Acme Solar Holdings Ltd. · NSE:ACMESOLAR
Acme Solar — Q4 FY2026 Earnings Presentation
33 slides from Acme Solar's earnings presentation, May 7, 2026
Slide 1: Investor Presentation – Exchange Intimation Letter
Leading Through Innovation May 07, 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 400 051
Slide 2: Earnings Presentation – Q4 & FY2026
ACME Solar Holdings Limited Earnings Presentation – Q4 & FY2026 May 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 Company Overview Project Details Annexure 3
Slide 5: Key Highlights – Q4 FY26
KEY HIGHLIGHTS – Q4 FY26 TOTAL REVENUE1 (INR Cr) EBITDA1 (INR Cr) PAT (INR Cr) QUARTER COMPARISON (Q4) QUARTER COMPARISON (Q4) QUARTER COMPARISON (Q4) Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 539 705 488 636 122 138 30.7% 30.3% 13.3% YoY YoY YoY YEAR COMPARISON (FY) YEAR COMPARISON (FY) YEAR
Slide 6: Business & Operational Highlights
Business & Operational Highlights Image source: ACME project in Rajasthan
Slide 7: Business Highlights – Q4 and FY26 (1/3)
Business Highlights – Q4 and FY26 (1/3) Operational Capacity Capacity Commissioned Generation Capacity BESS Capacity ✓ Marked a key milestone by commissioning one of India’s largest BESS capacity in FY26 ✓ ~2.32 GWh BESS commissioned till date, delivering net realization of INR ~2.2 Cr/day as of dat
Slide 8: Business Highlights – Q4 and FY26 (2/3)
Business Highlights – Q4 and FY26 (2/3) Capex Status Capex ✓ In FY26, total committed capex of ~INR 12,475 Cr ~INR 12,475 Cr o Capex incurred of ~INR 6,445 Cr capex committed during FY26 o Purchase Orders have been given for ~INR 6,030 Cr Financing and Refinancing Financing, Refinancing and Rating U
Slide 9: Regulatory Highlights (3/3)
Regulatory Highlights (3/3) Merchant power sale ✓ MNRE clarified that BESS charged only from conventional power under FDRE bids can sell power in merchant mode without through BESS buyer NOC till the time corresponding RE is not commissioned, speeding up BESS deployment. 36 months of grid charging ✓
Slide 10: BESS Operations (1/2)
BESS Operations (1/2) BESS Early Commissioning Strategy Performance of BESS ✓ ~2.3 GWh BESS operationalized in phases from Feb’26 till May’26 under 3 ✓ Acme Solar is advancing commissioning and operation project sites, has begun generating revenue under merchant/short term peak of large-scale BESS c
Slide 11: Installation & Commissioning of BESS Capacity (2/2)
Installation & Commissioning of BESS Capacity (2/2) ✓ ~2.3 GWh BESS commissioned till date and has begun revenue generation 10 10
Slide 12: Operational Highlights – Q4 FY26
Operational Highlights – Q4 FY26 Operational Highlights Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 27.9% 99.4% 99.3% 26.9% Capacity Plant Availability Utilization Factor % (CUF %) 1,720 99.9% 98.8% 1,513 13.7% Generation Grid Availability (in Million Units) % • Power generation increased by 13.7%, driven by ne
Slide 13: Operational Highlights – FY26
Operational Highlights – FY26 Operational Highlights FY25 FY26 FY25 FY26 99.5% 99.5% 25.6% 25.9% Capacity Plant Availability Utilization Factor % (CUF %) 6,464 99.8% 99.2% 4,013 61.1% Generation Grid Availability (in Million Units) % • Power generation was up by 61.1% driven by higher CUF and new ca
Slide 14: Capacity Roadmap
Capacity Roadmap Target to have a portfolio of 10 GW generation capacity and 20 GWh BESS capacity by 2030 35% CAGR Generation Capacity 8,071 MW BESS Capacity (~14 GWp + ~17 GWh) ~20 GWh Under Construction projects ~5 GWh ~12 GWh 1,801 MW Cumulative ~10 GWh BESS 10,000 MW ~1,500 MW 3,280 MW ~2.3 GWh
Slide 15: Financial Highlights
Financial Highlights Image source: ACME project in Rajasthan
Slide 16: Consolidated Financial Highlights – Q4 FY26
Consolidated Financial Highlights – Q4 FY26 Total Revenue1 (INR Cr) EBITDA1 (INR Cr) 30.7% 30.3% 705 636 539 488 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 PAT (INR Cr) Cash PAT2 (INR Cr) 138 3.5% 238 247 122 13.3% Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Remarks: ▪ Revenue increased by 30.7% for the quarter (y-o-y bas
Slide 17: Consolidated Financial Highlights – FY26
Consolidated Financial Highlights – FY26 Total Revenue1 (INR Cr) EBITDA1 (INR Cr) 59.2% 61.2% 2,507 2,265 1,575 1,406 FY25 FY26 FY25 FY26 PAT (INR Cr) Cash PAT2 (INR Cr) 72.3% 963 251 98.5% 559 498 FY25 FY26 FY25 FY26 Remarks: ▪ Revenue increased by 59.2% for FY26, driven by capacity addition and hi
Slide 18: Financial Highlights – FY26
Financial Highlights – FY26 Key Financials Consolidated Overview Standalone Overview (Sale of Power) INR Cr (In-house EPC Business) INR Cr Breakdown of Financials Key Consolidated Financials (FY26) Key Standalone Financials (FY26) ❖ At Consolidated level, Operational Revenue is Total reflected only
Slide 19: Asset Base and Capital Structure (YoY)
Asset Base and Capital Structure (YoY) Asset Base (INR Cr) Net Debt (INR Cr) Net Worth (INR Cr) 21,952 CWIP, 4,358 15,507 CWIP, 1,362 12,830 Gross Block, 5,060 Gross 17,595 7,507 Block, 14,144 4,509 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 ❖ Asset base stands at INR 21,952 Cr, up INR 6,445 Cr
Slide 20: 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) 12,830 3.9x 4,007 7,507 4.4x 1,275 2,265 8,823 1,406 6,232 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Cash RoE4 (%) Net Debt to Net Worth3 20.1% 15.7% 2.5 1.7 Q4 FY
Slide 21: Continued Improvement in Days of Sales O/S
Continued Improvement in Days of Sales O/S DSO (as Billed) as of FY261 Operational Offtaker Split Total Portfolio Offtaker (2,990 MW) Split (8,071 MW) 181 State & Other Other State Central Offtakers Offtakers Central Offtakers 14% 28% Offtakers 67% 84% GUVNL 2% Operational Total 93 Portfolio Portfol
Slide 22: Company Overview
Company Overview Image source: ACME project in Rajasthan
Slide 23: ACME Solar
ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Credit Rating - ASHL Portfolio of 8,071 MW and 550 MWh standalone BESS ICRA CRISIL spanning across solar, wind, storage, hybrid & FDRE projects AA- /Stable AA- /Stable Re-affirmed (Apr’26) Re-affirmed (Jan’26) Shareholdin
Slide 24: 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 Tariff Operational Under PPA Signed, 3,280 MW Operatio
Slide 25: Project Details
Project Details Image source: ACME project in Rajasthan
Slide 26: 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 27: 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 28: Under Construction Portfolio Overview (1/2)
Under Construction Portfolio Overview (1/2) 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
Slide 29: 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) 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 2.5
Slide 30: Annexure
Annexure Image source: ACME project in Rajasthan
Slide 31: 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) Q4 FY26 FY26 Q4 FY25 Particulars (INR Cr) Q4 FY26 FY26 Q4 FY25 Revenue from operations 548 2,023 487 EPC Revenue 2,378 3,911 269 Other
Slide 32: Breakdown of Other Income
Breakdown of Other Income Particulars (INR Cr) Q4 FY26 Q3 FY26 Q4 FY25 Remarks Recurring Income: Includes interest income on FD created towards DSRA Interest on Fixed deposits 43 38 20 maintenance a BGs provided for connectivity and under PPA (Performance Bank Guarantee) Non-recurring: Interest inco
Slide 33: Thank You
COMPANY : ACME Solar Holdings Ltd. CIN : L40106HR2015PLC102129 Email: investor.relations@acme.in www.acmesolar.in INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services MUFG (Investor Relations) Mr. Nikunj Seth M
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