ACME Solar’s Q3 Results: Profit surges 152%, stock hits upper circuit two days in a row

ACME Solar Holdings Limited’s shares hit the upper circuit on Thursday, opening at ₹191.23 and trading at ₹210.35 today, up 10 per cent on the NSE. The stock had hit the upper circuit on Wednesday’s trading session as well.

The surge follows the company’s strong Q3 FY25 performance, with profit after tax (PAT) soaring 152.1 per cent year-on-year to ₹112 crore and PAT margin expanding to 28 per cent. Listed on November 13, 2024, the stock has gained 20 per cent over the past two days.

The company’s total revenue increased by 9.9 per cent year-on-year to ₹401 crore, while EBITDA rose by 15.7 per cent to ₹359 crore with an improved margin of 89.6 per cent. The quarterly performance was marked by significant capacity expansion, including the commissioning of a 1,200 MW SECI plant in Rajasthan, which boosted the company’s operational portfolio to 2,540 MW.

ACME Solar’s under-construction capacity stands at 4,430 MW, including new wins of 1,250 MW in Q3. The company has secured power purchase agreements (PPAs) for 2,340 MW, representing 52.8 per cent of its under-construction capacity. The firm has also tied up debt of ₹16,500 crore for 1,700 MW of under-construction capacity.

The company’s net debt to net worth ratio improved to 1.6x in Q3 FY25, primarily due to debt repayment from IPO proceeds. ACME Solar has established itself as one of India’s top 10 renewable energy Independent Power Producers, with 86 per cent of its portfolio tied up with central counterparties.