Acme Solar Holdings Limited (ACMESOLAR) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Acme Solar Holdings develops, owns and operates solar power projects and battery energy storage systems (BESS), and enters this quarter on the back of a record Q1 FY27 with revenue of Rs. 954 Cr and the highest-ever CUF of 30.9%. The print will speak to how quickly operational BESS scales past 4.96 GWh toward the >10 GWh FY27 target, and whether H1 capex steps up materially against the raised Rs. 15,000-20,000 Cr FY27 guidance after only Rs. 3,000 Cr was deployed in Q1.

Acme Solar Holdings Limited Q2 Results Date and Time

The board of Acme Solar Holdings will meet on October 28, 2026, to consider the Q2 & H1 FY27 un-audited financial results. The trading window has been closed from October 1 until 48 hours after the results are posted.

The Q2 & H1 FY27 earnings call is scheduled for October 29, 2026, at 12:00 PM IST.

What to expect from Acme Solar Holdings Limited's Q2 FY27 results

The quarter's central test is execution pace: operational BESS rose from ~3.62 GWh on July 29 to 4.96 GWh by October 1 against the >10 GWh cumulative FY27 target, while only Rs. 3,000 Cr of the raised Rs. 15,000-20,000 Cr FY27 capex guidance was deployed in Q1. Operating momentum has been strong — Q1 FY27 generation of 2,020 MU came with a record CUF of 30.9% and plant availability of 99.2%, and the contracted portfolio reached 8,370 MW after the 300 MW SECI FDRE-IX win at Rs. 6.00/kWh and a 130 MW RTC PPA with Northeast Frontier Railway at Rs. 4.35/kWh. Blended EBITDA margin has compressed from 91.5% to 90.2% to 87.1% over three quarters as BESS power-purchase costs enter operating expenses, with guided BESS margins of 80-82% versus core margins of 88-91% pointing to further mix-driven compression as storage scales. Offsetting that, Q2 FY27 day-ahead market prices averaged Rs. 5.70/unit (+46% YoY) with September non-solar-hour prices hitting the Rs. 20/unit HP-DAM ceiling — well above the Rs. 5/kWh arbitrage and Rs. ~2.2 Cr/day planning benchmarks for BESS realizations. Funding is in place to support the ramp: FY27 financing raised to date stands at Rs. 8,198 Cr, including Rs. 3,404.57 Cr from PFC and a Rs. 2,147 Cr NaBFID refinancing that cut borrowing cost ~150 bps, and credit ratings were reinforced with CRISIL AA- on a Positive outlook (Oct 2) and ICRA AA- (Stable) on enhanced limits of Rs. 3,500 Cr (Oct 7). The upcoming call is likely to cover H1 capex run-rate, BESS commissioning additions, PPA conversion toward zero open capacity by year-end, and finance-cost commentary after the RBI's post-quarter hike to 5.50%.

Key Things To Watch

Guidance scorecard: Status of management's stated targets heading into the Q2 FY27 call:

• BESS commissioning — >10 GWh cumulative by FY27 — 4.96 GWh operational at Oct 1; track Q2 additions and reiteration of the milestone brought forward by nearly 3 quarters
• Generation commissioning — 1.5 GW by FY27 — 133.36 MW of the 300 MW hybrid project commissioned by Oct 5; watch the substation/transmission availability caveat
• Capex — Rs. 15,000-20,000 Cr for FY27 — only Rs. 3,000 Cr deployed in Q1; watch H1 run-rate vs the raised guidance (prior: Rs. 12,000-13,000 Cr)
• BESS short-term revenue — >Rs. 1,400 Cr annually with 80% of targeted capacity tied up; watch recognition pace in Q2/H1
• Open capacity outside PPAs — 0 by end of the year — watch PPA/contract conversion of remaining open capacity
• Full commercialization — 3,280 MW solar/wind + 12 GWh BESS by FY2028 — watch BESS-first deployment progress
• 2030 portfolio — 10 GW + ~25 GWh, with management contemplating a target beyond 10 GW — watch for a formal upgrade promised in coming quarters
• BESS EBITDA margin 80-82% and core margin 88-91% (open-ended) — watch the Q2 margin split after BESS power-purchase costs compressed the blended margin to 87.1% in Q1
• Bidding discipline at 14-15% ROCE (open-ended) — watch tariff/capex disclosure on any new wins

BESS ramp and operating metrics

• Operational BESS at 4.96 GWh (Oct 1) vs ~3.62 GWh (Jul 29); contracted portfolio at 8,370 MW with operational capacity ~3,123 MW
• CUF vs the record 30.9% in Q1 FY27 (Rajasthan assets 32.5%, wind 41.4%); DSO sustainability at 14 days vs historical highs of 180 days
• Full BESS capacity of the 300 MW/1,581 MWh FDRE project targeted by Q3 of the current fiscal; full 300 MW solar (NTPC PPA) by end-Q3 FY27

Strategic execution updates

• Data-centre strategy — management promised concrete updates when available; MOA now includes data-centre objects and SECI is creating a data-centre procurement platform
• ROFR application for 11+ GWh BESS connectivity under process; ~4.3 GWh of BESS grant already received on existing transmission infrastructure
• Merger of three wholly-owned subsidiaries (Sep 18) and operationalization of UAE subsidiary ACME Renewables FZCO as a procurement/hedging platform for lithium carbonate and polysilicon

Risks and headwinds to monitor

• Rajasthan curtailment trends and reluctance to commission on temporary GNA — the 300 MW Acme Sikar project lost ~Rs. 17.5 Cr of revenue before the Narela Khetri line commissioning
• PPA signing pace vs ~770 MW near-term visibility; SJVN 2.52 GW state-by-state signing and the 300 MW NTPC project (ACME Sigma Urja) litigation
• Any further BESS safety disclosure after the Suryodaya AC-cabling short circuit clarification, and insurance claim status for the Q1 FY26 transformer failure