Battery Energy Storage Systems (BESS) are becoming critical in the global energy transition, helping stabilise power grids and storing renewable energy for later use. As India’s energy landscape evolves, companies are racing to build capacity in this space. Against this backdrop, the key question arises: can ACME Solar hold its ground and compete with established players like Oriana Power and other BESS leaders?
ACME Solar Holdings Limited’s stock, with a market capitalisation of Rs. 18,164 crores, rose to Rs. 303.94, hitting a high of up to 5.87 percent from its previous closing price of Rs. 287.08. Furthermore, the stock over the past year has given a return of 18.96 percent.
Key Developments in the BESS Market
In the growing Battery Energy Storage System (BESS) space, NLC India has made its first large-scale move through its subsidiary, NLC India Renewables Ltd. The company secured a 250 MW/500 MWh project from Tamil Nadu Green Energy Corporation, spread across three substations. Operating on a Build-Own-Operate (BOO) model with state-backed funding, this marks NLC’s entry into grid-scale storage, complementing its 1,431 MW renewable capacity.
Oriana Power has also entered the BESS space with a 50 MW/100 MWh project in Karaikudi, Tamil Nadu, awarded by TANGEDCO. This project, backed by Viability Gap Funding, aims to enhance grid reliability and support renewable energy integration. Meanwhile, JSW Energy is scaling aggressively, with a total energy storage pipeline of 29.3 GWh, of which 2.9 GWh is BESS, targeting 40 GWh by 2030.
Battery makers like Amara Raja Energy & Mobility and Exide Industries remain focused on automotive and industrial segments, with limited grid-scale BESS involvement so far. Hitachi Energy India, while yet to announce major domestic BESS projects, has strong global expertise and could expand locally as demand grows. With government push and rising renewable energy needs, India’s BESS market is heating up, and more players and projects are likely soon.
ACME Projects
On June 26th, ACME Solar entered the standalone Battery Energy Storage System (BESS) space by winning NHPC’s tender for 275 MW / 550 MWh capacity across two projects in Andhra Pradesh, Kuppam and Ghani.
Following this, ACME Solar has placed one of India’s largest Battery Energy Storage System (BESS) orders, securing over 3.1 GWh from global suppliers Zhejiang Narada and Trina Energy on July 07. The batteries will support its renewable energy projects across multiple states, with phased deliveries over the next 12–18 months. This move aims to improve project execution, grid stability, and timely revenue, while staying cost-efficient and meeting global safety and performance standards.
With its recent entry into the BESS market, ACME Solar has opened the door to competing with players like Oriana Power, though sustained innovation and execution will be key to making a mark in this competitive space.
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Government of India Initiatives
India is advancing its renewable energy goals by promoting BESS to meet rising power demand, particularly during peak summer months. The government aims for 500 GW of non-fossil fuel energy capacity by 2030, with BESS enabling the storage of surplus solar and wind energy for low-generation periods.
India’s government has launched a Rs. 5,400 crore support scheme to boost battery energy storage systems (BESS) by 30 GWh, helping balance the power grid as the country adds more solar and wind energy. Of this, 25 GWh will go to 15 states and 5 GWh to NTPC. The plan aims to speed up renewable energy growth, attract Rs. 33,000 crore in investments, and make storage projects more affordable and quicker to complete. Key benefits include lower costs, faster project timelines, longer contracts, and waived transmission charges until mid-2028.
Q4 Financial Highlight
ACME Solar Holdings reported revenue of Rs. 487 crore in Q4FY25, up 65 percent YoY from Rs. 295 crore and 39.5 percent QoQ from Rs. 349 crore, indicating strong sequential and annual growth despite a negative 3-year sales CAGR of -2 percent. This rebound suggests improving business momentum after a weak growth trend over the past few years.
Profit for Q4FY25 stood at Rs. 122 crore, a sharp 77 percent decline YoY from Rs. 532 crore, but up 9 percent QoQ from Rs. 112 crore. Despite the YoY drop, the company has maintained a strong 3-year profit CAGR of 51 percent, supported by steady operating performance, reflected in the 3-year ROE CAGR of 5 percent.
Written By Fazal Ul Vahab C H
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