Gurugram-based independent power producer ACME Solar Holdings reported a total income of ₹10.07 billion (~$100.7 million) in the second quarter (Q2) of the financial year (FY) 2027, up 67.5% year-over-year (YoY) from ₹6.01 billion (~$60.1 million).

The company attributed the revenue growth primarily to additions to its renewable energy and battery energy storage system (BESS) capacities.

Profit after tax jumped 133.5% YoY to ₹2.69 billion (~$26.9 million) from ₹1.15 billion (~$11.5 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 63.6% YoY to ₹8.74 billion (~$87.4 million) from ₹5.34 billion (~$53.4 million).

The EBITDA margin declined to 86.7% from 88.8% in the corresponding quarter last year. The company attributed the decline to the inclusion of power procurement costs associated with BESS operations under operating expenses.

First Half

ACME Solar’s total income for the first half (1H) of FY 2027 increased 65.4% YoY to ₹19.61 billion (~$196.1 million) from ₹11.85 billion (~$118.5 million).

EBITDA rose 60.1% YoY to ₹17.04 billion (~$170.4 million) from ₹10.65 billion (~$106.5 million).

The EBITDA margin stood at 86.9%, compared with 89.8% in the corresponding period last year.

Profit after tax increased 105% YoY to ₹5.04 billion (~$50.4 million) from ₹2.46 billion (~$24.6 million).

Electricity generation increased 21.6% YoY to 3,860 million units from 3,175 million units.

The company also sold 518 million units of electricity through short-term peak power BESS operations during 1H.

Operational Highlights

ACME Solar generated 1,840 million units of electricity during the quarter, an increase of 19.6% from 1,539 million units in the corresponding quarter last year. The company attributed the increase to capacity additions and higher solar irradiation.

The company sold 324 million units of electricity through short-term peak power BESS operations.

Its capacity utilization factor improved to 27.8% from 24.1% in Q2 FY 2026. Plant availability stood at 99.3%, compared with 99.5% in the corresponding quarter last year, while grid availability declined marginally to 99.2% from 99.4%.

The company’s operational assets in Rajasthan, with 2,281 MW of alternating current capacity, recorded an average capacity utilization factor of 29.6%. Its operational wind assets, with a contracted capacity of 150 MW, achieved a capacity utilization factor of 41.6%.

ACME Solar commissioned approximately 2.1 GWh of BESS capacity during the quarter, taking its cumulative commissioned storage capacity to approximately 5.24 GWh.

The company said its commissioned solar and BESS capacities enabled the partial commissioning of projects totaling approximately 1.92 GW.

The company’s total contracted portfolio stood at 8.37 GW, comprising 2.99 GW of fully operational projects, 1.92 GW of partially commissioned projects, and 3.46 GW of projects under construction. The fully operational and partially commissioned projects together accounted for 4.91 GW of the contracted portfolio.

During the quarter, ACME Solar signed power purchase agreements (PPAs) for 430 MW of firm and dispatchable renewable energy projects, increasing its signed PPA capacity to 7.3 GW, representing approximately 87% of its contracted portfolio.

The company has also secured contracts with battery suppliers for approximately 19 GWh of storage capacity.

ACME Solar reported locking in more than ₹16 billion (~$160 million) in revenue through short-term BESS contracts covering part of its capacity for FY 2027 and more than ₹15 billion (~$150 million) for FY 2028.

The company revised its cumulative BESS commissioning target for FY 2027 from 10 GWh to more than 12 GWh.

It also increased its renewable energy generation capacity target for 2030 from 10 GW to 15 GW, alongside a target of approximately 50 GWh of BESS capacity.

For 2032, ACME Solar has set a target of 20 GW of renewable energy generation capacity and approximately 70 GWh of BESS capacity.

The company also sold 518 million units of electricity through short-term peak power BESS operations during the first half.

The capacity utilization factor improved to 29.4% from 26.2% in the corresponding period last year.

ACME Solar Holdings reported a revenue of ₹8.58 billion (~$90.8 million) in the previous quarter, up 67.8% YoY from ₹5.11 billion (~$54.1 million).