Any current/future capex/capital investment/strategic investment?

FY'27 planned execution: ~1.5 GW of contracted renewable capacity. FY'27 BESS commissioning target: >10 GWh (Battery Energy Storage System). CAPEX for FY'27 renewable capacity: ~Rs. 12,000 crores (includes BESS cost). CAPEX for FY'28 renewable capacity: ~Rs. 10,000 crores (includes BESS). Strategy to fast track BESS installment of 10 GW in FDRE projects by calendar year 2027 to unlock early value. Deployment of batteries at operational sites to optimize transmission, save Rs. 20 lakhs per MW on transmission CAPEX, and avoid ROW challenges. Buffer of a quarter delay kept in planning

Future growth expectations in sales/revenue/volumes?

ACME Solar plans to commission approximately 1.5 gigawatt of contracted renewable capacity in FY'27. Targeting more than 10 gigawatt hour of Battery Energy Storage Systems (BESS) commissioning by calendar year 2027. Near-term visibility includes around 770 MW of PPAs, with advanced discussions on an additional ~700 MW. The company aims for a 10 gigawatt operational capacity target by 2030. Generated 1,567 million units in the recent quarter with a 49% YoY increase, indicating strong volume growth. Capacity additions aligned with connectivity readiness, ensuring timely execution and disciplined

Future growth expectations in earnings/operating earnings/profits/EPS?

ACME Solar plans to execute ~1.5 GW of contracted renewable capacity and commission over 10 GWh of BESS by calendar year 2027, enabling revenue growth. EBITDA margin improved to 91.5% in Q3 FY'26; cash ROE was strong at 20.6% as of December 2025. Battery projects contribute significant profitability, with 1 GWh battery generating ~Rs. 170 crore EBITDA annually at Rs. 5 arbitrage. By FY'27, 1.5 GW capacity addition and 4-6 GWh battery installations expected, supporting expanding operating profits. Debt optimization efforts reduced weighted average cost of debt to 8.45%, improving financial effi

Current/ Expected Orderbook/ Pending Orders?

ACME Solar Holdings Limited has around 7.5 gigawatt of secured and applied connectivity inventory available for upcoming bids beyond existing portfolios, live in phases till FY'33. Near-term visibility includes approximately 770 MW of PPAs pending signing, including 130 MW REMCL PPA invitation and PSA consent secured for 640 MW with advanced regulatory approvals. There is an additional ~700 MW of PPAs under advanced discussion without written buyer approval yet, potentially signing in the next quarter. Total portfolio stands at 7,770 MW, which includes operational capacity, under-construction

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ACME Solar Holdings LtdQ4 FY27Power

ACME Solar Holdings Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹357P/E: 33.6Market Cap: ₹16.7K CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→ACME Solar plans to commission approximately 1.5 gigawatt of contracted renewable capacity in FY'27.
→Targeting more than 10 gigawatt hour of Battery Energy Storage Systems (BESS) commissioning by calendar year 2027.
→Near-term visibility includes around 770 MW of PPAs, with advanced discussions on an additional ~700 MW.
→The company aims for a 10 gigawatt operational capacity target by 2030.
→Generated 1,567 million units in the recent quarter with a 49% YoY increase, indicating strong volume growth.
→Capacity additions aligned with connectivity readiness, ensuring timely execution and disciplined capacity build-up.
→Industry-wide demand revival expected to accelerate PPA signings, supporting revenue growth.
→Battery projects operational in FY'27 expected to add EBITDA, with 1 GWh battery capacity contributing around Rs. 170 crore EBITDA annually.

Margin guidance

Category 3

→ACME Solar plans to execute ~1.5 GW of contracted renewable capacity and commission over 10 GWh of BESS by calendar year 2027, enabling revenue growth.
→EBITDA margin improved to 91.5% in Q3 FY'26; cash ROE was strong at 20.6% as of December 2025.
→Battery projects contribute significant profitability, with 1 GWh battery generating ~Rs. 170 crore EBITDA annually at Rs. 5 arbitrage.
→By FY'27, 1.5 GW capacity addition and 4-6 GWh battery installations expected, supporting expanding operating profits.
→Debt optimization efforts reduced weighted average cost of debt to 8.45%, improving financial efficiency.
→Near-term focus on signing PPAs for ~770MW and advanced discussions for additional 700MW, supporting stable future cash flows.
→Achieving high-teen IRRs on projects ensures sustained profitability.
→Targeting 10 GW operational capacity by 2030, indicating strong long-term growth in earnings and EPS.

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Fundraise plans

- The transcript does not mention any specific plans for new fundraising through debt or equity. - It highlights debt optimization efforts, including refinancing and credit rating upgrades. - Weighted average cost of debt has reduced to 8.45% for operational portfolio and 8.6% for entire outstanding debt. - Debt has already been tied up for more than 90% of PPAs signed under construction portfolio (excluding 250 MW signed recently). - No explicit mention of fresh debt raising or equity issuance in the near term. - Focus appears on execution of 1.5 GW contracted renewable capacity and 10+ GWh BESS commissioning by 2027, with most debt and land acquisition secured. In summary, ACME Solar is focusing on optimizing existing debt rather than raising new debt/equity currently, backed by strong refinancing and credit upgrades.

Order book

Yes

→ACME Solar Holdings Limited has around 7.5 gigawatt of secured and applied connectivity inventory available for upcoming bids beyond existing portfolios, live in phases till FY'33.
→Near-term visibility includes approximately 770 MW of PPAs pending signing, including 130 MW REMCL PPA invitation and PSA consent secured for 640 MW with advanced regulatory approvals.
→There is an additional ~700 MW of PPAs under advanced discussion without written buyer approval yet, potentially signing in the next quarter.
→Total portfolio stands at 7,770 MW, which includes operational capacity, under-construction projects, and PPAs.
→Debt has been tied up for more than 90% of PPAs signed under the under-construction portfolio.
→The company targets 10 GW operational capacity by 2030 with continuous focus on winning new projects meeting their return criteria.

Capex plans

Yes

→FY'27 planned execution: ~1.5 GW of contracted renewable capacity.
→FY'27 BESS commissioning target: >10 GWh (Battery Energy Storage System).
→CAPEX for FY'27 renewable capacity: ~Rs. 12,000 crores (includes BESS cost).
→CAPEX for FY'28 renewable capacity: ~Rs. 10,000 crores (includes BESS).
→Strategy to fast track BESS installment of 10 GW in FDRE projects by calendar year 2027 to unlock early value.
→Deployment of batteries at operational sites to optimize transmission, save Rs. 20 lakhs per MW on transmission CAPEX, and avoid ROW challenges.
→Buffer of a quarter delay kept in planning for transmission projects; strategic CAPEX deferrals if delays extend.
→Majority of land acquisition and connectivity secured; over 90% debt tied up for PPAs signed under construction portfolio.
→Near-term PPA visibility of ~770 MW with advanced discussions for an additional ~700 MW.

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