ACME Solar Holdings Limited has reported a sharp rise in earnings for the second quarter of FY27, helped by new battery energy storage system (BESS) and renewable-energy capacity. In a press release dated 28 October 2026, the Gurugram-based developer said consolidated EBITDA for Q2 FY27 was ₹874 crore, up 63.6% from ₹534 crore a year earlier, and profit after tax (PAT) was ₹269 crore, up 133.5% from ₹115 crore. Total revenue rose 67.5% to ₹1,007 crore. The company also said it has commissioned about 5.2 GWh of BESS capacity in total, which it describes as the second largest in India.
Quarter and half-year financials
On a consolidated basis, Q2 FY27 total revenue was ₹1,007 crore against ₹601 crore in Q2 FY26. The company said the increase was primarily driven by BESS and renewable-energy capacity additions. EBITDA margin was 86.7%, compared with 88.8% a year earlier, and the PAT margin improved to 26.7% from 19.1%. Cash PAT, which the company computes as PAT plus depreciation, adjusted for exceptional items, was ₹441 crore, up 93.2% from ₹228 crore.
For the first half of FY27, total revenue was ₹1,961 crore, up 65.4% from ₹1,185 crore. EBITDA was ₹1,704 crore, up 60.1% from ₹1,065 crore, at a margin of 86.9% against 89.8%. PAT doubled to ₹504 crore from ₹246 crore, a rise of 105.0%, and cash PAT was ₹831 crore, up 72.3% from ₹482 crore.
Operations
ACME Solar generated 1,840 million units (MU) in Q2 FY27, up 19.6% from Q2 FY26, which it attributed to added capacity and higher irradiation. The capacity utilisation factor rose to 27.8% from 24.1% a year earlier. In addition, 324 MU were sold through short-term peak-power operations using battery storage.
Battery storage and contracts
The company said it commissioned about 2.1 GWh of BESS in the quarter until the date of the release, taking cumulative commissioned capacity to about 5.2 GWh. It said it has achieved its initial target of 5 GWh of BESS commissioning for the half year, and that the commissioned storage and solar capacity enables partial commissioning of projects totalling about 1.9 GW.
On the contracting side, ACME Solar signed 430 MW of firm and dispatchable renewable energy (FDRE) power purchase agreements (PPAs) in the quarter so far. That takes under-construction contracted PPA capacity to 4,310 MW, entailing about 17 GWh of BESS installations. PPAs have been signed for 7.3 GW, which is 87% of its total portfolio capacity. About 19 GWh of BESS has been contracted with suppliers that include CATL, Hithium, Ganfeng Li Energy, Trina and CLOU, among others.
The company has also locked in revenue from short-term BESS contracts: more than ₹1,600 crore for the partial sale of FY27 BESS capacity, and more than ₹1,500 crore for FY28 so far, with the balance to be tied up through future bids.
Financing and rating
ACME Solar Holdings was upgraded by CRISIL to AA-/Positive from AA-/Stable. The company said it has tied up debt of about ₹9,100 crore from JPMorgan Chase Bank, IIFCL, REC, PFC and IREDA. The weighted average cost of debt for fully operational projects is 8.4%. It also said connectivity is available, secured or applied for across all under-construction projects, including those where PPAs are yet to be signed, and that about 10 GW of renewable-energy connectivity inventory, including secured and applied capacity, is available for upcoming bids over and above its existing portfolio.
Revised targets
Under what it calls Strategy 2.0, ACME Solar raised two targets. The goal for cumulative BESS commissioning in FY27 has been increased from 10 GWh to more than 12 GWh. The 2030 renewable-energy target has been raised from 10 GW of generation capacity to 15 GW, to be achieved by leveraging FDRE and assured peak power, contract-for-difference (CfD) structures, renewable power for green hydrogen and other molecules, and data centres, among other uses.
The company’s contracted portfolio stands at 8,370 MW across solar, BESS, FDRE, hybrid and wind solutions. Operational capacity is about 3,123 MW, along with 5.24 GWh of BESS.
What it means for India’s clean-energy sector
The results show how storage is changing the business of Indian renewable developers. Revenue that once depended mainly on selling solar energy at a fixed tariff is increasingly tied to FDRE and peak-power contracts, in which a developer supplies power on demand rather than only when the sun is shining. Batteries make that possible, and about 19 GWh of contracted storage points to larger volumes ahead.
The rating upgrade and the debt tie-up suggest lenders are comfortable with this model so far. Many of the numbers, however, describe contracts and targets rather than completed projects. Under-construction PPA capacity of 4,310 MW and the higher 2030 target are plans, and their delivery depends on construction, supply of equipment, grid connectivity and further bid wins.
The press release does not give the cost of the BESS installations, a segment-wise revenue split or the timeline by which the 15 GW target would be reached.
Official references
- ACME Solar Holdings Limited, press release on Q2 FY27 results, filed with BSE and NSE, 28 October 2026: https://www.bseindia.com/xml-data/corpfiling/AttachLive/2720ada1-00a1-4f0d-a164-f83133324935.pdf
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