Acme Solar Profit Jumps to ₹131 Crore on Rising Revenues and Scale Efficiencies

Acme Solar Holdings reported a sharp rise in first-quarter profit on Friday in the teeth of intensifying competition, as higher revenues and improved operational metrics helped the renewable energy developer expand its footprint across solar, wind and storage segments.

Net profit for the April–June period rose to ₹131 crore, from ₹1 crore a year earlier. Revenue for the quarter climbed 72 per cent year on year to ₹584 crore, supported by fresh capacity additions and improved generation metrics.

“We are proud to report another strong quarter, marked by robust financial performance and meaningful operational progress,” said Manoj Kumar Upadhyay, chairperson and managing director. “We remain confident in our long-term growth trajectory and are committed to delivering sustainable value to all stakeholders.”

The company commissioned 350 megawatts (MW) of new capacity in the quarter, including a 300 MW solar project in Sikar awarded by the Solar Energy Corporation of India (SECI), and a 50 MW wind project in Pokhran, its first in the segment, contracted with Gujarat Urja Vikas Nigam Limited (GUVNL).

Acme’s operational capacity rose to 2,890 MW, up 115.7 per cent from the same quarter last year. Its under-construction portfolio now stands at 4,080 MW, in addition to 550 megawatt-hours (MWh) of standalone battery energy storage systems (BESS). The company signed power purchase agreements for 250 MW of firm and dispatchable renewable energy (FDRE), 300 MW of solar, and 550 MWh of battery storage—together covering over 55 per cent of the under-construction portfolio.

Power generation during the quarter reached 1,636 million units (MUs), more than doubling from a year earlier, driven by higher output from recently commissioned assets and improved efficiency. The company’s capacity utilisation factor rose from 27 per cent in Q1 FY25 to 28.5 per cent in the latest quarter.

Though Acme’s ascent has been swift, the terrain it now finds itself in is increasingly crowded. Rivals such as ReNew Power and Tata Power Renewable Energy are racing ahead, aided by favourable policy tailwinds and deep-pocketed investors. ReNew has already notched up 13 gigawatts of operational capacity, while NTPC’s green subsidiary continues to lay down megawatts at scale.

What sets Acme apart is its pivot towards wind and standalone storage—an effort to stake a claim in the emerging market for firm, dispatchable renewables. It is a logical step. As the grid absorbs more intermittent power, the premium on reliability is rising. Storage, once a costly afterthought, is fast becoming the glue that binds India’s clean energy ambitions.

The broader picture remains one of growth. With a national target of 500 gigawatts of non-fossil capacity by 2030, and commercial demand for clean power on the rise, developers are increasingly bidding for hybrid and round-the-clock supply contracts. Battery prices, though still steep, are falling steadily—nudging dispatchable renewables closer to cost parity with fossil fuels.

Acme is expected to press ahead with long-term power purchase agreements, integrate battery storage across its asset base, and potentially recycle capital by selling stakes in operational projects. With over 4GW under construction—more than half already tied to offtake contracts—the challenge now lies less in ambition than in execution.

Its portfolio, which spans solar, wind, hybrid systems and FDRE (firm and dispatchable renewable energy), places it well to compete. But in a sector where both regulatory clarity and scale efficiency are in flux, sustained performance will depend on how deftly it manages the complexities of project delivery, pricing volatility and an increasingly jostling field of competitors.