ACME Solar Holdings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript ACME Solar Holdings Ltd filed with BSE on 14 May 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 Q4 FY26 revenue of Rs 705 crore and FY26 revenue of Rs 2,507 crore, up 31% and 59% year-on-year respectively, driven by capacity addition and higher CUF. The company commissioned approximately 2.3 gigawatt of BESS capacity, which is delivering a net realization of about Rs 2.2 crore per day on merchant and short-term contracts. Management also reported EBITDA margin of over 90% for the quarter and full year, PAT of Rs 138 crore for the quarter and Rs 498 crore for the year, and detailed plans for further BESS and generation capacity commissioning during FY27.
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
Total revenue: INR 705 crores (Q4 FY26)
p. 4
“Our total revenue for the quarter stands at INR 705 crores and INR 2,507 crores of FY '26, 31% and 59% increase year-on-year respectively, driven by capacity addition and higher CUF.”
Arun Chopra, page 4 of the filed PDF · View the filing
Total revenue: INR 2,507 crores (FY26)
p. 4
“Our total revenue for the quarter stands at INR 705 crores and INR 2,507 crores of FY '26, 31% and 59% increase year-on-year respectively, driven by capacity addition and higher CUF.”
Arun Chopra, page 4 of the filed PDF · View the filing
EBITDA margin: over 90% (Q4 and FY26)
p. 4
“EBITDA margin of over 90%, both for the quarter and full year on account of favourable operating leverage and optimized operational efficiency.”
Arun Chopra, page 4 of the filed PDF · View the filing
PAT: INR138 crores (Q4 FY26)
p. 4
“PAT stood at INR138 crores for the”
Arun Chopra, page 4 of the filed PDF · View the filing
PAT: INR498 crores (FY26)
p. 5
“quarter and INR498 crores for the year with a margin of 19.6% and 19.9%, respectively.”
Arun Chopra, page 5 of the filed PDF · View the filing
Power generation: 1,720 million units (Q4 FY26)
p. 5
“We generated 1,720 million units in Q4, up 13% and 6,464 million units in FY '26, up 61% yearon-year.”
Arun Chopra, page 5 of the filed PDF · View the filing
CUF: 26.9% (Q4 FY26)
p. 5
“Our CUF stood at 26.9% in Q4.”
Arun Chopra, page 5 of the filed PDF · View the filing
BESS commissioned capacity: approximately 2.3 gigawatt
p. 4
“we successfully commissioned approximately 2.3 gigawatt BESS capacity to date.”
Arun Chopra, page 4 of the filed PDF · View the filing
BESS net realization: approximately INR2.2 crores per day
p. 4
“As of date, it is delivering net realization value of approximately INR2.2 crores per day.”
Arun Chopra, page 4 of the filed PDF · View the filing
BESS round trip efficiency: approximately 88% to 90%
p. 4
“the BESS is currently delivering a round trip efficiency of approximately 88% to 90%, in line or maybe better than our expectations.”
Arun Chopra, page 4 of the filed PDF · View the filing
Operational generation contracted capacity: 2,990 megawatt
p. 4
“our operational generation contracted capacity now stands at 2,990 megawatt.”
Arun Chopra, page 4 of the filed PDF · View the filing
Under construction portfolio: 5.1 gigawatts
p. 4
“expanding our under construction portfolio to 5.1 gigawatts and total portfolio to 8,071 megawatts, which will also require installation of around 17 gigawatt hour BESS.”
Arun Chopra, page 4 of the filed PDF · View the filing
Total committed capex: INR12,475 crores
p. 4
“we have committed total capex of INR12,475 crores, which includes capex incurred of INR6,445 crores during the year and purchase orders aggregating to INR6,030 crores.”
Arun Chopra, page 4 of the filed PDF · View the filing
Weighted average cost of debt: 8.4% per annum
p. 5
“the weighted average cost of debt for the operational projects stands at 8.4% per annum.”
Arun Chopra, page 5 of the filed PDF · View the filing
Financing secured: around INR15,000 crores (FY26)
p. 5
“During the year, we secured financing of around INR15,000 crores for various under construction projects.”
Arun Chopra, page 5 of the filed PDF · View the filing
Refinanced debt: INR3,300 crores (FY26)
p. 5
“And refinanced debt amounting to INR3,300 crores for various operational projects, resulting in reduction of rate of interest of the refinance projects by approximately 150 basis points.”
Arun Chopra, page 5 of the filed PDF · View the filing
Full year EBITDA including other income: around INR 2,200-odd crore (FY26)
p. 6
“So give or take for the last full year, our EBITDA, including other income has been around INR 2,200-odd crore.”
Ankit Verma, page 6 of the filed PDF · View the filing
Capital advances: Roughly INR323 crores
p. 10
“Capital advances, Roughly INR323 crores.”
Arun Chopra, page 10 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.
Battery capacity target — 10 gigawatt hour · upcoming future period
stated conditionally by Arun Chopra
p. 5
“Upcoming future operational capacity is expected to have an operating battery portfolio of around 10 gigawatt hour, along with 1.5 gigawatts of contracted generation capacity, subject to timely availability of transmission connectivity and other external factors.”
Arun Chopra, page 5 of the filed PDF · View the filing
Generation asset commissioning — 1.5 gigawatts · this financial year
stated firmly by Nikhil Dhingra
p. 17
“So we are targeting 1.5 gigawatts of projects in this financial year, right, and around 10 gigawatt hour of battery.”
Nikhil Dhingra, page 17 of the filed PDF · View the filing
Merchant BESS share of 10 GWh target — around 8.5 gigawatt hour on merchant, 1.5 gigawatt hour in FDRE format · this financial year
stated conditionally by Nikhil Dhingra
p. 17
“So you will see around 8.5 gigawatt hour out of this 10 gigawatt hour would be on merchant.”
Nikhil Dhingra, page 17 of the filed PDF · View the filing
EBITDA margin on merchant BESS capacity — around 75% to 80%
stated conditionally by Ankit Verma
p. 18
“So give or take, the margin will be around 75% to 80% EBITDA margin.”
Ankit Verma, page 18 of the filed PDF · View the filing
SJVN FDRE full commissioning — FY27 end
stated conditionally by Nikhil Dhingra
p. 11
“So the full FDRE for SJVN, but will be ready by FY '27 end.”
Nikhil Dhingra, page 11 of the filed PDF · View the filing
NTPC solar and wind commissioning — March '27
stated conditionally by Nikhil Dhingra
p. 11
“So by March '27, all this will be commissioned.”
Nikhil Dhingra, page 11 of the filed PDF · View the filing
Under construction PPA-signed portfolio commissioning — FY28
stated conditionally by Ankit Verma
p. 18
“so these will be commissioned by FY28.”
Ankit Verma, page 18 of the filed PDF · View the filing
Peak power price sustainability — INR9 to INR10 in peak hour · around 4-5 years
stated as an aspiration by Nikhil Dhingra
p. 19
“But now that the gas is constrained, it is slightly elevated, and it is likely to be elevated. And we are seeing some peak demand, which is much, much higher than last year.”
Nikhil Dhingra, page 19 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.
Management said the real curtailment impact for the year was only Rs 5-6 crore, mostly from state-connected projects.
Answered by Nikhil Dhingra
Asked by Kartik Sharma: Was there any curtailment impact from rising project concentration in Rajasthan?
p. 8
“But adjusted for that, for the whole year, we have only INR5 crores to INR6 crores of impact on the curtailment, which is the real curtailment.”
Nikhil Dhingra, page 8 of the filed PDF · View the filing
Management attributed this to a portfolio shift toward central offtakers who take a cash discount for early payment.
Answered by Nikhil Dhingra
Asked by Kartik Sharma: What explains the sharp reduction in receivable days from 180 to 14?
p. 9
“So which is more or less not because of one-off, it is the norm.”
Nikhil Dhingra, page 9 of the filed PDF · View the filing
Management explained this reflects capital advances given to suppliers for battery and turbine procurement.
Answered by Nikhil Dhingra
Asked by Aniket Mittal: Why did non-current assets and capital advances rise sharply?
p. 10
“Let's say, battery contracts, we have typically 10% advance upfront where we get a bank guarantee against it.”
Nikhil Dhingra, page 10 of the filed PDF · View the filing
Management cited lower irradiation and curtailment as the two possible factors.
Answered by Nikhil Dhingra
Asked by Aniket Mittal: What caused the year-on-year decline in PLF for the quarter?
p. 10
“For this quarter, Aniket, could be a function of, of course, the lower irradiation or and curtailment.”
Nikhil Dhingra, page 10 of the filed PDF · View the filing
Management clarified that a large part of the gross block increase relates to battery assets not yet contributing a full year of EBITDA.
Answered by Arun Chopra
Asked by Dhruv Muchhal: Why does the gross block increase not match the run rate EBITDA increase?
p. 16
“Out of this INR3,460 crores, roughly INR1,000 crores to INR1,100 crores is related to battery, which...”
Arun Chopra, page 16 of the filed PDF · View the filing
Management confirmed the power can be sold outside the FDRE structure as merchant power until renewable generation is connected to the battery.
Answered by Nikhil Dhingra
Asked by Dhruv Muchhal: Does the MNRE clarification allow FDRE batteries to be charged with conventional power before renewable is connected?
p. 16
“Till the time you have not installed renewable behind the battery it is not a renewable power.”
Nikhil Dhingra, page 16 of the filed PDF · View the filing
Management said battery pricing is likely to remain elevated for several years given constrained gas and rising peak demand.
Answered by Nikhil Dhingra
Asked by Sweta Jain: How long can the BESS arbitrage opportunity between charging and peak discharge sustain?
p. 19
“So we see that like Manoj ji mentioned, at least for around 4, 5 years, we don't see this going down.”
Nikhil Dhingra, page 19 of the filed PDF · View the filing
Management explained that projects with earlier declared substation dates get better DISCOM priority, and delays are handled through a synced regulatory mechanism without penalty.
Answered by Nikhil Dhingra
Asked by Sweta Jain: Is there a risk of delay in CTU substations affecting PPA signing with DISCOMs?
p. 21
“So if you are somebody who has a substation getting charged in 2027, you will get a better priority from a DISCOM because customers have more visibility to your project, right?”
Nikhil Dhingra, page 21 of the filed PDF · View the filing
Risks flagged
Curtailment on state-grid-connected projects in Rajasthan
p. 8
“we have only INR5 crores to INR6 crores of impact on the curtailment, which is the real curtailment.”
Nikhil Dhingra, page 8 of the filed PDF · View the filing
Transmission delays from CTU substations affecting commissioning timelines
p. 19
“So till date, they have done a wonderful job of give and take 6 months delay.”
Nikhil Dhingra, page 19 of the filed PDF · View the filing
Supply and geopolitical uncertainties affecting battery deployment
p. 12
“in terms of the various factors which are interplay in terms of the supply of material, in terms of, you can say, geopolitical factors, those are the only uncertainties.”
Nikhil Dhingra, page 12 of the filed PDF · View the filing
Uncertainty in trading margin regulation affecting standalone BESS project economics
p. 15
“So it is in terms of the -- whether they should get a 0.5% margin or INR7 paisa margin. So that is being debated.”
Nikhil Dhingra, page 15 of the filed PDF · View the filing
Historical payment delays from certain DISCOMs
p. 9
“there are, of course, some payment issues, especially from a couple of DISCOMs as well, especially Telangana and Andhra.”
Ankit Verma, page 9 of the filed PDF · View the filing
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