Earning Call Transcript Q1 FY27

Leading Through Innovation August 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 July 21, 2026, regarding Earnings Call for Q1 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 ended June 30, 2026 (Q1 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, July 30, 2026, on the unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 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/04.08.2026_Q1_FY27_Intimation_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 Q1 FY27 Earnings Conference Call” July 30, 2026 MANAGEMENT: MR. MANOJ KUMAR UPADHYAY – CHAIRMAN AND MANAGING DIRECTOR – ACME SOLAR HOLDINGS LIMITED MR. NIKHIL DHINGRA – CHIEF EXECUTIVE OFFICER – ACME SOLAR HOLDINGS LIMITED MR. ARUN CHOPRA – CHIEF FINANCIAL OFFICER – ACME SOLAR HOLDINGS LIMITED MR. ANKIT VERMA – DIRECTOR AND HEAD, CORPORATE FINANCE – ACME SOLAR HOLDINGS LIMITED MODERATOR: MR. NIKUNJ SETH – MUFG INTIME Page 1 of 21 ACME Solar Holdings Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to ACME Solar Holdings Limited Q1 FY27 Earnings Conference Call, hosted by MUFG Intime. 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 touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Seth. Thank you, and over to you, Nikunj. Nikunj Seth: Thank you, Danish. Hello, everyone. Welcome to Q1 FY27 earnings conference call of ACME Solar Holdings Limited. From the management, we have with us Mr. Manoj Kumar Upadhyay, Chairman and Managing Director; Mr. Nikhil Dhingra, CEO; Mr. Arun Chopra, CFO; and Mr. Ankit Verma, Director and Head of Corporate Finance. Now I would like to hand over the call to the management for their opening remarks. Thank you, and over to you, sir. Ankit Verma: Thanks, Nikunj. Good afternoon, everyone, and thank you for joining us today. I am Ankit Verma, Director, Corporate Finance, and it is my pleasure to present the highlights of our performance for the first quarter of FY27. Before we get started, I'd like to thank all our shareholders for their continued trust and support. We're also pleased to have successfully completed our QIP, which reflects the confidence investors have in our long-term vision. This would give us the flexibility to prepone our capex for our under-construction projects and deliver better return economics. Let me now begin with our financial performance. This quarter marks another milestone for the company as we delivered the highest ever revenue and EBITDA in our history. Total revenue for the quarter stood at INR954 crores, which is up 63% year-on-year, while EBITDA increased 56% to INR831 crores. This strong performance was driven by higher CUF, revenue contribution from our BESS operations and renewable capacity additions. Our total EBITDA margin was around 87%. Looking at the businesses separately, our renewable energy portfolio delivered an EBITDA margin of around 88%- 89%, while the BESS business recorded a margin of approximately 82%. The difference is primarily because the cost of power purchased for charging the batteries is accounted for within the operating expenses. Therefore, the blended margin should be viewed in that context. Profit after tax stood at INR235 crores, which is up 80% on a Y-o-Y basis, translating into PAT margin of around 25%. Our asset base expanded significantly to around INR25,000 crores following the commissioning of new assets and batteries. During the quarter, we incurred capital expenditure of around INR3,000 crores. And for the full year, we upgraded our capex to approximately INR15,000 crores to INR20,000 crores. Page 2 of 21 ACME Solar Holdings Limited July 30, 2026 Moving to our battery energy storage system updates. In line with our strategy of early deployment, we commissioned approximately 2.3 gigawatt hour during the quarter till date, taking our cumulative commissioned BESS capacity to approximately 3.62 gigawatt hour. With this, we now account for around 40% share of India's cumulative commissioned BESS capacity till date, one of the highest in the country. Our BESS operations made a meaningful financial contribution this quarter. Out of the total revenue of INR954 crores in this quarter, INR226 crores came from BESS power sales, comprising approximately 85% revenue from short-term contracts and balance from merchant sales. BESS power sale is delivering a healthy annual EBITDA to capex yield of more than 20%. We have demonstrated large-scale FDRE through battery operations in a bigger and demanding way by charging, discharging the batteries in a 15-minute slot interval. We have secured short-term BESS contracts during the quarter, locking in more than INR1,400 crores of revenue for partial FY27 BESS commission capacity. Also we will keep on participating and tie up more such contracts for full BESS capacity in '27. Operational performance for batteries continues to remain better vis-a-vis our design expectation with a round-trip efficiency of approximately 89%, depth of discharge of around 93% and state of health being more than 99.9%. Also the plant availability for batteries is more than 99%. Coming to our other business updates, we signed 600 megawatt of FDRE and hybrid PPAs with SECI during the quarter, which takes our total PPA signed capacity to 3,880 megawatts out of total under-construction capacity of 5,080 megawatts. Balance projects of around 1,200 megawatts for which PPAs are yet to be signed are progressing well and expected to get signed soon. With this, our total portfolio now stands at 8,070 megawatts, which will entail around 20 gigawatt hour of battery storage. During the quarter, we also achieved the highest capacity utilization factor in the company's history at 30.9% compared with 28.5% in the corresponding quarter last year. Power generation increased by 23% year-on-year to 2020 million units. During the quarter, we secured financing of approximately INR6,000 crores for our 700 megawatts of under-construction FDRE projects. And with this, debt has now been tied up for nearly 85% of our PPA-signed portfolio. Before I move to sector updates, let me [Showing first 8,000 characters — download PDF for full document]