India expected to add 41.5 GW of new solar capacity in FY2026

JMK Research expects India to add around 41.5 GW of new solar capacity in FY2026 (twelve months ending March 31, 2026). Of this annual addition, around 32 GW is expected to come from utility-scale projects, 8 GW from rooftop solar, and 1.5 GW from off-grid systems.

Between January and September 2025, India added about 22.5 GW of new utility-scale solar capacity, a 70.3% increase compared to the same period in 2024. During the same nine-month period, roughly 5.8 GW of rooftop solar capacity was added, an 81.6% YoY increase. JMK Research expects around 15.68 GW of additional utility-scale solar capacity to be commissioned over the next two quarters.

As of September 30, 2025, the top five project developers—based on 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).

Q3 2025 (July–September 2025)

In Q3 2025, India added about 8.06 GW of utility-scale solar capacity and 2.7 GW of rooftop solar.

Sungrow was the leading inverter supplier during the quarter, shipping about 3.76 GW to the domestic market, followed by TBEA (3.1 GW) and Sineng (2.6 GW).

Waaree was the largest module supplier in Q3 2025, with around 1.4 GW of shipments to the domestic market. In total, 28 players shipped approximately 11 GW of PV modules within India, while 883 MW of modules were exported by seven key players.

In Q3 2025, mono-PERC 500 Wp modules were priced at INR 18.12/Wp, representing a 2.37% increase compared to Q2 2025.

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