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ACMESOLAR - ACME Solar Hold.

📊 NSE: ACMESOLAR 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/13/2025 17:49

📢 Recent Corporate Announcements

ACME Solar Commissions 143 MW / 481 MWh Battery Energy Storage System in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Mar 2026, 08:39 AM

ACME Solar Holdings has commissioned 142.67 MW / 481.49 MWh of Battery Energy Storage System (BESS) in Rajasthan, representing Phase-1 of a 585 MW planned project. The system is currently connected to the Inter-State Transmission System and will operate on a merchant basis to capture revenue from peak-hour price differentials. This commissioning is a significant step toward the company's massive ~17 GWh BESS requirement across its portfolio. Eventually, these units will be integrated into Firm and Dispatchable Renewable Energy (FDRE) projects under 25-year PPAs.

Commissioned 142.67 MW / 481.49 MWh BESS in Rajasthan as part of Phase-1.
Total planned capacity for the current SPVs stands at 585 MW / 2011.24 MWh.
Company has a total under-construction contracted capacity of 5,105 MW including ~16.5 GWh of BESS.
Initial revenue will be generated through merchant trading based on peak and non-peak demand spreads.
The project will eventually transition to a 25-year PPA model via integration with FDRE projects.

💡 Investors should view this as a positive milestone in ACME Solar's transition toward becoming a provider of dispatchable power. Monitor the execution of the remaining 16.5 GWh BESS pipeline as it will be a key driver for long-term revenue stability.

ACME Solar Commissions 33.335 MW Phase II of Rajasthan BESS Project

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 12 Mar 2026, 08:53 PM

ACME Solar Holdings, through its wholly owned subsidiary ACME Sun Power Private Limited, has commissioned the second phase of its 300 MW Battery Energy Storage System (BESS) project in Rajasthan. This phase contributes 33.335 MW / 160.51 MWh to the total project, with the commercial operation date set for March 14, 2026. To date, the company has successfully commissioned a total of 66.67 MW / 320.99 MWh of the planned 300 MW capacity. This milestone reflects steady execution in the high-potential energy storage segment.

Commissioned 33.335 MW / 160.51 MWh as part of Phase II of the Rajasthan BESS project
Total commissioned capacity for this specific project now stands at 66.67 MW / 320.99 MWh
Commercial Operation Date (COD) for the second phase is confirmed for March 14, 2026
The project is located at Village Badi Sid, Rajasthan, and is managed by a wholly owned subsidiary

💡 Investors should view this as a positive step in the company's operational ramp-up and monitor the timeline for the remaining 233.33 MW capacity. Successful execution of BESS projects is critical for the company's long-term valuation in the renewable energy sector.

ACME Solar Signs PPAs for 450 MW / 1800 MWh Peak Power Project with SJVN

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 12 Mar 2026, 08:50 AM

ACME Solar, through its subsidiary, has signed two 25-year Power Purchase Agreements (PPAs) with SJVN for a total capacity of 450 MW / 1,800 MWh. The project ensures 4 hours of peak power supply during non-solar hours with a 90% availability requirement on a monthly and annual basis. This agreement brings the company's total PPA signed capacity to 6,270 MW, with 1,690 MW signed in the current financial year alone. The project will utilize existing night-time connectivity in Rajasthan's high irradiation zones to optimize operational efficiency.

Signed two 25-year PPAs with SJVN for 450 MW / 1,800 MWh of assured peak power
Total PPA signed capacity increased to 6,270 MW, with 1,690 MW added in the current FY
Guarantees 4 hours of peak power supply during non-solar hours with 90% availability
Under-construction PPA signed portfolio now stands at 3,304 MW
Project to leverage high irradiation zones in Rajasthan and existing ISTS connectivity

💡 This development provides long-term revenue visibility and strengthens ACME Solar's position in the high-growth energy storage and peak power segment. Investors should monitor the execution progress of the 3,304 MW under-construction portfolio for timely commissioning.

ACME Solar Commissions Phase III of 19 MW / 40.50 MWh BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Mar 2026, 10:30 PM

ACME Solar Holdings Limited has announced the commissioning of the third phase of its Battery Energy Storage System (BESS) project in Jaisalmer, Rajasthan, through its subsidiary ACME Suryodaya Private Limited. This phase adds 19 MW / 40.50 MWh of capacity, with the Commercial Operation Date (COD) scheduled for March 13, 2026. With this addition, the total commissioned capacity of the project has reached 76 MW / 160.50 MWh. The company is working towards a total project target of 285 MW / 601.904 MWh, indicating steady progress in its renewable energy infrastructure.

Commissioned 19 MW / 40.50 MWh capacity in Phase III of the Rajasthan BESS project
Total commissioned capacity for the project now stands at 76 MW / 160.50 MWh
Commercial Operation Date (COD) for the new phase is set for March 13, 2026
The project is being executed by wholly owned subsidiary ACME Suryodaya Private Limited
Total planned capacity for the Jaisalmer project is 285 MW / 601.904 MWh

💡 Investors should take note of the company's consistent execution in the high-growth energy storage segment. Continued progress toward the full 285 MW capacity will likely enhance revenue visibility and operational scale.

ACME Solar Commissions 4 MW Wind Power Capacity of 100 MW Project in Gujarat

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 09 Mar 2026, 09:09 PM

ACME Solar Holdings Limited has announced that its subsidiary, ACME Eco Clean Energy Private Limited, has commissioned 4 MW of wind power capacity. This capacity is part of a larger 100 MW wind power project located in Surendranagar, Gujarat. The company received the official Certificate of Commissioning from the Gujarat Energy Development Agency (GEDA) on March 09, 2026. This development marks incremental progress in the company's renewable energy operational portfolio.

Commissioned 4 MW wind power capacity out of a total 100 MW project
Project located at Village Garambhadi, Surendranagar district, Gujarat
Certificate of Commissioning received from Gujarat Energy Development Agency (GEDA)
Executed through subsidiary ACME Eco Clean Energy Private Limited

💡 Investors should monitor the execution timeline for the remaining 96 MW of the project. This incremental commissioning demonstrates steady progress in the company's wind energy segment.

ACME Solar Commissions Phase-I (33.335 MW/160.48 MWh) of BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Mar 2026, 10:40 PM

ACME Solar Holdings has announced the commissioning of the first phase of its Battery Energy Storage System (BESS) project in Rajasthan through its wholly owned subsidiary, ACME Sun Power Private Limited. This initial phase involves a capacity of 33.335 MW/160.48 MWh, which is part of a larger 300 MW/1400 MWh project. The commercial operation date (COD) for this phase is scheduled for March 08, 2026. This development marks the company's entry into large-scale energy storage, a critical component for renewable energy stability.

Commissioned 33.335 MW/160.48 MWh as the first phase of a larger BESS project
Total planned capacity for the Rajasthan project stands at 300 MW/1400 MWh
Commercial operation date (COD) for Phase-I is set for March 08, 2026
Project executed via wholly owned subsidiary ACME Sun Power Private Limited
Located at Village Badi Sid, Tehsil-Bap, Rajasthan

💡 Investors should view this as a positive operational milestone that diversifies the company's portfolio into energy storage; monitor the execution timelines for the remaining 266.665 MW capacity.

ACME Solar Subsidiary Signs 450 MW PPA with SJVN at Rs 6.74/Unit

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 02 Mar 2026, 10:42 PM

ACME Solar Holdings Limited, through its wholly-owned subsidiary ACME Greentech Seventh Private Limited, has executed two Power Purchase Agreements (PPAs) with SJVN Limited. The agreements cover a total capacity of 450 MW (300 MW and 150 MW) under the Firm and Dispatchable Renewable Energy (FDRE) model. The projects carry a lucrative tariff of Rs. 6.74 per unit for a tenure of 25 years. This development provides significant long-term revenue visibility for the company, with supply scheduled to commence in March 2028.

Total capacity of 450 MW secured through two PPAs with SJVN Limited
Agreed tariff of Rs. 6.74 per unit for a project tenure of 25 years
Project falls under the Firm and Dispatchable Renewable Energy (FDRE) category
Scheduled Commencement of Supply Date (SCSD) is set for March 1, 2028

💡 Investors should view this as a positive development for long-term growth and margin stability. Monitor the company's progress in project execution and capital expenditure requirements leading up to the 2028 commencement.

ACME Solar Commissions Phase-I of 285 MW/600 MWh BESS Project in Rajasthan

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 25 Feb 2026, 10:05 PM

ACME Solar Holdings has successfully commissioned the first phase of its Battery Energy Storage System (BESS) project in Jaisalmer, Rajasthan, through its wholly-owned subsidiary ACME Suryodaya Private Limited. This initial phase consists of 19 MW/38 MWh out of a total planned capacity of 285 MW/600 MWh. The project is set to commence commercial operations on February 27, 2026, and will initially operate as merchant capacity. This provides the company with immediate revenue potential while maintaining the flexibility to secure long-term Power Purchase Agreements (PPAs) in the future.

Commissioned 19 MW/38 MWh capacity as part of the first phase of the BESS project
Total project capacity is 285 MW/600 MWh located in Jaisalmer, Rajasthan
Commercial Operation Date (COD) for Phase-I is scheduled for February 27, 2026
Project will operate as merchant capacity with flexibility to shift to long-term PPAs later

💡 Investors should view this as a positive operational milestone that marks the company's entry into the energy storage segment. Monitor the ramp-up of the remaining 266 MW capacity and any future announcements regarding long-term PPA tie-ups.

ACME Solar Signs 25-Year PPA with SECI for 190 MW Hybrid Project at Rs 4.72/Unit

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 19 Feb 2026, 08:42 AM

ACME Solar's subsidiary, ACME Urja One Private Limited, has executed a 25-year Power Purchase Agreement (PPA) with SECI for a 190 MW wind-solar hybrid project. The project includes a Battery Energy Storage System (BESS) to ensure peak power supply at a fixed tariff of Rs. 4.72 per unit. This agreement increases the company's total PPA-signed portfolio to 5,820 MW, with 1,240 MW added in the current financial year alone. Financing for the project has already been secured through Power Finance Corporation Ltd, significantly lowering execution risk.

Signed 25-year PPA with SECI for a 190 MW ISTS-connected wind-solar hybrid project with BESS.
Project features a fixed tariff of Rs. 4.72 per unit with a scheduled operation date of February 27, 2028.
Total PPA-signed portfolio grows to 5,820 MW, reflecting strong growth momentum in the current fiscal.
Project financing is already secured via Power Finance Corporation Ltd (PFC).
Agreement mandates a minimum annual Capacity Utilisation Factor (CUF) of 50% and 80% daily peak power supply.

💡 Investors should note the long-term revenue visibility and the company's ability to secure financing for large-scale hybrid projects. The high CUF requirement of 50% suggests a focus on high-efficiency assets which could support healthy operating margins.

ACME Solar Schedules Multiple Investor Meetings and Analyst Day in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 07:26 PM

ACME Solar Holdings has announced a series of physical interactions with institutional investors and analysts scheduled for February 2026. The company will participate in the Dolat Capital Corporate Conference on February 18 and the Kotak 'Chasing Growth 2026' Conference on February 26, both in Mumbai. Additionally, a dedicated Investor/Analyst Day is planned for February 20 in Jaisalmer. These meetings aim to discuss growth strategies based on publicly available information, signaling active engagement with the financial community.

Participation in Dolat Capital Corporate Conference on February 18, 2026, in Mumbai
Dedicated Investor/Analyst Day scheduled for February 20, 2026, in Jaisalmer
Attendance at the Kotak 'Chasing Growth 2026' Conference on February 26, 2026, in Mumbai
Meetings will involve 1x1 and group physical interactions with institutional participants

💡 Investors should monitor for any investor presentations or transcripts released following these meetings for potential insights into future growth plans. No immediate trading action is required as the discussions are limited to publicly available information.

ACME Solar Bags 301 MW FDRE Project from SECI at Rs 6.28/Unit Tariff

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Feb 2026, 08:12 PM

ACME Solar Holdings Limited has received a Letter of Award (LOA) from the Solar Energy Corporation of India (SECI) for a 301 MW Firm and Dispatchable Renewable Energy (FDRE) project. The project was won under SECI's FDRE Tranche VII at a fixed tariff of Rs. 6.28 per unit for a 25-year duration. The project is scheduled to be commissioned within 24 months from the date of signing the Power Purchase Agreement (PPA). This contract significantly enhances the company's renewable energy portfolio and provides long-term revenue visibility.

Awarded 301 MW assured peak supply FDRE project by SECI
Fixed tariff of Rs. 6.28 per unit secured for a 25-year tenure
Project execution timeline set for 24 months from PPA signing
Awarded under SECI's FDRE Tranche VII competitive bidding process

💡 Investors should monitor the timeline for PPA signing and subsequent project execution as this adds significant capacity to the company's green energy pipeline.

ACME Solar Wins 220 MW Solar + BESS Project in Madhya Pradesh at Rs 2.764/Unit

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 10 Feb 2026, 08:44 AM

ACME Solar Holdings has secured a Letter of Award (LOA) from Rewa Ultra Mega Solar Limited (RUMSL) for a 220 MW Solar project integrated with a Battery Energy Storage System (BESS). The project, located in Morena Solar Park, Madhya Pradesh, was won at a tariff of Rs. 2.764 per unit with a 25-year Power Purchase Agreement (PPA) tenure. The project is scheduled for commercial operation by December 31, 2027, and requires maintaining a 95% annual availability. This addition strengthens ACME's total portfolio to 8,071 MW, of which 5,105 MW is currently under construction.

Awarded 220 MW Solar + BESS project at a competitive tariff of Rs. 2.764 per unit
Project includes a 25-year PPA with Madhya Pradesh Power Management Company Limited
Scheduled Commercial Operation Date (SCOD) set for December 31, 2027
Requires 4 hours of peak supply daily with a high annual availability requirement of 95%
Expands under-construction contracted capacity which currently stands at 5,105 MW

💡 Investors should look at this as a positive expansion of the company's green energy footprint and storage capabilities. The long-term PPA provides revenue visibility, though execution within the 2027 timeline remains a key monitoring factor.

ACME Solar Commissions Additional 4 MW Wind Capacity; Total Project Reaches 76 MW

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 07 Feb 2026, 11:13 PM

ACME Solar Holdings Limited, through its subsidiary ACME Eco Clean Energy Private Limited, has commissioned an additional 4 MW of wind power capacity in Gujarat. This addition is part of a larger 100 MW wind power project located in the Surendranagar district. With this latest commissioning, the company has successfully operationalized 76 MW of the total 100 MW capacity. The commissioning has been verified by state agencies GEDA and PGVCL, marking steady progress in the company's renewable energy portfolio.

Commissioned 4 MW additional capacity out of a 100 MW wind power project in Gujarat
Total commissioned capacity for the specific project now stands at 76 MW
Project execution witnessed and confirmed by GEDA and PGVCL officials
This is the 11th incremental update for this project since October 2025, showing consistent execution

💡 Investors should view this as a positive sign of project execution and steady capacity ramp-up. Monitor the timeline for the remaining 24 MW to be commissioned to reach full project capacity.

ICRA Assigns AA-/Stable Rating to ACME Solar's ₹1,209 Cr Debt for Sikar Project

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 06 Feb 2026, 09:16 AM

ICRA Limited has assigned a high-grade '[ICRA] AA- (Stable)' rating to a ₹1,209 crore long-term loan for ACME Solar's 300 MW Sikar project. This rating is expected to further reduce financing costs by approximately 25 basis points, adding to a previous 170 bps reduction achieved through refinancing. The project is backed by a 25-year PPA with SECI, ensuring long-term revenue visibility and minimal payment risk. This development underscores the company's ability to secure competitive capital for its expanding renewable energy portfolio.

ICRA assigned [ICRA] AA- (Stable) rating to ₹1,209 crore long-term debt of subsidiary ACME Sikar Solar.
Expected reduction in financing costs by ~25 bps, following a previous 170 bps reduction via Yes Bank refinancing.
Project secured by a 25-year Power Purchase Agreement (PPA) with SECI, eliminating demand and pricing risks.
ACME Solar's total portfolio stands at 7,770 MW, with 2,962 MW currently operational and 4,808 MW under construction.

💡 Investors should view this as a positive sign of the company's improving creditworthiness and its ability to optimize interest costs. The high rating from ICRA validates the project's cash flow stability and strengthens the overall balance sheet for future expansions.

ICRA Assigns AA-/Stable Rating to ACME Solar's Subsidiary for Rs 1,209 Cr Loan

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 06 Feb 2026, 09:13 AM

ICRA has assigned a high-quality 'AA-/Stable' credit rating to ACME Sikar Solar Private Limited's Rs 1,209 crore long-term debt. This rating is expected to further reduce financing costs by approximately 25 basis points, building on a previous 170 bps reduction achieved through refinancing. The 300 MW project is backed by a 25-year PPA with SECI, ensuring stable revenue and minimal payment risk. This development underscores the company's ability to optimize its capital structure and reduce interest expenses for its renewable portfolio.

ICRA assigned [ICRA] AA- (Stable) rating to a Rs 1,209 crore long-term loan for the 300 MW Sikar project.
The rating is expected to lower financing costs by 25 bps, following a 170 bps reduction from recent Yes Bank refinancing.
Project features a 25-year Power Purchase Agreement (PPA) with SECI, providing high cash flow visibility.
ACME Solar's total portfolio includes 7,770 MW of capacity, with 2,962 MW operational and 4,808 MW under construction.

💡 Investors should view this as a positive indicator of the company's improving credit profile and its ability to lower debt servicing costs. Monitor the progress of the 4.8 GW under-construction pipeline as a key driver for future valuation.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 103.8% YoY to INR 601 Cr in Q2 FY26. EPC revenue contributed INR 332 Cr (71.4% of total income) in Q2 FY26, up 17.3% from Q1 FY26. Adjusted for asset divestments, FY25 revenue grew 32.3% YoY to INR 1,405.1 Cr.

Geographic Revenue Split

The portfolio is spread across 11 states in India, with revenue generated from 17 different counterparties. Central offtakers (SECI/NTPC) account for 69% of the operational portfolio and 83% of the total portfolio.

Profitability Margins

Operating profit margin improved from 13% in FY24 to 28% in FY25 (up 120%). Net profit margin was 14% in FY25, down from 89% in FY24 due to one-time divestment gains in the previous year; however, adjusted net margin improved from 5.4% to 15.9% in FY25.

EBITDA Margin

EBITDA margin stood at 88.8% in Q2 FY26, up from 86.8% in Q2 FY25, driven by favorable operating leverage and optimized operational efficiency. EBITDA grew 108.3% YoY to INR 534 Cr in Q2 FY26.

Capital Expenditure

Planned capital expenditure is approximately INR 12,000 Cr for FY26 and INR 12,000-13,000 Cr for FY27. Projects are typically funded with a debt-equity ratio of 75:25 or 80:20.

Credit Rating & Borrowing

Credit rating was upgraded to CRISIL AA-/Stable in October 2025 from A+/Positive. Borrowing costs were reduced by 75 basis points (0.75%) through debt refinancing and prepayment of INR 2,069.9 Cr of debt using IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Key equipment includes Solar PV modules (Bifacial and TopCon technology), Wind Turbines, and Battery Energy Storage Systems (BESS).

Capacity Expansion

Current operational capacity is 2.54 GWAC (2,918 MW). The total portfolio is 7,390 MW, with 1,890 MW of PPAs signed in FY25 and 550 MWh of standalone BESS projects won.

Raw Material Costs

Cost of materials consumed was INR 261 Cr in Q2 FY26, representing 72.7% of total expenses. Procurement strategies focus on 'just-in-time' delivery for major equipment like turbines 3-4 months before COD.

Manufacturing Efficiency

Capacity Utilization Factor (CUF) improved to 24.1% in Q2 FY26 from 22.2% in Q2 FY25. Plant and grid availability remained above 99%.

📈 Strategic Growth

Expected Growth Rate

32.30%

Growth Strategy

Growth will be achieved through the execution of the 7.39 GW portfolio, focusing on Firm and Dispatchable Renewable Energy (FDRE) and Hybrid projects (49% of portfolio). The company is also expanding into standalone BESS (550 MWh won) and winning Round-The-Clock (RTC) tenders like the 130 MW REMCL Railways project.

Products & Services

Renewable electricity generated from Solar, Wind, Hybrid, and FDRE projects sold under long-term Power Purchase Agreements (PPAs).

Brand Portfolio

ACME Solar.

New Products/Services

New product focus includes 550 MWh of Standalone Battery Energy Storage Systems (BESS) and FDRE projects to manage intermittency.

Market Expansion

Expanding presence across 11 states in India with a focus on increasing the share of Central offtakers to 83% of the total portfolio.

Market Share & Ranking

One of the largest Renewable Energy Independent Power Producers (IPPs) in India.

Strategic Alliances

Winning bidder for 130 MW Railways (REMCL) Round-The-Clock Renewable Energy tender.

🌍 External Factors

Industry Trends

The share of renewables in India's power mix is projected to grow from 22% in FY25 to 35% by FY27, led by solar PV and hybrid projects with storage.

Competitive Landscape

The industry is shifting toward complex Hybrid and FDRE projects where ACME Solar's experience in balancing solar, wind, and battery proportions provides a competitive edge.

Competitive Moat

Moat is built on scale (7.39 GW portfolio), geographical diversity (11 states), and a high-quality offtaker profile (83% Central offtakers), which ensures lower credit risk and stable cash flows.

Macro Economic Sensitivity

Peak power demand in India is forecast to increase by a CAGR of 6% from FY25 to FY27, directly driving demand for new capacity.

Consumer Behavior

Rising electrification and digital technology adoption are driving a 6% CAGR in peak power demand.

⚖️ Regulatory & Governance

Industry Regulations

New amendments allow battery energy storage systems to use existing connectivity infrastructure for merchant operations. Regulatory commissions are directed to liquidate INR 1.5 lakh Cr of regulatory assets within 4 years.

Environmental Compliance

Focused on decoupling economic growth from emissions by increasing RE share to 35% by 2027.

Taxation Policy Impact

Effective tax rate was approximately 24.4% in Q2 FY26 (INR 10 Cr tax on INR 41 Cr PBT).

Legal Contingencies

Received a favorable APERC ruling for the recovery of INR 48.6 Cr in outstanding dues from Andhra Pradesh discoms, to be recovered in installments.

⚠️ Risk Analysis

Key Uncertainties

Execution risks for under-construction projects (time/cost overruns), weather-related generation variability, and potential delays in PPA signing for projects under LOA.