ACME Solar Holdings – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹547.85 Cr
    • QoQ Change: +10.28%
    • YoY Change: +12.52%
  • Previous Quarter (Q3 FY26): ₹496.79 Cr
  • Previous Year (Q4 FY25): ₹486.89 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹138.31 Cr
    • QoQ Change: +21.63%
    • YoY Change: +13.30%
  • Previous Quarter (Q3 FY26): ₹113.71 Cr
  • Previous Year (Q4 FY25): ₹122.08 Cr
• QoQ Performance
  • Revenue Trend: Strong growth
  • Profit Trend: Healthy improvement

Margin Analysis

Drivers:

• EBITDA expanded significantly during the quarter.
• Total income increased to ₹704.91 Cr from ₹616.81 Cr QoQ.
• Renewable energy generation capacity continued improving operational scale.
• Higher other income supported profitability.
• Operating leverage remained favorable despite financing costs.

Insight:

• The company is successfully scaling its renewable operations while maintaining profitability expansion.

Segment performance

Segments: Sale of Electricity

• Revenue: ₹547.77 Cr
• Insights:
  • Core growth driver supported by operational solar capacity expansion

Segments: Other Operating Revenue

• Revenue: ₹0.09 Cr
• Insights:
  • Minor contribution to total operating revenue

Segment insight

Summary:

• ACME Solar continues to strengthen its position in renewable energy generation through aggressive capacity expansion and long-term infrastructure deployment.

Charcateristics:

• Strong renewable energy demand.
• Expanding operational asset base.
• Stable electricity generation revenue.
• Infrastructure-led growth model.
• Long-duration asset monetization strategy.

Earning quality check

Drivers:

• Strong operating cash flow generation.
• Recurring electricity revenue stream.
• Stable EBITDA conversion.
• Long-term infrastructure asset backing.
• Improved quarterly profit trajectory

Interpretations:

• Earnings quality remains healthy as profitability growth is supported by strong operating cash flows and recurring infrastructure-based revenue.

balance sheet Analysis

• Total Assets: ₹28,540.31 Cr
• Total Liabilities: ₹23,480.14 Cr

Insight:

• The balance sheet expanded significantly during FY26 as the company aggressively scaled renewable energy assets funded through debt and internal accruals.

Key Observations:

• Total equity increased to ₹5,060.17 Cr from ₹4,509.29 Cr.
• Long-term borrowings surged to ₹16,739.88 Cr.
• Capital work-in-progress increased sharply to ₹4,357.66 Cr.
• Cash & cash equivalents improved to ₹2,230.94 Cr.

Cash flow analysis

Operating Activities:

• Net operating cash inflow stood at ₹1,248.59 Cr.
• Strong operational cash generation supported expansion activities.

Investing Activities:

• Net investing cash outflow stood at ₹7,317.38 Cr.
• Heavy capital expenditure continued toward renewable infrastructure projects.

Financing Activities:

• Net financing cash inflow stood at ₹7,015.46 Cr.
• Borrowings remained the primary funding source for expansion.

Final Cash Position:

• Cash & Cash Equivalents : ₹2,230.94 Cr
• Previous Year : ₹1,284.27 Cr

key risks

• High debt dependency.
• Elevated finance costs.
• Capital-intensive business structure.
• Renewable project execution risks.
• Regulatory and tariff-related uncertainties.
• Large capex requirements.

management strategy signals

Focus Area:

• Renewable energy capacity expansion.
• Long-term infrastructure deployment.
• Project execution acceleration.
• Financing optimization.
• Asset monetization and operational scaling.

Financial metrics table

Quarterly Performance Context