Q4 2025 (Oct-Dec) India RE Update
Summary
Q4 2025 (Oct-Dec) India RE update
- Cumulative: India’s renewable capacity installation reached 258 GW as of December 31, 2025. Solar continues to be the major contributor with a 53% share in the total renewable mix, followed by wind (21%) and large hydro with a 20% share. The current pipeline of combined capacity of solar, wind, hybrid, and storage projects is around 169 GW, which is likely to be commissioned in the next 4-5 years. Another 32 GW of projects are under the bidding phase i.e., where tenders have been issued but auctions are not yet concluded.
- Yearly: India added about 28.6 GW of new utility-scale solar capacity in CY2025, a sharp increase of around 54.6% compared to 2024. Rooftop solar installations in India reached 7.9 GW in 2025, a 72% year-on-year increase. In wind sector added about 6.3 GW of wind capacity in 2025, marking an 85% year-on-year increase compared to 3.4 GW in 2024.
- Quarterly: During Q4 2025 (Oct–Dec), India added approximately 6.2 GW of utility-scale solar capacity, marking about a ~23% decline from the previous quarter. In the wind sector, installations reached around 1.39 GW, an 7.3% drop compared to Q3 2025. Additionally, the rooftop segment saw about 2.1 GW installations, reflecting a 22% decrease over the previous quarter.
Projections
- Yearly: According to JMK Research, in CY2026, about 42.5 GW of new solar capacity is expected to be added in India (32.5 GW from utility-scale, 8.5 GW from rooftop solar and another 1.5 GW from off-grid component). Whereas in the wind segment, it is projected that around 6.5 GW of new capacity is likely to be added in CY2026.
- Quarterly: In the next two quarters, about 16 GW of solar and 3.3 GW of wind capacity is expected to be installed in the country.
Quarterly Market Shares
- Inverters: In Q4 2025, over 14.2 GW of shipment data was recorded from 15 players supplying both central and string inverters in India. Sungrow continued to lead the market in Q4 2025 with shipments exceeding 5.25GW, driven primarily by central inverters while maintaining a significant string inverter share.
- Modules: In Q4 2025, approximately 14 GW of modules were shipped by the leading 23 players in the Indian market, with the top five players accounting for around 52% of the total shipments. Waaree is the leading supplier with 21% share.
- Project Developers: As of December 31, 2025, the top five players in terms of cumulative installations and pipeline capacity across utility-scale solar, wind, and hybrid segments are Adani (40.4 GW), ReNew (22.2 GW), NTPC (19.6 GW), JSW Energy (16.1 GW) and Greenko (15.1 GW). Among the leading players, Adani, ReNew, NTPC, Tata Power, and Juniper Green have collectively installed around 5.61 GW of hybrid capacity as of December 2025.
Tenders
- In Q4 2025 (October–December), 10 tenders totaling 4.2 GW were issued across solar, wind, hybrid, and RE+storage segments marking a 33% decline from Q3 2025 and a 55% drop from Q4 2024 (9.4 GW).
- In Q4 2025, around 4.6 GW was allocated, nearly double the capacity awarded in Q3 2025, though still about 40% lower year-on-year compared to Q4 2024.
- Among the winners, Reliance Industries secured the highest capacity of 750 MW under the RE+Storage segment, followed by Shivalaya Construction (600 MW), ACME Solar Holdings (580 MW), Purvah Green Power (480 MW) and SAEL Industries (300 MW). Together, these top five developers secured 2,710 MW capacity, accounting for 60% of the total allotted capacity. The quarter also witnessed some new entrants to the market like Bhalki Solar Power and MB Power.
- The lowest tariff secured was INR 2.86/kWh under SECI’s 2000 MW of solar capacity along with 1000 MW/ 4000 MWh of energy storage tender, issued in June 2025, while the highest tariff discovered was INR 6.74/ kWh under SJVN’s 1500 MW RE with ESS tender issued in December 2024.
Investments
In Q4 2025, the renewable energy sector attracted over US$ 5.6 billion in investments, marking a 41.7% quarter-on-quarter increase over Q3 2025 and a 21.77% year-on-year growth compared to Q4 2024.
Module Price Trends
In Q4 2025, Mono PERC 500 Wp modules were priced at INR 14.32/Wp, reflecting a 1.24% fall from Q3 2025 and a 7.6% decrease compared to Q4 2024.
PV Manufacturing
In Q4 2025, four manufacturers collectively added ~13.3 GW of module and ~1.13 GW of cell production capacity. In Q4 2025, a cumulative cell capacity of 1.13 GW was added by 2 players, 1 GW by Jupiter International, while ReNewSys added a small capacity of 0.13 GW.
GDAM Traded Volume
IEX’s GDAM average traded volume in Q4 2025 stood at approximately 857 MU, reflecting an 11.1% quarter-on-quarter decline from 964 MU in Q3 2025. The average GDAM trade price declined to approximately INR 3.87/kWh in Q4 2025, representing a 9.4% quarter-on-quarter reduction from INR 4.27/kWh in Q3 2025 and a 7.6% year-on-year decrease from INR 4.19/kWh in Q4 2024.
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