Slides
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Earnings Presentation – Q2 & H1 FY2027 October 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 Company Overview Agenda Financial Highlights Business & Operational Highlights Project Details Capacity Execution and Growth Strategy 2.0
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4 KEY HIGHLIGHTS – Q2 FY27 ✓ 430 MW of FDRE PPAs signed, taking total UC contracted PPA signed capacity to 4,310 MW entailing ~17 GWh2 BESS installations • PPAs signed for 7.3 GW, representing 87% of total portfolio capacity ✓ Commissioned ~2.1 GWh BESS for the quarter till date, taking total commissioned BESS capacity to ~5.2 GWh – 2nd largest BESS capacity in India • Commissioned BESS and solar enables partial commissioning of ~1.9 GW projects • Initial Target achieved for half yearly BESS commissioning at 5 GWh ✓ ACME Solar Holdings upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable ✓ Short-term BESS contracts: • INR 1,600+ Cr revenue lock-in for partial sale of FY27 BESS capacity • INR 1,500+ Cr revenue lock-in for partial sale of FY28 BESS capacity till date and balance to be tied up through future bids ✓ Strategy 2.0 Upward target revisions: • FY27 cumulative BESS commissioning 10 GWh → 12+ GWh • 2030 RE target from 10 GW generation capacity → 15 GW leveraging FDRE/assured peak power, CfD, RE power for Green Hydrogen/Molecules, Data Centers amongst others Highlights of the quarter till date: 1. Includes Other Income 2. BESS installation as per current configuration and is subject to optimisation TOTAL REVENUE1 (INR Cr) QUARTER COMPARISON (Q2) Q2 FY26 601 Q2 FY27 1,007 67.5% YoY EBITDA1 (INR Cr) QUARTER COMPARISON (Q2) Q2 FY26 534 Q2 FY27 874 63.6% YoY PAT (INR Cr) QUARTER COMPARISON (Q2) Q2 FY26 115 Q2 FY27 269 133.5% YoY
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Business & Operational Highlights Image source: ACME project in Rajasthan
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66 PPA signed ~87% of contracted portfolio Business Highlights – Q2 FY27 till date (1/2) 1. Details on partially commissioned projects in Slide#21 ✓ Commissioned ~2.1 GWh BESS during the quarter till date, taking the cumulative commissioned BESS capacity to ~5.24 GWh – 2nd largest installed BESS capacity in India ✓ Commissioned BESS and solar enables partial commissioning of ~1.9 GW projects ✓ Commissioned 133 MW solar capacity out of 300 MW ACME Renewtech Hybrid project contracted with NTPC Capacity Commissioned ~INR 3,100+ Cr Revenue locked in for partial capacity for FY27 and FY28 ✓ BESS short term contracts: ✓ INR 1,600+ Cr revenue lock-in for partial sale of FY27 BESS capacity ✓ INR 1,500+ Cr revenue lock-in for partial sale of FY28 BESS capacity and balance to be tied up through future bids ✓ ~19 GWh BESS contracted with reputed suppliers including CATL, Hithium, Ganfeng Li Energy, Trina, CLOU amongst others BESS UpdatesShort term BESS Contracts Operational Capacity1 ✓ Signed PPAs of 430 MW FDRE with SECI and REMCL, taking the PPA signed capacity to 4,310 MW out of total UC Contracted Capacity at 5,380 MW o 300 MW FDRE project ACME Greentech Twenty signed with SECI o 130 MW FDRE projects ACME Marigold Urja signed with Northeast Frontier Railway PPAs Signed 2.9 GW 4.9 GW October'25 October'26 1.9 GW Partially Commissioned ~3.0 GW Fully Commissioned
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77 Business Highlights – Q2 FY27 till date (2/2) Connectivity inventory of ~10 GW available for future projects ✓ Connectivity available, secured and/or applied across all under-construction projects, including projects where PPAs are yet to be signed ✓ RE Connectivity inventory of ~10 GW available (including secured and applied) for upcoming bids over and above existing portfolio ✓ Over 22,000 acres of land acquired for under construction portfolio Connectivity and Land UpdateConnectivity Update Debt tied up for ~3.6 GW PPA signed projects Financing Update ✓ ACME Solar Holdings upgraded to CRISIL AA-/Positive from CRISIL AA-/Stable ✓ Debt tied up of ~INR 9,100 Cr from JPMorgan Chase Bank, IIFCL, REC, PFC and IREDA ✓ Weighted average cost of debt for fully operational projects stands at 8.4% ✓ ~65% of borrowings in operational projects are from PFC, REC, IREDA, NaBFID, providing stable funding costs determined by their own long term cost of funds limiting interest rate volatility Financing and Rating Updates Upcoming bids near term visibility ✓ ~50 GWh of peak power bids rolled out (till Sep’27), with 200–250 GWh of short-term peak power tenders expected in the near to medium term ✓ Medium-term, peak-only tenders of 4–5 GW / 20 GWh expected in the short term ✓ 20+ GW expected upcoming tendering across Solar + BESS, FDRE (RTC / assured peak / load following), CfD and PHSP Upcoming Bids
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88 Regulatory Highlights REGULATORY DEVELOPMENT WHAT CHANGED IMPACT ON ACME Grant of BESS connectivity under non-ROFR category CTUIL initiated grant of BESS connectivity under the Non-Right of First Refusal (Non-ROFR) route, speeding up deployment to enhance grid security and meeting evening peak demand Help in building large BESS pipeline for future projects at preferrable sites in Rajasthan having high GHI ISTS Waiver Protection linked with in-principle grant date by MoP MoP issued another order for graded ISTS charge waiver (July 2025-June 2028) benefit for projects delayed due to transmission unreadiness (with PPAs signed by 30.06.2026) and linked it with in-principle grant date which earlier was final grant, thus mitigating financial risk and bringing clarity to discoms in all cases Benefit to offtakers to avail ISTS waiver wherever the GNA is delayed beyond in-principle grant date Green Energy Corridor Phase III (GEC-III) by Union Cabinet Union cabinet approved GEC-III to strengthen intra-state transmission and integrate renewable energy with INR 1.36 lakh Cr for intra-state transmission and INR 50,000 Cr for 50 GWh BESS. This targets evacuation of 135 GW of RE. It will open up new opportunities in State connected RE projects Pradhan Mantri Surya Sarovar Yojana (PM-SSY) Union Cabinet approved PM-SSY which targets 5,000 MW of floating solar PV, paired with at least two hours of co-located storage -10,000 MWh in total. It provides CFA of INR 1 crore/MW for eligible projects after successful commissioning. It opens up new business opportunities in floating solar market MoP permits utilization of curtailed energy for BESS charging without NOC MoP issued order permitting BESS charging from curtailed solar energyunder the PPA where GNA is delayed and thereafter merchant sale of energy from such BESS without requiring any NOC from REIA/buying entity. Provides opportunity to accelerate its solar commissioning ahead of schedule GNA and utilise in BESS.
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99 24.1% 27.8% Operational Highlights – Q2 FY27 Generation (in Million Units) Capacity Utilization Factor (CUF %) Q2 FY26 Q2 FY27 • Power generation increased by 19.6% to 1,840 mn units for driven by capacity addition and higher irradiation • 324 million units sold incrementally through short term peak power BESS operations • In Q2 FY27, Rajasthan-based operational assets with 2,281 MW AC capacity delivered an average CUF of 29.6% • In Q2 FY27, wind operational assets with 150 MW contracted capacity delivered an average CUF of 41.6% Grid Availability % Plant Availability % Q2 FY26 Q2 FY27 99.4% 99.2% Operational Highlights 1,539 1,840 19.6% 99.5% 99.3%
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1010 Operational Highlights – H1 FY27 Generation (in Million Units) Capacity Utilization Factor (CUF %) H1 FY26 H1 FY27 • Power generation increased by 21.6% to 3,860 mn units for driven by capacity addition and higher irradiation • 518 million units sold incrementally through short term peak power BESS operations • In H1 FY27, Rajasthan-based operational assets with 2,281 MW AC capacity delivered an average CUF of 31.1% • In H1 FY27, wind operational assets with 150 MW contracted capacity delivered an average CUF of 41.5% Grid Availability % Plant Availability % H1 FY26 H1 FY27 99.1% 99.0% Operational Highlights 3,175 3,860 21.6% 99.4% 99.3%26.2% 29.4%
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Financial Highlights Image source: ACME project in Rajasthan
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1212 534 874 Q2 FY26 Q2 FY27 601 1,007 Q2 FY26 Q2 FY27 Consolidated Financial Highlights – Q2 FY27 1. Includes Other Income 2. Cash PAT has been computed as PAT+ Depreciation +/(-) Exceptional items. ▪ Revenue increased by 67.5% for the quarter (y-o-y basis), primarily driven by BESS and RE capacity addition ▪ EBITDA margin of 86.7% for the quarter, marginally lower YoY as it also includes cost of power purchased for BESS operations under operating expenses ▪ PAT increased by 133.5% for the quarter and stood at INR 269 Cr with a margin of 26.7% Remarks: PAT (INR Cr) Cash PAT2 (INR Cr) Total Revenue1 (INR Cr) EBITDA1 (INR Cr) 63.6% 67.5% 115 269 Q2 FY26 Q2 FY27 133.5% 228 441 Q2 FY26 Q2 FY27 93.2% RE EBITDA Margin: 90.8% BESS EBITDA Margin: 78.3% Blended EBITDA margin: 86.7%
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1313 1,065 1,704 H1 FY26 H1 FY27 1,185 1,961 H1 FY26 H1 FY27 Consolidated Financial Highlights – H1 FY27 1. Includes Other Income 2. Cash PAT has been computed as PAT+ Depreciation +/(-) Exceptional items. ▪ Revenue increased by 65.4% for the H1 FY27 (y-o-y basis), primarily driven by BESS and RE capacity addition ▪ EBITDA margin of 86.9% for the H1 FY27, marginally lower YoY as it also includes cost of power purchased for BESS operations under operating expenses ▪ PAT increased by 105.0% for the H1 FY27 and stood at INR 504 Cr with a margin of 25.7% Remarks: PAT (INR Cr) Cash PAT2 (INR Cr) Total Revenue1 (INR Cr) EBITDA1 (INR Cr) 60.1% 65.4% 246 504 H1 FY26 H1 FY27 105.0% 482 831 H1 FY26 H1 FY27 72.3% RE EBITDA Margin: 89.6% BESS EBITDA Margin: 80.1% Blended EBITDA margin: 86.9%
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1414 Asset Base and Capital Structure (YoY) 8,923 15,945 Q2 FY26 Q2 FY27 Asset Base (INR Cr) Net Debt (INR Cr) ❖ Asset base stands at INR 28,462 Cr, up INR 11,466 Cr from last year on account of commissioning of BESS and RE assets 4,782 8,361 Q2 FY26 Q2 FY27 Net Worth (INR Cr) Gross Block, 15,630 Gross Block, 21,395 CWIP, 1,366 CWIP, 7,067 16,996 28,462 Q2 FY26 Q2 FY27
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1515 1,912 2,904 Q2 FY26 Q2 FY27 1.9 1.9 Q2 FY26 Q2 FY27 Other Financial Highlights (YoY) 27.0% 20.0% Q2 FY26 Q2 FY27 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 Net Debt of Operational projects 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. Net Debt/Run-Rate EBITDA targeted to be under ~5.5x on operational portfolio basis 4.3x 3.6x Net Debt/TTM EBITDA TTM EBITDA (INR Cr) Cash RoE4 (%) Net Debt to Net Worth3 Net Debt (INR Cr)1 Net Debt to EBITDA2 8,147 10,662 775 5,283 8,923 15,945 Q2 FY26 Q2 FY27 Operational Net Debt CWIP Net Debt
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1616 Continued Improvement in Days of Sales O/S 181 93 42 14 20 13 FY23 FY24 FY25 FY26 Q1 FY27 Q2 FY27* DSO (as Billed) as of Q2 FY271 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. Q1 and Q2 FY27 DSO excludes DSO from BESS operations GUVNL: Gujarat Urja Vikas Nigam Limited Share of Central Offtakers to increase to 84% from present 67%, which is expected to further reduce DSO days Operational Portfolio Total Portfolio Other State Offtakers 28% GUVNL 5% Central Offtakers 67% Operational Offtaker Split State & Other Offtakers 13% GUVNL 2% Central Offtakers 85% Total Portfolio Offtaker Split *DSO as of Q2 FY27 stand at 13 excluding BESS operations and corresponding receivables. If BESS operations and receivables are included, then DSO stands at 29 days.
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1717 Key Initiatives - Operational Excellence 01 CAPTURE Reduced Right-of- Way (ROW) • Multiple circuits on a single monopole • Far narrower land corridor than multiple RSJ-pole lines or lattice towers 02 ENHANCE Accelerated Installation & Lower Labor • Modular, pre- engineered sections with far fewer parts and bracing • Rapid assembly alongside foundation work, less skilled labour, shorter timelines 03 OPTIMIZE Ultra-Compact Footprint • Tiny foundation vs. lattice towers or multiple RSJ-pole lines • Ideal for dense areas, narrow streets, highway crossings and industrial corridors 04 DECLUTTER Improved Aesthetics & Reduced Visual Pollution • One sleek, tapered pole replaces multiple RSJ-pole lines or lattice towers • Blends into modern cityscapes and rural landscapes 05 PROTECT Lower Environmental & Tree-Felling Impact • Fits restricted zones and rail, road and river corridors with minimal disruption • No guy wires or lattice steps: lower climbing risk, safer maintenance 06 INNOVATE Easier Line Upgradation • More power through existing corridors where new land is costly or unavailable • Galvanized tubular steel: 360° wind-load capacity, weather and corrosion resistant
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Capacity Execution and Growth Strategy 2.0 Image source: ACME project in Rajasthan
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1919 Our Strategic Pillars Building a returns-led, self-financing renewable platform with contracted, visible cash flows 01 Return on Capital & Profitability Value over volume • ROCE, revenue and profitability as our core performance yardsticks • Capital allocated to the highest- return opportunities • Growth tracked through earnings and earnings quality, not just MW KEY MEASURES ROCE · Revenue · Earnings quality 02 Cash Flow Conversion through BESS A self-financing platform • 10 GWh of BESS operated on a rolling basis subject to tariff realisations • Growth funded from operations, reducing project equity requirement SELF -FINANCING PLATFORM 03 Execution & Operational Excellence Ready ahead of the grid • Higher CUF across the portfolio • More BESS additions • Solar & BOS kept ready for upcoming projects OUTCOME Margins + transmission hedge 04 Margin Improvement Built-in margin upside • Curtailed solar charges BESS – lifting BESS EBITDA, margins & cash flows to fund growth • Capex for both BESS & Solar already tied up below budgeted cost, aiding better margins MARGIN LEVERS Curtailed solar + capex below budget 05 Contracted Revenue Visibility Cash flows locked in • Long-term PPAs anchor portfolio revenue • Short-term peak power contracts monetise BESS capacity • High visibility of future cash flows CONTRACT MIX Long-term PPAs + peak power THE RESULT Sustainable, high-quality earnings growth with predictable cash flows
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2020 BESS Performance and Commissioning Plan Particulars (INR Cr) Q2 FY27 (INR Cr) H1 FY27 (INR Cr) Capacity Commissioned by Sep’26 ~5 GWh Revenue from Sale of Power 324 550 Cost of Power 70 109 EBITDA 254 441 EBITDA margin 78% 80% P&L Snapshot for Commissioned BESS – Q2 and H1 FY27 BESS EBITDA margin stood at 80.1% for the H1 FY27, lower than RE portfolio at 89.6% as it includes cost of power purchased for BESS operations under operating expenses ~89% Round Trip Efficiency - RTE ~95% Depth of Discharge - DoD ~99.9% State of Health - SoH <1 Cr/ MWh - Capitalized cost of BESS capacity at existing substations operationalized during the quarter BESS CONNECTIVITY UPDATE 5+ GW Grant received 5.2 8+ 12+ Commissioned till date Q3E Q4E BESS Commissioning Plan (GWh) for FY27 BESS Technical Performance
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2121 Execution Update of Partially Commissioned Projects SPV Name Capacity (MW) BESS Status Solar Status ACME Sun Power Pvt. Ltd. 320 Commissioned Under installation ACME Surya Power Pvt. Ltd. 250 Commissioned Under installation ACME Suryodaya Pvt. Ltd. 3001 Commissioned NA ACME Renewtech Pvt. Ltd. 300 NA Partially Commissioned ACME Sigma Urja Pvt. Ltd. 300 Partially Commissioned Under Installation ACME Greentech Seventh Pvt. Ltd. 450 Partially Commissioned Under Installation Total 1,920 1. MW equivalent of ~1,300 MWh BESS yet to be allocated under long term PPA Commissioned BESS and solar capacity enabling partial commissioning of ~1.9 GW projects
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2222 Upgraded Capacity Roadmap Target to have a portfolio of 20 GW generation capacity and 70 GWh BESS capacity by 2032 3.0 GW 1.9 GW 3.5 GW 15.0 GW 20.0 GW Operational Portfolio Partially Commissioned Projects Under Construction Projects Revised Target 2030 Target 2032 ~50 GWh ~70 GWh Portfolio Contracted Capacity: 8.4 GW Portfolio Installation Capacity: ~14 GWp + ~20 GWh 37% CAGR Revised Commissioning Targets Upward revision in BESS commissioning for FY27 from 10 GWh → 12+ GWh Upward revision in 2030 RE Target from 10 GW (25 GWh) → 15 GW (50 GWh) New Target for 2032 RE Commissioning at 20 GW (70 GWh) GWh BESS Capacity • Installed capacity and BESS as per current configuration and is subject to optimisation • As per current estimates and subject to external factors ex. project execution, evacuation infrastructure delays, etc. Operational and Partially Commissioned Projects GW RE Generation Capacity
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Company Overview Image source: ACME project in Rajasthan
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2424 Non-Institutional Investors & Other 4.70% Institutional Investors 23.90% Promoter Group 71.40% ACME Solar One of the Largest Renewable Energy IPPs in India About the Company Portfolio of 8,370 MW 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 30th September 2026 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 • Nippon MF • HDFC MF • SBI MF • SBI Life Insurance • Kotak MF Top Shareholders ICRA AA- /Stable Re-affirmed (Oct’26) CRISIL AA-/Positive Re-affirmed (Oct’26)
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2525 Portfolio Overview 1. Partially commissioned 133 MW solar capacity for 300 MW ACME Renewtech Hybrid project contracted with NTPC 2. Central offtakers comprising of SECI, NTPC, SJVN and NHPC 3. BESS installation as per current configuration and is subject to optimization State & Other offtakers 13% GUVNL 2%Central offtakers2 85% Solar 37%FDRE, Hybrid & Others 61% Wind 2% Operational, 2,990 MW Partially Commissioned, 1,920 MW Under Construction Projects, 3,460 MW 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 4.5/KWh Weighted Average Tariff 8,370 MW/ 20 GWh3 Total portfolio of 8,370 MW including 20 GWh of BESS installation, with 7,300 MW PPA signed
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Project Details Image source: ACME project in Rajasthan
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2727 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 7.35 Mar-16 25 Acme Jaisalmer Solar Power Private Limited Solar 20 APSPDCL 7.35 May-16 25 Dayanidhi Solar Power Private Limited Solar 40 APSPDCL 7.79 Apr-16 25 Niranjana Solar Power Private Limited Solar 20 APSPDCL 7.45 Mar-16 25 Viswatma Solar Energy Private Limited Solar 30 APSPDCL 7.45 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
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2828 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 Pvt. Ltd. Rajasthan Solar 100 SECI 2.44 Sep-18 25 Acme Rewa Solar Power Pvt. Ltd. Solar 100 SECI 2.44 Oct-18 25 Acme Heergarh Powertech Pvt. Ltd. Solar 300 MSEDCL 2.74 Phase I (100 MW) April 2022 Phase II (200 MW) May 2022 25 Acme Aklera Power Technology Pvt. Ltd. Solar 250 SECI 2.48 Phase I (200 MW) July 2023 Phase II (50 MW) January 2024 25 Acme Raisar Solar Energy Pvt. Ltd. Rajasthan Solar 300 SECI 2.44 Phase I (272 MW): December 2024 Phase II (28 MW): January 2025 25 Acme Dhaulpur Powertech Pvt. Ltd. Rajasthan Solar 300 SECI 2.44 Phase I (238 MW): December 2024 Phase II (62 MW): January 2025 25 Acme Deoghar Solar Power Pvt. Ltd. Rajasthan Solar 300 SECI 2.44 Phase I (253 MW): December 2024 Phase II (47 MW): January 2025 25 Acme Phalodi Solar Energy Pvt. Ltd. Rajasthan Solar 300 SECI 2.44 Phase I (260.05 MW): December 2024 Phase II (39.95 MW): January 2025 25 Acme Sikar Solar Pvt. Ltd. Rajasthan Solar 300 SECI 3.05 May & June 2025 25 Acme Pokhran Solar Pvt. Ltd. Gujarat Wind 50 GUVNL 2.90 May & June 2025 25 Acme Eco Clean Energy Pvt. Ltd. Gujarat Wind 100 GUVNL 3.01 Phase I (28 MW): October 2025 Phase II (44 MW): January 2026 Phase III (28 MW): Feb - Apr 2026 25 Total (A) 2,990 3.41 1. Weighted average tariff calculated using contracted capacity (MW).
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2929 Under Construction PPA Signed Portfolio Project Name Type Capacity (MW) Off-taker Tariff (INR/KWh) PPA Status Debt Tied Up Tariff Adoption Grid Connectivity 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 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 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 Pvt. Ltd. FDRE 250 NHPC 4.56 PPA signed Tariff adopted Secured ACME Sigma Urja Pvt. Ltd. FDRE 50 Tata Power - D 4.43 PPA signed Tariff adopted Secured Acme Urja One Pvt. Ltd. FDRE 380 SECI 4.73 PPA signed Tariff adopted Secured ACME Urja One Pvt. Ltd. FDRE 250 NHPC 4.33 PPA signed Order reserved Secured ACME Greentech Seventh Pvt. Ltd FDRE1 450 SJVN 6.74 PPA signed Tariff adopted Secured ACME Renewtech Sixth Private Limited FDRE 300 SECI 6.28 PPA Signed Tariff adopted Secured ACME Renewtech Fifth Private Limited Hybrid 300 SECI 3.25 PPA Signed Under process Tariff adopted Secured ACME Greentech Nineth Pvt. Ltd. BESS 450 MWh NHPC 2.22 Lakhs/MW/month PPA Signed 2 Tariff adopted Secured2 ACME Greentech Tenth Pvt. Ltd. BESS 100 MWh NHPC 2.10 Lakhs/MW/month PPA Signed 2 ACME Marigold Urja Pvt. Ltd. FDRE 130 REMC Limited 4.35 PPA Signed 4 Not required Partially Secured5 ACME Greentech Twenty Pvt Ltd. FDRE 300 SECI 6.00 PPA Signed Under process Petition Filed Applied Total (I) 4,310 MW + ~17 GWh BESS3 1. Solar + ESS (Energy Storage System) project 2. The projects are to be set up at a pre -identified state-substation. In-principle approval for debt sanction in place 3. BESS as per current configuration and subject to optimization 4. Partial financing secured in ACME Marigold Urja to accelerate BESS deployment 5. Secured Solar connectivity and applied for co-located wind connectivity I. PPA signed
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3030 Under Construction LOA Awarded Portfolio Project Name Type Capacity MW Off-taker Tariff (INR/KWh) LOA/PPA Tariff Adoption Grid Connectivity 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 Secured Acme Marigold Urja Pvt. Ltd. FDRE 400 NTPC 4.70 LOA awarded Tariff adopted Secured Acme Greentech Sixteen Pvt. Ltd. FDRE1 220 MPPMCL 2.764 LOA awarded Tariff adopted Secured2 Total (II) 1,070 MW + ~2.3 GWh BESS3 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 3. BESS as per current configuration and subject to optimization
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Annexure Image source: ACME project in Rajasthan
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3232 Key Standalone and Consolidated Financials ACME Standalone Overview (from In-house EPC Business)ACME Consolidated Overview (from Sale of Power) Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 Revenue from operations 887 858 468 Other income 120 96 134 Total Income 1,007 954 601 Cost of materials consumed 70 39 - Employee benefits expense 18 18 15 Other expenses 45 67 52 Total expenses 134 123 68 EBITDA 874 831 534 Finance costs 345 344 265 Depreciation and amortisation expense 172 155 117 Profit before exceptional items 356 331 152 Exceptional items 0 0 4 Profit before Tax 356 331 156 Tax expense 87 96 41 Profit after Tax (PAT) 269 235 115 Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 EPC Revenue 3,313 2,266 332 Other income 113 92 133 Total Income 3,426 2,358 465 Cost of materials consumed 2,884 1,983 261 Employee benefits expense 81 81 61 Other expenses 29 32 37 Total expenses 2,994 2,096 359 EBITDA 431 262 106 Finance costs 105 97 68 Depreciation and amortisation expense 4 3 0 Profit/ (loss) before exceptional items 323 163 39 Exceptional items 0 0 2 Profit before tax 323 163 41 Tax expense 81 41 10 Profit after Tax (PAT) 241 122 31
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3333 Breakdown of Other Income Particulars (INR Cr) Q2 FY27 Q1 FY27 Q2 FY26 Remarks Interest on Fixed deposits 84 62 40 Recurring Income: Includes interest income on FD created towards DSRA maintenance a BGs provided for connectivity and under PPA (Performance Bank Guarantee) Amortisation of deferred revenue (Ind AS adjustment) 24 22 18 Recurring: Ind AS income against MOOWR (Manufacturing and Other Operations in Warehouse) scheme Hedging gains - - 55 Non-recurring: Hedging gains in Q2 FY26 Other misc. income 12 12 20 Non-recurring: Includes insurance and interest income etc. Total Other Income 120 96 134
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Image source: ACME ISTS Project ACME Solar Holdings Ltd. CIN : L40106HR2015PLC102129 Email: investor.relations@acme.in www.acmesolar.in COMPANY : Thank You