India’s renewable energy sector is lining up for a big jump in battery energy storage systems, or BESS, large batteries that store extra power and release it when needed. According to a Crisil Ratings analysis dated September 28, 2026, around 45-50 GWh of capacity is expected to be commissioned over this and the next fiscal, against just about 1 GWh as of last fiscal. The study looks at bids awarded between fiscals 2024 and 2026 across nearly 100 developers.
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Renewables now make up about 39% of installed power capacity and around 15% of energy generated, and solar drops off in the evening just when demand peaks, so storage is getting pushed hard. Projects with BESS made up nearly 40% of auctioned capacity in fiscal 2026, up from about 5% in fiscals 2024 and 2025. Of the 50-55 GWh scheduled for fiscals 2027 and 2028, about 40 GWh comes from government auctions where power distribution companies are the buyers.
Higher Battery Prices Are the Catch
Crisil Ratings says nearly 21% of under-construction BESS capacity, about 12 GWh, has weak return potential, because battery prices have hardened in 2026 while tariffs bid earlier were low. Developers usually buy batteries around a year after winning bids, so 2025 awards are exposed. Returns may fall short of the usual 12-14% IRR, the yearly return developers aim for. Around 8-9 GWh of it also has sponsors with limited execution experience, so some delays are possible.
Five Stocks With BESS Exposure
Pace Digitek
Pace Digitek is the smallcap of the lot, and its BESS story is very execution heavy. Q1 FY27 consolidated revenue jumped 51.3% to ₹555 crore, while profit after tax rose 14.3% to about ₹62.5 crore, so profit is growing slower than sales. The company holds an executable order book, meaning orders it can deliver, of ₹10,803 crore as of June 30, 2026, of which ₹8,453 crore is from energy, and its BESS order visibility is above 5 GWh.
It delivered 90 BESS containers in the quarter and has doubled its BESS manufacturing capacity to 5 GWh, with 10 GWh targeted by the end of FY27. Honestly the thing to watch is margin, since it’s a small company scaling fast.
JSW Energy
JSW Energy comes at storage from two sides, projects and manufacturing. Its locked-in storage capacity is 29.6 GWh, but 26.4 GWh of that is pumped storage, which is water stored uphill and released to make power, and only 3.2 GWh is BESS. So the BESS part is small so far.
In Q1 FY27 consolidated revenue was flat at ₹5,437 crore, EBITDA (operating profit) rose 2% to ₹3,103 crore, but profit after tax fell to ₹533 crore from ₹836 crore on higher depreciation and interest costs. Net debt to EBITDA is 4.95x, so debt is what to keep an eye on.
Adani Green Energy
Adani Green is India’s largest pure-play renewable company, and its storage is already at scale. It commissioned 1,972 MWh of BESS at Khavda in Q1 FY27, taking installed BESS capacity to 3,551 MWh, and it wants 50 GWh by 2030.
Operational capacity crossed 20 GW, up 27% YoY. Q1 FY27 revenue from power supply rose 29% to ₹4,280 crore, EBITDA from power supply came in at ₹4,122 crore and cash profit rose 28% to ₹2,225 crore. The company has planned about ₹42,000 crore of capex for FY27.
ACME Solar Holdings
ACME Solar is already well into commissioning. In Q1 FY27 it commissioned about 2.3 GWh of BESS, taking the total to about 3.62 GWh, which the company says is around 40% of India’s total. It now guides for more than 10 GWh by FY27, earlier than before, has ordered over 15 GWh of batteries from suppliers like CATL.
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Revenue rose 63% to ₹954 crore, EBITDA rose 56% to ₹831 crore and profit after tax jumped 80% to ₹235 crore, with BESS bringing ₹226 crore of the revenue. The company also says future battery costs could go up 5-10%, though within budget, which is the bit worth tracking.
Waaree Energies
Waaree is mostly a solar module maker, so storage is an add-on here, but a growing one. It has started a 5.15 GWh automated BESS container plant in Rola, Gujarat, above the 3.5 GWh first planned, with 16.5 GWh more planned, so the plan sits near 20 GWh.
Q1 FY27 consolidated revenue rose 79% to ₹7,932 crore, EBITDA rose 44% to ₹1,440 crore and net profit was ₹892 crore, up 15.4%. The order book is ₹61,500 crore, mostly modules though. Margins slipped a bit, with EBITDA margin at about 18%, so storage has to prove it adds to profit.