ACME Solar Holdings Ltd. reported revenue of ₹887 cr for July to September 2026, +89.5% on the year and +3.4% on the quarter. That is faster than this quarter has grown in recent years (+30.2% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,790 cr, +53.7% on the four before.
The full ACME Solar Holdings Q2 FY27 results page carries every quarter on the same rules, the checks that ran and the ones that need the filing read: ACME Solar Holdings Q2 FY27 results, read forensically.
ACME Solar Holdings Q2 FY27: the numbers
| Sep '26 | Previous quarter | A year ago | On the year | |
|---|---|---|---|---|
| Revenue | ₹887 cr | ₹858 cr | ₹468 cr | +89.5% |
| EBITDA | ₹753 cr | ₹735 cr | ₹400 cr | +88.3% |
| EBITDA margin | 84.9% | 85.7% | 85.5% | −58 bps |
| Net profit | ₹269 cr | ₹235 cr | ₹115 cr | +133.9% |
| EPS | — | ₹3.33 | ₹1.90 | — |
Consolidated figures in ₹ crore, as filed with the exchanges.
What the numbers say
Operating profit (EBITDA) was ₹753 cr, a margin of 84.9%, −58 bps on the year and −77 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 84.9% to 89.6%). Operating costs grew +97.1%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹269 cr, +133.9% on the year and +14.5% on the quarter. Profit before other income, one-offs and tax grew faster, at +1,211.1%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹756 cr, +57.5% on the four before.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated.
Where the profit change came from
Net profit went from ₹115 cr in Sep '25 to ₹269 cr in Sep '26. Taking each line in turn: Business (EBITDA) added ₹353 cr, depreciation took away ₹55.0 cr, finance cost took away ₹80.0 cr, other income took away ₹14.0 cr, exceptional items took away ₹4.0 cr and tax took away ₹46.0 cr.
What the company says drove it
- EBITDA Growth (+63.6% YoY) +63.6%: Driven primarily by short-term peak power BESS operations and renewable capacity additions.
- CUF Improvement (from 24.1% to 27.8% YoY) +3.7%: Addition of 150 MW wind capacity operating at 41% CUF, plant repowering, and operationalization of Sikar plant.
- Power Generation Growth (up 19.6% YoY) +19.6%: Higher CUF across operational solar assets, plant repowering, and contribution from 150 MW wind capacity.
- Flat Interest Cost QoQ 0%: Debt paydown using ₹2,800 cr QIP proceeds, internal BESS cash flows reducing debt drawdowns, and refinancing dollar bonds into lower-rate rupee debt.
- PAT Growth (+133.5% YoY) +133.5%: Revenue expansion from short-term BESS peak power monetization combined with controlled interest costs.
Segments
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Sale of Power (Consolidated) | ₹887 cr | +89.5% | ₹356 cr | +128.2% |
| EPC Business (Standalone) | ₹3,313 cr | +897.9% | ₹323 cr | +687.8% |
The operating numbers
Financial Performance Highlights (₹ crore)
| This quarter | A year ago | YoY | |
|---|---|---|---|
| Total Revenue | 1007 | 601 | +67.5% |
| EBITDA | 874 | 534 | +63.6% |
| Profit After Tax (PAT) | 269 | 115 | +133.5% |
| Total Asset Base | 28462 | 16996 | +67.5% |
Source: transcript
Operational & BESS Metrics (various)
| This quarter | A year ago | YoY | |
|---|---|---|---|
| Power Generation (MU) | 1840 | 1538 | +19.6% |
| BESS Short-term Power Sold (MU) | 324 | — | — |
| Blended CUF (%) | 27.8 | 24.1 | — |
| Commissioned BESS Capacity (GWh) | 5.2 | — | — |
| Partially Commissioned Capacity (GW) | 1.9 | — | — |
Source: transcript
What management said on the call: ACME Solar Q2 FY27 concall: BESS capacity expansion.
Questions the numbers raise
None of the 12 checks that could run on this quarter raised a question. That says the numbers cleared these checks; it is not a verdict on the company.
What to watch next
For a company in Solar, renewables and energy transition, the numbers to watch are capacity commissioned, module prices and the order book.
The next quarter, Q3 FY27, has to be filed by 14 Feb 2027. The same checks will run on it, and the results page will compare it with this one.
All of ACME Solar Holdings' quarters, the checks and the profit bridge →
The ACME Solar Holdings terminal: financials, valuation history and forensic checks →
Frequently asked questions
What were ACME Solar Holdings Ltd. Q2 FY27 results?
ACME Solar Holdings Ltd. reported revenue of ₹887 cr (+89.5% on the year) and net profit of ₹269 cr (+133.9% on the year) for July to September 2026.
Was ACME Solar Holdings Ltd. profit growth driven by the core business?
Profit before other income, exceptional items and tax moved +1,211.1% on the year, against +133.9% for reported profit.
Are there any red flags in ACME Solar Holdings Ltd. Q2 FY27 results?
None of the 12 checks that could run raised a question.
Is this a recommendation?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by published rules. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security.
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