ACME Solar Holdings Q4 FY26 Results: Revenue Climbs 12.5%, Profit Up 13% — Full Analysis
By Kaushik Brahmakshatriya
Published On 04 June 2026.
ACME Solar Holdings Q4 FY26 Results
India’s renewable energy sector got another strong signal as ACME Solar Holdings Limited (NSE: ACMESOLAR) reported its financial results for the fourth quarter (Q4) and full fiscal year ending March 31, 2026. The Gurugram-based independent power producer (IPP) posted consistent growth across revenue, EBITDA, and net profit, backed by aggressive capacity additions and improved plant efficiency.
Here is a detailed look at every key number, what drove growth, and what investors should watch going forward.
Q4 FY26 Financial Highlights at a Glance
ACME Solar’s standalone Q4 FY26 revenue reached ₹548 crore, marking a 12.5% year-on-year (YoY) increase from ₹487 crore in Q4 FY25. Net profit after tax came in at ₹139.32 crore, reflecting a 12.94% YoY rise and a strong 22.52% sequential (QoQ) jump over Q3 FY26.
EBITDA for the quarter stood at a robust ₹636 crore, surging 30.3% YoY, with EBITDA margins hovering at an industry-leading 90.2%. Earnings per share (EPS) moved up from ₹2.14 to ₹2.27 for the quarter.
ACME Solar Q4 FY26 vs Q4 FY25: Key Financials
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
| Total Revenue | ₹548 crore | ₹487 crore | +12.5% |
| EBITDA | ₹636 crore | ₹488 crore | +30.3% |
| EBITDA Margin | 90.2% | ~85% | Improved |
| Net Profit (PAT) | ₹139.32 crore | ₹123.35 crore | +12.94% |
| EPS (₹) | ₹2.27 | ₹2.14 | +6.07% |
| Power Generated (MU) | 1,720 MU | 1,512 MU | +13.7% |
| CUF (%) | 27.9% | 26.9% | +100 bps |
Full Year FY26 Performance — A Record-Breaking Year
The full-year numbers tell an even more compelling growth story. ACME Solar delivered ₹2,507 crore in total revenue for FY26, a massive 59.2% YoY growth from ₹1,575 crore in FY25. The company’s annual PAT nearly doubled, surging 98.5% to ₹498 crore, while EBITDA for the full year rose 61.2% to ₹2,265 crore.
Cash PAT — a crucial metric for capital-intensive power companies — climbed 72.3% to ₹963 crore, and cash return on equity improved to 20.1% for FY26. These numbers clearly reflect that ACME Solar’s expansion investments are beginning to generate strong, durable cash flows.
ACME Solar Full Year FY26 vs FY25: Annual Comparison
| Metric | FY26 | FY25 | YoY Change |
| Total Revenue | ₹2,507 crore | ₹1,575 crore | +59.2% |
| EBITDA | ₹2,265 crore | ₹1,404 crore | +61.2% |
| EBITDA Margin | 90.3% | ~89% | Improved |
| PAT | ₹498 crore | ₹251 crore | +98.5% |
| Cash PAT | ₹963 crore | ₹559 crore | +72.3% |
| Power Generated | 6,464 MU | 4,012 MU | +61.1% |
| Operational Capacity | 2,990 MW | ~1,800 MW | Significant jump |
What Drove Q4 Growth?
Three key operational factors powered ACME Solar’s Q4 results:
1. Higher Capacity Utilization Factor (CUF): The CUF improved from 26.9% in Q4 FY25 to 27.9% in Q4 FY26, reflecting better plant availability and optimized operations. Full-year plant availability was a remarkable 99.5% and grid availability stood at 99.2%.
2. Massive Capacity Additions: As of May 2026, ACME Solar’s total operational capacity stands at 2,990 MW, up significantly from about 1,800 MW a year ago. The company commissioned a 100 MW wind project during the year, completing its renewable energy diversification strategy.
3. Battery Energy Storage (BESS) Commissioning: One of the year’s landmark achievements was commissioning 2.3 GWh of battery energy storage systems — among the largest BESS deployments in India — generating net realization of approximately ₹2.2 crore per day.
ACME Solar Operational Metrics: FY26 Summary
| Operational Parameter | FY26 Value |
| Total Operational Capacity | 2,990 MW |
| Battery Storage Capacity (BESS) | 2,352 MWh |
| Annual Power Generation | 6,464 Million Units |
| Q4 Power Generation | 1,720 Million Units |
| Annual CUF | 25.9% |
| Plant Availability | 99.5% |
| Grid Availability | 99.2% |
| Under-Construction Pipeline | 5,081 MW |
| Debt Tied Up for New Projects | ₹15,000+ crore |
Financial Risk: Rising Debt and Interest Costs
While the operational picture is strong, ACME Solar’s aggressive expansion has come with a significant rise in leverage. Long-term borrowings stood at ₹16,740 crore as of FY26, up sharply from ₹9,857 crore in FY25. Interest costs rose 17.18% sequentially in Q4 FY26 to ₹337.48 crore — the highest quarterly interest burden the company has recorded.
The interest coverage ratio fell to 1.42x in Q4 FY26. However, management addressed this by securing ₹15,000 crore in project financing and simultaneously refinancing existing debt to reduce interest rates by approximately 150 basis points, which should ease this burden going forward.
Leadership Change and Future Outlook
ACME Solar also announced a key leadership transition: Mr. Arun Chopra has been appointed as the new CFO, effective May 8, 2026, replacing Mr. Rajat Kumar Singh. The company’s under-construction pipeline stands at a sizeable 5,081 MW, with continued focus on the Firm and Dispatchable Renewable Energy (FDRE) segment. A new FDRE project win of 301 MW was secured in Q4 alone.
With India’s renewable energy push at full throttle and ACME Solar positioned as one of the country’s largest independent power producers, the company’s growth runway remains strong — provided it manages its debt load effectively.
Q&A: ACME Solar Q4 FY26 Results — Investors’ Most Asked Questions
Q1. What was ACME Solar’s revenue in Q4 FY26?
ACME Solar posted total revenue of ₹548 crore in Q4 FY26, a 12.5% increase compared to ₹487 crore in Q4 FY25.
Q2. How much profit did ACME Solar earn in Q4 FY26?
The company’s net profit (PAT) for Q4 FY26 was ₹139.32 crore, up 12.94% YoY and 22.52% sequentially from Q3 FY26.
Q3. What is ACME Solar’s total operational capacity as of 2026?
As of May 2026, ACME Solar’s operational power generation capacity stands at 2,990 MW, with 2,352 MWh of battery energy storage capacity.
Q4. What was ACME Solar’s full-year FY26 revenue?
ACME Solar’s consolidated total revenue for the full year FY26 was ₹2,507 crore, marking a strong 59.2% growth over FY25.
Q5. Why did ACME Solar stock fall after Q4 results?
Despite strong profit growth, the stock fell approximately 5% due to investor concerns about surging interest costs (up 17% QoQ) and elevated debt levels of ₹16,740 crore, which compressed the interest coverage ratio to a record low of 1.42x.
Q6. What is ACME Solar’s under-construction project pipeline?
ACME Solar has 5,081 MW of projects currently under construction, with over ₹15,000 crore in debt already tied up to fund this expansion.
Q7. Did ACME Solar commission any new projects in FY26?
Yes. ACME Solar commissioned 2.3 GWh of battery energy storage systems (BESS) — one of the largest such deployments in India — and a 100 MW wind project, taking total capacity to 2,990 MW.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions. Past performance is not a guarantee of future results.we are not responsible for any loss
