Q3 2025 (Jul-Sep) India RE Update
Summary
Q3 2025 (Jul-Sep) India RE update
- Cumulative: India’s renewable energy capacity installation reached 247.3 GW as of September 30, 2025. Solar continues to be the major contributor to the renewables sector, with a 52% share in the total renewable mix, followed by wind (21%) and large hydro with a 20% share.
- Yearly: From January to September 2025, India added approximately 22.5 GW of new utility-scale solar capacity, marking a 70.3% increase compared to the same period in 2024. India added about 5.8 GW of rooftop solar capacity in nine months of 2025, which is around 81.6% higher than the same period last year. In the wind sector, about 4.96 GW of wind capacity was added in the first nine months of 2025, which is around 89% more than the 2.63 GW added during the same period last year.
- Quarterly: In Q3 2025 (July–September 2025), India added approximately 8.06 GW of utility-scale solar capacity, marking about a ~5% decline from the previous quarter. In the wind sector, installations reached around 1.5 GW, an 11% drop compared to Q2 2025. Additionally, the rooftop segment saw about 2.7 GW installations, reflecting a 45% increase over the prior quarter.
Projections
- Yearly: According to JMK Research, in FY2026, about ~41.5 GW of new solar capacity is expected to be added in India (32 GW from utility-scale, 8 GW from rooftop solar and another 1.5 GW from off-grid component). Whereas in the wind segment, it is projected that around 6.1 GW of new capacity is likely to be added in FY2026.
- Quarterly: In the next two quarters, about 15.68 GW of utility scale solar and 3.1 GW of wind capacities are expected to be installed in the country.
Quarterly Market Shares
- Inverters: In Q3 2025, Sungrow was the leading inverter supplier with a shipment capacity of about 3.76 GW in the domestic market, followed by TBEA (3.1 GW) and Sineng (2.56 GW).
- Modules: In Q3 2025, Waaree was the leading module supplier, accounting for the largest share with approximately 1.4 GW of the total shipments received during the quarter.
- Project Development: As of September 30, 2025, the top five players in terms of cumulative installations and pipeline capacity across utility-scale solar, wind, and hybrid segments are Adani (40.5 GW), ReNew (22.9 GW), NTPC (16.9 GW), Greenko (15.4 GW) and JSW Energy (15.12 GW).
Tenders
- In Q3 2025 (Jul-Sept), 13 new tenders were issued, totaling 6.3 GW across solar, wind, and renewable energy with storage segments. This represents a 26.3% increase compared to the second quarter of 2025, but a significant 66% decrease from Q3 2024.
- In Q3 2025, about 2 GW was allocated to RE developers, a 10% reduction relative to Q2 2025 allocations on a QoQ basis. Allotments fell by about 72% year-on-year in Q3 2025 compared with Q3 2024.
Investments
The investment flow in the Renewable Energy sector attracted more than US$ 3.95 billion in investments, about 18.9% lower than Q2 2025.
Module Price Trends
In Q3 2025, mono-PERC 500 Wp modules were priced at INR 18.12/Wp, reflecting a 2.37% rise from Q2 2025.
PV Manufacturing
In Q3 2025, 11 GW of modules were shipped by leading 28 players in the Indian market in which top 5 players contributed around ~44% share. Additionally, in Q3 2025, ~883 MW of modules were exported by 7 key players.
GDAM Traded Volume
IEX’s GDAM traded volume increased by 18.28% quarter-on-quarter, rising from 815 MU in Q2 2025 to 964 MU in Q3 2025.
Additionally, total traded green power (GDAC + GTAM) reached around 80 million units in Q3 CY2025. This is a 22% drop from the previous quarter but a 25% increase compared to Q3 CY2024.
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