| Metric | Value (₹ Cr) | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue | 887.01 | 3.4% | 89.6% |
| Total Income | 1.0K | 5.6% | 67.5% |
| Expenditure | 651.07 | 4.6% | 44.9% |
| PBT | 356.01 | 7.4% | 128.0% |
| Net Profit | 268.66 | 14.2% | 133.5% |
| OPM | 84.94% | 0.69pp | 1.53pp |
| NPM | 26.68% | 2.01pp | 7.55pp |
| EPS | 4.00 | 7.8% | 110.5% |
Detailed report is being prepared.
Growth inflection into peak BESS commissioning: capacity additions now the sole metric that matters
ACME Solar is mid-stride through its most aggressive capacity expansion in company history. Q2 FY2027 will show early fruit of 1.5 GW solar + 10 GWh battery-storage targets for the fiscal year. Street consensus upgraded; the only risk is execution pace.
What to expect: the capacity inflection story
ACME Solar has entered a phase where operational execution—capacity additions, BESS commissioning pace, and PPA conversion—now completely dominates the earnings narrative. Q1 FY27 set the bar at ₹8,575 Cr revenue (+68% YoY) and ₹2,353.3 Cr consolidated PAT (+80% YoY), anchored by higher electricity sales from prior-year commissioned capacity. Q2 FY27 (ended Sept 30) will show whether that growth trajectory holds and whether the company is tracking its stated 1.5 GW solar + 10 GWh BESS commissioning target for the full fiscal year.
~₹900–950 Cr
On trajectory of Q1 run-rate (~68% YoY) from expanding operational capacity; Q2 FY26 base was ₹601 Cr, suggesting strong YoY growth if new projects ramp
~90–95%
In-line with Q1 FY27 (97% on consolidated basis); supported by high-margin BESS + PPA-backed solar sales
~200+ MW / 500+ MWh
Oct 5 & 19 announcements show 66.68 MW solar + 300+ MWh BESS commissioned; Sep-Sep quarter will capture more; tracking toward 1.5 GW full-year target
~60–75% YoY
Conservative vs Q1's 80% given higher tax normalization in Q2, but still tracking strong growth if execution continues
A strong Q2 print would show revenue ≥ ₹900 Cr (maintaining ≥65% YoY growth), EBITDA margin ≥90%, and an operational update confirming ≥250 MW capacity commissioned YTD. Management should also validate the 1.5 GW FY27 target with confidence and detail timing on the 300 MW SECI PPA (Oct 19 announcement) and other large PPAs. A weak print would be revenue <₹850 Cr, margin contraction below 85%, or any delay in capacity milestones. The street is watching for BESS share-of-earnings and execution proof—the company moved the 10 GWh BESS target forward from 2027 to end of FY27, and Q2 will signal whether that's achievable.
On track? Momentum intact, execution is the gate
ACME Solar is executing ahead of historical pace. Q1 FY27 revenue of ₹8,575 Cr was a 68% YoY jump from ₹5,085 Cr in Q1 FY26; profit hit ₹2,353.3 Cr, up 80%. The company is tracking its full-year 1.5 GW (solar) + 10 GWh (BESS) commissioning target. October announcements—66.68 MW solar (Oct 5), 300 MW / 1,200 MWh SECI PPA (Oct 19), plus incremental BESS phases in early October—suggest the commissioning calendar is holding. Ownership data shows institutional confidence: DII stakes rose 12.04 percentage points QoQ to 19.10%, the highest in 6 quarters, suggesting large domestic money is buying the growth story even as the stock sits 18% off its Sept ATH of ₹476.35. The new Joint MD appointment (Nikhil Dhingra, Oct 3) and wave of subsidiary incorporations (18 new WoS in Oct) point to a company building its infrastructure for scale. Full-year guidance has not been explicitly revised, but operational cadence is beating the incremental evidence investors had when the year began.
What the Street says
Since last quarter: filings and operational milestones
Oct 21
Board Meeting notice for Oct 28
Will approve unaudited Q2 FY27 results; no surprises flagged
Oct 19
300 MW / 1,200 MWh SECI PPA signed
High-margin FDRE (Frequency-Dependent Ramp Estimation) asset; validates utility-scale BESS model; likely future-dated revenue but shows order book strength
Oct 5
66.68 MW solar commissioned (Bikaner, Rajasthan)
Operational as of Oct 7 COD; should contribute ~2–4 weeks of Q2 revenue (or fall into Q3 depending on actual COD timing)
Oct 1
107.36 MW / 437.49 MWh BESS operationalized (two projects)
Material capacity; high-margin BESS revenue into Q2 and beyond
Oct 3
Nikhil Dhingra appointed Joint MD & CEO
Oct, Sep
18 new wholly-owned subsidiaries incorporated
Routine corporate structuring for project financing and operational scale; no regulatory concern
Sep 30, Sep 29
AGM held; BSR & Co. appointed joint statutory auditors
Routine; MOA alteration approved (expanded objects clause)
Sep 28
Trading window closed for insiders
Routine; starts Oct 1, stays closed until 48h after result disclosure (Oct 30, 2026 expected)
Sep 18
Board approved amalgamation of 3 wholly-owned subsidiaries
Routine reorganisation; no operational impact on Q2
Summary: The filings are overwhelmingly operational—capacity commissionings, strategic PPAs, and corporate structuring for scale. No material regulatory overhangs, no insider pledges flagged, no major off-market transactions. The October announcements (solar commissioning, SECI PPA, BESS phases) are consistent with a company accelerating toward its full-year targets. The trading window closure (Oct 1–30) is standard pre-result protocol and suggests no insider concerns about the result quality.
The setup
ACME Solar is mid-stride through a transformational capacity build-out. Q1 FY27's 68% revenue and 80% profit growth set a high bar; Q2 results will measure whether the company can sustain that trajectory as it absorbs new capacity (particularly the 107+ MW BESS added in October). Street consensus has upgraded targets to ₹418–423, with a bull case anchored on BESS margin expansion and execution of the 1.5 GW FY27 target. Institutional buying (DII +12pp QoQ) suggests domestic money believes in the growth story, even as the stock sits 18% off ATH. The key watch: evidence of execution and timing confidence on the 300 MW SECI PPA and any new large PPAs in the pipeline.
1 · Revenue and EBITDA margin
Expect ~₹900–950 Cr revenue with 90%+ EBITDA margin. Any upside (≥₹950 Cr or margin >95%) signals stronger-than-expected capacity productivity; downside (<₹850 Cr or margin <85%) would warrant scrutiny on execution pace or asset utilization.
2 · Capacity update and FY27 commissioning trajectory
Management will provide YTD capacity figures and re-confirm the 1.5 GW (solar) + 10 GWh (BESS) full-year target, ideally with updated phasing. Any delay flagged or target reduction would be a red flag; reaffirmation with detail (quarterly milestones) would be a positive.
3 · BESS margin profile and PPA pipeline
Q2 will show early evidence of BESS revenue and margin contribution as a separate line item (if disclosed). Management should detail the 300 MW SECI PPA (signed Oct 19) timeline and scope, and provide color on other large PPA pursuits (utility-scale vs merchant market split).
ACME Solar is executing a 1.5 GW + 10 GWh FY27 target with visible operational momentum. Q1 showed 68% revenue and 80% profit growth; Q2 will test whether that pace holds as new capacity (esp. 107 MW BESS in October) ramps into the quarter. Street consensus (Strong Buy, ₹418–423 target) implies 8% upside from current ₹388.8 price; the debate is valuation vs execution. October announcements—300 MW SECI PPA, solar commissionings, subsidiary structure—all point to a company building durable, high-margin assets. Result day will measure FY27 progress and management's confidence in completing the stated targets.