ACME Solar Holdings has reported a consolidated revenue of ₹4.01 billion (~$48.46 million) for the third quarter (Q3) of the financial year (FY) 2025, a 9.9% year-over-year (YoY) growth from ₹3.65 billion (~$44.06 million) and a 35.8% increase from ₹2.95 billion (~$35.68 million) in Q2 FY 2025.

The company attributed the revenue growth to the phased commissioning of a 1,200 MW project for the Solar Energy Corporation of India.

ACME Solar’s profit after tax (PAT) surged to ₹1.12 billion (~$13.53 million) for the quarter, a 152.1% YoY increase from ₹440 million (~$5.32 million), growing its PAT margin growth to 28%, from 12.2%.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q3 FY 2025 stood at ₹3.59 billion (~$43.37 million), a 15.7% YoY increase from ₹3.1 billion (~$37.47 million). The EBITDA margin also rose to 89.6% from 85.1% in the corresponding period of the previous year.

ACME Solar’s Earnings Per Share (EPS) for the quarter came in at ₹2.09 (~$0.024), a 161% YoY growth from ₹0.8 (~$0.009).

Operational Highlights

ACME Solar generated 2,499 million units (MU) of electricity in the first nine months (9M) of FY 2025, a 34.5% increase over the 1,858 MU generated during the same period the previous year. The company’s capacity utilization improved to 23.7%, up 3.2% compared to 9M FY 2024.

The company’s EPS during 9M FY 2025 came in at ₹2.4 (~$0.028), a 23% YoY decline from ₹2.97 (~$0.034). Profit for 9M decreased from ₹1.65 billion (~$19.88 million) in FY23 to ₹1.29 billion (~$15.55 million) in FY24. Revenue decreased from ₹10.24 billion (~$123.49 million) in 9M FY23 to ₹9.18 billion (~$110.47 million) in the same period.

At the earnings call conference, ACME Solar management said the company utilized its recent initial public offering proceeds to reduce debt by ₹20.7 billion (~$248.55 million), bringing total debt down to ₹68.82 billion (~$827 million) from ₹87.55 billion (~$1.05 billion) in the previous quarter.

Its projected annual EBITDA run rate is between ₹17.5 billion (~$210 million) and ₹18 billion (~$216 million), and a pre-tax return on capital employed of 14.5%.

The company claimed 100% grid connectivity for its under-construction projects and 5,000 acres of land ready for development. It said its Firm and Dispatchable Renewable Energy projects contributed to improved capacity utilization factor of up to 32%-33% for newer installations.

During Q3 FY 2025, ACME commissioned a 1,200 MW Solar Energy Corporation of India project in Rajasthan, increasing its operational portfolio to 2,540 MW. The company’s under-construction capacity increased to 4,430 MW during this period.

The company signed power purchase agreements for 2,340 MW, representing 52.8% of its total under-construction capacity.

It secured debt financing of approximately ₹165 billion (~$1.99 billion) for 1,700 MW of its ongoing projects. The company also obtained refinancing for operational capacity debt of ₹55 billion (~$664.71 million) at an average annual interest rate of 8.8%.

In December 2024, ACME Renewtech, a subsidiary of ACME Solar Holdings, secured ₹19.88 billion (~$240.19 million) in term loan financing from the Power Finance Corporation (PFC) to fund a 300 MW solar-wind hybrid project.

In November 2024, ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, secured a ₹37.53 billion (~$453.82 million) loan from REC Limited to develop 320 MW FDRE projects in collaboration with SJVN.