ACMESOLAR · Power · filed 28 Oct 2026
ACME Solar Holdings Ltd. reported revenue of ₹3,313 cr for July to September 2026, +897.9% on the year and +46.2% on the quarter.
Operating profit (EBITDA) was ₹319 cr, a margin of 9.6%, +1,776 bps on the year and +213 bps on the quarter.
Net profit was ₹241 cr, +677.4% on the year and +97.5% on the quarter.
Renewable and solar earnings move with module prices, capacity commissioned and, for developers, units generated.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Results filing
“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.”Earnings call, transcript
Filed late at night.
Source: Exchange filing
Could not run on this quarter: Headline vs core profit, Depreciation falling, 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.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
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.
No emphasis of matter.
Tax: Effective tax rate computed from PBT ₹356 cr and Tax expense ₹87 cr.
| 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.
Read more closely in this sector: Capacity announced against commissioned · Import duty and ALMM protection in margin · Receivables from distribution companies.
| 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
| 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
| This quarter | YoY | |
|---|---|---|
| Blended EBITDA Margin | 86.7 | — |
| Renewable Generation EBITDA Margin | 90.8 | — |
| BESS Operations EBITDA Margin | 78.3 | — |
Source: transcript
| 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.
| 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.
| 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% |
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.
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹332 cr | ₹2,266 cr | ₹3,313 cr |
| YoY | — | — | +898% |
| EBITDA margin | −8.1% | 7.5% | 9.6% |
| Other income, % of PBT | 324% | 56% | 35% |
| Exceptional items | ₹2.0 cr | — | — |
| Tax rate | 24% | 25% | 25% |
| Net profit | ₹31.0 cr | ₹122 cr | ₹241 cr |
| YoY | — | — | +677% |
| Core profit YoY | — | — | — |
| EPS | — | — | — |
| Flags | 1 | 1 | 1 |
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 ₹3,313 cr (+897.9% on the year) and net profit of ₹241 cr (+677.4% on the year) for July to September 2026.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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