Gurugram-based independent power producer ACME Solar Holdings reported a revenue of ₹8.58 billion (~$90.8 million) in the first quarter (Q1) of the financial year (FY) 2027, up 67.8% year-over-year (YoY) from ₹5.11 billion (~$54.1 million).

Revenue from the sale of electricity increased 67.7% YoY to ₹8.57 billion (~$90.8 million) from ₹5.11 billion (~$54.1 million).

The company attributed the revenue growth to higher solar irradiation, improved plant performance, and additions to its renewable energy and battery energy storage capacities.

Profit after tax jumped 79.9% YoY to ₹2.35 billion (~$24.89 million) from ₹1.31 billion (~$13.88 million).

Earnings before interest, taxes, depreciation, and amortization rose 56.5% YoY to ₹8.31 billion (~$88.02 million) from ₹5.31 billion (~$56.25 million).

Earnings per share came in at ₹3.67 (~$0.039) from ₹2.14 (~$0.023) in the corresponding quarter last year.

ACME Solar sold 2,020 million units of electricity during the quarter, up 23.4% YoY, driven by capacity additions, higher irradiation, and improved plant performance.

Its capacity utilization factor increased by 2.4% to a record quarterly high of 30.9% from 28.5%. Plant availability and grid availability stood at 99.2% and 98.8%, respectively.

During the quarter, the company commissioned approximately 2.3 GWh of battery energy storage system (BESS) capacity, taking its cumulative commissioned storage capacity to approximately 3.62 GWh.

The phased operationalization of approximately 3.1 GWh of storage capacity generated revenue of ₹2.26 billion (~$23.94 million).

ACME Solar also secured short-term BESS contracts, locking in more than ₹14 billion (~$148 million) in revenue through the partial sale of its FY 2027 battery storage capacity.

As of July 2026, ACME Solar had an operational contracted renewable energy capacity of 2,990 MW, and 3,621 MWh of commissioned battery storage capacity.

The company had 5,080 MW of contracted capacity under construction, with 3,880 MW having signed PPAs. The company said connectivity had been secured, was available, or had been applied for across all its under-construction projects, including projects awaiting signed power purchase agreements (PPA).

The portfolio with signed PPAs will require approximately 15 GWh of BESS installations.

During the quarter, ACME Solar signed PPAs with the Solar Energy Corporation of India for 600 MW of projects.

The agreements comprised a 300 MW firm and dispatchable renewable energy project awarded to ACME Renewtech Sixth at a tariff of ₹6.28 (~$0.067)/kWh, and a 300 MW hybrid project awarded to ACME Renewtech Fifth at a tariff of ₹3.25 (~$0.034)/kWh.

ACME Solar incurred capital expenditure of approximately ₹29.58 billion (~$313.5 million) during the quarter. As of June 30, 2026, it had issued purchase orders worth approximately ₹23 billion (~$243.7 million).

The company secured debt financing of more than ₹60 billion (~$635.8 million) from REC and Power Finance Corporation for 700 MW of FDRE projects under construction.  The weighted-average cost of debt for its operating portfolio was 8.4%. It has debt tied up for around 85% of PPA-signed projects.

Outlook

The company raised its guidance for cumulative commissioned BESS capacity to more than 10 GWh by FY 2027 and around 1.5 GW of renewable energy comprising FDRE and hybrid projects.

It has placed orders with suppliers, including CATL and Hithium, to meet the storage requirements of its entire under-construction portfolio with signed power purchase agreements.

ACME Solar has a connectivity inventory of approximately 10 GW for future projects and has acquired more than 18,000 acres of land for its under-construction portfolio.

In Q4 FY 2026, ACME reported revenue of ₹5.48 billion (~$58.05 million), a 12.5% YoY increase from ₹4.87 billion (~$51.59 million).