Claim Ledger
88% answered
Did management answer the analysts?
12 analyst questions audited.
View Claim Ledger →Acme Solar Holdings Ltd — Q4 FY26
Acme Solar delivered a strong Q4 FY26 with total revenue of INR 705 crore, up 31% YoY, driven by capacity additions and higher CUF.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Acme Solar delivered a strong Q4 FY26 with total revenue of INR 705 crore, up 31% YoY, driven by capacity additions and higher CUF. PAT stood at INR 138 crore with a margin of 19.6%. The company commissioned 2.23 GW of BESS capacity, now generating net realization of INR 2.2 crore per day on merchant/short-term contracts. Operational generation capacity reached 2,990 MW. Management guided for commissioning 1.5 GW of generation assets and 10 GWh of battery storage in FY27, with early battery deployment leveraging existing substations. Key risk: transmission delays from CTU could push commissioning timelines, though management mitigates by deferring module procurement.
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
Research workspace
Focused Modules
Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →
Risks
3 risks
Risk Intelligence
Transmission delays from CTU
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
BESS commissioned capacity
2.23 GW
+2.23 GW YoY
Battery storage capacity fully commissioned, running on merchant basis.
BESS daily net realization
INR 2.2 cr/day
New
Net realization from 2.23 GW BESS, implying >INR 60 cr/month.
Operational generation capacity
2,990 MW
+61% YoY
Total contracted generation capacity operational as of date.
CUF (Q4)
26.9%
-1pp YoY
CUF declined slightly due to lower radiation and curtailment.
What Changed vs Last Quarter
NEW
Commission 1.5 GW generation assets in FY27
Targeting 1.5 GW of solar/wind/FDR projects to be commissioned in FY27, subject to CTU substation readiness.
NEW
Commission 10 GWh battery storage in FY27
Plan to commission 10 GWh of BESS, with ~8.5 GWh on merchant basis and 1.5 GWh under FDR format.
NEW
BESS EBITDA margin of 75-80%
Expected EBITDA margin on merchant BESS operations, assuming tariff arbitrage of INR 6/unit.
NEW
Under construction portfolio to be commissioned by FY28
Total under construction portfolio of 3,280 MW generation and 1.2 GW BESS to be fully operational by FY28.
DROPPED
FY26 capacity commissioning target of 450 MW
Company is on track to commission 450 MW in FY26; 378 MW already commissioned, balance 72 MW expected by early January.
DROPPED
1 GWh BESS operational from Q4 FY26
Plan to operate approximately 1 GWh of battery energy storage system from Q4 FY26, expected to add ~170 crore annual EBITDA at a 5 rupee/kWh price difference.
DROPPED
Capex of ~12,000 crore in FY26
Company targets ~12,000 crore capex in FY26, funded with 75-80% debt and 20-25% equity; orders placed for 2 GW BESS.
DROPPED
Steady-state project-level EBITDA yield of ~14-15%
Operational portfolio of 2,918 MW expected to deliver annual steady-state project-level EBITDA of 225-275 crore and EBITDA yield of ~14-15%.
NEW RISK
Merchant BESS arbitrage sustainability
The high arbitrage between peak and off-peak power prices may narrow as more BESS capacity is added, impacting merchant returns.
RISK GONE
GST reduction pass-through to discoms
The 12% to 5% GST reduction on solar equipment may need to be passed on to discoms under change-in-law clauses, potentially reducing project returns.
RISK GONE
Capex lumpiness and execution risk
Capex of 12,000 crore is back-ended; battery and module deliveries are lumpy, and any supply chain disruption could delay commissioning.
Fast read
Guidance and risk preview
Targeting 1.5 GW of solar/wind/FDR projects to be commissioned in FY27, subject to CTU substation readiness.
CTU substation delays of up to 6 months could push project commissioning timelines, though management defers module procurement to mitigate.
View Risks →