Press Release

Press Release

February 19, 2026

TROJAN NEW ENERGY PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	59.00	ACUITE BB \| Stable \| Assigned	-
Bank Loan Ratings	3.00	-	ACUITE A4+ \| Assigned
Total Outstanding	62.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has assigned the long-term rating of ‘ACUITE BB’ (read as ACUITE double B) and short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) on Rs. 62.00 Cr. bank facilities of Trojan New Energy Private Limited (TNEPL). The outlook is 'Stable'.

Rationale for rating assigned
The rating assigned takes into account the inherent project implementation and execution risks, timely completion and ramping up of operations which shall remain a key rating monitorable. However, the rating factors the strong growth prospects of the solar module manufacturing industry, driven by continuous support from government incentives and subsidies. Further, rating takes into consideration low funding risk with debt tie up in place and timely infusion of funds by the promoters.

About the Company

Incorporated in July 2024, Trojan New Energy Private Limited (TNEPL) is currently developing a greenfield solar module manufacturing facility at Mandal, Ahmedabad. The unit spans across 1.80 lakh sq. ft., with to be installed capacity of 700 MW. The commercial operations are expected to commence by June 30, 2026. Additionally, the company plans to install rooftop solar panels with a captive capacity of 700 kVA. The directors of the company are Mr. Dharmendrasinh Kamabhai Rathod and Mr. Rajendrgiri Ratigiri Aparnathi.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of TNEPL to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management
The promoter, Mr. Rajendrgiri Aparnathi (M.E. in Industrial Electronics; PhD in EERE), brings nearly 25 years of extensive experience across the solar, electrical, renewable, and power sectors. He is well supported by co-promoter Mr. Dharmendrasinh Rathod, who has over 15 years of experience in the manufacturing industry with exposure to sectors such as agriculture, pharmaceuticals, and FMCG.

Favourable demand outlook for the solar industry
The Ministry of New & Renewable Energy (MNRE) is actively working towards achieving 500 GW of installed electricity capacity from non-fossil fuel sources (out of which 300 GW is expected to come from solar) by 2030 as committed in COP26. As of December 2025, India has already achieved 266.78 GW from non-fossil fuel sources. Introduction of protectionist measures by the government, such as basic custom duty (BCD) of 40% and 25% on imported solar modules and solar cells, respectively, from April 2022; and implementation of approved list of module manufacturer (ALMM) from April 1, 2024, increasing the share of projects with domestic content requirement (DCR) along with incentivising domestic players under the production-linked incentive (PLI) scheme increase the cost competitiveness of domestic modules vis-à-vis imported modules. Additionally, schemes such as PM-KUSUM support solar pumps for farmers, while production-linked incentives and PM SuryaGhar Muft Bijli Yojana encourage domestic manufacturing of high-efficiency solar PV modules.

Weaknesses

Project implementation risk
The funding risk for the project remains low, as approximately 53 percent of the total project cost is already tied up through external debt, while the balance is expected to be infused by the promoters via equity and unsecured loans. As of February 10, 2026, the project has incurred Rs. 53.75 Cr. out of the total budgeted cost of Rs. 93.34 Cr. and has completed nearly ~75 percent of the civil works. Moreover, timely procurement and installation of machinery, receipt of necessary regulatory approvals, and assured availability of raw materials remains critical and will be closely monitored. Any material delays in project execution compared to scheduled timelines, resulting in cost overruns or higher funding needs, will continue to be key rating sensitivity.

Susceptibility to increasing competition and inherent challenges in the industry
While the competition from imports is mitigated through policy measures like ALMM and imposition of basic custom duty (BCD) on PV modules, the company remains exposed to competition from other domestic manufacturers, especially with the announcement of large expansion plans by existing players and entry of large new players owing to the growing demands of renewable sources of energy. Further, the profitability indicators remain exposed to the volatility in price movements of key raw materials like solar cells, glass, aluminium. Additionally, the industry remains exposed to policy uncertainties, technological disruptions, supply chain vulnerabilities and dependence on imports for the key raw material like solar cells.

Rating Sensitivities

Timely completion of the project without any cost overrun
Stabilisation of operations
Susceptibility to changes in regulatory or global trade policies

Liquidity Position

Adequate

The company's adequate liquidity position is expected to support debt servicing (repayments to start from May 2027) in the near-to-medium term on account of generation of adequate cash accruals post completion and commencement of operations. Further, as per the covenant stipulated in the sanction term, the cash flow from the operations shall be routed through the escrow account along maintenance of debt service reserve account (DSRA) for one quarter (principal + interest) obligation. Moreover, the promoters have timely infused required capital in the form of equity and unsecured loans to support the business. However, timely completion of pending work and generation of expected cash accrual shall be key rating monitorable.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials :

Not Applicable as the operations of the company are yet to commence.

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE A4+ \| Assigned
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	9.00	Simple	ACUITE BB \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE BB \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Term Loan	30 Oct 2025	Not avl. / Not appl.	30 Apr 2035	49.50	Simple	ACUITE BB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Akshit Agrawal
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.