Slides
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Earnings Presentation – Q3 FY2026 January 2026 ACME Solar Holdings Limited
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2 Disclaimer By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by ACME Solar Holdings Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company and its affiliates. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation may include certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company, its affiliates and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.
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3 Agenda Business & Operational Highlights Financial Highlights Company Overview Project Details Annexure
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4 KEY HIGHLIGHTS – Q3 FY26 359 564 Q3 FY25 Q3 FY26 EBITDA (INR Cr) 57.2% 112 114 Q3 FY25 Q3 FY26 PAT (INR Cr) 1,052 1,567 Q3 FY25 Q3 FY26 GENERATION (MUs) 49.0% 401 617 Q3 FY25 Q3 FY26 TOTAL REVENUE (INR Cr) 53.9% ✓ Partially commissioned 72 MW out of 100 MW wind project, taking the YTD commissioned capacity to 422 MW ✓ Won 130 MW round-the-clock project with Railway Energy Management Company Limited (REMC Limited) ✓ PPAs signed for 450 MW projects, taking the cumulative YTD PPA signed capacity to 1,050 MW and 550 MWh ✓ BESS commissioning planned to be ~2 GWh by Q4 FY26, up from 1 GWh expected earlier ✓ Weighted average cost of debt for Operational projects stands at 8.45%1 down by over 150 bps y-o-y o Latest refinancing at a rate of 8.0% p.a. for 300 MW Operational projects ✓ Latest financing at an average rate of 8.9% p.a. for 450 MW UC projects ✓ Weighted average cost of debt for the entire outstanding debt (operational and UC projects) stands at 8.6%1 p.a. ✓ Cash ROE at 20.6% for Dec’25 on account of increase in cash PAT from operational capacity addition Highlights of the quarter till date: Image source: ACME wind project in Gujarat1. Includes sanctioned interest rate at 8.05% for 450 MW operational projects 1.5%
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Business & Operational Highlights Image source: ACME ISTS Project
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66 Business Highlights – Q3 FY26 till date (1/2) Debt Secured for ~90%2 of PPA signed projects 1. BESS installation as per current configuration and is subject to optimisation 2. Excludes PPA signing of NHPC 250 MW FDRE on 29th Jan’26 FDRE: Firm and Dispatchable Renewable Energy; BESS: Battery Energy Storage System; RTC: Round The Clock PPAs signed for ~2.7 GW of Under Construction (UC) Capacity ✓ Partially commissioned 72 MW out of 100 MW Acme Eco Clean (wind) in Gujarat during quarter till date, taking the cumulative YTD commissioned capacity to 422 MW ✓ 130 MW RTC project won during the period ✓ Total portfolio of 7,770 MW incl. 16 GWh1 of BESS installation, with 5,630 MW PPA signed ✓ PPAs signed for 450 MW during Q3 till date, taking the cumulative YTD PPA signed capacity to 1,050 MW and 550 MWh standalone BESS o PPA signed for Acme Platinum Urja 200 MW Solar + BESS with SECI o PPA signed for Acme Urja One 250 MW FDRE with NHPC signed on 29th Jan’26 o The under construction PPA signed portfolio stands at 2,668 MW ✓ New debt tied up for INR ~3,500 Cr (450 MW under construction projects) at an average rate of 8.9% p.a. from PFC and NABFID in Q3 FY26 ✓ Refinanced 300 MW project at INR ~1,200 Cr at a rate of 8.0% p.a. from Yes Bank in Q3 FY26 PPAs Signed Capacity Commissioned and Orderbook Addition Financing and Refinancing PPA Status 2,540 MW 2,962 MW Jan'25 Jan'26 Operational Capacity 16.6%
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77 Business Highlights – Q3 FY26 till date (2/2) BESS Progress ✓ Acme Raisar 300 MW, Acme Deoghar 300 MW and Acme Phalodi 300 MW operational projects received rating of CRISIL AA-/Stable ✓ Acme Dhaulpur 300 MW operational project received rating of CRISIL and ICRA AA-/Stable ✓ Acme Aklera 250 MW operational project upgraded to ICRA AA-/Stable ✓ Acme Venus Urja 400 MW FDRE under construction project received rating of CRISIL A/Stable ✓ BESS commissioning ongoing at 3 project sites and commissioning planned to be ~2 GWh by Q4 FY26, up from 1 GWh expected earlier ✓ ~1,150 MWh of BESS delivered at sites ✓ ~10 GWh BESS to be commissioned by CY27 which will be eventually integrated with FDRE/RTC projects BESS Updates Credit Rating Updates - YTDCredit Rating - ACME Solar ~2 GWh BESS commissioning by Mar’26 ICRA AA- /Stable Re-affirmed (Jan’26) CRISIL AA- /Stable Re-affirmed (Jan’26) ✓ Connectivity available for all UC projects including the unsigned PPAs as well ✓ Connectivity inventory of ~7.5 GW available for upcoming bids (over and above existing portfolio) ✓ Grant already received by Acme Solar projects for 4.3 GWh to install BESS utilizing transmission infrastructure of existing operational projects ✓ 10,000+ acres of land acquired for under construction PPA signed projects ✓ Majority of land required for projects scheduled for commissioning in FY27 has been acquired Connectivity and Land UpdateConnectivity Inventory for Upcoming bids Connectivity Secured Applied FY27 0.6 GW - FY28 0.4 GW 0.3 GW FY29 - 2.7 GW FY31 - 33 0.3 GW 3.2 GW Total 1.3 GW 6.2 GW
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88 GIB matter SC final order & MNRE extension Other Updates – Q3 FY26 till date Near term visibility of ~770 MW of PPA signing Minimal loss of revenue due to RE curtailment (<1% of annualized Revenue) ✓ Invitation for signing of the PPA received for 130 MW REMC Limited project ✓ 640 MW of PSA consent received from discom and regulatory approval at advanced stages ✓ Non-operational Narela Khetri transmission line led to a revenue loss of ~INR 17.5 Cr in 300 MW Acme Sikar project as it was operating under temporary GNA till 13 Dec’25 ✓ Post commissioning of Narela Khetri line, GNA became effective w.e.f. 14 Dec’25 and Acme Sikar is now operating at full capacity without any curtailment ✓ Acme’s STU connected projects incurred a revenue loss of less than 1 Cr due to curtailment in Q3 Resumption of Section 68 approvals enabling transmission line works of project execution ✓ All Acme Solar projects are outside the revised GIB area GNA: General Network Access; GIB: Great Indian Bustard; STU: State Transmission Utility; PSA: Power Sale Agreement Tariff Adoption & PSA Approval Curtailment of RE Generation
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99 ✓ Acme Solar is accelerating the commissioning of BESS capacity of its under construction FDRE/RTC projects ✓ BESS commissioning is happening at existing operational projects resulting in: o Utilization of existing transmission infrastructure thereby leading to capex savings of INR 20 lakhs/MW o No ROW issues and faster execution ✓ BESS capacity is expected to be operationalized early resulting in generating early cash flows ✓ Once commissioned, this BESS capacity is proposed to be integrated with respective FDRE projects, which will then continue under the PPA for 25 years Installation & Commissioning of BESS Capacity ✓ BESS ongoing at 3 sites and commissioning planned to be ~2 GWh by Q4 FY26, up from 1 GWh expected earlier ✓ ~1,150 MWh of BESS delivered at sites ✓ ~10 GWh BESS to be commissioned by CY27 which will be eventually be integrated with FDRE/RTC projects ✓ CEA visit for certification of electrical installation completed for partial capacity BESS Early Commissioning Strategy BESS Progress Update
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1010 Capex and Procurement Status for FY27 Requirement Procurement Status ✓ 1.7 GWp of modules procured within the budgeted cost. ✓ Out of this, ~400 MWp has been received and ~800 MWp is under dispatch. ✓ Balance under advanced discussion within the budgeted cost ✓ Price locked in for ~5.1 GWh BESS capacity and for which delivery has already started ✓ Additional ~5 GWh also signed within the budgeted cost • ~10% savings in the overall capex from the budgeted cost pertaining to the procured capacity • No impact of planned VAT reduction in China on already procured 5.1 GWh capacity • Procurement done post China policy change for both modules and BESS are also within the budgeted cost Cost Saving Modules ~3.3 GWp BESS ~5.1 GWh ✓ Projects scheduled for commissioning in FY27 expected to be ~1.5 GW contracted capacity, a mix of FDRE and Hybrid projects ✓ Commissioning of these projects require installation of: ✓ ~3.3 GWp of solar modules ✓ ~5.1 GWh of BESS capacity ✓ In 9M FY26, total committed capex of ~INR 8,200 Cr ✓ Capex incurred of ~INR 2,550 Cr ✓ Purchase Orders have been given for INR ~5,700 Cr as of date ✓ Capacities for modules and BESS have been procured (as mentioned) and prices locked in Capex Status for Projects planned for commissioning in FY27
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1111 22.7% 24.3% Operational Highlights – Q3 FY26 Generation (in Million Units) Capacity Utilization Factor (CUF %) Q3 FY25 Q3 FY26 • Power generation was up by 49.0% driven by higher CUF and new capacity addition • Grid availability was constant y-o-y highlighting minimal impact of curtailment 1,052 1,567 • In Q3 FY26, Rajasthan-based operational assets with 2,250 MW contracted capacity delivered an average CUF of 25.7% 49.0% 99.5% 99.6% Grid Availability % Plant Availability % Q3 FY25 Q3 FY26 99.8% 99.8% Operational Highlights
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1212 23.7% 25.6% Operational Highlights – 9M FY26 Generation (in Million Units) Capacity Utilization Factor (CUF %) • Power generation was up by 89.8% driven by higher CUF and new capacity addition • GA dropped in 9M FY26 due to transformer failure at a solar park pooling substation in Rajasthan in Q1 FY26 (beyond company’s control), for which insurance claim is under process. 2,499 4,742 • In 9M FY26, Rajasthan-based operational assets with 2,2501 MW contracted capacity delivered an average CUF of 27.1% • In 9M FY26, partially operational ~90 MW2 wind assets delivered an average CUF of 24.8% 99.4% 99.5% Grid Availability % Plant Availability % 99.6% 99.3% Operational Highlights 9M FY25 9M FY26 9M FY25 9M FY26 89.8% 1. Includes phased commissioning of Acme Sikar 300 MW till Jun-25 2. Includes phased commissioning of Acme Pokhran and Eco Clean till Dec’25
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1313 2,962 MW 2,962 MW 2,962 MW 5,630 MW 10,000 MW 2,668 MW 2,140 MW Operational Portfolio Near Commissioning PPA Signed Projects LoA Awarded/Awaited Projects Target Capacity 2030 Target to have a portfolio of 10 GW generation capacity and 20 GWh BESS capacity by 2030 Run-Rate Annual Project EBITDA1: INR 2,065 – 2,115 Cr Pre-tax ROCE1: ~14.5% 1. Pre-tax ROCE calculated as: Run Rate EBITDA/Gross Block. Expected Annual Run-Rate EBITDA calculated basis full and steady operations of 2,962 MW of capacity and does not include any holdco. expenses. Gross Block calculated as: Gross block less EPC margin realized 2. Installed capacity as per current configuration and is subject to optimisation Capacity Roadmap Under Construction projects 35% CAGR 7,770 MW (~14 GWp + ~16 GWh) 2,962 MW (~4 GWp) Under Construction FDRE projects Standalone BESS projects Existing Portfolio BESS capacity ~15.5 GWh 550 MWh Installed Capacity (E) ~18 GWp + ~20 GWh BESS ~2 GWh BESS in Q4 FY26 + ~ 2 GWh BESS in Q1 FY27 ~6 GWp + ~9.5 GWh by FY27-28 ~4.0 GWp + ~6.5 GWh
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Financial Highlights Image source: ACME ISTS Project
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1515 359 564 Q3 FY25 Q3 FY26 401 617 Q3 FY25 Q3 FY26 Consolidated Financial Highlights – Q3 FY26 1. Cash PAT has been computed as PAT+ Depreciation +/(-) Exceptional items. ▪ Revenue increased by 53.9% for the quarter (y-o-y basis), driven by capacity addition and higher CUF ▪ Improved EBITDA margin of 91.5% in Q3 FY26 as compared to 89.6% in Q3 FY25 on account of favorable operating leverage and optimized operational efficiency ▪ PAT stood at INR 114 Cr with a margin of 18.4% Remarks: PAT (INR Cr) Cash PAT1 (INR Cr) Total Revenue (INR Cr) EBITDA (INR Cr) 57.2% 189 234 Q3 FY25 Q3 FY26 24.0% 53.9% 112 114 Q3 FY25 Q3 FY26 1.5%
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1616 321 716 9M FY25 9M FY26 123.3% 129 360 9M FY25 9M FY26 179.3% 917 1,629 9M FY25 9M FY26 Consolidated Financial Highlights – 9M FY26 1. Cash PAT has been computed as PAT+ Depreciation +/(-) Exceptional items. ▪ Revenue increased by 74.0% for 9M FY26 (y-o-y basis), driven by capacity addition and higher CUF ▪ Improved EBITDA margin of 90.4% in 9M FY26 as compared to 88.6% in 9M FY25 on account of favorable operating leverage and optimized operational efficiency Remarks: PAT (INR Cr) Cash PAT1 (INR Cr) Total Revenue (INR Cr) EBITDA (INR Cr) 1,036 1,802 9M FY25 9M FY26 74.0% 77.6%
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1717 Financial Highlights – 9M FY26 ❖ At Consolidated level, Operational Revenue is reflected only from Sale of Electricity while EPC Revenue gets eliminated due to inter-group nature. ❖ At Standalone level, the financials represent the EPC Revenue for performing EPC for its wholly owned subsidiaries. 1. Cash PAT has been computed as PAT+ Depreciation +/(-) Exceptional items. 62 64 288 1,831 Cash PAT PAT EBITDA Total Revenue Key Standalone Financials (9M FY26) 716 360 1,629 1,802 Cash PAT PAT EBITDA Total Revenue Key Consolidated Financials (9M FY26) 1 1 EBITDA Margin: 90.4% EBITDA Margin: 15.7% Standalone Overview (In-house EPC Business) INR Cr Key Financials Consolidated Overview (Sale of Power) INR Cr Breakdown of Financials
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1818 Asset Base and Capital Structure (YoY) 6,882 10,002 Q3 FY25 Q3 FY26 Asset Base (INR Cr) Net Debt (INR Cr) ❖ Gross block stands at INR 18,061 Cr, up INR 3,155 Cr from last year on account of commissioning of assets 4,375 4,909 Q3 FY25 Q3 FY26 Net Worth (INR Cr) Gross Block, 13,228 Gross Block, 16,240 CWIP, 1,678 CWIP, 1,821 14,906 18,061 Q3 FY25 Q3 FY26
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1919 1,141 2,117 Q3 FY25 Q3 FY26 1.6 2.0 Q3 FY25 Q3 FY26 Other Financial Highlights (YoY) 6,069 8,820 813 1,182 6,882 10,002 Q3 FY25 Q3 FY26 Operational Net Debt CWIP Net Debt 10.5% 20.6% Q3 FY25 Q3 FY26 1. Net Debt is computed as Gross Debt less Cash and Cash Equivalents, Other Bank Balances and Short -term investments. Operational a nd CWIP Net Debt is associated with Net debt of Operational and Under Construction projects, respectively. 2. Computed as Operational Net Debt divided by TTM EBITDA 3. Computed as Net Debt/ Closing Net Worth 4. Computed as TTM Cash PAT divided by average net worth as of the beginning and closing of the relevant period. For Q3 FY25 TTM Cash PAT computation, Q4 FY24 has been adjusted for tax related to divestment of 369 MW assets. Net Debt/Run-Rate EBITDA targeted to be under ~5.5x on operational portfolio basis 5.3x 4.2x Net Debt/TTM EBITDA TTM EBITDA (INR Cr) Cash RoE4 (%) Net Debt to Net Worth3 Net Debt (INR Cr)1 Net Debt to EBITDA2
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2020 Continued Improvement in Days of Sales O/S 181 93 42 23 FY23 FY24 FY25 Q3 FY26 DSO (as Billed) as of Q3 FY261 1. Days of Sales O/S calculated as trade receivables excluding unbilled revenue divided by TTM revenue from operations less unbilled revenue times number of days in the period. For FY25, DSO excludes INR 49 Cr O/S dues from AP discoms which have been received as per the APERC ruling in favour of the project company. GUVNL: Gujarat Urja Vikas Nigam Limited Share of Central Offtakers to increase to 84% from present 68%, which is expected to further reduce DSO days Operational Portfolio Total Portfolio Other State Offtakers 28% GUVNL 5% Central Offtakers 67% Operational Offtaker Split (2,962 MW) State & Other Offtakers 14% GUVNL 2% Central Offtakers 84% Total Portfolio Offtaker Split (7,770 MW)
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Company Overview Image source: ACME ISTS Project
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2222 Non-Institutional Investors & Other 5.80% Institutional Investors 10.91% Promoter Group 83.29% ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Portfolio of 7,770 MW and 550 MWh standalone BESS spanning across solar, wind, storage, hybrid & FDRE projects Long Term Stable Cashflows: Contracted through 25 yrs PPAs with government backed entities at fixed tariffs 1. As on 31st December 2025 IPP: Independent Power Producer; PPA: Power Purchase Agreement Technological Advancements: Early adopter of technology to optimize power generation and operational efficiency Diversified Source of Funding: Strong relationship with institutional investors and lenders across the globe In-House EPC and O&M Capabilities: Enabling to control processes, costs & timelines & flexibility in terms of technology and suppliers. Shareholding Pattern1 Credit Rating - ASHL Top Shareholders ICRA AA- /Stable Re-affirmed (Jan’26) CRISIL AA- /Stable Re-affirmed (Jan’26)
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2323 Portfolio Overview 1. Central offtakers comprising of SECI, NTPC, SJVN and NHPC 2. BESS installation as per current configuration and is subject to optimization State & Other offtakers 16% Central offtakers1 84% Solar 40% FDRE, Hybrid & Others 58% Wind 2% Operational, 2,962 MW PPA Signed, 2,668 MW LOA Awarded, 1,920 MW LOA Awaited, 220 MW Under construction, 4,808 MW / 16 GWh2 BESS Diversified portfolio with over 80% of the portfolio with central offtakers spanning across new age technologies like FDRE and Hybrid Majority of operational portfolio located at high resource potential states Operational INR 3.4/KWh Under Construction INR 4.3/KWh Weighted Average Tariff 1,260 MW 7,770 MW/ 16.0 GWh2 Total portfolio of 7,770 MW including 16 GWh of BESS installation, with 5,630 MW PPA signed 6,510 MW Leveraging our geographical presence expertise and capabilities for future growth momentum
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Project Details Image source: ACME ISTS Project
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2525 Operational Portfolio Overview (1/2) Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD PPA Tenor (years) Acme Solar Technologies (Gujarat) Private Limited Gujarat Solar 15 GUVNL First 12 years - 15.00 Next 13 years - 5.00 Mar-12 25 Acme Solar Energy MP Private Limited Madhya Pradesh Solar 25 MPPMCL 8.05 Phase I (10MW) - December 2013 Phase II (15MW) - January 2014 25 Acme Odisha Solar Power Private Limited Odisha Solar 25 GRIDCO 7.28 Jun-15 25 Acme Raipur Solar Power Private Limited Chhattisgarh Solar 30 CSPDCL 6.46 Phase I (23 MW) - January 2016 Phase II (7MW) - March 2016 25 Acme Solar Rooftop Systems Private Limited Punjab Solar 30 PSPCL 7.57 May-16 25 Aarohi Solar Power Private Limited Andhra Pradesh Solar 50 APSPDCL 5.63[1] Mar-16 25 Acme Jaisalmer Solar Power Private Limited Solar 20 APSPDCL 5.63[1] May-16 25 Dayanidhi Solar Power Private Limited Solar 40 APSPDCL 5.97[1] Apr-16 25 Niranjana Solar Power Private Limited Solar 20 APSPDCL 5.71[1] Mar-16 25 Viswatma Solar Energy Private Limited Solar 30 APSPDCL 5.71[1] Apr-16 25 Acme Magadh Solar Power Private Limited Bihar Solar 10 SBPDCL and NBPDCL 8.73 Jun-16 25 Acme Nalanda Solar Power Private Limited Solar 15 SBPDCL and NBPDCL 8.73 Jun-16 25 Dayakara Solar Power Private Limited Telangana Solar 30 TSSPDCL 6.848 Phase I (14 MW) June 2016 Phase II (16 MW) July 2016 25 Grahati Solar Power Private Limited Solar 50 TSSPDCL 6.737 Phase I (20 MW) July 2016 Phase II (30 MW) August 2016 25 Acme PV Powertech Private Limited Solar 50 TSNPDCL 5.595 Phase I (40 MW) July 2017 Phase II (10 MW) August 2017 25 Acme Solar Power Technology Private Limited Solar 50 TSNPDCL 5.59 Feb-18 25 Acme Yamunanagar Solar Power Private Limited Solar 20 NTPC 4.67 Sep-17 25 Acme Mahbubnagar Solar Energy Private Limited Solar 30 NTPC 4.67 Sep-17 25 Nirosha Power Private Limited Uttar Pradesh Solar 30 UPPCL 8.93 Sep-16 12 (renewable for another 13 years) Acme Sidlaghatta Solar Energy Private Limited Karnataka Solar 20 BESCOM 2.97 Oct-19 25 1. For Andhra Pradesh plants, there is an annual escalation of 3% in tariff till the 10th year from the date of the PPA and it will remain constant after that for the remainder term of the PPA.
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2626 Operational Portfolio Overview (2/2) Name of Project SPV(s) State Type Capacity (in MW) Off-taker Tariff (INR/kWh) COD PPA Tenor (years) Acme Jodhpur Solar Power Private . Limited Rajasthan Solar 100 SECI 2.44 Sep-18 25 Acme Rewa Solar Power Private Limited Solar 100 SECI 2.44 Oct-18 25 Acme Heergarh Powertech Private Limited Solar 300 MSEDCL 2.74 Phase I (100 MW) April 2022 Phase II (200 MW) May 2022 25 Acme Aklera Power Technology Private Limited Solar 250 SECI 2.48 Phase I (200 MW) July 2023 Phase II (50 MW) January 2024 25 Acme Raisar Solar Energy Private Limited Rajasthan Solar 300 SECI 2.44 Phase I (272 MW): December 2024 Phase II (28 MW): January 2025 25 Acme Dhaulpur Powertech Private Limited Rajasthan Solar 300 SECI 2.44 Phase I (238 MW): December 2024 Phase II (62 MW): January 2025 25 Acme Deoghar Solar Power Private Limited Rajasthan Solar 300 SECI 2.44 Phase I (253 MW): December 2024 Phase II (47 MW): January 2025 25 Acme Phalodi Solar Energy Private Limited Rajasthan Solar 300 SECI 2.44 Phase I (260.05 MW): December 2024 Phase II (39.95 MW): January 2025 25 Acme Sikar Solar Private Limited Rajasthan Solar 300 SECI 3.05 May & June 2025 25 Acme Pokhran Solar Private Limited Gujarat Wind 50 GUVNL 2.90 May & June 2025 25 Acme Eco Clean Energy Pvt. Ltd. Gujarat Wind 72 GUVNL 3.01 Phase I (28 MW): October 2025 Phase II (40 MW): January 2026 25 Total (A) 2,962 3.42 1. Weighted average tariff calculated using contracted capacity (MW).
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2727 Under Construction Portfolio Overview (1/2) Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) PPA Status Debt Tied Up Tariff Adoption Grid Connectivity Acme Eco Clean Energy Pvt. Ltd. Wind 28 GUVNL 3.01 PPA signed Tariff adopted Secured Acme Surya Power Pvt. Ltd. FDRE 250 SJVN 4.38 PPA signed Tariff adopted Secured Acme Sun Power Pvt. Ltd. FDRE 320 SJVN 4.38 PPA signed Tariff adopted Secured Acme Urja One Pvt. Ltd. FDRE 380 SECI 4.73 PPA signed for 190 MW Tariff adopted Secured Acme Renewtech Pvt. Ltd. Hybrid 300 NTPC 3.36 PPA signed Tariff adopted Secured Acme Platinum Urja Pvt. Ltd. FDRE1 350 SECI 3.42 PPA signed (150 MW) 200 MW under process Tariff adopted Secured Acme Venus Urja Pvt. Ltd. FDRE 400 NHPC 4.64 PPA signed Tariff adopted Secured Acme Hybrid Urja Pvt. Ltd. FDRE 280 NHPC 4.64 PPA signed Tariff adopted Secured ACME Sigma Urja Private Limited FDRE 250 NHPC 4.56 PPA signed Tariff adopted Secured ACME Sigma Urja Private Limited FDRE 50 Tata Power - D 4.43 PPA signed Tariff adopted Secured ACME Urja One Private Limited FDRE 250 NHPC 4.33 PPA signed Under process Petition to be filed Secured ACME Greentech Nineth Pvt. Ltd. BESS 450 MWh NHPC 2.22 Lakhs/MW/month PPA Signed Petition filed Secured2 ACME Greentech Tenth Pvt. Ltd. BESS 100 MWh NHPC 2.10 Lakhs/MW/month PPA Signed Total (I) - - - 2,668 MW + 550 MWh 1. Solar + ESS (Energy Storage System) project 2. The projects are to be set up at a pre-identified state-substation I. PPA signed
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2828 Under Construction Portfolio Overview (2/2) Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) LOA/PPA Tariff Adoption Grid Connectivity Acme Urja One Pvt. Ltd. FDRE 190 SECI 4.73 PPA to be signed for 190 MW Tariff adopted Secured Acme Alpha Renewables Pvt. Ltd. Hybrid 150 NTPC 3.32 LOA awarded Tariff adopted Secured Acme Omega Urja Pvt. Ltd. Solar 300 SJVN 2.52 LOA awarded Tariff adopted Applied Acme Renewtech Second Pvt. Ltd. Hybrid 300 SECI 3.25 LOA awarded Tariff adopted Secured Acme Marigold Urja Pvt. Ltd. FDRE 400 NTPC 4.70 LOA awarded Tariff adopted Secured Acme Renewtech Fourth Pvt. Ltd. FDRE1 220 MPPMCL 2.764 LOA awaited Petition to be filed Secured2 ACME Greentech Seventh Pvt. Ltd FDRE1 450 SJVN 6.75 LOA awarded Petition filed Applied ACME Marigold Urja Pvt. Ltd. FDRE 130 REMC Limited 4.35 LOA awarded Received invitation for signing of PPA Not applicable Secured Total (II) - - 2,140 MW II. PPA yet to be signed 1. Solar + ESS (Energy Storage System) project 2. Bid is part of Morena Solar Park, wherein connectivity is to be provided by the procurer
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Annexure Image source: ACME ISTS Project
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3030 Key Standalone and Consolidated Financials ACME Standalone Overview (from In-house EPC Business)ACME Consolidated Overview (from Sale of Power) Particulars (INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 Revenue from operations 497 468 349 Other income 120 134 52 Total Income 617 601 401 Employee benefits expense 16 15 17 Other expenses 36 52 25 Total expenses 52 68 42 EBITDA 564 534 359 Finance costs 288 265 179 Depreciation and amortisation expense 120 117 70 Profit before exceptional items 156 152 110 Exceptional items - 4 -7 Profit before Tax 156 156 103 Tax expense 43 41 -9 Profit after Tax (PAT) 114 115 112 Particulars (INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 EPC Revenue 918 332 279 Other income 84 133 49 Total Income 1,002 465 327 Cost of materials consumed 788 261 228 Employee benefits expense 68 61 36 Other expenses 25 37 11 Total expenses 881 359 274 EBITDA 120 106 53 Finance costs 76 68 47 Depreciation and amortisation expense 0 0 0 Profit/ (loss) before exceptional items 44 39 6 Exceptional items - 2 2 Profit before tax 44 41 8 Tax expense 13 10 6 Profit after Tax (PAT) 32 31 1
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3131 Breakdown of Other Income Particulars (INR Cr) Q3 FY26 Q2 FY26 Q3 FY25 Remarks Interest on Fixed deposits 38 40 29 Recurring Income: Includes interest income on FD created towards DSRA maintenance a BGs provided for connectivity and under PPA (Performance Bank Guarantee) Late payment surcharge 35 7 0 Non-recurring: Interest income from late payment surcharge levied on delayed receivables from AP Discoms with SPVs - ACME Jaisalmer Solar Power; Vishwatma Solar Energy; Dayanidhi Solar Power; Niranjana Solar Energy; Aarohi Solar Amortisation of deferred revenue (Ind AS adjustment) 18 18 6 Recurring: Ind AS income against MOOWR (Manufacturing and Other Operations in Warehouse) scheme Other misc. income 29 69 17 Non-recurring: Includes insurance, hedging gains and interest income etc. Q2 FY26 includes one time MTM gains of ~INR 55 Cr Total Other Income 120 134 52
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Image source: ACME ISTS Project Mr. Nikunj Seth Nikunj.seth@in.mpms.mufg.com INVESTOR RELATIONS ADVISORS : MUFG (Investor Relations) Mr. Varun Shastri Varun.shastri@in.mpms.mufg.com ACME Solar Holdings Ltd. CIN : L40106HR2015PLC102129 Email: investor.relations@acme.in www.acmesolar.in COMPANY : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Meeting Request Link Link Thank You