Q3 FY25: ACME Solar’s PAT Up By 152% YoY, PAT Margin At 28%

ACME Solar Holdings, in its Q3 FY25 financial results, reported a 152% year-over-year (YoY) increase in Profit After Tax (PAT). It also reported a 632.5% jump in its net profit on a Quarter-On-Quarter (QoQ) basis. The PAT margin reached 28%, while the net debt-to-equity ratio stood at 1.6x.

The company’s total revenue increased by 9.9% YoY and 35.8% QoQ. Meanwhile, EBITDA rose by 15.7% YoY and 40.1% QoQ. The company’s total contracted portfolio reached 6,970 MW, while its operating portfolio grew to 2,540 MW, reflecting an 89.6% QoQ increase.

Additionally, the ACME Solar Holdings project pipeline expanded, with 4,430 MW currently under construction (UC), including 1,250 MW of new wins in Q3. It also signed PPAs for 2,340 MW, representing 52.8% of UC capacity. Debt was secured for 1,700 MW of UC capacity, amounting to INR 16,500 Cr.

Standalone Financial Highlights:

• Standalone financials account for the in-house EPC business for its own projects, which get eliminated in consolidated financials.
• At the standalone level, the company reported total revenue of INR 1,203 Cr, EBITDA of INR 407 Cr, and cash PAT of INR 198 Cr for 9M FY25.

Acme Solar Holdings Q3 FY25 Consolidated Financial Highlights:

• Total revenue stood at INR 401 Cr, up 9.9% YoY.
• EBITDA stood at INR 359 Cr, with an EBITDA margin of 89.6%.
• PAT stood at INR 112 Cr, with a PAT margin of 28.0%.
• Cash PAT stood at INR 189 Cr, reflecting a 52.5% YoY growth.
• Net debt-to-net worth stood at 1.6x as of Q3 FY25, primarily due to debt repayment from IPO proceeds.
• Net debt stood at INR 6,882 Cr, comprising:
  • INR 6,069 Cr for the operational portfolio.
  • INR 813 Cr for UC capacity.

Business Highlights – YTD 2025:

• The operational portfolio is expected to generate a steady-state annual EBITDA of INR 1,750 Cr – INR 1,800 Cr.

Financing Updates:

• UC portfolio financing: Debt secured for 1,700 MW (38%) of UC capacity, amounting to ~INR 16,500 Cr.
• Operational portfolio refinancing: Debt secured for ~INR 5,500 Cr at an average rate of 8.8% p.a., resulting in:
  • Cash release of ~INR 650 Cr.
  • Reduction in the cost of debt by ~70 bps for the above portfolio.
  • Achieved a CARE AA- rating for 450 MW of the operational portfolio.

Operational Highlights:

• Generated 2,499 million units in 9M FY25, up 34.5% from 9M FY24.
• Capacity utilization factor increased to 23.7% in 9M FY25, up 3.2% from 9M FY24.
• Plant availability and grid availability stood at 99.4% and 99.6%, respectively, during 9M FY25.

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  ACME

Commenting on the financial performance, Manoj Kumar Upadhyay, Chairperson, and Managing Director (MD), ACME Solar Holdings Ltd, said, “In Q3 FY25, we delivered strong financial & operating performance, driven by significant capacity expansions. A key milestone was the successful commissioning of the 1,200 MW ISTS SECI Plant in Rajasthan, taking our operational portfolio to 2,540 MW. During the quarter, our consolidated EBITDA stood at INR 359 Cr, up 15.7% and consolidated PAT stood at INR 112 Cr, up 152% on a YoY basis.”