Q1 Snapshot: Adani Green Bags Highest PAT By Volume, ACME Sees Highest Growth

Indian renewable project developer ACME Solar led the Indian renewable energy sector in net profit growth for the first quarter of FY26, outpacing its listed peers with a sharp year-on-year rise in Profit After Tax (PAT). Meanwhile, Indian solar module and cell maker Adani Green seemed to be the front runner in PAT in terms of volume. 

According to a comparative analysis of Q1 financials by Saur Energy of seven major renewable energy companies, ACME Solar reported a PAT of 130.82 crore in Q1FY26 against a PAT of Rs 1.38 crore in Q1FY25. This led to a jump of 9380% in PAT on an yearly basis. 

On the other hand, it was followed by SWREL which recorded a PAT of ₹38.69 crore in Q1 FY26, marking a 701% jump from ₹4.83 crore in the same quarter last year. The surge was the highest among the group and highlighted a strong performance by the EPC-focused firm.

Higher PAT Growth For Developers/EPC

ACME Solar and SWREL were closely followed by EPC player, Waaree Renewables, which posted a 206% increase in PAT, rising from ₹28.16 crore in Q1 FY25 to ₹86.38 crore in Q1 FY26. The trend underlines the strong profit momentum among engineering, procurement, and construction firms in India’s solar sector during the quarter. Although their earnings are quite small compared to solar manufacturers but their profit growth was far higher than the manufacturers.

Both of these EPC companies also posted robust revenue growth. Waaree Renewables saw revenue rise 155% year-on-year to ₹603.18 crore, while SWREL reported a 92% increase, clocking ₹1,761.63 crore against ₹915.06 crore in Q1 FY25. On the other hand, ACME Solar reported a total revenue of Rs 510.98 crore in Q1FY26, reporting a 65% jump. 

On the other hand, another key developer, Adani Green, reported a 31% increase in its profit and a 36% in revenue in Q1 on a YoY basis. However, its volume of revenue and profit is among the front runners. 

Fate of Solar Manufacturers 

In contrast, solar manufacturing firms showed more modest growth. Premier Energies, a Hyderabad-based module and cell maker, posted a 9.85% increase in revenue at ₹1,820.74 crore. Waaree Energies, however, fared better with a 30% rise, reporting ₹4,425.83 crore in Q1 revenue — the highest among the six companies analysed.

In Terms of Volume

In terms of absolute profit figures, Adani Green remained the frontrunner with a total PAT of Rs 824 crore in Q1 of FY26. It was followed by Waaree Energies with a total PAT of Rs 772.89 crore. Premier Energies remained in the third slot with a total PAT of Rs 307.79 crore. 

The performance reflects a strong start to FY26 for India’s renewable sector, particularly for EPC firms and developers that appear to have leveraged project execution and rising demand to post impressive earnings.