Earning Call Transcript Q2 FY27

Leading Through Innovation November 04, 2026 To To BSE Limited National Stock Exchange of India Ltd Corporate Relationship Dept., Corporate Relationship Dept., Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Mumbai 400001 Bandra-Kurla Complex, Bandra (East), Mumbai 400 051 Scrip Code: 544283 Symbol: ACMESOLAR Reference: Regulations 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, as amended and our earlier intimation dated October 22, 2026, regarding Earnings Call for Q2 FY27 results with analyst(s)/institutional investor(s) Subject: Earning Call transcript of the Investors Conference Call held on the unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026 (Q2 FY27) Dear Sir/Madam, In terms of Regulation 30 and 46 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, as amended, please find enclosed herewith the transcript in respect of Earnings Conference Call with the Analysts/Investors held on Thursday, October 29, 2026, on the unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. The Transcript of the conference call has been uploaded on the Company’s website and the same can be accessed from the link provided below: https://www.acmesolar.in/assets/pdf/Webcasts-and- Transcripts/04.11.2026_Q2_FY27_Earning_Call_Transcript.pdf You are requested to take the same on record. Thanking you, For ACME Solar Holdings Limited Rajesh Sodhi Company Secretary and Compliance Officer ACME Solar Holdings Limited CIN L40106HR2015PLC102129 Corporate Office: 4th, 6th to 8th Floor, Block A1, DLF World Tech Park, DLF IT SEZ Silokhera, Sector 30, Gurugram, Haryana 122001 India Tel: +91-124-4507100 Fax: +91-124-7117001 Regd. Office: Plot No .152, Sector-44, Gurugram 122002, Haryana, India Tel: +91-124-7117000 Fax: +91-124-7117001 Email: cs.acme@acme.in; Website: www.acmesolar.in ACME Solar Holdings Limited Q2 and H1 FY27 Earnings Conference Call October 29, 2026 MANAGEMENT: MR. MANOJ KUMAR UPADHYAY – CHAIRMAN MR. NIKHIL DHINGRA – JOINT MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. ARUN CHOPRA – CHIEF FINANCIAL OFFICER MR. ANKIT VERMA – DIRECTOR OF CORPORATE FINANCE Page 1 of 21 ACME Solar Holdings Limited October 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Earnings Conference Call of ACME Solar Holdings Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to management. Thank you, and over to you. Ankit Verma: Thank you. Good afternoon everyone, and thank you for joining us today. I am Ankit Verma, Director of Corporate Finance. I am joined by our Chairman, Mr. Manoj Kumar Upadhyay, Mr. Nikhil Dhingra, Joint MD and CEO, and Mr. Arun Chopra, CFO. It is my pleasure to present the highlights of our performance for the second quarter and the first half of FY27. Let me begin with our financial performance. Total revenue for the quarter stood at INR1,007 crores, which is up 67.5% year-on-year, while EBITDA increased 63.6% to INR874 crores, driven primarily by short-term peak power BESS operations and renewable capacity additions. Our blended EBITDA margin was 86.7%, which comprises 90.8% from renewable generation and 78.3% from BESS operations, where the cost of power purchased to charge the batteries sits within the operating expenses. Profit after tax rose 133.5% via Y-o-Y basis to INR269 crores, of which represents a PAT margin of 26.7%. Our asset base grew by INR11,466 crores over the year to INR28,462 crores following the commissioning of BESS and RE projects. Coming to our business and execution updates, We made strong progress across commissioning, PPA signing, and short-term peak power BESS contracting. We have commissioned approximately 5.2 gigawatt-hour of BESS capacity till date, which is the second largest BESS capacity in India as of date, and we achieved our initial half- yearly target of 5 gigawatt-hour, which we mentioned in the last call. With this BESS and solar commissioning, 1.9 gigawatt of our contracted projects are now partially commissioned. In addition, 1.7 gigawatt of modules have been delivered to site, out of which 1.1 gigawatt are already installed across multiple projects. Out of this installed 1.1 gigawatt module capacity, 200 megawatt peak of modules is already charged. And the balance is expected to be charged by November to December of this year. We signed 430 megawatts of FDRE PPAs during the quarter. Additionally, we yesterday signed another 400 megawatt FDRE PPA with NTPC, taking the overall PPA signed portfolio to 92% out of the total contracted portfolio of 8,370 megawatts. Through short-term BESS contracts, we have locked in more than INR1,600 crores of revenue for partial sale of FY27 capacity and more than INR1,500 crores for partial sale of capacity for FY28, with the balance to be tied up through future bids. Our CUF for the quarter improved from 24.1% to 27.8% year-on-year, and power generation grew 19.6% to 1,840 million units. Additionally, we sold 324 million units through short-term peak power BESS contracts. The weighted average cost of debt for our fully operational projects is around 8.4%. Around 65% of these borrowings are from PFC, REC, IREDA, and NaBFID, whose rates follow their own long- Page 2 of 21 ACME Solar Holdings Limited October 29, 2026 term cost of funds and which limits interest rate volatility. Further, CRISIL has upgraded ACME Solar Holdings rating outlook to AA- positive from AA- stable. Turning to the key sector and regulatory updates, below are the favorable steps taken by the government benefiting all the stakeholders. First, BESS connectivity. CTUIL has initiated the grant of BESS connectivity under non-ROFR route, speeding up deployment. For us, it helps build a large BESS pipeline at preferred high GHI sites in Rajasthan. Second, Green Energy Corridor Phase III. The Union Cabinet has approved INR1.36 lakh crores for interstate transmission -- intrastate transmission and INR50,000 crores for 50 gigawatt-hour of BESS, targeting the evacuation of 135 gigawatt of renewable energy. This is expected to open up new opportunities for us in the state-connected renewable projects. Third, the Pradhan Mantri Surya Sarovar Yojana. The scheme targets 5,000 megawatt of floating solar with at least 2 hours of co-located storage and provides central financial assistance of up to INR1 crores per megawatt after commissioning. This opens up new business opportunities for us in the floating solar market. And lastly, use of curtail energy for BESS charging. Wherever the GNA is delayed, curtailed solar under the PPA can now charge BESS for merchant sale. This gives us the opportunity to commission our solar capacity ahead of scheduled GNA and utilize that energy in BESS. Overall, these developments reduce risk, widen the opportunity set, and support our focus on BESS deployment. Looking ahead, let me share our upgraded capacity roadmap. Given our execution momentum and the scale of the opportunity, we are raising our targets across all three time frames. FY27, BESS commissioning guidance raised from 10 gigawatt- hour to more than 12 gigawatt-hour, driven by our early deployment strategy. And by 2030, our renewable target rises from 10 gigawatts with 25 gigawatt-hour of BESS to 15 gigawatts and 50 gigawatt-hour of battery, doubling the storage component. And below are the several factors that support delivery of this roadmap. A strong tender pipeline, 20+ gigawatts of upc [Showing first 8,000 characters — download PDF for full document]