ACME Solar Holdings Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript ACME Solar Holdings Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ACME Solar reported its highest ever quarterly revenue and EBITDA for Q1 FY27, with revenue up 63% year-on-year to Rs 954 crore and EBITDA up 56% to Rs 831 crore, driven by higher CUF, BESS revenue contribution and capacity additions. The company commissioned approximately 2.3 gigawatt hour of BESS during the quarter, taking cumulative commissioned capacity to about 3.62 gigawatt hour, and signed short-term BESS contracts locking in more than Rs 1,400 crore of revenue for partial FY27 capacity. Management also addressed a fire incident at its ACME Suryodaya BESS facility, stating the root cause analysis found an electrical short circuit in AC cabling with no damage to battery systems.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR954 crores (Q1 FY27)
p. 3
“Total revenue for the quarter stood at INR954 crores, which is up 63% year-on-year, while EBITDA increased 56% to INR831 crores.”
Ankit Verma, page 3 of the filed PDF · View the filing
EBITDA: INR831 crores (Q1 FY27)
p. 3
“Total revenue for the quarter stood at INR954 crores, which is up 63% year-on-year, while EBITDA increased 56% to INR831 crores.”
Ankit Verma, page 3 of the filed PDF · View the filing
EBITDA margin: around 87% (Q1 FY27)
p. 3
“Our total EBITDA margin was around 87%.”
Ankit Verma, page 3 of the filed PDF · View the filing
Profit after tax: INR235 crores (Q1 FY27)
p. 3
“Profit after tax stood at INR235 crores, which is up 80% on a Y-o-Y basis, translating into PAT margin of around 25%.”
Ankit Verma, page 3 of the filed PDF · View the filing
Capital expenditure: around INR3,000 crores (Q1 FY27)
p. 3
“During the quarter, we incurred capital expenditure of around INR3,000 crores.”
Ankit Verma, page 3 of the filed PDF · View the filing
Cumulative commissioned BESS capacity: approximately 3.62 gigawatt hour (as of Q1 FY27)
p. 4
“taking our cumulative commissioned BESS capacity to approximately 3.62 gigawatt hour”
Ankit Verma, page 4 of the filed PDF · View the filing
BESS revenue: INR226 crores (Q1 FY27)
p. 4
“Out of the total revenue of INR954 crores in this quarter, INR226 crores came from BESS power sales, comprising approximately 85% revenue from short-term contracts and balance from merchant sales.”
Ankit Verma, page 4 of the filed PDF · View the filing
Short-term BESS contract revenue locked in: more than INR1,400 crores (FY27)
p. 4
“We have secured short-term BESS contracts during the quarter, locking in more than INR1,400 crores of revenue for partial FY27 BESS commission capacity.”
Ankit Verma, page 4 of the filed PDF · View the filing
Capacity utilization factor: 30.9% (Q1 FY27)
p. 4
“During the quarter, we also achieved the highest capacity utilization factor in the company's history at 30.9% compared with 28.5% in the corresponding quarter last year.”
Ankit Verma, page 4 of the filed PDF · View the filing
Power generation: 2020 million units (Q1 FY27)
p. 4
“Power generation increased by 23% year-on-year to 2020 million units.”
Ankit Verma, page 4 of the filed PDF · View the filing
Financing secured: approximately INR6,000 crores (Q1 FY27)
p. 4
“During the quarter, we secured financing of approximately INR6,000 crores for our 700 megawatts of under-construction FDRE projects.”
Ankit Verma, page 4 of the filed PDF · View the filing
Battery interest expense: around INR32 crores (Q1 FY27)
p. 9
“So the interest portion in the battery part is around INR32 crores and the depreciation part is around INR27 crores.”
Arun Chopra, page 9 of the filed PDF · View the filing
Battery depreciation expense: around INR27 crores (Q1 FY27)
p. 9
“So the interest portion in the battery part is around INR32 crores and the depreciation part is around INR27 crores.”
Arun Chopra, page 9 of the filed PDF · View the filing
Core EBITDA margin ex-BESS: 91% (Q1 FY27)
p. 21
“So for the -- if you remove BESS, it's 91% is the EBITDA margin for this quarter, right?”
Nikhil Dhingra, page 21 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
BESS commissioning capacity — more than 10 gigawatt hour · FY27
stated firmly by Ankit Verma
p. 5
“We are upgrading our BESS commissioning guidance from 10 gigawatt hour by calendar year 2027 to more than 10 gigawatt hour by fiscal year 2027, effectively bringing forward this milestone by nearly 3 quarters.”
Ankit Verma, page 5 of the filed PDF · View the filing
Renewable energy generation capacity commissioning — 1.5 gigawatt · FY27
stated conditionally by Ankit Verma
p. 6
“For FY27, we also expect to operate -- we also expect to commission 1.5 gigawatt of contracted renewable energy generation capacity, subject to timely availability of substation and transmission lines.”
Ankit Verma, page 6 of the filed PDF · View the filing
Full year capex — approximately INR15,000 crores to INR20,000 crores · FY27
stated firmly by Ankit Verma
p. 3
“And for the full year, we upgraded our capex to approximately INR15,000 crores to INR20,000 crores.”
Ankit Verma, page 3 of the filed PDF · View the filing
2030 portfolio target — beyond 10 gigawatt · by 2030
stated as an aspiration by Ankit Verma
p. 6
“By 2030, we contemplate to increase our target beyond 10 gigawatt as guided earlier, basis the new growth opportunities that we are seeing in the market, and we will keep you updated on the same in coming quarters.”
Ankit Verma, page 6 of the filed PDF · View the filing
Open BESS merchant capacity — 0 · by end of this year
stated as an aspiration by Nikhil Dhingra
p. 7
“So we aim to have 0 open capacity by end of this year.”
Nikhil Dhingra, page 7 of the filed PDF · View the filing
BESS short-term revenue run rate — INR1,400 crores plus · next 2 to 3 years
stated conditionally by Nikhil Dhingra
p. 21
“So you can assume it for the next 2, 3 years because we have that pipeline, right?”
Nikhil Dhingra, page 21 of the filed PDF · View the filing
Core EBITDA margin ex-BESS — 88% to 92% · next 3 to 4 quarters
stated conditionally by Nikhil Dhingra
p. 21
“So it is basically because of the seasonality, and this varies from, you can say, 88% to 92% 88% to 91%.”
Nikhil Dhingra, page 21 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Realizations range from 8 to 10 depending on month and contract volume, based on DEEP portal and HP-TAM markets.
Answered by Nikhil Dhingra
Asked by Subhadip Mitra: What is the ballpark realization range for BESS short-term contracts under the INR1,400 crore locked-in revenue?
p. 6
“In terms of the realizations from the contracted capacity, they range from, you can say, between 8 to 10 in terms of the realizations, depending on the month and depending on the volume of the contract.”
Nikhil Dhingra, page 6 of the filed PDF · View the filing
Every year around 10-12 gigawatt hour of batteries will remain available for the short-term power market, though the company does not expose itself to merchant risk for 25 years.
Answered by Manoj Kumar Upadhyay
Asked by Subhadip Mitra: How much open BESS capacity will remain outside PPAs going forward?
p. 7
“But our plan for next 5 years is at least 10 to 12-gigawatt hour batteries remain available for the short-term power market.”
Manoj Kumar Upadhyay, page 7 of the filed PDF · View the filing
The company expects to gain from freed-up connectivity where PPAs are not signed, benefiting future growth and grid planning.
Answered by Nikhil Dhingra
Asked by Mohit Kumar: How does the CERC free exit option for merchant route conversion benefit the company?
p. 10
“So there is a -- we are expecting that quite a few -- quite a large number of connectivity may be freed up by this initiative, which is a good initiative by CERC.”
Nikhil Dhingra, page 10 of the filed PDF · View the filing
Bid volumes from SECI have reduced due to a new requirement for firm demand commitment before bidding, but large bids across peak power, wind, and FDRE categories are expected.
Answered by Nikhil Dhingra
Asked by Mohit Kumar: What is the outlook for bidding activity over the next 9 months given the recent slowdown?
p. 10
“So what we have seen from them is a good amount of PSP, good amount of wind, good amount of 4-hour peak power bids, the full round-the-clock FDRE bid.”
Nikhil Dhingra, page 10 of the filed PDF · View the filing
Management confirmed batteries for the SJVN plants have already been commissioned but solar will wait until GNA connectivity is available, prioritizing avoidance of curtailment losses.
Answered by Nikhil Dhingra
Asked by Aniket: Will the company operate BESS ahead of solar commissioning where GNA timelines are delayed to FY28?
p. 12
“But wherever the solar GNA is not available, it does not make sense to buy modules and keep them stranded or not generate the whole PPA power because that is IRR decretive.”
Nikhil Dhingra, page 12 of the filed PDF · View the filing
About 70-80% of the targeted 10 gigawatt hour capacity is locked in with 20% still available, assuming the March target is met.
Answered by Nikhil Dhingra
Asked by Apoorva Bahadur: How much of the 10 gigawatt hour BESS capacity is locked in versus available for further monetization?
p. 12
“So Apoorva, you can -- we have mentioned INR1,400 crores. So you can say that is around 70% to 80% of our capacity, which is locked in and 20% is still left.”
Nikhil Dhingra, page 12 of the filed PDF · View the filing
The current cost is around INR93 lakh per megawatt, potentially rising 5-10% for future BESS due to volatile lithium carbonate pricing, though remaining within budgeted cost.
Answered by Nikhil Dhingra
Asked by Apoorva Bahadur: What is the current capitalized cost of BESS and how is it trending?
p. 13
“So this INR93 lakh could go up, right, could go up for the future BESS, but not again by a very high percentage, not more than maybe 5% to 10%.”
Nikhil Dhingra, page 13 of the filed PDF · View the filing
Higher CUF at 30.9% and continuous repowering of existing plants drove the growth, while curtailment contributed less than 1% impact on revenue.
Answered by Nikhil Dhingra
Asked by Nikhil Abhyankar: What is driving the ex-BESS EBITDA growth of around 20%, and what was the curtailment impact?
p. 16
“Has gone up to 30.9%, which is the absolute highest. So that is the biggest contribution to the higher EBITDA we had in this quarter.”
Nikhil Dhingra, page 16 of the filed PDF · View the filing
Management said volume already contracted could push revenue above INR1,400 crores this year, and pricing is not expected to slow down over the next three years given the nascent, undertapped BESS market.
Answered by Nikhil Dhingra
Asked by Yogesh Patil: Can the INR1,400 crore BESS revenue run rate be sustained or grow in future years, and what about pricing risk from El Nino normalization?
p. 19
“So that definitely takes the overall revenue to higher than INR1,400 crores, if we end up tying up that 20% more of volume, right?”
Nikhil Dhingra, page 19 of the filed PDF · View the filing
Core EBITDA margin excluding BESS was 91% this quarter, with typical seasonal range of 88% to 92%.
Answered by Nikhil Dhingra
Asked by Yogesh Patil: What is the core EBITDA margin excluding BESS and what is the guidance range going forward?
p. 21
“So it is basically because of the seasonality, and this varies from, you can say, 88% to 92% 88% to 91%.”
Nikhil Dhingra, page 21 of the filed PDF · View the filing
Risks flagged
Curtailment on state-based projects impacting revenue
p. 16
“Yes. So curtailment contributed around 1% of the revenue, only from the state-based projects.”
Nikhil Dhingra, page 16 of the filed PDF · View the filing
Delay in GNA connectivity pushing back solar commissioning
p. 7
“But the GNA connectivity is scheduled for the month, which you again noted in next year.”
Nikhil Dhingra, page 7 of the filed PDF · View the filing
Slowdown in SECI bid volumes due to procurement process changes
p. 10
“So the quantum of bids, of course, have reduced from SECI because of that because they are realigning their whole sales and procurement system basis this guideline from the ministry.”
Nikhil Dhingra, page 10 of the filed PDF · View the filing
Fire incident at ACME Suryodaya BESS facility caused by electrical short circuit
p. 4
“the investigation confirmed that the incident was caused by an electrical short circuit in the AC cabling between the transformer and power conversion system, which resulted in a localized fire and equipment shutdown”
Ankit Verma, page 4 of the filed PDF · View the filing
Delay in signing PPA for ACME Marigold project due to railway open access proceedings
p. 11
“So they were taking time to -- because you know the railway status is currently as an open access party is being revised by Supreme Court, you must have gone through that proceeding.”
Nikhil Dhingra, page 11 of the filed PDF · View the filing
Curtailment risk from committing to TGNA before transmission is ready
p. 12
“So every Ministry also doesn't want people to commission because there was a representation by the industry that there is a lot of curtailment happening in the whole state.”
Nikhil Dhingra, page 12 of the filed PDF · View the filing
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