ACME Solar Holdings Ltd

- During the year, ACME Solar Holdings secured financing of approximately INR 15,000 crores for various under-construction projects. - They also refinanced debt amounting to INR 3,300 crores for operational projects, reducing the interest rate by about 150 basis points. - The company is focused on timely execution and healthy order book additions. - Future capital deployment includes committed capex of INR 12,475 crores, with INR 6,445 crores incurred during the year and purchase orders worth INR 6,030 crores. - There is no specific mention of any new fundraising through debt or equity beyond the refinancing and secured financing noted above as of the current reporting. - The approach emphasizes progressing projects with secured financing and optimizing the cost of debt.

- The company is deferring solar capex until the LTOA (Long Term Open Access) is operational to save interest during construction and improve returns by postponing module installation. (Page 17) - Capital advances of approximately INR 323 crores have been given for procurement of materials, mainly for batteries and wind equipment, including 10-20% partial advances to suppliers backed by bank guarantees. (Page 10) - Last quarter capex on battery was around INR 1,000-1,200 crores, with ongoing spending for installation and commissioning of battery projects. (Page 5) - Upcoming commissioning target includes 1.5 GW of projects and around 10 GWh of battery energy storage systems (BESS) this financial year. (Page 17) - Future capex will be higher than last year, driven by solar+storage projects, with an expected deployment of 40-50 GW solar corresponding to 25-30 GW battery-linked capacity, replacing plain vanilla solar. (Page 14)

- ACME Solar's under-construction portfolio stands at 5.1 GW with 17 GWh BESS; total portfolio is 8.071 GW. - Target to commission 1.5 GW of generation capacity and 10 GWh of battery storage in FY27, with a significant portion on merchant basis. - Revenue growth driven by capacity additions and higher CUF; FY26 revenue grew 59% YoY to INR 2,507 crores. - Expanding order book with focus on large-scale BESS and FDRE 25-year contracts. - Participation in short- and medium-term BESS opportunities to capitalize on merchant market dynamics. - EBITDA margins remain strong, expected around 75%-80% for merchant capacities due to tariff arbitrage. - Transmission and grid connectivity improvements expected to aid timely project commissioning.

- ACME Solar aims to commission 1.5 gigawatts of generation capacity and 10 gigawatt hours of battery energy storage system (BESS) capacity by FY28, supporting future revenue growth. - EBITDA margins for merchant BESS projects are expected to be strong, around 75%-80%, benefiting from tariff arbitrage (buying power at INR2 and selling at INR8). - Operational efficiency improvements and favorable tariff structures contribute to high EBITDA margins of over 90%. - Capex commitments of INR12,475 crores indicate continued investment for capacity expansion. - Focus on long-term PPAs alongside active participation in short- and medium-term BESS opportunities to capitalize on evolving market demand. - Increasing central government projects with faster payment cycles enhance cash flow predictability. - Overall EBITDA for FY26 stood at INR 2,200 crores with expectations to grow with commissioning of additional capacity and battery deployments. - Battery projects and new plants targeting mid- to high-teens IRR, supporting profit growth potential.

- Under construction portfolio: 5.1 gigawatts total capacity, including 3,280 MW PPA signed capacity. - Total portfolio size: 8,071 megawatts. - Under construction projects require installation of approximately 17 gigawatt-hour battery energy storage system (BESS). - Committed total capex: INR 12,475 crores (INR 6,445 crores already incurred; purchase orders worth INR 6,030 crores). - Recent tender win: 301 MW peak power FDRE projects with SECI during the quarter. - Planned project commissioning by FY28 for under-construction capacities. - Active participation in short- and medium-term BESS opportunities alongside long-term 25-year contracts. - Market focus includes both central and state-level tenders aggregating to 15-20 gigawatts with potential for even higher actual solar capacity deployment due to battery-backed configurations.