Revenue₹887 cr▲ 89.5%on the year▲ 3.4%on the quarter
EBITDA₹753 cr▲ 88.3%on the yearmargin 84.9% (−58 bps)
Net profit₹269 cr▲ 133.9%on the year▲ 14.5%on the quarter
EPS—
Revenue ₹887 cr, +89.5% on the year (this quarter has averaged +30.2% over the last 2 years); EBITDA margin 84.9%, −58 bps.
Core profit grew faster than reported profit: core +1,211.1%, reported +133.9%. Other income, exceptional items or tax held the headline back.
Every check that could run (12 of 19) came back quiet.
✓Core profit grew faster than reported profit: one-offs held…iFiled late at night.
Management said
FI27 best commissioning guidance raised from 10 gawatt hour to more than 12 gawatt hour driven by our early deployment strategyconcall
by 2030 our renewable target rises from 10 gawatt with 25 gawatt hour of best to 15 gawatt and 50 gawatt hour of batteryconcall
Through short-term breast contracts, we have locked in more than 1,600 cr of revenue for partial sale of FI27 capacity and more than 1,500 cr for partial sale of capacity…concall
Consolidatedstandalone figures are read separately and never mixed into these tables
How to read this business
This is a lending business. Cash-flow reads that suit a manufacturer do not apply: disbursing loans is an operating outflow, so negative operating cash is normal and not a warning sign. Leverage is the raw material of the model, not a red flag on its own. Reads that would mislead here have been withheld rather than shown with a caveat.
In thirty seconds
Broadly clean, one watch item
0 serious1 watch4 findings
High Leverage to Support Under-Construction PipelineConsolidated Net Debt stood at ₹15,945 crore with Net Debt to Net Worth at 2.5x.
Surging Consolidated PAT and Cash Generation in Q2 FY2027Q2 FY2027 Consolidated PAT rose 133.5% YoY to ₹269 crore; Cash PAT reached ₹441 crore (+93.2% YoY).
Rapid BESS Capacity Scaling to ~5.2 GWhCommissioned ~2.1 GWh BESS in Q2 FY2027, reaching ~5.2 GWh operational capacity.
The number that misleads
ACME Solar's top-line revenue growth (+67.5% YoY in Q2 FY2027) is driven by the rapid commissioning of Battery Energy Storage System (BESS) assets (~5.2 GWh operational) and RE additions. While blended EBITDA margin (86.7%) shows slight compression from pure-play solar (~90.8%) due to power purchase costs for storage charging, Cash PAT (+93.2% YoY to ₹441 crore) and DSO reduction (to 13 days) demonstrate superior cash generation and balance sheet quality.
What ACME Solar Holdings Ltd. actually does
from the filings
ACME Solar Holdings Limited is an integrated Indian renewable energy Independent Power Producer (IPP) operating across utility-scale solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) projects, integrated with Battery Energy Storage Systems (BESS). The company operates an in-house Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) business model across the full project lifecycle from land/connectivity acquisition to asset maintenance.
How the money is actually made
Revenue is primarily generated through two main streams: (1) long-term power purchase agreements (PPAs) with central government entities (SECI, NTPC, REMCL) and state discoms for sale of solar, wind, and hybrid power; and (2) short-term merchant and peak-power arbitrage sales utilizing commissioned Battery Energy Storage System (BESS) capacity.
Operating KPIs — the physical business behind the numbers (8)
Total Contracted Capacity8070Sep 2026 2720ada1-00a1-4f0d-a164-f83133324935.pdf · Page 3
Days Sales Outstanding (DSO)13Sep 2026 53c4ba09-ed59-47b3-8123-aa4c4497e93e.pdf · Page 16
Screener puts these behind a paywall. They are disclosed in the
annual report and investor presentation, so they are free here, with the source printed.
The read
Why the headline number misleads here
ACME Solar's top-line revenue growth (+67.5% YoY in Q2 FY2027) is driven by the rapid commissioning of Battery Energy Storage System (BESS) assets (~5.2 GWh operational) and RE additions. While blended EBITDA margin (86.7%) shows slight compression from pure-play solar (~90.8%) due to power purchase costs for storage charging, Cash PAT (+93.2% YoY to ₹441 crore) and DSO reduction (to 13 days) demonstrate superior cash generation and balance sheet quality. Investors should track BESS round-trip efficiency (89%), GNA connectivity clearance timelines, and the execution pace of the 5.1 GW under-construction pipeline.
Trading at 55.5x earnings against its own median of 73.3x:
0.0 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this:Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
What you must understand
goodSurging Consolidated PAT and Cash Generation in Q2 FY2027
Reflects earnings acceleration from BESS operationalization and new RE capacities.
2720ada1-00a1-4f0d-a164-f83133324935.pdf · Page 2
Full read
Confirms strong cash flow accretion and earnings quality.
goodRapid BESS Capacity Scaling to ~5.2 GWh
Establishes ACME Solar as the 2nd largest BESS operator in India.
2720ada1-00a1-4f0d-a164-f83133324935.pdf · Page 1
Full read
Provides first-mover advantage in dispatchable RE tenders.
goodUpgraded 2030 Capacity Targets
Signals long-term growth visibility and aggressive pipeline expansion.
2720ada1-00a1-4f0d-a164-f83133324935.pdf · Page 1
Full read
Drives future scale and valuation parameters.
warnHigh Leverage to Support Under-Construction Pipeline
Reflects heavy capital expenditure required for 5,088 MW under-construction projects.
Requires disciplined debt servicing and timely project commissioning.
What doesn't add upread against itself
Two kinds of item, both taken from the company's own documents: figures that disagree with other figures in the same filing, and disclosures that sit in the notes rather than the statements. Neither is an allegation — each is a question the filing raises about itself.
Figures that disagree
EBITDA Margin YoY Comparison
Stated hereRE portfolio EBITDA margin of 90.8% in Q2 FY2027
vs
And hereBlended EBITDA margin of 86.7% in Q2 FY2027
Blended margin is lower because BESS accounting includes cost of power purchased under operating expenses.
What the numbers mean when read together — computed from the filings, not a score.
Other income is a big part of profit
Other income is 49% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Full read
Trailing other income ₹507 cr against pre-tax profit ₹1,033 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowing while holding investments
Borrowings rose 122% over two years while the company also carries ₹275 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Full read
Borrowings moved to ₹18,988 cr from ₹8,536 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress is sticky
Capital work-in-progress has stayed high (28% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Full read
CWIP ₹4,358 cr vs ₹2,828 cr two years earlier, against fixed assets ₹15,732 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Borrowing is funding real capacity
Debt rose over 3 years, and most of it (113%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
Full read
New borrowing ₹9,974 cr largely matched by an asset build of ₹11,312 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Profit growing with revenue
Both revenue and profit grew over the last year (47.5% and 58.4%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Full read
Trailing revenue ₹2,371 cr, trailing profit ₹602 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin expanding
Net margin improved from 22.9% to 25.4% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Full read
Quarter net margin 25.4% vs 22.9% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
What they promised, and what happened
On the record, not yet due
Cumulative BESS Commissioning12+ GWhManagement · 28 October 2026 · by FY2027
2030 RE Generation Capacity Target15 GWManagement · 28 October 2026 · by 2030
2030 BESS Storage Capacity Target25 GWhManagement · 28 October 2026 · by 2030
Every line is dated and attributed, so the next results can be checked against it.
Reading the annual report
Where they say they are going
Targeting 10 GW of RE generation capacity and 25 GWh of BESS storage capacity by 2030 (upgraded target). Target cumulative BESS commissioning of 12+ GWh by FY2027.
What they promised before, and what happened
In FY2026, commissioned 442 MW generation capacity and 3.6 GWh BESS capacity; expanded operational portfolio to 2,982 MW generation capacity and 3.6 GWh BESS. In Q2 FY2027, commissioned ~2.1 GWh additional BESS capacity, taking cumulative operational BESS to ~5.2 GWh.
Where the money actually went
Disciplined capital management with debt refinancing of ₹3,300 crore (reducing interest rates by ~150 bps), new project debt tie-up of over ₹15,000 crore, and capital returns via interim dividends of ₹0.40 per share in FY2026.
What they are becoming less dependent on
Diversifying technology mix from standalone solar into high-value FDRE and Hybrid projects (representing 59% of total portfolio) and BESS storage solutions, alongside wind power.
The part most readers miss
Inclusion of BESS power purchase costs under operating expenses marginally dilutes blended EBITDA margins (86.7% vs 90.8% RE standalone), but generates incremental short-term revenue and cash flow lock-ins (₹1,600+ crore for FY2027 and ₹1,500+ crore for FY2028).
Forensic modelscomputed from the filed statements
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Altman Z″
5.33Safe
Distress model for emerging markets. Above 2.6 is safe, below 1.1 is the distress zone.
What is this, and how do I read it?
Altman Z″ — distress model — Edward Altman, NYU, 1968; the Z″ variant was published in 1995 for emerging markets and non-manufacturers.
A single score built from four balance-sheet ratios that, together, separated companies that later went bankrupt from those that did not. Altman tested it on manufacturers; the Z″ version drops the sales-to-assets term, which made industrial firms look better than service businesses.
X1 · Working capital ÷ total assets
Short-term liquidity. Negative means current liabilities exceed current assets — the company owes more within a year than it holds.
X2 · Retained earnings ÷ total assets
Cumulative profitability. A young or serially loss-making company scores low here regardless of this year.
X3 · EBIT ÷ total assets
Operating productivity of the asset base, before financing and tax.
X4 · Net worth ÷ total liabilities
How far assets can fall before liabilities exceed them.
How to read itAbove 2.6 is the safe zone. Between 1.1 and 2.6 is grey. Below 1.1 is the distress zone. The score is a screen, not a prediction — it tells you which balance sheets deserve a second look.
Where it failsNot meaningful for banks, NBFCs or insurers, whose balance sheets are structurally different. Also unreliable for asset-light businesses, which carry few assets by design, and for holding companies whose value sits in unconsolidated stakes.
Piotroski F
5 / 81 not testable
Profitable this year
Operating cash positive
Return on assets improved
Cash exceeds profit
Leverage reduced
Liquidity improved
No share dilution
Margin improved
Assets working harder
What is this, and how do I read it?
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
Profitability (4 tests)
Positive profit, positive operating cash, improving return on assets, and cash exceeding profit. The last is the quality test — profit that outruns cash is the one to question.
Leverage and liquidity (3 tests)
Falling debt, improving current ratio, no new shares issued. Growth funded by dilution scores zero here.
Operating efficiency (2 tests)
Improving margin and improving asset turnover.
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Beneish M
Needs trade receivables, current assets, other expenses.
Cash vs profit
5.67×7-year cumulative
Accruals are -3.2% of assets.
DuPont — return on equity FY2026
Net margin24.6%×Asset turnover0.07××Leverage5.64×=ROE9.8%
What is this, and how do I read it?
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
Net margin
What the company keeps from each rupee of sales. High margin points to pricing power or a genuine cost advantage.
Asset turnover
Sales generated per rupee of assets. High turnover points to efficiency — a retailer earns this way, a utility never will.
Leverage (equity multiplier)
Assets divided by equity. This multiplies whatever the first two produce, in both directions.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Leverage & coverage FY2026
Debt / equity3.75×
ROCE9.0%
The formula notebook — every number above, worked out
Cash vs profitcumulative operating cash flow ÷ cumulative net profit₹9,112 cr ÷ ₹1,607 cr, over 7 years5.67×Above 1.0 means cash exceeds reported profit — the healthier reading.
Accruals (Sloan)(net profit − operating cash flow) ÷ average total assets(₹498 − ₹1,249) cr ÷ average assets-3.2%Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.
DuPont — return on equitynet margin × asset turnover × leverage24.6% × 0.07 × 5.649.8%Splits ROE into whether returns come from operations or from borrowing.
Interest coverageEBIT ÷ finance cost₹1,800 cr ÷ ₹1,123 cr1.60×How many times operating profit covers the interest bill.
Debt to equityborrowings ÷ net worth₹18,988 cr ÷ ₹5,060 cr3.75×Read against the sector — infrastructure carries more than software.
Going deepersame statements, harder questions
Montier C-Score
Needs more balance-sheet detail (only 3 of 6 flags testable).
Return on invested capital FY2026
ROIC6.2%
On new capital since FY20236.9%
Capital employed₹21,817 cr
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
What is this, and how do I read it?
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
NOPAT
Operating profit after a notional tax charge, so the figure is independent of how the company is financed. We use 25%.
Invested capital
Equity plus borrowings less cash — the money actually at work.
Incremental ROIC
Change in NOPAT divided by change in invested capital. If it sits below the cost of capital, growth is destroying value however fast revenue rises.
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Cost of debt FY2026
Interest ÷ average borrowings7.50%
Average borrowings₹14,982 cr
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
What is this, and how do I read it?
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
Well below the policy rate
Suggests interest is being capitalised into assets rather than expensed, or that funding comes from related parties on non-market terms.
Near the policy rate plus a normal spread
Ordinary bank funding. Nothing to explain.
Well above
Lenders are pricing risk the equity market may not yet be.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Published screening frameworksrules applied, not opinions quoted
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Graham — defensive investor
2 / 4
Current ratio above 2 2.17×
Debt below net worth ₹18,988 cr vs ₹5,060 cr
Positive earnings every year 6 of 7 years
Earnings growth over the period 703% since FY2022
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Greenblatt — magic formula
0 / 1
Return on capital above 20% 7.5%
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
O'Neil — CAN SLIM growth tests
2 / 4
Annual earnings growth above 25% 97%
Revenue growth above 20% 44%
Return on equity above 17% 9.8%
Share count not expanding equity capital ₹121 cr
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
Quality — compounder tests
1 / 4
Cash conversion above 0.9× 5.67× over 7 years
ROCE above 15% 9.0%
Interest covered more than 4× 1.60×
Debt below half of equity 3.75×
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
The page in pictures
Revenue and what it leaves behind
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Revenue (₹ cr)Net margin %
Where the year's cash went — FY2026
Operating cash first, then what the business spent and raised.
Quality over time
One year is a snapshot. These are the two lines that matter across a cycle.
Cash ÷ profit (×)ROCE (÷10)
Where cash gets stuck
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Debtor daysCash cycle
Growth & valuation workspace
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
User-driven scenario tool. Implied value and CAGR follow only from the assumptions you set — not a FinMinutes forecast, recommendation, or target price.
Valuation & quality
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How it is fundedLeverage and what is returned to shareholders.
Book value / share
₹138.1
Ownership & Skin in the Game
How the register has moved over recent quarters — the direction matters more than the level.
Promoter▼ 11.89
Dec '2583.29%
Mar '2683.29%
Jun '2671.48%
Jun '2671.40%
Promoter trimmed from 83.29% to 71.40% across these quarters.
FII▲ 0.36
Dec '254.03%
Mar '263.60%
Jun '263.93%
Jun '264.39%
FII rose from 4.03% to 4.39% across these quarters.
MF▲ 11.31
Dec '254.89%
Mar '265.35%
Jun '2616.06%
Jun '2616.20%
MF rose from 4.89% to 16.20% across these quarters.
Other▲ 0.22
Dec '257.79%
Mar '267.76%
Jun '268.53%
Jun '268.01%
Other rose from 7.79% to 8.01% across these quarters.
Skin in the game
A holding percentage says who controls the company. This says whether the promoter has been putting money in or taking it out.
Named holders
HolderTypeStakePledgedAs of
ACME Cleantech Solutions Private LimitedPromoter83.00%—31 March 2026
The debt wallFY2026
How much is owed answers one question. When it falls due answers a different one. This is the repayment ladder as the borrowings note states it, with instrument-level detail rolled into the buckets.
Within 1 year
₹2,248 cr12%
Total borrowings₹18,988 cr
Due within a year12%
Average cost8.40%
The stated total and the sum of the buckets differ, which usually means they sit on different bases or exclude current maturities. Both are shown as filed.
Read using the Solar, renewables and energy transition framework(named in the filing read). Primary valuation lens: EV/EBITDA for assets; P/E against order book for manufacturers.
1 standard read withheld or marked as expected here, and why
Capacity is built ahead of depreciation.
Read more closely in this sector: Capacity announced against commissioned · Import duty and ALMM protection in margin · Receivables from distribution companies.
Trends
The shape of the business over time (annual) — read the direction, not the single print.
Revenue (₹ cr)
Net profit (₹ cr)
Annual Profit & Loss ₹ cr
Line
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Revenue from operations
1,692
1,488
1,295
1,319
1,405
2,023
Other income
218
404
106
891
147
484
EBITDA
—
—
—
—
—
2,265
Depreciation
622
546
485
308
287
468
Finance cost
1,151
996
809
767
759
1,123
Profit before tax
-1
102
-15
909
338
677
Net profit (owners)
15
62
-3
698
251
498
EPS (₹)
1.46
5.94
-0.30
66.81
4.17
8.24
Exceptional items, total income and EBITDA are read from the filed statements.
Quarterly Financials ₹ cr
Metric
Dec 2023
Mar 2024
Jun 2024
Sep 2024
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Sep 2026
Revenue
332
295
310
260
349
487
511
468
497
548
858
887
Other Income
39
719
30
36
45
38
57
138
120
171
96
120
Expenses
54
94
38
39
42
51
53
68
52
69
123
134
EBITDA
—
—
—
—
—
—
—
—
—
—
—
874
Depreciation
85
61
56
60
70
102
108
117
120
123
155
172
Finance cost
202
177
196
178
179
206
233
265
288
337
344
345
Profit before tax
29
681
50
18
103
166
174
156
156
190
331
356
Tax
—
—
—
—
—
—
—
—
—
—
—
87
Net Profit
44
532
1
15
112
122
131
115
114
138
235
269
EPS
4.26
50.97
0.03
0.29
1.85
2.04
2.16
1.90
1.88
2.30
3.33
—
Balance Sheet ₹ cr, annual
Item
FY2022
FY2023
FY2024
FY2025
FY2026
Sep 2026
Equity Capital
104
104
104
121
121
—
Reserves
1,804
1,796
2,486
4,390
4,940
—
Net worth
—
—
—
—
5,060
8,361
Borrowings
7,915
9,014
8,536
10,976
18,988
—
Trade receivables
—
—
—
—
333
—
Inventory
—
—
—
—
17
—
Trade payables
—
—
—
—
15
—
Current assets
—
—
—
—
6,986
—
Current liabilities
—
—
—
—
3,220
—
Net block
6,177
6,631
6,758
12,315
14,483
—
CWIP
1,273
2,147
2,828
1,362
4,358
—
Investments
25
23
150
275
275
—
Cash & equivalents
—
—
—
—
2,231
—
Total Assets
10,797
12,027
13,207
18,140
28,540
28,462
Cash Flow ₹ cr
Line
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
Cash from operations
1,746
955
1,263
1,434
1,543
1,249
Capital expenditure
—
—
—
—
—
6,396
Cash from investing
458
-425
-1,410
-1,888
-3,976
-7,179
Cash from financing
-2,040
-556
215
216
3,408
7,015
Free cash flow
1,560
-496
495
-1,368
-1,719
-4,071
Net change in cash
164
-25
69
-238
975
947
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
From the filings, calls & disclosures
The part no one reads — pulled from the annual report, auditor's report, concall and deck. This is the moat.
Risk register & disputes (2)
Deposits Under Protest with Government Authorities
GNA Grid Connectivity Delays for Solar Projects
Audit & governance
Opinionunmodified
AuditorWalker Chandiok & Co LLP and A Prasad & Associates
Guidance & forward view
Cumulative BESS Commissioning12+ GWh FY2027
2030 RE Generation Capacity Target15 GW 2030
2030 BESS Storage Capacity Target25 GWh 2030
The analyst grilling
Where analysts pressed management, and how they answered.
The tough questions (1)
What is the reason for lower EBITDA margin in BESS operations compared to the RE portfolio?
Management clarified that BESS EBITDA margin (78-80%) includes the cost of power purchased for charging BESS operations under operating expenses, whereas RE standalone EBITDA margin is ~90.8%.
Money owed, promised and moved inside the group
Contingent liabilities
₹40.85 cr in total across 1 disclosed items. Individual items answer what; the total answers how exposed.
Deposits under protest with government authorities₹40.85 cr · 0.81% of net worth
Related-party transactions
₹175 cr transacted — approvals are a ceiling, not a spend.
Disclosure & evidencewhat the filings actually show
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
Governance
2 of 2 disclosedweighted 5 of 5
What was looked for
Unmodified audit opinion — Unmodified
CARO remarks contained — none
Sustainability
0 of 5 disclosedNothing disclosed on this
What was looked for
Assured reporting — not assured
Targets quantified — 0 of 1 targets quantified
Scope 3 disclosed — not disclosed
Capex tied to targets — no capex tied to targets
Externally assessed — 0 external assessments
Future readiness
1 of 3 disclosedweighted 3 of 8
What was looked for
Spend disclosed — no spend disclosed
Deployments with outcomes — 1 of 1 with a measurable outcome
Visible in operating metrics — narrative only
Others in Power
The same read, applied to the companies this one competes with.
✓Clean on 12 checks✓1 positive12 of 19 checks ran · read from the filing
Revenue₹887 cr▲ 89.5%on the year▲ 3.4%on the quarter
EBITDA₹753 cr▲ 88.3%on the yearmargin 84.9% (−58 bps)
Net profit₹269 cr▲ 133.9%on the year▲ 14.5%on the quarter
EPS—
What changed
Revenue ₹887 cr, +89.5% on the year (this quarter has averaged +30.2% over the last 2 years); EBITDA margin 84.9%, −58 bps.
Core profit grew faster than reported profit: core +1,211.1%, reported +133.9%. Other income, exceptional items or tax held the headline back.
Every check that could run (12 of 19) came back quiet.
The quarter, explainedfrom the filing and the statements
ACME Solar Holdings Ltd. reported revenue of ₹887 cr for July to September 2026, +89.5% on the year and +3.4% on the quarter. That is faster than this quarter has grown in recent years (+30.2% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2,790 cr, +53.7% on the four before.
Operating profit (EBITDA) was ₹753 cr, a margin of 84.9%, −58 bps on the year and −77 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 84.9% to 89.6%). Operating costs grew +97.1%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹269 cr, +133.9% on the year and +14.5% on the quarter. Profit before other income, one-offs and tax grew faster, at +1,211.1%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹756 cr, +57.5% on the four before.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated.
Questions to ask: none this quartereach one with its numbers and source
No check fired. That is a statement about the checks below, not a verdict on the company.
Also worth knowing
✓Positive
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +133.9% on the year; profit before other income, exceptional items and tax +1,211.1%.
Source: Results filing
iNote
Filed late at night.
Filed at 21:05 IST.
Source: Exchange filing
Could not run on this quarter: Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Where the profit change came fromSep '25 → Sep '26
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
The half year: balance sheet and cashfiled with Q2
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
From the filingauditor, IPO money, related parties, promoters
✓Auditor's reviewUnmodified conclusion
No emphasis of matter.
iPromotersHolding 71.40%
Inside the profitother income, one-offs, tax
Other income, line by line
Interest on Fixed deposits: 84 crore (recurring)Investor Presentation · p.22
Amortisation of deferred revenue (Ind AS adjustment): 24 crore (recurring)Investor Presentation · p.22
Other misc. income: 12 crore (one-off)Investor Presentation · p.22
Tax: Effective tax rate computed from PBT ₹356 cr and Tax expense ₹87 cr.
Renewables vitalsthe numbers this business is run on
Metric
Q2 FY27
Q2 FY26
CUF
27.8%
24.1%
BESS Commissioned Capacity (GWh)
5.2
—
Power Generation (MU)
1,840
1,538
Short-term BESS Power Sold (MU)
324
—
Short-term BESS Power Sold (MU)
324
—
Weighted Average Cost of Debt (percent)
8.4
—
Contracted PPA Portfolio (MW)
8,370
—
Order book 8370 crore at quarter end, after inflows of 430 crore in the quarter.
Read using the Solar, renewables and energy transition framework(named in the filing read). Primary valuation lens: EV/EBITDA for assets; P/E against order book for manufacturers.
1 standard read withheld or marked as expected here, and why
Project finance keeps reserve cash beside debt by covenant.
Read more closely in this sector: Capacity announced against commissioned · Import duty and ALMM protection in margin · Receivables from distribution companies.
What the company says drove itfrom the presentation and press release
EBITDA Growth (+63.6% YoY) +63.6%: Driven primarily by short-term peak power BESS operations and renewable capacity additions.transcript
CUF Improvement (from 24.1% to 27.8% YoY) +3.7%: Addition of 150 MW wind capacity operating at 41% CUF, plant repowering, and operationalization of Sikar plant.transcript
Power Generation Growth (up 19.6% YoY) +19.6%: Higher CUF across operational solar assets, plant repowering, and contribution from 150 MW wind capacity.transcript
Flat Interest Cost QoQ 0%: Debt paydown using ₹2,800 cr QIP proceeds, internal BESS cash flows reducing debt drawdowns, and refinancing dollar bonds into lower-rate rupee debt.transcript
PAT Growth (+133.5% YoY) +133.5%: Revenue expansion from short-term BESS peak power monetization combined with controlled interest costs.transcript
From the investor presentationthe operating tables, as printed
Financial Performance Highlights (₹ crore)
This quarter
A year ago
YoY
Total Revenue
1007
601
+67.5%
EBITDA
874
534
+63.6%
Profit After Tax (PAT)
269
115
+133.5%
Total Asset Base
28462
16996
+67.5%
Source: transcript
Operational & BESS Metrics (various)
This quarter
A year ago
YoY
Power Generation (MU)
1840
1538
+19.6%
BESS Short-term Power Sold (MU)
324
—
—
Blended CUF (%)
27.8
24.1
—
Commissioned BESS Capacity (GWh)
5.2
—
—
Partially Commissioned Capacity (GW)
1.9
—
—
Source: transcript
EBITDA Margin Breakdown by Segment (percent)
This quarter
YoY
Blended EBITDA Margin
86.7
—
Renewable Generation EBITDA Margin
90.8
—
BESS Operations EBITDA Margin
78.3
—
Source: transcript
What management saidquoted, with source
FI27 best commissioning guidance raised from 10 gawatt hour to more than 12 gawatt hour driven by our early deployment strategyconcall, transcript
by 2030 our renewable target rises from 10 gawatt with 25 gawatt hour of best to 15 gawatt and 50 gawatt hour of batteryconcall, transcript
Through short-term breast contracts, we have locked in more than 1,600 cr of revenue for partial sale of FI27 capacity and more than 1,500 cr for partial sale of capacity for FI28concall, transcript
we are targeting to capitalize whole of 12 gawatt hour of best in this calendar in this financial year onlyconcall, transcript
in FY28 in terms of the GNA availability we are looking at upwards of 3 GW around 2 and a half to 3 GWconcall, transcript
Guidance given this quarter
Metric
Guidance
For
Against earlier guidance
BESS Commissioning Target
>12 GWh
FY2027
was 10 GWh
Renewable Generation Target
15 GW
2030
was 10 GW
Battery Storage Target
50 GWh
2030
was 25 GWh
Full Generation Capacity Addition
1.5–1.5 GW
FY2027
unchanged or first given
Partial Generation Capacity Addition
2.5–3 GW
FY2027
unchanged or first given
Generation Capacity Addition
2.5–3 GW
FY2028
unchanged or first given
Held for next quarter's said-then-did check.
From the call
Q2 FY27 EBITDA increased 63.6% YoY to ₹874 cr with PAT rising 133.5% YoY to ₹269 cr.transcript
Achieved 5.2 GWh BESS capacity commissioning, meeting the H1 FY27 target of 5 GWh.transcript
Raised FY27 BESS commissioning guidance from 10 GWh to >12 GWh and 2030 target to 15 GW RE + 50 GWh BESS.transcript
Locked in >₹1,600 cr revenue for FY27 and >₹1,500 cr for FY28 via short-term BESS peak power contracts.transcript
Where analysts pushed
Question
Answer
Answered?
Clarification on capex execution and H2 outlook versus earlier ₹15,000-17,000 cr expectation.
Management clarified that ₹6,500 cr capex is done in H1 and H2 capex will be higher due to 5 GWh pending battery deliveries and module installations.
yes
Concern over gap between gross block increase (₹1,782 cr) and operational debt increase (₹3,100 cr).
Management explained early debt drawdowns for front-ended BESS capex before LC opening and capitalization.
yes
Feasibility of 15 GW 2030 target amidst transmission and GNA connectivity delays.
Management stated targeted substations have timelines up to 2028-2029 and existing connectivity is sufficient.
yes
Return math on recent 400 MW NTPC PPA at ₹6/kWh tariff given high battery cost.
Management highlighted early commissioning returns by deploying BESS on operational GNA substations prior to solar COD.
yes
Tone against the last call. Management shifted focus from pure capacity addition numbers (megawatts) to revenue generation capability, return on capital, and self-financing cash flow generation through BESS deployment.
Plans, launches and capacityfrom the call and presentation
BESS Capacity Commissioning: 5.2 GWh commissioned to date, FY27 target raised to >12 GWh (FY2027), under waytranscript
FDR PPA Signing with NTPC: 400 MW signed yesterday; total PPA portfolio reached 92% of 8,370 MW (Q2 FY2027), completedtranscript
Short-term Peak Power BESS Contracting: Locked in >₹1,600 cr for FY27 and >₹1,500 cr for FY28 (FY2027-FY2028), under waytranscript
Capex Outlay and Capitalization: ₹6,500 cr spent in H1 (₹3,500 cr capitalized, ₹3,000 cr CWIP); H2 capex expected to be higher to capitalize 12 GWh BESS (H1 FY2027), under waytranscript
Segments
Segment
Revenue
YoY
Result
YoY
Sale of Power (Consolidated)
₹887 cr
▲ 89.5%
₹356 cr
▲ 128.2%
EPC Business (Standalone)
₹3,313 cr
▲ 897.9%
₹323 cr
▲ 687.8%
The readsynthesis of the filing and the call, no new facts
Acme Solar Holdings delivered strong operational performance in Q2 FY27, with total revenue rising 67.5% YoY to ₹1,007 crore and EBITDA expanding 63.6% YoY to ₹874 crore at an 86.7% margin. Net profit increased 133.5% YoY to ₹269 crore. Growth was driven by short-term BESS peak power monetization and 19.6% higher generation output (1,840 MU). BESS capacity reached 5.2 GWh, prompting management to raise FY27 commissioning guidance to >12 GWh and lock in over ₹1,600 crore in FY27 revenue. Cash flows remain backed by QIP funds and BESS accruals. However, full plant commissionings remain constrained by GNA transmission grid delays, forcing reliance on partial commissioning and BESS co-location, while exact H2 capex cadence and final NTPC PPA tariff adjustments remain key open monitorables.
What matters most. Execution speed of 12 GWh BESS commissioning in FY27 and revenue lock-in via short-term peak power contracts to bypass GNA grid delays.
What would change it. Severe delays in CTU/GNA substation commissioning beyond late 2028 or a sharp drop in short-term BESS peak power realization tariffs.
Open questions
Historical promise track record versus actual delivery could not be assessed as previous quarters' call transcripts were unavailable.Q3 FY26 and Q1 FY27 earnings call transcripts or investor presentations
Exact breakdown of project-level land configuration, DC/AC capacity, and partial commissioning status for operational tracking.Next quarter's investor presentation (Q3 FY27 investor deck)
Quarterly trajectory of power purchased from external exchanges (IEX) versus internal solar generation for BESS charging.Q3 FY27 earnings call presentation and operational updates
Final H2 FY27 capex cash outflow and total capitalization schedule across solar modules and 5 GWh pending battery deliveries.Q3 FY27 financial results filing and balance sheet notes
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
DISCLAIMER: FinMinutes is a financial data and analytics platform, not a registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.