This article first appeared on GuruFocus .

Release Date: May 08, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript .

Positive Points

• ACME Solar Holdings Ltd ( NSE:ACMESOLAR ) reported a significant increase in total revenue for FY26, reaching INR 2,507 crores, a 59% year-on-year growth driven by capacity addition.

• The company successfully commissioned approximately 2.3 gigawatt of battery energy storage systems (BESS), which are delivering a net realization value of approximately 2.2 crores per day.

• EBITDA margin remained strong at over 90% for both the quarter and the full year, indicating favorable operating leverage and optimized operational efficiency.

• ACME Solar Holdings Ltd ( NSE:ACMESOLAR ) secured financing of around 15,000 crores for various under-construction projects and refinanced debt, reducing the rate of interest by approximately 150 basis points.

• The company's operational generation contracted capacity now stands at 2,990 megawatts, with a focus on advancing commissioning and operation of large-scale BESS capacity.

Negative Points

• There were concerns about potential curtailment impacts due to rising project concentration in Rajasthan and ongoing transmission and grid constraints.

• The company faced a decline in PLF by 1% year-on-year, attributed to lower radiation and curtailment factors.

• ACME Solar Holdings Ltd ( NSE:ACMESOLAR ) experienced a sharp increase in non-current assets, impacting cash flow from operations.

• There is uncertainty regarding the sustainability of the current arbitrage situation in BESS, which relies on conventional power charging and peak demand discharging.

• The company is facing potential delays in project commissioning due to transmission line interconnection and right of way issues, which could impact future project timelines.

Q & A Highlights

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Q: Can you provide details on the capital expenditure for your battery projects and the current operational capacity? A: (CEO) In the last quarter, we capitalized approximately INR 1,200 crores on battery projects. As of now, we have commissioned 2.3 gigawatts of battery capacity, which is operational and running on merchant and short-term contracts.

Q: What is the current EBITDA run rate from your existing capacity, including battery operations? A: (CFO) Our EBITDA margin is around 87% for this year. The total EBITDA, including other income, is approximately INR 2,200 crores, primarily from power sales from PPA projects. The battery operations, which started in phases, are now contributing significantly, with a net realization of about INR 2.2 crores per day.