Any current/future new fundraising through debt or equity?

ACME Solar has tied up around INR14,000 crores of greenfield debt for 4.2 GW under construction from lenders like PFC, REC, SBI, and IREDA. An additional INR20,000 crores of financing is anticipated, timed with project disbursements to minimize upfront fees. The company plans to use IPO proceeds to repay INR1,800-2,000 crores of debt, improving financial metrics and enabling further capex. No immediate plan to raise new equity is indicated; capex costs are trending down, reducing the need for equity dilution. Refinancing is ongoing to extend loan tenor and reduce interest rates, with recent re

Any current/future capex/capital investment/strategic investment?

Current capex for the 1200 MW plant is around INR 4,200 to 4,400 crores, with provisions included (Page 12). Total capex planned for upcoming projects is around INR 40,000 crores, funded approximately 75% by debt and 25% by equity (Pages 11, 12). The company is gearing for commissioning 4.2 GW of capacity under construction, aligned with substation connectivity timelines mostly by FY2027 (Pages 7, 10). Capex is on a downturn due to declining costs of domestic solar modules, batteries, and related technology (Pages 17-18). Internal cash flows, debt refinancing, and IPO proceeds are key funding

Future growth expectations in sales/revenue/volumes?

The company has approximately 4.2 GW of capacity under construction with connectivity tied up for all projects, enabling commissioning aligned with substation availability, mostly by FY27. Recent energization of a 1,200 MW plant in October increased capacity significantly, with daily revenue around INR1.5 crore and expected to grow as full operations commence. They expect to add another 450 MW in the next quarter and potentially 900 MW more if connectivity enables early commissioning. Growth is modulated based on capex availability, mid-teen return targets, and sustainable debt levels; bidding

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue for H1 FY25 increased by 5.5% YoY, with EBITDA growth of 4.8% YoY, indicating steady growth. Cash PAT for H1 FY25 rose 10.6% YoY to INR152 crores, reflecting improving profitability. EBITDA margins remain healthy and consistent with operational efficiencies like robotic cleaning improving capacity utilization factor (CUF) from 23.3% to 24.6%. EPC business showing robust margins around 14%-16%, a key profit driver. Under-construction capacity of 4.2 GW and commissioning of large plants (e.g., 1,200 MW synchronized recently) expected to boost revenue and profits over next 1-2 years. Mid-

Current/ Expected Orderbook/ Pending Orders?

ACME Solar Holdings has around 4.2 GW of capacity under construction. Total portfolio including operational and pipeline stands at approximately 6.7 GW. The company has won 1,350 MW of new projects recently. Around 2.5 GW of capacity is already operational. The overall capex for the entire portfolio foreseen is roughly INR 40,000 crores. INR 14,000 crores of greenfield debt financing has been tied up for the 4.2 GW under construction. Further INR 20,000 crores financing is required as per current capex schedules. The company is modulating new bids and focusing on consolidating existing project

ACME Solar Holdings LtdQ2 FY25Power

ACME Solar Holdings Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹415.8P/E: 49.4Market Cap: ₹29.4K CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company has approximately 4.2 GW of capacity under construction with connectivity tied up for all projects, enabling commissioning aligned with substation availability, mostly by FY27.
Recent energization of a 1,200 MW plant in October increased capacity significantly, with daily revenue around INR1.5 crore and expected to grow as full operations commence.
They expect to add another 450 MW in the next quarter and potentially 900 MW more if connectivity enables early commissioning.
Growth is modulated based on capex availability, mid-teen return targets, and sustainable debt levels; bidding selectively with a bias towards consolidation.
Seasonality affects quarterly revenues (monsoon impact), but generation efficiency is improving due to operational enhancements like robotic cleaning.
Tariffs are sustainable with declining module costs, and new projects are coming in at INR2.44 per unit or competitive rates.
Overall, revenue growth is expected from operational ramp-up of new plants, efficient execution, and selective bidding strategy.

Margin guidance

Category 3

Revenue for H1 FY25 increased by 5.5% YoY, with EBITDA growth of 4.8% YoY, indicating steady growth.
Cash PAT for H1 FY25 rose 10.6% YoY to INR152 crores, reflecting improving profitability.
EBITDA margins remain healthy and consistent with operational efficiencies like robotic cleaning improving capacity utilization factor (CUF) from 23.3% to 24.6%.
EPC business showing robust margins around 14%-16%, a key profit driver.
Under-construction capacity of 4.2 GW and commissioning of large plants (e.g., 1,200 MW synchronized recently) expected to boost revenue and profits over next 1-2 years.
Mid-teen IRR targeted for new bids, providing solid return benchmarks for growth.
Refinancing opportunities and IPO proceeds will help reduce costs and improve financial performance.
Overall, the company plans disciplined capex with growth calibrated to maintain mid-teen returns and sustainable leverage, supporting future operating earnings and EPS growth.

See what ACME Solar Holdings Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

ACME Solar has tied up around INR14,000 crores of greenfield debt for 4.2 GW under construction from lenders like PFC, REC, SBI, and IREDA.
An additional INR20,000 crores of financing is anticipated, timed with project disbursements to minimize upfront fees.
The company plans to use IPO proceeds to repay INR1,800-2,000 crores of debt, improving financial metrics and enabling further capex.
No immediate plan to raise new equity is indicated; capex costs are trending down, reducing the need for equity dilution.
Refinancing is ongoing to extend loan tenor and reduce interest rates, with recent refinancing rates around 8.7%-8.9% expected to hold at AA rating.
Growth will be calibrated based on mid-teen IRR targets and sustainable debt-to-EBITDA ratios.
InvIT fundraising is not planned currently; the company is focused on consolidating assets rather than monetizing them now.

Order book

Yes

ACME Solar Holdings has around 4.2 GW of capacity under construction.
Total portfolio including operational and pipeline stands at approximately 6.7 GW.
The company has won 1,350 MW of new projects recently.
Around 2.5 GW of capacity is already operational.
The overall capex for the entire portfolio foreseen is roughly INR 40,000 crores.
INR 14,000 crores of greenfield debt financing has been tied up for the 4.2 GW under construction.
Further INR 20,000 crores financing is required as per current capex schedules.
The company is modulating new bids and focusing on consolidating existing projects rather than aggressive new wins.
Certain FDRE projects (570 MW SJVN, 380 MW SECI, 350 MW SECI solar+battery, 680 MW NHPC) have pending PPAs to be signed, expected within 1-2 months.
PPAs for some portions (190 MW and 150 MW) have already been signed.

See what ACME Solar Holdings Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Current capex for the 1200 MW plant is around INR 4,200 to 4,400 crores, with provisions included (Page 12).
Total capex planned for upcoming projects is around INR 40,000 crores, funded approximately 75% by debt and 25% by equity (Pages 11, 12).
The company is gearing for commissioning 4.2 GW of capacity under construction, aligned with substation connectivity timelines mostly by FY2027 (Pages 7, 10).
Capex is on a downturn due to declining costs of domestic solar modules, batteries, and related technology (Pages 17-18).
Internal cash flows, debt refinancing, and IPO proceeds are key funding sources; equity dilution is not expected imminently (Pages 6, 8).
InvIT (Infrastructure Investment Trust) structure considered for semi-monetization in future, but no decision made yet (Pages 17-18).
Strategic focus remains on consolidating assets rather than aggressive asset monetization (Page 17-18).

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