Acme Solar Holdings Ltd. · NSE:ACMESOLAR
Acme Solar — Q3 FY2026 Earnings Presentation
33 slides from Acme Solar's earnings presentation, Jan 29, 2026
Slide 1: Leading Through Innovation
Leading Through Innovation January 29, 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
Slide 2: Earnings Presentation – Q3 FY2026
ACME Solar Holdings Limited Earnings Presentation – Q3 FY2026 January 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 – Q3 FY26
KEY HIGHLIGHTS – Q3 FY26 TOTAL REVENUE (INR Cr) EBITDA (INR Cr) PAT (INR Cr) GENERATION (MUs) 53.9% 1.5% 57.2% 49.0% 617 564 1,567 112 114 401 359 1,052 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Highlights of the quarter till date: ✓ Partially commissioned 72 MW out of 100 MW w
Slide 6: Business & Operational Highlights
Business & Operational Highlights Image source: ACME ISTS Project
Slide 7: Business Highlights – Q3 FY26 till date (1/2)
Business Highlights – Q3 FY26 till date (1/2) Operational Capacity Capacity Commissioned and Orderbook Addition ✓ Partially commissioned 72 MW out of 100 MW Acme Eco Clean (wind) in Gujarat during quarter till 16.6% 2,962 date, taking the cumulative YTD commissioned capacity to 422 MW MW ✓ 130 MW RT
Slide 8: Business Highlights – Q3 FY26 till date (2/2)
Business Highlights – Q3 FY26 till date (2/2) Credit Rating - ACME Solar Credit Rating Updates - YTD ✓ Acme Raisar 300 MW, Acme Deoghar 300 MW and Acme Phalodi 300 MW operational projects received rating of CRISIL AA-/Stable ICRA CRISIL AA- /Stable AA- /Stable ✓ Acme Dhaulpur 300 MW operational proj
Slide 9: Other Updates – Q3 FY26 till date
Other Updates – Q3 FY26 till date Tariff Adoption & PSA Approval Near term visibility of ~770 MW of ✓ Invitation for signing of the PPA received for 130 MW REMC Limited project PPA signing ✓ 640 MW of PSA consent received from discom and regulatory approval at advanced stages Curtailment of RE Gener
Slide 10: Installation & Commissioning of BESS Capacity
Installation & Commissioning of BESS Capacity BESS Early Commissioning Strategy ✓ Acme Solar is accelerating the commissioning of BESS capacity of its under construction FDRE/RTC projects ✓ BESS commissioning is happening at existing operational projects resulting in: o Utilization of existing trans
Slide 11: Capex and Procurement Status for FY27
Capex and Procurement Status for FY27 Capex Status for Projects planned for commissioning in FY27 Requirement Procurement Status Cost Saving ✓ 1.7 GWp of modules procured within the Modules budgeted cost. ✓ Projects scheduled for commissioning in FY27 expected to • ~10% savings in the be ~1.5 GW con
Slide 12: Operational Highlights – Q3 FY26
Operational Highlights – Q3 FY26 Operational Highlights Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 99.5% 99.6% 22.7% 24.3% Capacity Plant Availability Utilization Factor % (CUF %) 1,567 99.8% 99.8% 1,052 49.0% Generation Grid Availability (in Million Units) % • Power generation was up by 49.0% driven by higher
Slide 13: Operational Highlights – 9M FY26
Operational Highlights – 9M FY26 Operational Highlights 9M FY25 9M FY26 9M FY25 9M FY26 99.4% 99.5% 23.7% 25.6% Capacity Plant Availability Utilization Factor % (CUF %) 4,742 99.6% 99.3% 2,499 89.8% Generation Grid Availability (in Million Units) % • Power generation was up by 89.8% driven by higher
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 Installed Capacity (E) ~18 GWp + ~20 GWh BESS Existing Portfolio BESS capacity 7,770 MW (~14 GWp + ~16 GWh) Under Construction projects ~4.0 GWp + ~6.5 GWh ~6 GWp + 2,962 MW ~9.5 GWh 2,
Slide 15: Financial Highlights
Financial Highlights Image source: ACME ISTS Project
Slide 16: Consolidated Financial Highlights – Q3 FY26
Consolidated Financial Highlights – Q3 FY26 Total Revenue (INR Cr) EBITDA (INR Cr) 53.9% 57.2% 617 564 401 359 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 PAT (INR Cr) Cash PAT1 (INR Cr) 114 189 234 112 24.0% 1.5% Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Remarks: ▪ Revenue increased by 53.9% for the quarter (y-o-y basis
Slide 17: Consolidated Financial Highlights – 9M FY26
Consolidated Financial Highlights – 9M FY26 Total Revenue (INR Cr) EBITDA (INR Cr) 74.0% 77.6% 1,802 1,629 1,036 917 9M FY25 9M FY26 9M FY25 9M FY26 PAT (INR Cr) Cash PAT1 (INR Cr) 123.3% 179.3% 716 129 360 321 9M FY25 9M FY26 9M FY25 9M FY26 Remarks: ▪ Revenue increased by 74.0% for 9M FY26 (y-o-y
Slide 18: Financial Highlights – 9M FY26
Financial Highlights – 9M FY26 Key Financials Consolidated Overview Standalone Overview (Sale of Power) INR Cr (In-house EPC Business) INR Cr Breakdown of Financials Key Consolidated Financials (9M FY26) Key Standalone Financials (9M FY26) ❖ At Consolidated level, Operational Revenue is Total Total
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) 18,061 CWIP, 1,821 14,906 CWIP, 1,678 Gross Block, 10,002 Gross 16,240 Block, 4,909 13,228 6,882 4,375 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 ❖ Gross block stands at INR 18,061 Cr, up INR 3,155 C
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) 10,002 4.2x 1,182 6,882 813 5.3x 8,820 2,117 6,069 1,141 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Cash RoE4 (%) Net Debt to Net Worth3 20.6% 10.5% 2.0 1.6 Q3 FY25
Slide 21: Continued Improvement in Days of Sales O/S
Continued Improvement in Days of Sales O/S DSO (as Billed) as of Q3 FY261 Operational Offtaker Split Total Portfolio Offtaker (2,962 MW) Split (7,770 MW) 181 State & Other Other State Central Offtakers Offtakers Central Offtakers 14% 28% Offtakers 67% 84% GUVNL 2% Operational Total 93 Portfolio Port
Slide 22: Company Overview
Company Overview Image source: ACME ISTS Project
Slide 23: ACME Solar
ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Credit Rating - ASHL Portfolio of 7,770 MW and 550 MWh standalone BESS ICRA CRISIL spanning across solar, wind, storage, hybrid & FDRE projects AA- /Stable AA- /Stable Re-affirmed (Jan’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 PPA Signed, 2,668 MW Operational Operational, U
Slide 25: Project Details
Project Details Image source: ACME ISTS Project
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 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 28: 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 28 GUVNL 3.01 PPA signed Tariff adopted Secured Acme Surya Power Pvt. Ltd. FDRE 250 SJ
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 Urja One Pvt. Ltd. FDRE 190 SECI 4.73 PPA to be signed for 190 MW Tariff adopted Secured Acme Alpha Renewables Pvt. Ltd. Hybr
Slide 30: Annexure
Annexure Image source: ACME ISTS Project
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) Q3 FY26 Q2 FY26 Q3 FY25 Particulars (INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 Revenue from operations 497 468 349 EPC Revenue 918 332 279 Other
Slide 32: Breakdown of Other Income
Breakdown of Other Income Particulars (INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 Remarks Recurring Income: Includes interest income on FD created towards DSRA Interest on Fixed deposits 38 40 29 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
ACME Solar Holdings — Q3 FY2026 Earnings Presentation on 6ix