BESS commissioned capacity
2.23 GW
+2.23 GW YoY
Battery storage capacity fully commissioned, running on merchant basis.
ACMESOLARHOLDINGS
Energy
15 May 2026
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.
✓ Verified against BSE filing
2-Min 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.
Key Numbers
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.
Management Guidance
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.
Management guidance growthCommission 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.
Management guidance growthBESS EBITDA margin of 75-80%
Expected EBITDA margin on merchant BESS operations, assuming tariff arbitrage of INR 6/unit.
Management guidance marginsUnder 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.
Management guidance growthKey Risks
Transmission delays from CTU
CTU substation delays of up to 6 months could push project commissioning timelines, though management defers module procurement to mitigate.
medium · analyst_questionMerchant BESS arbitrage sustainability
The high arbitrage between peak and off-peak power prices may narrow as more BESS capacity is added, impacting merchant returns.
medium · analyst_questionPPA signing delays for LOA inventory
Unsigned PPAs for ~850 MW of older LOAs could face conversion delays if discoms are slow, though management expects resolution.
low · analyst_questionNotable Quotes
We are targeting 1.5 G of projects in this financial year and around 10 G of battery.
Battery will remain at 9 to 10 rupees in the peak hour time and as a country we will need around 200 to 300 gawatt hour.
We have consciously built a portfolio with all the central counterparties on CTU.
Frequently Asked Questions
What was Acme Solar Holdings's revenue in Q4 FY26?
Acme Solar Holdings reported revenue of ₹548 Cr in Q4 FY26, representing a +31% change compared to the same quarter last year.
What guidance did Acme Solar Holdings management give for FY27?
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. 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. BESS EBITDA margin of 75-80%: Expected EBITDA margin on merchant BESS operations, assuming tariff arbitrage of INR 6/unit. 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.
What are the key risks for Acme Solar Holdings in FY27?
Key risks include Transmission delays from CTU — CTU substation delays of up to 6 months could push project commissioning timelines, though management defers module procurement to mitigate.; 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.; PPA signing delays for LOA inventory — Unsigned PPAs for ~850 MW of older LOAs could face conversion delays if discoms are slow, though management expects resolution..
Did Acme Solar Holdings meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Acme Solar Holdings Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.