ACMESOLAR · Power
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 85.5%, −408 bps on the year (−186 bps on the quarter).
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹344 cr, +47.6% on the year; 47% of EBITDA.
Source: Quarterly statements
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +79.4% on the year; profit before other income, exceptional items and tax +100.9%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹323 cr | ₹332 cr | ₹295 cr | ₹310 cr | ₹260 cr | ₹349 cr | ₹487 cr | ₹511 cr | ₹468 cr | ₹497 cr | ₹548 cr | ₹858 cr |
| YoY | — | — | — | −16% | −20% | +5% | +65% | +65% | +80% | +42% | +13% | +68% |
| EBITDA margin | 89.8% | 83.4% | 68.1% | 87.7% | 85.0% | 88.0% | 89.5% | 89.6% | 85.5% | 89.3% | 87.4% | 85.5% |
| Other income, % of PBT | 95% | 134% | 106% | 60% | 200% | 44% | 23% | 33% | 88% | 77% | 90% | 29% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 50% | — | 22% | — | 16% | −8% | 27% | 25% | 26% | 27% | 27% | 29% |
| Net profit | ₹39.0 cr | ₹44.0 cr | ₹532 cr | ₹1.0 cr | ₹15.0 cr | ₹112 cr | ₹122 cr | ₹131 cr | ₹115 cr | ₹114 cr | ₹138 cr | ₹235 cr |
| YoY | — | — | — | −99% | −62% | +155% | −77% | +13,000% | +667% | +2% | +13% | +79% |
| Core profit YoY | — | — | — | −65% | −550% | — | — | +485% | — | −38% | −85% | +101% |
| EPS | ₹3.70 | ₹4.26 | ₹50.97 | ₹0.03 | ₹0.29 | ₹1.85 | ₹2.04 | ₹2.16 | ₹1.90 | ₹1.88 | ₹2.30 | ₹3.33 |
| Flags | 1 | 2 | 2 | 1 | 3 | 2 | ✓ | 1 | 2 | 3 | 3 | 2 |
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.
ACME Solar Holdings Ltd. reported revenue of ₹858 cr (+67.9% on the year) and net profit of ₹235 cr (+79.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +100.9% on the year, against +79.4% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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