JMK Research expects India to install about 42.5 GW of new solar capacity in calendar year (CY) 2026. This is projected to include 32.5 GW of utility-scale capacity, 8.5 GW of rooftop solar, and 1.5 GW from the off-grid segment.
The analyst said India installed around 37.8 GW of solar capacity in CY2025. This comprised about 28.6 GW of new utility-scale solar, a 54.6% increase from 2024, and 7.9 GW of rooftop solar, up 72% year on year. Off-grid additions stood at 1.35 GW, compared to 1.48 GW in 2024.
As of Dec. 31, 2025, India’s cumulative installed capacity stood at 136 GW of solar, 55 GW of wind, and 51 GW of hydropower. The combined pipeline of solar, wind, hybrid, and storage projects totals around 169 GW, which is likely to be commissioned in the next four to five years. A further 32 GW of projects are in the bidding phase, with tenders issued but auctions not yet concluded.
As of Dec. 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 Dec. 2025.
Q4 2025 (Oct-Dec) update
During Q4 2025 (Oct–Dec), India added approximately 6.2 GW of utility-scale solar capacity, a 23% decline from the previous quarter. The rooftop segment saw about 2.1 GW installations, a 22% decrease over the previous quarter.
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 5.25 GW, 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.
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