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Kolkata: Suzlon Energy and ACME Solar are formidable players in the growing solar energy space. Both companies have posted strong results for the Q2 FY26 period (July-September). Suzlon has registered a PAT of Rs 1,279 crore (albeit including a tax gains of Rs 718 crore), while ACME Solar's net profit has stodd at Rs 115 crore, after an unbelievable 652% jump. While both companies have produced eye-popping financials, the question on many lips is which company's performance appears more sustainable. Analysts pointe dout that Suzlon's numbers were substantially triggered by tax gains, ACME's growth was attributable more to operational efficiency.
The consolidated revenue of ACME Solar was Rs 601 crore in Q2FY26 -- a rise of 103%. In other words, from Rs 295 crore in Q2FY25 to Rs 601 crore in Q2FY26. The company's EBITDA touched Rs 534 crore -- a rise of 108%. On the other hand, Suzlon Energy's revenue stood at Rs 3,866 crore -- a jump of about 85% from Rs 2,092 crore in the same period last year. Suzlon's operating profits (EBITDA) was at Rs 721 crore, posting a jump of approximately 145%.
Q2FY26 PAT: Rs 115 cr
Q2FY25 PAT: Rs 15 cr
PAT growth: 652%
PAT margin: 19.1%
Key reason: Operational Efficiency and Capacity Utilisation Factor improvement
Nature: Suatainable
Q2FY26 PAT: Rs 1,279 cr
Q2FY25 PAT: Rs 201 cr
PAT growth: 538%
PAT margin: 18.6% (estimated)
Key reason: Benefit from deferred tax gains of Rs 718 crore
Nature: One time gain
Both the company has significant order book size. The order book of Suzlon stands at 6.2 GW. It indicates a robust pipeline for project deliveries in the near future. The order book for ACME Solar stands at 7.39 GW portfolio. It also has secured large battery and storage orders, which is an important component in the solar power business. It also indicates ACME Solar's diverse capabilities and technology-based strategy.
A view is that ACME Solar is a relatively stable option. The reason: the performance of the company is based on operational improvements. The spectacular rise in PAT of Suzlon Energy is due to windfall tax gains. Both are powerful forces in the green energy sector.
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