ACME Solar Holdings Ltd

SECI tender win

• ACME won 300 MW contracted capacity in SECI's Assured Peak Power FDRE-IX tender at Rs 6.00/kWh.
• Project will supply 1,200 MWh over four hours (300 MW x 4 hours).
• Connectivity grant and substantial land secured to expedite development and commissioning.
• PPA execution to add 1.2 GWh to ACME's battery energy storage portfolio.
• BESS pipeline rises to about 15 GWh.
• Voluntary submission; not an LODR regulatory intimation.
• No governance or board changes disclosed.

Meeting Details

• Date: 19 August 2026.
• Type/Mode: Group (Virtual) meetings.
• Organizer: Goldman Sachs India Energy Security & Grid Resilience Corporate Day - Virtual.
• Participants: Company officials (including Company Secretary and Compliance Officer) will participate.
• Purpose: Investor/analyst interactions.
• Presentation: Investor presentation available on company website.

Financing and redemption

• ACME Solar refinanced INR 2,147 crore via NaBFID, redeeming NCDs across 12 RG SPVs (450 MW).
• Underlying offshore dollar bonds under the orphan structure have been fully redeemed.
• Total financing raised this fiscal is Rs 8,198 crore.
• Borrowing cost reduced by about 150 basis points across SPVs.
• This cost relief strengthens project cash flows and long-term capital structure.

Structure and ratings

• RG structure comprises 12 operational assets; 56% capacity tied to SECI and NTPC.
• RG structure is provisionally rated AA- by CARE.

Meeting Details

• Date: July 30, 2026; time not disclosed.
• Type: group earnings call with analysts/institutional investors; mode: audio recording online.
• Event/organiser: Earnings Call for Q1 FY27 audited results.
• Key company participant: Company Secretary and Compliance Officer.
• Purpose: discuss audited standalone and consolidated Q1 FY27 results (quarter ended June 30, 2026).
• Availability: audio recording of the earnings call posted on company website.

Deviation status and fund utilisation

• Mode of fund raising: Qualified Institutions Placement
• Amount raised disclosed
• Monitoring agency involvement reported
• Deviation in use of funds: None
• Audit committee: Nil
• Auditors: Nil
• Utilisation aligned with original objects; no deviation

Issue Overview

• Type of issue: QIP of Equity Shares.
• Total issue size disclosed; no undersubscription or revision reported.
• Main objectives: debt repayment, general corporate purposes, and issue expenses.

Utilisation of Proceeds

• Utilisation largely in line with disclosures; no material deviations observed.
• Unutilised funds parked in term deposits and monitoring account.
• Repayment of borrowings: utilised; ongoing, with remaining unutilised funds.
• General corporate purposes: investments in subsidiaries; ongoing deployment.
• Issue expenses: utilised; remaining unutilised funds.
• No material deviations from stated objects.
• Progress: objects ongoing with completion target as per offer document.

Governance and Compliance

• Approvals status: not explicitly indicated as obtained.
• No material events affecting viability reported.
• Board comments: no adverse remarks; MA notes no conflicts.

General Corporate Purpose

• GCP allocated amount used for subsidiary investments and other corporate uses.
• Board approval for allocations not explicitly reported.
• Unutilised GCP funds remain; details reflected in unutilised balance.
• GCP scope includes capex, working capital, partnerships, acquisitions, and investments.

Business Overview

• Portfolio of 8,070 MW across solar, wind, storage, hybrid, and FDRE.
• In-house EPC and O&M enable cost and scheduling control.
• Central off-takers include SECI, NTPC, SJVN, NHPC; PPAs span 25 years.
• Approximately 20 GWh of BESS installations in the portfolio.
• Long-term cash flows via 25-year PPAs with government-backed entities.

Operational Highlights

• Q1 FY27: highest ever quarterly revenue and EBITDA.
• CUF reached a record 30.9% in the quarter.
• 600 MW FDRE/Hybrid PPAs signed with SECI; UC PPA 3,880 MW (~15 GWh).
• Commissioned ~2.3 GWh BESS; cumulative 3.62 GWh.
• BESS capacity 3.1 GWh generated INR 226 Cr revenue in Q1 FY27.
• BESS capacity ordered for entire UC PPA signed portfolio; CATL and Hithium as suppliers.
• Short-term BESS contracts bids; INR 1,400 Cr+ revenue lock-in for partial FY27 capacity.
• ACME Renewtech Sixth (300 MW FDRE) tariff INR 6.28/kWh.
• ACME Renewtech Fifth (300 MW Hybrid) tariff INR 3.25/kWh.
• Capex incurred INR 2,958 Cr in Q1 FY27; PO ~INR 2,300 Cr.
• Debt tied up for 85%+ of PPA-signed projects.
• Connectivity inventory ~10 GW available for future projects.
• Land acquired >18,000 acres.
• DSO 20 days (excluding BESS); 37 days including BESS.
• ALMM extension to 31.12.2026; ISTS waiver extension to 2028; CERC exit option; ROFR updates; grid-forming inverter mandate.

Financial Performance

• Consolidated revenue from operations INR 858 Cr; total income INR 954 Cr.
• EBITDA INR 831 Cr; EBITDA margin 87.1%.
• PAT INR 235 Cr; PAT margin 24.7%.
• Asset base INR 24,910 Cr, up INR 8,593 Cr YoY.
• DSO 20 days (ex-BESS); 37 days including BESS.
• Standalone EPC revenue INR 2,266 Cr; EBITDA INR 262 Cr; PAT INR 122 Cr.

Capital Structure & Liquidity

• Capex incurred INR 2,958 Cr in Q1 FY27; purchase orders ~INR 2,300 Cr.
• Debt tied up > INR 6,000 Cr for 700 MW UC FDRE projects with REC and PFC.
• Debt tied up for 85% of PPA-signed projects.
• Weighted average cost of debt for operational projects 8.4%.
• Credit ratings: ICRA AA-, CRISIL AA- (Stable).
• Connectivity across under-construction projects; ~10 GW connectivity inventory.
• Land acquired >18,000 acres.

Strategic Priorities & Outlook

• FY27 target: commission ~1.5 GW renewables and 10+ GWh BESS.
• Portfolio target: 10 GW generation capacity and 25 GWh BESS by 2030.
• FY27 commissioning guidance: 1.5 GW renewables and 10+ GWh BESS.

Risks & Mitigation

• ALMM extension provides regulatory certainty for OA and net metering.
• ISTS waiver extension mitigates transmission delays; 2028 horizon.
• CERC free-exit option preserves LOA connectivity for unsigned PPAs.
• ROFR connectivity accelerates BESS deployment; grid-forming inverter mandate improves stability.

Financial highlights

• Total revenue Q1 FY27: INR 954 Cr; YoY growth 63.3%.
• EBITDA for Q1 FY27: INR 831 Cr; EBITDA margin 87.1%.
• PAT for Q1 FY27: INR 235 Cr; PAT margin 24.7%.
• Cash PAT of INR 390 Cr, up 53.4% YoY.

Operational highlights

• CUF increased to 30.9% in Q1 FY27 from 28.5%.
• 2,020 MUs sold in Q1 FY27, up 23.4% YoY.
• 3 GWh BESS commissioned; cumulative capacity ~3.62 GWh.
• Plant availability 99.2%; grid availability 98.8%.

BESS & capacity updates

• 600 MW FDRE/Hybrid PPAs signed with SECI.
• Total UC PPA capacity signed: 3,880 MW.
• Bids won for short-term contracts; INR 1,400+ Cr revenue lock-in.
• BESS capacity ordered for entire UC PPA portfolio.
• PPA portfolio includes CATL and Hithium among suppliers.
• Revised upward guidance to 10+ GWh cumulative BESS by FY27.

PPA & capacity portfolio

• 600 MW PPA signed in Q1 FY27: 300 FDRE at INR 6.28/Unit; 300 Hybrid at INR 3.25/Unit.
• Under construction PPA portfolio stands at 3,880 MW.

Financing & ratings

• Debt tied up over INR 6,000 Cr for 700 MW under construction FDRE with REC and PFC.
• Weighted average cost of debt for operational projects: 8.4%.
• ICRA AA- assigned to 300 MW Acme Heergarh.
• Crisil A+ assigned to 150 MW Acme wind; ICRA A- for 150 MW Acme Platinum Urja.
• Under-construction 150 MW Acme Platinum Urja FDRE rated ICRA A-.

Land & connectivity

• Connectivity available across all under-construction projects.
• Over 18,000 acres of land acquired.

Financial results approved

• Approved unaudited standalone and consolidated quarterly results for quarter ended 30 June 2026.
• Audit Committee reviewed results; joint auditors issued limited review reports.

Capital raise and proceeds utilization

• Issued 100.18 million equity shares via QIP; net proceeds Rs 27,629.04 million.
• Utilisation: Rs 21,000 million for borrowings; Rs 6,629.04 million for general corporate purposes.
• Unutilised QIP proceeds: Rs 16,889.90 million.

ESOP and employee share movements

• 723,642 equity shares allotted to Employee Welfare Trust; 54,433 shares transferred to employees.
• Trust held 1,252,099 shares as at 30 June 2026.

Other material items

• Exceptional items include Rs 143.39 million contingent consideration (quarter) and Rs 185.88 million (year).
• Group operates in a single segment; segment disclosures not applicable.
• Consolidated and standalone results are unaudited; limited review by auditors.