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ACME Solar’s Q3 FY 2025 Revenue Rises 10%

ACME Solar Holdings posted a consolidated revenue of Rs4.01 billion, with the PAT margin improving to 28% from 12.2%. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also increased by 15.7% YoY to Rs3.59 billion.

In the first nine months (9M) of FY 2025, ACME generated 2,499 million units (MU) of electricity, reflecting a 34.5% increase over the previous year. The capacity utilization factor (CUF) improved to 23.7%, up 3.2% from 9M FY 2024. However, the company’s EPS for the 9M period declined by 23% YoY to Rs2.4 in FY 2023 to Rs1.29 billion in FY 2024.

During Q3, ACME reduced its total debt by Rs20.7 billion. The company projects an annual EBITDA run rate of Rs17.5-Rs18 billion and a pre-tax return on capital employed of 14.5%.

ACME achieved 100% grid connectivity for its under-construction projects and has 5,000 acres of land ready for development. The company’s Firm and Dispatchable Renewable Energy (FDRE) projects have contributed to an improved CUF of up to 32%-33% for new installations.

ACME’s operational capacity rose to 2,540 MW in Q3 FY 2025, following the commissioning of the 1,200 MW Rajasthan solar project. Its under-construction portfolio increased to 4,430 MW, with power purchase agreements (PPAs) signed for 2,340 MW—52.8% of its under-construction capacity.

The company secured Rs165 billion in operational capacity debt at an average interest rate of 8.8%. In December 2024, ACME Renewtech secured Rs19.88 billion loan from REC Limited to develop 320 MW FDRE projects in collaboration with SJVN.