Acme Solar Holdings Limited — Q2 FY26
Acme Solar reported a stellar Q2 FY26 with revenue of 601 crore (up 104% YoY) and EBITDA of 534 crore (up 180% YoY), driven by capacity additions and operational efficiencies.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered1Evaded / deflected11Questions audited
Partial answer
High priority
Risk of cancellation for projects without signed PPAs?
Asked by Mohit Kumar, ICICI Securities
Management gave general optimism but no concrete timeline or probability of signing.
no specific timeline givenno quantification of risk
Read the exchange
Question
do you see any risk of cancellation of the projects where PP is yet to be signed? Do you see few of the projects which are under LOA getting PPA in the next couple of months?
Management
there is an increased urgency from the central government to take a decision for the states to sign the pending PPAs... we have attractive tariffs... we are quite advanced in couple of them... we remain confident because the directive is not to do the legacy PPAs which are not finding any takers
Answered
High priority
Transmission issues delaying under-construction projects?
Asked by Mohit Kumar, ICICI Securities
Management gave a specific maximum delay estimate of one quarter.
Read the exchange
Question
the transmission projects are facing a lot of issues in terms of commissioning. How do you see the risk to the under construction project which can delay our commissioning timeline?
Management
max delay of a quarter from the signed PPA dates is what we are seeing... connectivity wise from our PPA timelines we are not seeing delay more than a quarter
Evasive
Medium priority
Sustainability of higher under-construction tariffs vs operational?
Asked by Bala Subramanyam, Aihant Capital
Management avoided answering directly and redirected to ROE metric.
reframed the questionno direct answer on sustainability
Read the exchange
Question
current under construction weighted average tariff is around 4.2 per kWh which is higher than operational portfolio of 3.44... is this trend sustainable?
Management
I would not compare weighted average tariffs... each source either generates or stores... we will always bid for projects with 14-15% ROE... tariff and revenue I would request you to not look at it on a standalone basis
Answered
Medium priority
Key learnings from BESS pilot and long-term service agreements?
Asked by Bala Subramanyam, Aihant Capital
Management provided specific improvement percentage and confirmed 15-year service agreements.
Read the exchange
Question
What are the key learnings regarding efficiency in terms of roundtrip losses, degradation rates and operation reliability? ... any long-term service agreements with our vendors?
Manoj
we were able to improve by 4-5% of the roundtrip efficiency because of this configurational adjustment... we have long-term service agreement for 15 years with the vendors
Answered
Medium priority
Refinancing details: fixed/floating, tenor, bullet repayments, hedging?
Asked by Bala Subramanyam, Aihant Capital
Management answered all sub-questions with specifics on tenor, rate, and floating nature.
Read the exchange
Question
we have refinanced nearly 1,000 cr to 8.4%. This is fixed or floating? What is average debt tenor? Any significant near-term bullet repayments? Any hedging strategy?
Management
all of our debt which we have refinanced is for a tenor of 20 years... effectively getting a rate of around 8%... it is floating... we maintain a proportion of fixed and floating
Partial answer
High priority
Impact of potential cancellation of 42 GW awarded capacity?
Asked by Kan Jen, Aendas Park
Management gave general industry view but did not quantify impact on their own portfolio.
no specific impact on own projectsno quantification
Read the exchange
Question
media article saying out of 93 GW awarded in FY24 and 25, 42 GW is pending PPA signing... they are planning to cancel and rebid. How does this impact industry and our projects?
Management
their target is primarily the solar projects which have been bidded very long back... this 42 GW may have gone down... we are quite hopeful that this will find takers
Partial answer
High priority
Status of two solar projects without signed PPA (Acme Sigma/Omega)?
Asked by Kan Jen, Aendas Park
Management did not give a definitive status or probability of signing.
no clear status updatedeferred to state-level uncertainty
Read the exchange
Question
there are two solar projects for which PPA has not been signed: ACME Sigma Ora and ACME Omega Ora... what is the status? Are these at risk of cancellation?
Management
that project because that pooling scheme has been cancelled... that is under litigation... some states have shown interest... it is a state-by-state situation
Partial answer
High priority
Capex spend of 1,400 cr in H1; on track for 12,000-14,000 cr target?
Asked by Kan Jen, Aendas Park
Management did not explicitly confirm the target but implied possible delay.
no direct confirmation of on-trackshifted to lumpiness explanation
Read the exchange
Question
we've spent around 1,400 crores in first half. Our target was at around 12,000 to 14,000 crores. Are we on track for that capex?
Management
we have ordered batteries... LCs have been opened... it is very lumpy... 12,000 crores may get split to June... a quarter of capex delay may be there at max
Answered
Medium priority
How to use non-solar connectivity; need additional plants?
Asked by Punit, HSBC
Management explained how existing plants can be used with batteries and clipping power.
Read the exchange
Question
how are you trying to use the non-solar part of it? Can you use it with existing plants or will you have to put up additional capacities?
Management
you can install batteries for the existing solar plant utilization... clipping power can be charged but you have to take NOC from the existing PPA holder
Answered
Low priority
Will GST reduction benefit be passed to discoms automatically?
Asked by Punit, HSBC
Management confirmed pass-through for existing PPAs and clarified it's future benefit.
Read the exchange
Question
you talked about GST reduction potentially benefiting. Are any discoms coming back and asking for a reduction or that's not being discussed at all?
Management
all our existing PPAs which are getting implemented we have to pass on this benefit... it is a future benefit not a current benefit
Answered
Medium priority
CUF experienced for new solar and wind capacities?
Asked by Punit, HSBC
Management provided specific CUF numbers for solar and wind.
Read the exchange
Question
on the new capacities that you've set up in last one year what kind of CUF have you experienced for your solar and wind?
Management
in the June quarter 30% plus CUF... solar is close to P50... wind is also around 37.5 but early days
Answered
High priority
Funding details for FY26 capex: debt/equity split and sources?
Asked by Rogesh Patell, Dalat Capital
Management gave specific debt/equity split and mentioned funding sources.
Read the exchange
Question
can you give us some funding details in terms of the debt and equity portions for FY26 capex and next year also based on your operating cash flows?
Management
all of our capex is between 75:25 to 80:20 debt equity... for a 12,000 cr it will be 9,000 cr debt and 3,000 cr equity... we have cash on balance sheet, undrawn securitization proceeds of around 1,000 odd crores