ACME Solar Holdings Limited has announced a strong financial and operational performance for the third quarter of the financial year 2025. The company reported a significant year-on-year increase in profitability, with a 152% rise in profit after tax (PAT), reaching ₹112 crore. The PAT margin improved to 28%, reflecting enhanced operational efficiency. The company’s total revenue rose by 9.9% year-on-year to ₹401 crore, while EBITDA showed a growth of 15.7% to ₹359 crore. Quarter-on-quarter, the company recorded an impressive 35.8% rise in revenue and a 40.1% increase in EBITDA.
A major contributor to ACME Solar’s growth was its expanding project portfolio. The company reported a total contracted capacity of 6,970 MW, including 2,540 MW of operational capacity, which nearly doubled compared to the previous quarter. Additionally, the company has 4,430 MW of capacity under construction, with 1,250 MW added in the third quarter. Power purchase agreements (PPAs) were signed for 2,340 MW, covering 53% of the under-construction capacity. Debt arrangements were secured for 1,700 MW of this capacity, amounting to approximately ₹16,500 crore.
On the financial front, ACME Solar successfully reduced its debt burden using proceeds from its initial public offering. The company reported a net debt-to-equity ratio of 1.6x, with a total net debt of ₹6,882 crore. Of this, ₹6,069 crore was attributed to the operational portfolio, while ₹813 crore was related to under-construction projects. The company also refinanced ₹5,500 crore of its operational portfolio at an average interest rate of 8.8%, leading to a cash release of ₹650 crore and a 70-basis-point reduction in the cost of debt.
Operational performance in the first nine months of FY25 showed strong growth, with electricity generation increasing by 34.5% to 2,499 million units. The capacity utilization factor improved to 23.7%, and both plant and grid availability remained above 99%. ACME Solar also achieved key milestones in expanding its footprint, including the successful commissioning of a 1,200 MW SECI plant in Rajasthan. This project, the largest single-location solar power plant in the state, significantly strengthened the company’s operational base.
In recognition of its achievements, ACME Solar received industry accolades, including the “Solar Ground Mount Project of the Year – IPP” for its 300 MW Heergarh project and recognition for its 1,200 MW SECI plant in Rajasthan. The company remains focused on driving sustainable growth by increasing execution efficiency, securing strong off-takers, and leveraging government support for renewable energy expansion.
