ACME Solar Holdings Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 6 Aug 2026 | Power | Market Cap: ₹27.0K Cr
ACME Solar targets a contracted capacity of 7 GW by FY '27-'28 and aims for 10 GW by FY '30, combining FDRE (Firm Delivery Renewable Energy) and hybrid projects. ACME Solar targets reaching around 10 GW contracted capacity by FY '30, expanding from 2.7 GW operational currently, with 3.5-4.5 GW capacity additions planned by FY '27-'28.
From ACME Solar Holdings Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹402
Market Cap
₹27.0K Cr
P/E Ratio
45.4
How does ACME Solar Holdings Ltd rank in Power?
Compare ACME Solar Holdings Ltd against every Power company this quarter on revenue, margins and earnings-call signals.
ACME Solar Holdings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹548 Cr, net profit ₹138 Cr.
Full financials →📊 Revenue & Sales Performance
- →ACME Solar targets a contracted capacity of 7 GW by FY '27-'28 and aims for 10 GW by FY '30, combining FDRE (Firm Delivery Renewable Energy) and hybrid projects.
- →Revenue growth is expected from commissioning near-ready projects totaling 450 MW in FY '26 and about 1.89-2.2 GW in FY '27.
- →The company focuses on profitability over just installed capacity, with installed capacity potentially over 20 GW including battery and solar.
- →Increasing focus on technology innovation and execution to meet India's growing energy demand, especially base and peaking power via FDRE and hybrid solutions.
- →Financial prudence with no intent to raise further equity; capex scheduled as per secured PPAs and balanced year-wise commissioning.
- →Expansion aided by free cash flows, EPC margins, and credit lines supporting INR 20,000 crores capex.
- →Continued increase in capacity utilization factor (CUF) expected due to Rajasthan focus and full-run operations of new plants.
📈 Profitability & Margins
- →ACME Solar targets reaching around 10 GW contracted capacity by FY '30, expanding from 2.7 GW operational currently, with 3.5-4.5 GW capacity additions planned by FY '27-'28.
- →FY '26 capacity addition expected around 450 MW; FY '27 approximately 1.89-2.2 GW, primarily backed by signed PPAs.
- →EBITDA is expected to improve with capacity additions; FY '25 EBITDA was INR 1,400 crores with an 89% margin, showing strong growth (up 43% YoY).
- →PAT and cash PAT saw significant growth in FY '25, up 290% and 155% respectively, signaling improving profitability.
- →Cost of debt expected to decline gradually due to credit rating improvements and lower interest rates, aiding better financials.
- →The company emphasizes financial prudence; no major equity raise planned, relying on cash accruals and financing for capex.
- →Operational efficiency improvements and capacity utilization factor gains (25.6% to improving further) indicate future profit growth potential.
🏗️ Capital Expenditure Plans
- →Capex of around INR 20,000 crores planned, funded by INR 16,500 crores debt and ~INR 4,000 crores equity (from cash accruals and unutilized credit lines).
- →Focus on executing large infrastructure projects requiring contiguous land; efforts ongoing to secure government land to improve execution capacity.
- →Capex locked-in for batteries at prices well below initial budget, with Tier 1 Chinese suppliers and currency hedges in place.
- →Strategic investments in equipment including PCS, transmission lines, transformers, wind turbines, and gas-insulated substations for improved reliability and efficiency.
- →Building operational and near-commissioning projects, targeting increased capacity to 10 GW by FY '30, staggered yearly for balanced execution.
- →No capex on Pumped Storage Plants (PSP) until a good tariff aligned with construction risk is secured.
- →Pilot Battery Energy Storage System (BESS) project of 200 MW targeted for Q2; larger scale BESS projects planned for Q3 commissioning.
💰 Fundraising & Capital Structure
- →ACME Solar has secured debt financing of around INR16,500 crores for 1,700 MW of under-construction projects.
- →The INR16,500 crores refers solely to debt; equity funding is supplemented by internal accruals and unutilized credit lines (~INR4,000 crores equity).
- →The company does not intend to raise further equity to fund capex; capex will be scheduled based on existing financial resources.
- →Refinancing sanctions of INR7,700 crores at reduced interest rates (around 8.5%-8.6%) were obtained to lower cost of debt.
- →No explicit mention of new fundraising plans beyond this; focus is on optimizing existing financing and staggered commissioning aligned with PPA timings.
- →The company aims to be financially prudent, not building plants unless debt financing is secured, minimizing risk exposure.
📋 Order Book & Pipeline
- →Under construction locked-in capacity stands at 4.3 GW.
- →Of this, around 2.2 GW is already PPA signed.
- →Balance 2.1 GW are LOA awarded, with PPA signing expected soon.
- →Bunching up of PPA signing expected; around three PPAs aggregating to ~750 MW are in the final stage and expected to be signed soon.
- →Tariff adopted and order reserved for over 90% of the 4.3 GW under construction projects.
- →Connectivity in place for the entire portfolio plus surplus connectivity of 2.5 GW applied/secured for future bids.
- →Land acquisition: over 50% for solar components, over 60% for wind components for PPA signed projects.
- →Additional land applications for over 10,000 acres in various approval stages to support under-construction and future projects.
Key Metrics
Frequently Asked Questions
What were ACME Solar Holdings Ltd Q4 FY25 results?
ACME Solar targets a contracted capacity of 7 GW by FY '27-'28 and aims for 10 GW by FY '30, combining FDRE (Firm Delivery Renewable Energy) and hybrid projects. ACME Solar targets reaching around 10 GW contracted capacity by FY '30, expanding from 2.7 GW operational currently, with 3.5-4.5 GW capacity additions planned by FY '27-'28.
What is ACME Solar Holdings Ltd share price analysis?
ACME Solar Holdings Ltd currently shows a neutral. The stock trades at a P/E of 45.4 with a market cap of ₹27,020 Cr. Investors should review the full earnings analysis for detailed insights.
Is ACME Solar Holdings Ltd planning capital expenditure?
Capex of around INR 20,000 crores planned, funded by INR 16,500 crores debt and ~INR 4,000 crores equity (from cash accruals and unutilized credit lines).
Keep ACME Solar Holdings Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.