Acme Solar Holdings subsidiary has commissioned an additional 66.68 MW of solar power capacity in Bikaner, bringing the total operational solar capacity to 133.36 MW under its 300 MW hybrid project.

Project capacity milestone

The latest commissioning marks a significant step in the phased execution of the 300 MW hybrid project. With this addition, the subsidiary has now operationalised 133.36 MW of the total 300 MW project capacity. The following table summarises the capacity status of the project:

Progress toward full capacity

The project is being developed in phases, with the subsidiary progressively adding solar generation capacity at the Bikaner site. The cumulative commissioned capacity of 133.36 MW represents the solar component brought online so far within the broader 300 MW hybrid framework. The remaining capacity is yet to be commissioned as the project continues its phased rollout.

ACME Solar Holdings appointed Nikhil Dhingra as Joint Managing Director for a period of 5 years, effective October 3, 2026. The appointment was approved by the Board on the recommendation of the Nomination and Remuneration Committee.

Dhingra’s existing role as Whole-Time Director is superseded, though he continues to serve as Chief Executive Officer. The term extends until October 2, 2031, subject to shareholder approval. This leadership continuity follows his tenure since February 2023, during which the company executed significant capital raises and expanded its renewable energy footprint.

Leadership profile and strategic impact

Dhingra brings over 21 years of experience across infrastructure, renewable energy, investment banking, consulting, and technology. He holds degrees from NIT Kurukshetra in Electrical Engineering and IIM Bangalore. Prior roles include leadership positions at Oriental Tollways, ICICI Securities, PwC, Infosys, and SAP Labs.

Under his stewardship, the company achieved several key milestones:

• Raised ₹2,900 crore via IPO and ₹2,800 crore via QIP.
• Scaled standalone net worth to ₹4,951.59 crore.
• Secured a credit rating upgrade to AA-/Stable.
• Expanded operational capacity to 2,990 MW and battery storage to ~5 GWh.
• Secured a contracted portfolio of approximately 8.4 GW.

Financial trajectory under current leadership

The company reported an EBITDA CAGR of 52% since FY24, reaching ₹2,265 crore in FY26. This growth reflects the successful integration of capital raised through public offerings into asset expansion. The transition from Whole-Time Director to Joint Managing Director formalizes his executive authority while maintaining his operational role as CEO.

What the numbers show

A correlation exists between the capital raised and asset scaling. The combined ₹5,700 crore raised through IPO and QIP directly supported the expansion of operational capacity to 2,990 MW and the securing of an 8.4 GW order book. The resulting EBITDA of ₹2,265 crore in FY26 demonstrates efficient conversion of invested capital into operating profits, evidenced by the 52% CAGR since FY24.