A leading solar energy developer renowned for large-scale renewable projects is under evaluation regarding its ambitious expansion targets. This article investigates the feasibility of the company reaching its critical 10GW operational capacity goal, analysing current growth, market hurdles, and the strategic plays necessary to achieve this milestone.
ACME Solar Holdings Limited’s stock, with a market capitalisation of Rs. 14,746 crores, rose to Rs. 245.95, hitting a high of up to 0.9 percent from its previous closing price of Rs. 243.65. However, the stock over the past year has given a negative return of 3.52 percent.
Current Operational Capacity
As of June 2025, ACME’s operational capacity has reached 2,826.2 MW, marking a substantial growth of 110.9% compared to 1,340 MW in March 2024. This significant increase reflects the company’s accelerated commissioning efforts and highlights its strong execution capabilities in scaling up renewable energy infrastructure within a short span.
Order Book
ACME has significantly expanded its order book in FY25 by securing 1,900 MW of new capacity, pushing its total contracted portfolio to 6,970 MW. This new addition reflects robust project acquisition and a strong market position across various energy segments.
The fresh wins are strategically diversified, comprising 1,000 MW from FDRE (Firm and Dispatchable Renewable Energy), 600 MW from solar, and 300 MW from hybrid sources. This balanced mix aligns with the company’s long-term vision of maintaining a diversified renewable energy portfolio.
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Capacity Roadmap
ACME’s Capacity Roadmap outlines a clear strategic vision to scale up its renewable energy portfolio from 2,540 MW in FY25 to 10,000 MW by 2030. The plan includes multiple phases, with the current operational capacity supported by strong financials, including an annual run-rate EBITDA of Rs. 1,750 to 1,800 crore and a pre-tax ROCE of 14.5%.
The roadmap highlights the addition of 450 MW in near-commissioning projects, 165 MW of which was commissioned in May 2025, followed by 1,890 MW in PPA-signed projects and 2,090 MW under LoA-awarded status. These “locked-in” projects together total 6,970 MW expected to be achieved by FY27/28, translating to a projected 40% CAGR.
Reaching the 10 GW target by 2030 appears feasible, given the structured approach and progress already made. With nearly 7 GW capacity already secured through various stages of implementation, the company needs to add approximately 3 GW over the subsequent two to three years.
This gap seems manageable, especially if current project execution rates are maintained and new contracts or bids are secured in line with the company’s historical pace. However, execution risks, regulatory hurdles, and project financing will remain key factors to monitor. Overall, ACME’s roadmap reflects a robust and achievable growth trajectory within the renewable energy sector.
Written By Fazal Ul Vahab C H
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