ACME Solar Holdings Q2 FY27 results: net profit up 133.5% to ₹268.66 crore, revenue up 89.6%

How did ACME Solar Holdings perform in Q2 FY27?

ACME Solar Holdings reported consolidated revenue of ₹887.01 crore for Q2 FY27, up ₹419.26 crore or 89.6% from ₹467.75 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹29.51 crore or 3.4%. Total income rose 67.5% year on year to ₹1,007.08 crore and was up ₹53.31 crore or 5.6% from the previous quarter.

Consolidated EBITDA was ₹753.46 crore in Q2 FY27, up ₹353.25 crore or 88.3% from ₹400.21 crore in Q2 FY26. It increased by ₹19.20 crore or 2.6% from Q1 FY27, while the EBITDA margin was 84.9%, down 0.7 percentage points from both comparison periods.

Profit before tax was ₹356.01 crore, up 127.9% year on year and 7.4% from Q1 FY27. Net profit was ₹268.66 crore, up ₹153.60 crore or 133.5% from Q2 FY26 and ₹33.33 crore or 14.2% from Q1 FY27. Basic EPS was ₹4.0, against ₹1.9 and ₹3.71, respectively. On the standalone basis, revenue was ₹3313.11 crore and net profit was ₹241.26 crore.

What changed in ACME Solar Holdings' costs and profit?

Total expenses increased ₹201.63 crore or 44.9% to ₹651.07 crore from ₹449.44 crore in Q2 FY26, compared with a ₹419.26 crore rise in revenue. Finance costs were up ₹80.69 crore or 30.5% at ₹345.21 crore, depreciation increased ₹54.93 crore or 46.8% to ₹172.31 crore, and other expenses rose ₹63.63 crore or 122.2% to ₹115.72 crore. Employee cost was higher by ₹2.38 crore or 15.4% at ₹17.83 crore, while cost of materials was unchanged.

Other income fell ₹13.55 crore or 10.1% to ₹120.07 crore from ₹133.62 crore in Q2 FY26. Tax expense increased ₹46.24 crore or 112.5% to ₹87.35 crore from ₹41.11 crore. Q2 FY26 included a ₹4.25 crore exceptional gain, while Q2 FY27 had no exceptional item. Against Q1 FY27, total expenses were higher by ₹28.76 crore, other income was higher by ₹23.80 crore, and tax was lower by ₹8.78 crore.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose ₹765.78 crore or 78.2% to ₹1,744.51 crore from ₹978.73 crore in H1 FY26. Total income increased ₹775.49 crore or 65.4% to ₹1,960.85 crore, while profit before tax was ₹687.48 crore, up ₹356.91 crore or 108.0%.

Net profit for the first half was ₹503.99 crore, compared with ₹245.89 crore in H1 FY26, an increase of ₹258.1 crore or 105.0%. Basic EPS rose from ₹4.06 to ₹7.51, with the company reporting a difference of ₹3.45 or 85.0%.

What do the balance sheet and cash flow show?

Total assets rose to ₹40,627.56 crore at 30 September 2026 from ₹28,540.31 crore at 31 March 2026. Total equity increased to ₹8,361.09 crore from ₹5,060.17 crore, borrowings to ₹26,524.78 crore from ₹18,988.05 crore, and cash to ₹4,384.07 crore from ₹2,230.94 crore. Inventories were ₹32.94 crore, trade receivables were ₹439.69 crore, and trade payables were ₹14.9 crore.

H1 FY27 operating cash flow was ₹1,066.59 crore, up from ₹294.47 crore in H1 FY26. Investing cash flow was negative ₹8,193.86 crore, compared with negative ₹2,460.19 crore, while financing cash flow was ₹9,280.40 crore against ₹1,284.08 crore. Capital expenditure was ₹6,329.21 crore in H1 FY27, up from ₹1,402.42 crore in H1 FY26.

How has ACME Solar Holdings done over the last 8 quarters?

Revenue and profit increased in each of the last five quarters on a year-on-year basis. Revenue reached its highest level in the available series in Q2 FY27 at ₹887.01 crore, while Q2 FY26 marked the lowest point at ₹467.75 crore before the subsequent rise. Net profit likewise peaked at ₹268.66 crore in Q2 FY27 and had bottomed at ₹113.71 crore in Q3 FY26 in the periods shown.

The EBITDA margin reached 89.6% in Q1 FY26, the highest level in the eight-quarter series, and fell to 85.6% in Q2 FY26. It recovered to 89.5% in Q3 FY26 before declining to 84.9% in Q2 FY27, the lowest margin in the series, as revenue and profit continued to rise in the latest two quarters.

What else did the company announce?

The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 and took on record the joint statutory auditors’ limited review report. It also approved the appointment of Grant Thornton Bharat LLP as internal auditor for 18 months, effective from 1 October 2026 to 31 March 2028, covering FY27 and FY28.

ACME Marigold Urja Private Limited, a wholly owned subsidiary, executed a power purchase agreement with NTPC for a 400 MW firm and dispatchable renewable energy project under FDRE Tranche 01. The filing states a scheduled commencement date of 30 June 2028, a 25-year project tenure from that date, and a tariff of Rs. 4.37 per unit. No dividend or fund-raising announcement was included in the same-day filings.

What did ACME Solar Holdings' management say?

Management raised FY27 BESS commissioning guidance to more than 12 GWh from 10 GWh. It also raised the 2030 target to 15 GW of renewable capacity and 50 GWh of BESS, while stating that grid-facing generation additions are targeted at 1.5-2 GW in FY27 and 2.5-3 GW in FY28, subject to GNA availability. Management said complete project commissioning remains around 1.5 GW and could move by one quarter depending on GNA timing.

Management identified grid-network-approval delays, BESS economics exposed to IEX power prices, ALMM 2 module availability and pricing, and market-rate exposure within the debt structure as risks. It also said a rolling operating ambition of around 10 GWh for BESS is subject to tariff realisation. The Chairman described the plan as building “a return-led, self-financing renewable platform with contracted, visible cash flows.” No specific analyst questions were listed in the available record.

How did ACME Solar Holdings shares react?

The filing was released after market hours. From the price when it appeared, the stock was down 0.5% after 5 minutes, up 1.2% after 15 minutes, and up 2.5% after 30 minutes. On the reaction day, it closed 0.9% above its pre-results close, compared with a 1.2% median rise for the other Power Generation stocks and a 0.7% rise for the Nifty Smallcap 250.

By the next day’s close, the stock was 1.3% above its pre-results close, while the industry median was down 0.4% and the Nifty Smallcap 250 was down 1.3%. The one-day excess move against the industry was negative 0.9 percentage points. Earlier results-day moves were mixed: the stock was up 8.9% on 25 July 2025 and 8.2% on 29 January 2025, but fell 5.4% on 8 May 2026 and 4.4% on 19 May 2025.

How did other Power Generation companies do?

Among 13 other Power Generation companies that had filed for the quarter, the median revenue growth was 13.3%. Eleven peers grew more slowly than ACME Solar Holdings, while two grew faster. Ten of the 14 companies compared for profit reported higher profit, with ACME Solar Holdings excluded from the peer count.