Acme Solar Holdings Q2 FY27 Results: Consolidated Net Profit ₹269 Crore on Total Income of ₹1,007 Crore

Earnings
Solar power

Blacklitt Research28 October 20263 min read

Rows of dark solar panels on metal frames over a snowy field, seen from above. — Wikideas1, via Wikimedia Commons (CC0). Illustrative image.

ACME Solar Holdings (NSE: ACMESOLAR) reported consolidated total income of ₹1,007.08 crore and net profit of ₹268.66 crore for the quarter ended 30 Sep 2026, in a filing on 28 Oct 2026. Standalone total income was ₹3,425.73 crore and standalone net profit was ₹241.26 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,007.08 crore, up 67.5% YoY and 5.6% QoQ
Net profit and EPS: ₹268.66 crore, up 133.5% YoY; basic EPS ₹4.00 against ₹1.90 a year earlier
Finance costs: ₹345.21 crore, up 30.5% YoY, or 34.3% of total income

Standalone

The company on its own, without its subsidiaries

Total income: ₹3,425.73 crore, up 636.0% YoY and 45.3% QoQ
Net profit and EPS: ₹241.26 crore, up 672.8% YoY; basic EPS ₹3.60 against ₹0.52 a year earlier
Finance costs: ₹104.70 crore, up 55.0% YoY, or 3.1% of total income

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,007.08	601.37	+67.5%	953.77	+5.6%
Revenue from operations	887.01	467.75	+89.6%	857.50	+3.4%
Other income	120.07	133.62	-10.1%	96.27	+24.7%
	268.66	115.07	+133.5%	235.33	+14.2%
Finance costs	345.21	264.52	+30.5%	344.27	+0.3%
Depreciation	172.31	117.38	+46.8%	154.80	+11.3%
Tax expense	87.35	41.11	+112.5%	96.13	-9.1%
Net profit margin	26.68%	19.13%	+7.54 pp	24.67%	+2.00 pp
Tax as share of profit before tax	24.5%	26.3%	-1.79 pp	29.0%	-4.47 pp
EPS, basic (₹)	4.00	1.90	+110.5%	3.71	+7.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Net profit grew faster than total income. Net profit was ₹268.66 crore, up 133.5% on the year-earlier quarter, while total income rose 67.5%. Profit before tax rose 128.0%, from ₹156.18 crore to ₹356.01 crore.

Revenue from operations rose 89.6% to ₹887.01 crore, while other income fell 10.1% to ₹120.07 crore. Other income was 11.9% of total income this quarter.

Finance costs of ₹345.21 crore were 34.3% of total income, and depreciation rose 46.8% to ₹172.31 crore. Tax expense was ₹87.35 crore, 24.5% of profit before tax, against 26.3% a year earlier.

The year-earlier quarter had an exceptional item of ₹4.25 crore, and the statement refers to note 5 for it.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	3,425.73	465.47	+636.0%	2,358.28	+45.3%
Revenue from operations	3,313.11	332.43	+896.6%	2,266.31	+46.2%
Other income	112.62	133.04	-15.3%	91.97	+22.5%
	241.26	31.22	+672.8%	121.70	+98.2%
Finance costs	104.70	67.55	+55.0%	96.61	+8.4%
Depreciation	3.88	0.09	n/a	2.60	+49.2%
Tax expense	81.43	9.75	+735.2%	41.35	+96.9%
Net profit margin	7.04%	6.71%	+0.34 pp	5.16%	+1.88 pp
Tax as share of profit before tax	25.2%	23.8%	+1.44 pp	25.4%	-0.12 pp
EPS, basic (₹)	3.60	0.52	+592.3%	1.92	+87.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit rose 98.2% QoQ, faster than total income, which rose 45.3%. Year on year, net profit was up 672.8% to ₹241.26 crore and total income up 636.0% to ₹3,425.73 crore.

Standalone revenue from operations rose 896.6% to ₹3,313.11 crore, while other income fell 15.3% to ₹112.62 crore. Other income was 3.3% of total income this quarter.

Profit before tax was ₹322.69 crore, against ₹40.98 crore a year earlier and ₹163.06 crore in the previous quarter. Tax of ₹81.43 crore was 25.2% of profit before tax, against 23.8% a year earlier.

The year-earlier quarter had a standalone exceptional item of ₹2.42 crore.

Inference

The auditors' limited review report, dated 28 Oct 2026, says nothing has come to their attention that causes them to believe the statement contains a material misstatement. Their conclusion is not modified in respect of 54 subsidiaries whose results other auditors reviewed. Those subsidiaries had total assets of ₹26,086.02 crore before consolidation adjustments, as at 30 Sep 2026.

In the six months to 30 Sep 2026, the consolidated cash flow statement shows proceeds from long term borrowings of ₹7,777.94 crore and proceeds from equity share capital issued, net of issue expenses, of ₹2,769.87 crore. Payments for property, plant and equipment, including capital work-in-progress, were ₹6,329.21 crore, and cash and cash equivalents at the end of the period were ₹4,384.07 crore. How the company plans to use the new borrowings is not known from this filing.

Separately, the company informed the Exchange on 16 Oct 2026 about the execution of a PPA, and on 27 Oct 2026 about an update on the commissioning of a Battery Energy Storage System project.

Reference: Original filing (PDF)

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