Q2 2026 (Apr-Jun) India RE Update

RE Installations

Cumulative: India’s renewable capacity installation reached 288 GW as of June 30, 2026. Overall renewable capacity share in total installations in India is about 54% as of June 30, 2026. Solar continues to be the major contributor with a 56% (162 GW) share in the total renewable mix, followed by wind 20% (57 GW) and large hydro with a 18% (52 GW) share.
Half Yearly: From January to June 2026, India added approximately 19 GW of new utility-scale solar capacity, representing a 32% increase over H1 2025. During H1 2026, India also added approximately 6.4 GW of rooftop solar capacity, a 104% increase compared with H1 2025.
Quarterly: In Q2 2026, renewable energy installations were largely concentrated in a few key states, with Gujarat, Rajasthan, Uttar Pradesh and Maharashtra collectively accounting for approximately 64% of total solar and wind capacity additions.

Projections

Quarterly: In the next two quarters, about 15.5 GW of solar and 4.5 GW of wind capacity is expected to be installed in the country.

RE Generation

In Q2 2026, renewable energy accounted for 26.35% of India’s total power generation of 523.06 BUs, an increase from 22% in Q1 2026.

VRE Curtailment

In Q2 2026, VRE curtailment increased significantly to 1,874.09 MUs, marking a 558.5% quarter-on-quarter increase from 284.59 MUs in Q1 2026.

Quarterly Market Share

Inverters: Total inverter shipments in India declined by 35% in Q2 2026 compared with Q1 2026, reflecting a quarter-on-quarter slowdown in market activity. In Q2 2026, Sungrow led total inverter shipments in Q2 2026 with a 26% share, followed by Sineng at 20% and Hopewind at 12%, with the top three players together accounting for 58% of total shipments.
Modules: Total module shipments in India declined by 34% in Q2 2026 compared with Q1 2026, reflecting a significant quarter-on-quarter slowdown in module demand. In Q2 2026, Waaree led module shipments in Q2 2026 with a 22% share, followed by Rayzon Solar (13%) and Adani (10%), with the top three players together accounting for 45% of total module shipments.
Project Developers: As of June 30, 2026, the top five players in terms of cumulative installations and pipeline capacity across utility-scale solar, wind, and hybrid segments are Adani (26.7 GW), NTPC Limited (26.63 GW), ReNew (20.7 GW), JSW Energy (15.6 GW) and Avaada (14.5).

Tenders

In Q2 2026 (Apr-Jun), 8 tenders with a total capacity of 4 GW were issued across solar, wind & RE with storage, reflecting a 24% decrease over Q1 2026. In Q2 2026, around 3 GW was allotted across solar and RE+ storage segments under 3 tenders, marking a 52% decrease over Q1 2026.
In Q2 2026, ~3,183MW of standalone BESS capacity was tendered, marking a 44.92% increase from 2,196 MW in Q1 2026. In Q2 2026, only 915 MW of standalone BESS capacity was awarded, representing a 46% decline from Q1 2026 (1,710 MW).
The lowest tariff discovered during this quarter is INR 2.6/kWh under SECI’s 10 MW Solar with 10 MW/20 MWh BESS tender issued in February 2026, while MSEDCL’s 2500 MW RTC Power tender discovered the highest tariff of INR 5.9/kWh.

Investments

India’s renewable energy sector attracted around US$ 4.8 billion investments in Q2 2026, a 126% quarter-on-quarter increase from US$ 2.1 billion investments in Q1 2026.

Module Price Trends

In Q2 2026, Mono PERC solar module prices reflected a 2.8% decrease from Q1 2026. TOPCon solar modules reflected a 2.1% decrease from Q1 2026.Price gap between DCR and Non DCR TOPCon modules were approximately 40%.

PV Manufacturing

In Q2 2026, 13 manufacturers collectively added ~24 GW of module and ~2.6 GW of cell production capacity. Vikram Solar led the module manufacturing this quarter, with largest expansion of 6 GW, for its Gangaikondan facility in Tamil Nadu.

GDAM Traded Volume

IEX’s GDAM average traded volume in Q2 2026 stood at approximately 873 MUs, registering a 10.1% quarter-on-quarter increase from 793 MUs in Q1 2026.

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