Key Highlights:
- 1,200 MW solar projects commissioned during the year; Additional 165 MW solar capacity commissioned in May’25, ▲ 101.9% from FY24
- 1,900 MW projects won during the year resulting in total portfolio of 6,970 MW
- 1,890 MW of PPAs signed during the year
- Generated CUF of 25.6% with 4,013 MUs, ▲55.2% from FY24
- Balance sheet strengthening via equity raise improving net debt-to-net worth of 1.7x
- INR 7,700 Cr refinanced debt tied up resulting in average ~75 bps debt cost reduction for refinanced projects
- Credit rating upgraded to CRISIL A+/ Positive for Acme Solar
- Achieved Crisil/Care AA-/Stable rating for multiple project SPVs (750 MW)
- Declared interim dividend of INR 0.20/share for FY25
Financial Highlights
Key Consolidated Financial Highlights are as follows:
Particulars
(INR Cr) Quarterly Performance Annual Performance
Q4 FY25 Q4 FY24 % Change FY25 FY24 % Change
Total Revenue 539 318 69.5% 1,575 1,466 7.4%
EBITDA 488 224 118.3% 1,406 1,236 13.7%
EBITDA Margin 90.5% 70.3% – 89.2% 84.3% –
PAT 122 -57 NA 251 109 130.7%
PAT Margin 22.6% – – 15.9% 7.4% –
Cash PAT 238 -103 NA 559 257 117.4%
Consolidated Financial Highlights:
- Revenue increased by 69.5% for quarter (yoy basis), driven by capacity addition of 1200 MW
- Healthy EBITDA margin of 90.5% in Q4 FY25
- PAT margin stood at 22.6% in Q4 FY25
- For FY25, PAT rose significantly to INR 251 Cr in FY25, compared to INR 109 Cr in FY24 demonstrating a 130.7% increase.
- Net debt stood at INR 7,507 Cr as of FY25 comprising:
- INR 6,232 Cr with respect to operational portfolio
- INR 1,275 Cr with respect to UC capacity
- Net debt-to-EBITDA stood at 4.4x as of FY25, well within the target range of 5.5x
- Days Sales Outstanding decreased by 55.2%, dropping from 93 days in FY24 to 42 days in FY25
Standalone Financial Highlights:
Standalone financials account for in-house EPC business for the company’s own projects
At Standalone level, the company reported total revenue of INR 1,512 Cr, EBITDA of INR 428 Cr and Cash PAT of INR 188 Cr for FY25
Business Highlights
Capacity Addition:
- Commissioned one of the India’s largest single-located solar projects of 1,200 MW in Jaisalmer, Rajasthan
- 1,900 MW capacity won in FY25 comprising 1,000 MW FDRE, 600 MW solar and 300 MW hybrid projects
- 450 MW projects in advanced stages of construction with status as below:
- 165 MW/ 300 MW Acme Sikar solar project commissioned, balance capacity under commissioning.
- 50 MW Acme Pokhran wind project under commissioning
- 100 MW Acme EcoClean wind project under advanced stages of construction
- Operational capacity stands at 2,705 MW, up 101.9% from FY24
Under Construction (“UC”) Projects Contracts Update:
Commitments secured for key long lead items like battery energy storage systems, power conversion systems, transmission lines, power transformers and wind turbines
Price and currency locked in for imported equipment
Cost-Effective Financing/Refinancing:
Refinancing for Operational portfolio: Debt tied up of INR 7,700 Cr at an average interest rate of 8.8% p.a. which would result in:
~75 bps average debt cost reduction for refinanced projects
Financing: Debt tied up for 1,700 MW of UC projects amounting to INR 16,500 Cr
Credit Rating Update:
Acme Solar Holdings Ltd upgraded to CRISIL A+/ Positive in Feb’25
Acme Dhaulpur 300 MW (central offtaker) rated as CRISIL AA-/Stable in Apr’25
Acme Aklera 250 MW (central offtaker) upgraded to ICRA A+/Stable in Apr’25
190 MW (state offtakers) projects upgraded to CRISIL A-/Stable in Mar’25
450 MW (central + state offtakers) projects upgraded to CARE AA-/Stable10 in Nov’24
PPA Signed/LOA Awarded during the Year:
PPA Signed: 1,890 MW signed comprising 1,590 MW FDRE and 300 MW hybrid capacity
LOA Awarded: 2,050 MW signed comprising 1,000 MW FDRE, 600 MW solar and 450 MW hybrid capacity
Operational Highlights
4,013 million units (MUs) generated in FY25 up 55.2% from FY24 driven by capacity addition of 1,200 MW solar projects in Rajasthan
Capacity utilization factor has increased from 23.6% in FY24 to 25.6% in FY25
In Q4 FY25, Rajasthan-based operational assets with 1,950 MW contracted capacity delivered an average CUF of 29.4%
Plant availability and grid availability at 99.5% and 99.8% respectively for FY25
Commenting on the annual performance, Mr. Manoj Kumar Upadhyay, Chairperson & MD, ACME Solar Holdings Ltd, said,
“As India’s energy landscape evolves, ACME Solar is well-positioned to lead the transition towards integrated, scalable, and firm renewable energy solutions. FY25 has been a remarkable year for us. We significantly expanded our operational portfolio and successfully commissioned our largest single-location project – 1,200 MW SECI ISTS solar project. This capacity build-out, aligned with disciplined capital structuring, is now translating into stronger earnings performance. In Q4 FY25, our revenue rose by 70% year-on-year to INR 539 crore, while EBITDA surged 118% to INR 488 crore.
As we continue to scale our presence in the hybrid and FDRE space, our business is becoming more resilient and future ready. With over 4,265 MW under construction and strong alignment across stakeholders, we are confident in our ability to deliver sustained growth and long-term value creation.
Looking ahead, we are targeting a contracted capacity portfolio of 10 GW by 2030, reinforcing our commitment to sustainable growth and energy transition leadership.”
