Acme Solar Holdings Ltd. · NSE:ACMESOLAR
Acme Solar — Q2 FY2026 Earnings Presentation
30 slides from Acme Solar's earnings presentation, Nov 3, 2025
Slide 1: Regulation 30 Intimation to Stock Exchanges
Leading Through Innovation November 03, 2025 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 40
Slide 2: Earnings Presentation – Q2 / H1 FY2026
ACME Solar Holdings Limited Earnings Presentation – Q2 / H1 FY2026 November 2025
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 Company Overview Project Details Annexure 3
Slide 5: Key Highlights – Q2 FY26
KEY HIGHLIGHTS – Q2 FY26 TOTAL REVENUE (INR Cr) EBITDA (INR Cr) PAT (INR Cr) GENERATION (MUs) 103.8% 108.3% 133.8% 601 534 652.1% 115 1,539 295 256 15 658 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Highlights of the quarter till date: ✓ Partially commissioned 28 MW out of 100 MW
Slide 6: Business & Operational Highlights
Business & Operational Highlights Image source: ACME ISTS Project
Slide 7: Business Highlights – Q2 FY26 till date (1/2)
Business Highlights – Q2 FY26 till date (1/2) Operational Capacity Capacity Commissioned and Orderbook Addition ✓ Partially commissioned 28 MW out of 100 MW Acme Eco Clean (wind) in Gujarat in Q2 FY26, taking the cumulative H1 FY26 YTD commissioned capacity to 378 MW 117.8% 2,918 ✓ 720 MW/ 2,460 MWh
Slide 8: Business Highlights – Q2 FY26 till date (2/2)
Business Highlights – Q2 FY26 till date (2/2) Credit Rating - ACME Solar Credit Rating Updates ICRA CRISIL ✓ Acme Solar rated as AA-/ Stable by CRISIL (upgraded) and ICRA (assigned) AA- /Stable AA- /Stable ✓ Acme Aklera 250 MW (SECI offtake) upgraded to ICRA AA-/Stable Assigned (Sep’25) Upgraded (Oc
Slide 9: Installation & Commissioning of Golden Containers (Pilot) for BESS Projects
Installation & Commissioning of Golden Containers (Pilot) for BESS Projects Energy Management Configuration 1 Configuration 2 System (EMS) BMS ACDB PCS Inverter ACDB BMS EMS commissioned to automatically 10 MWh BESS operationalized in Oct’25 on pilot basis in Rajasthan - designed for FDRE/ Solar + B
Slide 10: Operational Highlights – Q2 FY26
Operational Highlights – Q2 FY26 Operational Highlights Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 99.3% 99.5% 22.2% 24.1% Capacity Plant Availability Utilization Factor % (CUF %) 1,539 99.3% 99.4% 658 133.8% Generation Grid Availability (in Million Units) % Power generation was up by 133.8% driven by higher C
Slide 11: Operational Highlights – H1 FY26
Operational Highlights – H1 FY26 Operational Highlights H1 FY25 H1 FY26 H1 FY25 H1 FY26 99.3% 99.4% 24.6% 26.2% Capacity Plant Availability Utilization Factor % (CUF %) 3,175 99.4% 99.1% 1,448 119.3% Generation Grid Availability (in Million Units) % • Power generation was up by 119.3% driven by high
Slide 12: Capacity Roadmap
Capacity Roadmap Target to have a portfolio of 10 GW generation capacity and 15 GWh BESS capacity by 2030 34% CAGR Installed Capacity ~17 GWp + ~15 GWh BESS Existing Portfolio BESS capacity 7,390 MW (~13 GWp + ~13.5 GWh) Under Construction projects 2,918 MW (~4 GWp) 2,210 MW Under Construction Stand
Slide 13: Financial Highlights
Financial Highlights Image source: ACME ISTS Project
Slide 14: Consolidated Financial Highlights – Q2 FY26
Consolidated Financial Highlights – Q2 FY26 Total Revenue (INR Cr) EBITDA (INR Cr) 103.8% 108.3% 601 534 295 256 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 PAT (INR Cr) Cash PAT1 (INR Cr) 15 115 75 203.6% 652.1% 228 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Remarks: ▪ Revenue increased by 103.8% for the quarter (y-o-y b
Slide 15: Consolidated Financial Highlights – H1 FY26
Consolidated Financial Highlights – H1 FY26 Total Revenue (INR Cr) EBITDA (INR Cr) 86.6% 90.7% 1,185 1,065 635 558 H1 FY25 H1 FY26 H1 FY25 H1 FY26 PAT (INR Cr) Cash PAT1 (INR Cr) 17 1.373.4% 132 265.2% 482 246 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Remarks: ▪ Revenue increased by 86.6% for H1 FY26 (y-o-y b
Slide 16: Financial Highlights – H1 FY26
Financial Highlights – H1 FY26 Key Financials Consolidated Overview Standalone Overview (Sale of Power) INR Cr (In-house EPC Business) INR Cr Breakdown of Financials Key Consolidated Financials (H1 FY26) Key Standalone Financials (H1 FY26) ❖ At Consolidated level, Operational Revenue is Total Total
Slide 17: Asset Base and Capital Structure (YoY)
Asset Base and Capital Structure (YoY) Asset Base (INR Cr) Gross Debt (INR Cr) Net Worth (INR Cr) 16,996 CWIP, 1,366 14,290 12,314 CWIP, 5,730 10,354 Cash, 3,391 Cash, 1,598 Gross Block, 15,630 Gross Net 4,782 Net Block, Debt, Debt, 8,560 8,755 8,923 1,958 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2
Slide 18: 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) 8,755 8,923 4.3x 775 3,263 5.0x 8,147 1,912 5,492 1,092 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Cash RoE4 (%) Net Debt to Net Worth3 27.0% 4.5 13.1% 1.9 Q2 FY25
Slide 19: Continued Improvement in Days of Sales O/S
Continued Improvement in Days of Sales O/S DSO (as Billed) as of Q2 FY261 Operational Offtaker Split Total Portfolio Offtaker (2,918 MW) Split (7,390 MW) 181 State Central Central State & Offtakers Offtakers Offtakers Other 31% 69% 83% Offtakers 17% Operational Total Portfolio Portfolio 93 42 27 Sha
Slide 20: Company Overview
Company Overview Image source: ACME ISTS Project
Slide 21: ACME Solar
ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Credit Rating - ASHL Portfolio of 7,390 MW and 550 MWh standalone BESS ICRA CRISIL spanning across solar, wind, storage, hybrid & FDRE projects AA- /Stable AA- /Stable Assigned (Sep’25) Upgraded (Oct’25) Shareholding Patt
Slide 22: Portfolio with Strong Offtakers located at Strategic Locations
Portfolio with Strong Offtakers located at Strategic Locations 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 Tariff PPA
Slide 23: Project Details
Project Details Image source: ACME ISTS Project
Slide 24: 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 25: 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 Private . Limited Solar 100 SECI 2.44 Sep-18 25 Acme Rewa Solar Power Private Limited Solar 100 SECI 2.44 Oct-18 25 Rajasthan Phase I (100
Slide 26: Under Construction Portfolio Overview (1/2)
Under Construction Portfolio Overview (1/2) I. PPA signed Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) PPA Status Debt Tied Up Tariff Adoption Grid Connectivity Acme Eco Clean Energy Pvt. Ltd. Wind 72 GUVNL 3.01 PPA signed Tariff adopted Secured Acme Surya Power Pvt. Ltd. FDRE 250 SJ
Slide 27: Under Construction Portfolio Overview (2/2)
Under Construction Portfolio Overview (2/2) II. PPA yet to be signed Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) PPA/ LOA Status Tariff Adoption Grid Connectivity Acme Urja One Pvt. Ltd. FDRE 380 SECI 4.73 PPA to be signed for 190 MW Tariff adopted Secured 1 Acme Platinum Urja Pvt. Lt
Slide 28: Annexure
Annexure Image source: ACME ISTS Project
Slide 29: 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 FY26 Q1 FY26 Q2 FY25 Particulars (INR Cr) Q2 FY26 Q1 FY26 Q2 FY25 Revenue from operations 468 511 260 EPC Revenue 332 283 435 Other
Slide 30: Thank You
Thank You Reach out to us: Investor Relations Email: investor.relations@acme.in Website: www.acmesolar.in Image source: ACME ISTS Project
ACME Solar Holdings — Q2 FY2026 Earnings Presentation on 6ix