ACME Solar Q1FY27: consolidated PAT up 80% YoY to ₹235 Cr, revenue +68% on capacity ramp

On a consolidated basis — the primary lens here since standalone reflects intercompany EPC billing rather than the group's actual generation business — ACME Solar's Q1FY27 (quarter ended 30 June 2026) revenue from operations (sale of electricity) came in at ₹857.5 Cr, up 67.8% YoY from ₹511.0 Cr and 56.5% QoQ from ₹547.9 Cr. Consolidated PAT was ₹235.3 Cr, up 79.9% YoY from ₹130.8 Cr (70.2% QoQ from ₹138.3 Cr). Adjusted for a Rs 15.9 Cr one-off prepayment expense booked as an exceptional item in the year-ago quarter (none this quarter), YoY PAT growth is a still-strong ~64.9% rather than the raw 79.9% — real, capacity-driven growth rather than a base-effect print. Basic consolidated EPS was ₹3.71 versus ₹2.16 a year ago and ₹2.30 last quarter.

Margins moved in different directions depending on where you look, and both drivers matter. Operating margin (profit before finance cost/depreciation/tax, as a share of total income) compressed to 87.1% from 90.9% YoY and 90.2% QoQ, driven by a new ₹39.0 Cr 'cost of power purchased' line that didn't exist in the comparison quarters — a merchant/trading cost tied to the BESS ramp. Despite that, net profit margin actually expanded to 24.7% of total income from 22.4% YoY and 19.6% QoQ, because finance costs (₹344.3 Cr, +47.8% YoY) and depreciation (₹154.8 Cr, +43.9% YoY) grew well below the pace of revenue — operating leverage on the existing asset base is outweighing the new trading-cost drag at the bottom line.

The stock went into the print at ₹366.65, down 3.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

We have no formal management guidance figures for this specific quarter's revenue or PAT to grade against, and a web search turned up no consensus/street estimate for Q1FY27 specifically (only historical comparatives), so vsStreet is unknown here. Against the January 2026 concall's operational targets, the picture is on-plan but tight on timing: management had flagged 4 GWh of BESS operational by Q1FY27; the company operationalized 3.62 GWh in Rajasthan (23 July) plus a 160.5 MWh project (20 July) — together landing just after the 30 June quarter-close rather than within it, so essentially met with a short lag. This quarter also saw a 300 MW hybrid PPA signed with SECI (21 July, against the ~770 MW near-term signing pipeline flagged in January) and fresh project financing of ₹3,404 Cr (250 MW) and ₹2,646 Cr (450 MW FDRE), funding the 1.5 GW FY27 execution target. No management press release commentary was available to cross-check against the filing's own numbers.