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
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.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Battery capex in previous year and current quarter for 2.3 GW commissioned
Asked by Pune, HSBC
Gave a range for last quarter but did not specify previous year or current quarter precisely.
vague on current quarterno precise figure for previous year
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Question
how much of the battery cost you capitalized in the previous year and how much have you spent uh so far in the uh in the 2.3 gawatt that is now fully commissioned.
Arun (not explicitly named, but context suggests Arun)
last quarter we did around in this quarter so far current quarter currently last quarter was around 1,000,000 to 1200 crores
Partial answer
High priority
Run rate from existing capacity with and without battery
Asked by Pune, HSBC
Provided overall run rate but did not break out with and without battery as asked.
did not separate with/without batterygave overall run rate
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Question
what is the run rate a bit you are making out of your existing capacity uh with and without best so far
Arun (likely)
for the last full year including other income has been around 2200 odd cr. ... 2.3 GW is currently operational ... delivering give or take uh average net relation of 2.2 cr per day which is effectively more than 60 cr per month
Answered
Medium priority
PLF of new solar plants commissioned in FY25 for FY26
Asked by Pune, HSBC
Provided specific PLF figures for new plants and overall portfolio.
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Question
how have your new solar plants been operating in terms of PLF. So what was commissioned in FI25? What sort of PLF did they end up generating for 26?
Arun (likely)
our seeker plant basically got commissioned ... doing close to around 29 to 30% a year for the overall year. ... for the new plant it is because we have a higher DC installed there so it has a higher CUF yeah for the full it's been close to 26% for the entire portfolio
Answered
Medium priority
Economics change for SEISTS hybrid trans 6 scheme with battery inclusion
Asked by Pune, HSBC
Clearly stated that returns remain in high teens, no material change.
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Question
there was this SEISTS hybrid trans 6 scheme which got a regulatory approval ... and now it says that there's a battery inclusion. Can you talk about how has the economics changed there?
Arun (likely)
it basically uh keeps the return in uh in uh high teens only. So it does not impact really uh the returns
Answered
High priority
Curtailment impact in Q4 and full year, future project allocation
Asked by Karthik Sharma, Arandati
Quantified curtailment impact and explained future allocation strategy.
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Question
given the rising concentration of projects in Rajasthan and ongoing transmission and grid constraints ... is there any curtailment impact that we've had and if yes could you quantify ... and how are you thinking about future project allocations
Manoj (named later in answer)
for the whole year we have only five to six crores of impact on the curtailment which is the real curtailment ... all of our projects are in the uh CTU ... we have consciously built a portfolio with ... all the central counterparties on CTU
Answered
High priority
Sustainability of sharp improvement in receivables and DSO
Asked by Karthik Sharma, Arandati
Clearly explained structural shift to central offtakers and confirmed sustainability.
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Question
we highlighted that there was a sharp improvement in receivables and the DSO has come down to 14 days ... could you help us understand whether this is largely driven by like one time collections or is this like a structural shift
Manoj (likely) and Ankish (named)
our portfolio as it gets more operational it is shifting towards 100% central ... they pay in 10 days ... that is why we are getting a 15 days kind of a receivable cycle today. So which is more or less not because of oneoff it is it is the norm.
Answered
Medium priority
Reason for large increase in non-current assets and impact on cash flow
Asked by Anikit Mal, SBI mutual fund
Explained that increase is due to capital advances for procurement.
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Question
when I look at the cash flow statement, they're seeing a very large increase in the non-current assets ... Just wanted to understand that.
Manoj (likely)
these are mainly include the capital credits actually. ... capital advances of roughly 323 crores ... given to for the procurement of material
Partial answer
Medium priority
Reason for 1% decline in PL on a YoY basis this quarter
Asked by Anikit Mal, SBI mutual fund
Mentioned factors but did not quantify the impact of each.
no quantificationvague
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Question
when I look at the pl number on a y basis I see a 1% decline. Uh what's the reason for that for this quarter?
Manoj (likely)
could be a function of of course the uh lower radiation or and cartilagement. These these two could be the only two factors which would have impacted on a yi basis.
Answered
Medium priority
Merchant 654 MWh in under construction portfolio - purpose
Asked by Anikit Mal, SBI mutual fund
Explained that it is temporary merchant before PPA signing.
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Question
within the under construction portfolio I also see a merchant of 654 megawatt hour. Um are we putting some books purely on a merchant basis? What does this put into?
Manoj (likely)
it is uh merchant as of now uh it is uh slated to go to a PPA uh which we are supposed to sign very shortly. ... it gives us some flexibility ... we also wanted to uh get it financed on a merchant basis
Answered
High priority
Commissioning timeline for SGB, FDR, and NTPC hybrid projects in FY27
Asked by Anikit Mal, SBI mutual fund
Provided clear timeline and strategy for commissioning.
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Question
for FI27 um how are we placed in terms of the commissioning of the SGB and FDR project and the NTPC hybrid project?
Manoj (likely)
by March 27 all this will be commissioned. ... we are targeting ... around 2500 megawatt of ready connectivity for selling battery power during night ... battery commissionings are going to happen early
Answered
High priority
Impact of CERC's new mechanism for LOA connectivity on Acme's inventory
Asked by Isan, Antic Stock Broking
Explained that most LOAs are already converted to PPAs, so minimal impact.
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Question
CNC has recently proposed a new mechanism ... wherein the capacities have been delayed for one year there there is a surrendering of exit option for those connectivity. So I just wanted to know how much of connectivity inventory falls under this and what is your strategy
Manoj (likely)
we have around 62 gawatt of signed PPA which we are constructing ... our LOAs are more or less converted into PPA ... we don't foresee that our LOAs will uh we will have to surrender
Answered
High priority
Merchant vs FDR split of 10 GWh battery commissioning and EBITDA margins
Asked by Duven Sha, HDFC Securities
Provided clear split and margin estimate.
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Question
the 10 gawatt that you said we are planning to commission this year. uh how much of it would be on merchant basis and what is the kind of evida margins that we can expect on these capacities that operate on merchant basis.
Manoj and Ankit (named)
around 8 and 1/2 gawatt hour out of this 10 gawatt hour would be on uh merchant and 1 and a half gawatt hour would be in the fd format. ... assuming a tariff arbitrage of 6 rupees ... give or take the margin will be around 75 to 80%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Full year run rate including other income around 2200 cr | ₹2,200 cr | ₹548 cr | Overstated vs filing |
| Merchant battery EBITDA margin 75-80% | 80% | 87% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.