Any current/future new fundraising through debt or equity?

During the year, ACME Solar Holdings secured financing of approximately INR 15,000 crores for various under-construction projects. They also refinanced debt amounting to INR 3,300 crores for operational projects, reducing the interest rate by about 150 basis points. The company is focused on timely execution and healthy order book additions. Future capital deployment includes committed capex of INR 12,475 crores, with INR 6,445 crores incurred during the year and purchase orders worth INR 6,030 crores. There is no specific mention of any new fundraising through debt or equity beyond the refina

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

The company is deferring solar capex until the LTOA (Long Term Open Access) is operational to save interest during construction and improve returns by postponing module installation. (Page 17) Capital advances of approximately INR 323 crores have been given for procurement of materials, mainly for batteries and wind equipment, including 10-20% partial advances to suppliers backed by bank guarantees. (Page 10) Last quarter capex on battery was around INR 1,000-1,200 crores, with ongoing spending for installation and commissioning of battery projects. (Page 5) Upcoming commissioning target in

Future growth expectations in sales/revenue/volumes?

ACME Solar's under-construction portfolio stands at 5.1 GW with 17 GWh BESS; total portfolio is 8.071 GW. Target to commission 1.5 GW of generation capacity and 10 GWh of battery storage in FY27, with a significant portion on merchant basis. Revenue growth driven by capacity additions and higher CUF; FY26 revenue grew 59% YoY to INR 2,507 crores. Expanding order book with focus on large-scale BESS and FDRE 25-year contracts. Participation in short- and medium-term BESS opportunities to capitalize on merchant market dynamics. EBITDA margins remain strong, expected around 75%-80% for merchant ca

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

ACME Solar aims to commission 1.5 gigawatts of generation capacity and 10 gigawatt hours of battery energy storage system (BESS) capacity by FY28, supporting future revenue growth. EBITDA margins for merchant BESS projects are expected to be strong, around 75%-80%, benefiting from tariff arbitrage (buying power at INR2 and selling at INR8). Operational efficiency improvements and favorable tariff structures contribute to high EBITDA margins of over 90%. Capex commitments of INR12,475 crores indicate continued investment for capacity expansion. Focus on long-term PPAs alongside active participa

Current/ Expected Orderbook/ Pending Orders?

Under construction portfolio: 5.1 gigawatts total capacity, including 3,280 MW PPA signed capacity. Total portfolio size: 8,071 megawatts. Under construction projects require installation of approximately 17 gigawatt-hour battery energy storage system (BESS). Committed total capex: INR 12,475 crores (INR 6,445 crores already incurred; purchase orders worth INR 6,030 crores). Recent tender win: 301 MW peak power FDRE projects with SECI during the quarter. Planned project commissioning by FY28 for under-construction capacities. Active participation in short- and medium-term BESS opportunities al

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ACME Solar Holdings LtdQ1 FY26Power

ACME Solar Holdings Ltd Q1 FY26 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

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→ACME Solar's under-construction portfolio stands at 5.1 GW with 17 GWh BESS; total portfolio is 8.071 GW.
→Target to commission 1.5 GW of generation capacity and 10 GWh of battery storage in FY27, with a significant portion on merchant basis.
→Revenue growth driven by capacity additions and higher CUF; FY26 revenue grew 59% YoY to INR 2,507 crores.
→Expanding order book with focus on large-scale BESS and FDRE 25-year contracts.
→Participation in short- and medium-term BESS opportunities to capitalize on merchant market dynamics.
→EBITDA margins remain strong, expected around 75%-80% for merchant capacities due to tariff arbitrage.
→Transmission and grid connectivity improvements expected to aid timely project commissioning.

Margin guidance

Category 3

→ACME Solar aims to commission 1.5 gigawatts of generation capacity and 10 gigawatt hours of battery energy storage system (BESS) capacity by FY28, supporting future revenue growth.
→EBITDA margins for merchant BESS projects are expected to be strong, around 75%-80%, benefiting from tariff arbitrage (buying power at INR2 and selling at INR8).
→Operational efficiency improvements and favorable tariff structures contribute to high EBITDA margins of over 90%.
→Capex commitments of INR12,475 crores indicate continued investment for capacity expansion.
→Focus on long-term PPAs alongside active participation in short- and medium-term BESS opportunities to capitalize on evolving market demand.
→Increasing central government projects with faster payment cycles enhance cash flow predictability.
→Overall EBITDA for FY26 stood at INR 2,200 crores with expectations to grow with commissioning of additional capacity and battery deployments.
→Battery projects and new plants targeting mid- to high-teens IRR, supporting profit growth potential.

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Fundraise plans

Yes

→During the year, ACME Solar Holdings secured financing of approximately INR 15,000 crores for various under-construction projects.
→They also refinanced debt amounting to INR 3,300 crores for operational projects, reducing the interest rate by about 150 basis points.
→The company is focused on timely execution and healthy order book additions.
→Future capital deployment includes committed capex of INR 12,475 crores, with INR 6,445 crores incurred during the year and purchase orders worth INR 6,030 crores.
→There is no specific mention of any new fundraising through debt or equity beyond the refinancing and secured financing noted above as of the current reporting.
→The approach emphasizes progressing projects with secured financing and optimizing the cost of debt.

Order book

Yes

→Under construction portfolio: 5.1 gigawatts total capacity, including 3,280 MW PPA signed capacity.
→Total portfolio size: 8,071 megawatts.
→Under construction projects require installation of approximately 17 gigawatt-hour battery energy storage system (BESS).
→Committed total capex: INR 12,475 crores (INR 6,445 crores already incurred; purchase orders worth INR 6,030 crores).
→Recent tender win: 301 MW peak power FDRE projects with SECI during the quarter.
→Planned project commissioning by FY28 for under-construction capacities.
→Active participation in short- and medium-term BESS opportunities alongside long-term 25-year contracts.
→Market focus includes both central and state-level tenders aggregating to 15-20 gigawatts with potential for even higher actual solar capacity deployment due to battery-backed configurations.

Capex plans

Yes

→The company is deferring solar capex until the LTOA (Long Term Open Access) is operational to save interest during construction and improve returns by postponing module installation. (Page 17)
→Capital advances of approximately INR 323 crores have been given for procurement of materials, mainly for batteries and wind equipment, including 10-20% partial advances to suppliers backed by bank guarantees. (Page 10)
→Last quarter capex on battery was around INR 1,000-1,200 crores, with ongoing spending for installation and commissioning of battery projects. (Page 5)
→Upcoming commissioning target includes 1.5 GW of projects and around 10 GWh of battery energy storage systems (BESS) this financial year. (Page 17)
→Future capex will be higher than last year, driven by solar+storage projects, with an expected deployment of 40-50 GW solar corresponding to 25-30 GW battery-linked capacity, replacing plain vanilla solar. (Page 14)

How does ACME Solar Holdings Ltd rank vs peers in Power?

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