Image: AMPIN Energy transition
JMK Research expects India to add approximately 41.5 GW of new solar capacity in fiscal 2026 (12 months ending March 31, 2026). Of that total, approximately 32 GW is expected from utility-scale projects, 8 GW from rooftop solar and 1.5 GW from off-grid systems.
India added approximately 22.5 GW of new utility-scale solar capacity between January and September 2025, an increase of 70.3% compared to the same period in 2024. During the same nine-month period, approximately 5.8 GW of rooftop solar capacity was added, an increase of 81.6% year-on-year.
JMK Research expects that approximately 15.68 GW of additional utility-scale solar capacity will come online in the last two quarters of fiscal 2026 (October 2025 through March 2026).
The top five project developers as of September 30, 2025 – based on cumulative installations and pipeline capacity in 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).
India added approximately 8.06 GW of utility-scale solar capacity and 2.7 GW of rooftop solar capacity in the third quarter of 2025 (July-September 2025). Sungrow led inverter shipments to the domestic market this quarter with approximately 3.76 GW, followed by TBEA (3.1 GW) and Sineng (2.6 GW).
Waaree was the largest module supplier in the third quarter of 2025, shipping approximately 1.4 GW to the domestic market. In total, 28 suppliers shipped around 11 GW of PV modules within India, while seven key exporters shipped 883 MW abroad.
Mono-PERC 500 Wp modules were priced at INR 18.12 ($0.20)/Wp in Q3 2025, up 2.37% compared to Q2 2025.
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