMESOLAR) Q4 24/25 earnings summary

Executive summary

• FY2025 featured disciplined execution, robust capacity growth with operational capacity rising to 2,705 MW, and a project portfolio reaching 6,970 MW after winning 1,900 MW in new projects.

• 1,200 MW of new solar capacity was commissioned, with 1,890 MW of new PPAs signed and power generation up 55.2% from FY24.

• Near-commissioning projects of 450 MW, including the Sikar plant, are expected to be fully operational soon.

• Strategic focus on central offtake, hybrid, and FDRE projects to align with market trends and diversify the portfolio.

• Balance sheet strengthened via equity raise and IPO, reducing net debt-to-net worth to 1.7x.

Financial highlights

• FY25 total revenue rose to INR 1,575 crore, up 32% year-over-year when adjusted for asset sales; EBITDA at INR 1,406 crore, up 43% with margin over 89%.

• PAT for the year at INR 251 crore, up 290%; cash PAT at INR 559 crore, up 155%.

• Q4 FY25 revenue at INR 539 crore, up 73% year-over-year; EBITDA at INR 488 crore, up 119%.

• Interim dividend of INR 0.20/share declared for FY25.

• Consolidated net profit for FY25 was Rs. 5,323.71 million, more than double FY24's Rs. 2,508.21 million.

Outlook and guidance

• Targeting 10 GW portfolio by 2030, with 6,970 MW locked-in by FY27/28E and 2.2 GW scheduled for FY2027.

• Capacity additions of 450 MW in FY2026 and 1.89 GW in FY2027; further 2 GW expected beyond FY2027.

• Run-rate annual project EBITDA for 2,540 MW operational capacity expected at INR 1,750–1,800 crore; pre-tax ROCE at 14.5%.

• Focus on staggered project execution and prudent bidding to optimize returns and manage risks.

• Results for FY25 are not directly comparable to FY24 due to the divestment of 369 MW assets in January 2024.