Acme Solar QIP kicks off: Floor price set at Rs 294.13, stock in focus

Shares of ACME Solar Holdings Ltd are in focus on Tuesday as the renewable energy solutions provider announced the kick start of its qualified institutional placement (QIP), whose floor price is set at Rs 294.13 apiece, a 4.16 per cent discount to Tuesday's closing price of Rs 306.90 per share. Acme Solar said it may at its discretion offer a discount of not more than 5 per cent on the floor price, so calculated for the issue.   

Later on Tuesday, ACME Solar Holdings Limited said its wholly owned subsidiary, ACME Sun Power Private Limited, has commissioned 33.333 MW/160.512 MWh capacity of Battery Energy Storage System (BESS) Project located at Phalodi and Jodhpur in Rajasthan, on June 1. 

"The commercial operation date (COD) for the same shall be June 03, 2026. With this, ACME Sun Power Private Limited has achieved a commissioned capacity of 266.669 MW / 1283.936 MWh," Acme Solar said.

ACME Solar Holdings had clocked Q4 revenue and net profit growth of 13 per cent YoY, supported by strong generation growth and higher other income. Post its quarterly results, analysts noted that the company has a robust 8,071MW pipeline, including 17GWh BESS with 5,081MW under construction and 3,280MW already tied to a power purchase agreement (PPA). 

ACME Solar commissioned 2.3GW BESS capacity operating under the merchant mode and added 301MW FDRE projects in Q4 while fully commissioning its 100MW wind project. Generation increased to 1,720MU in Q4FY26 with capacity utilization factor (CUF) at 26.9 per cent. 

The management is targeting 10GW renewable capacity and 20GWh BESS by FY30. 

Early and larger commissioning of BESS sets the stage for  monetising diurnal variation in power prices, HSBC said last month. 

"We believe ACME, a fully vertically integrated renewable IPP, is in a high growth phase adding significant capacity over the next two years. Strategically,  the business is evolving from a pure-play solar provider to more complex firm and  dispatchable renewable energy (FDRE) projects, which require a combination of solar,  wind, and battery storage capacity," HSBC said on May 8.