India’s renewable energy capacity reached 288GW as of June 30, 2026, accounting for about 54% of the country’s total installed energy capacity, according to JMK Research & Analytics’ Q2 2026 India RE Update.
Solar remained the largest contributor to India’s renewable energy capacity, accounting for 56%, or 162GW. Wind followed with 20% (57GW), while large hydro accounted for 18%, (52GW). Bio Power and small hydro accounted for 4% and 2%, respectively.
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India also had around 149GW of solar, wind, hybrid and storage projects in the pipeline as of June 30, 2026. The capacity is likely to be commissioned over the next 4-5 years.
Another 48GW of projects were in the bidding phase, where tenders have been issued but auctions have not yet concluded.
According to JMK, India added about 19GW of utility-scale solar capacity between January and June 2026, representing about 32% higher installations compared with H1 2025, JMK said.
Rooftop solar additions reached approximately 6.4GW during H1 2026, a 104% increase over H1 2025. The growth was primarily driven by the PM Surya Ghar: Muft Bijli Yojana (PMSGMBY) [subscription required], which accounted for the majority of rooftop solar installations during the period.
The off-grid/distributed solar segment added approximately 842.9MW during H1 2026, marking a 3% year-on-year increase over H1 2025.
India added approximately 6.87GW of utility-scale solar capacity during Q2 2026, a 43% decline from Q1 2026. JMK attributed the decline primarily to the implementation of Approved List of Models and Manufacturers (ALMM) List-II compliance from June 1, 2026, which created procurement and compliance challenges amid limited availability of eligible domestic cells and contributed to project commissioning delays.
JMK expects about 15.5GW of solar capacity to be installed over the next two quarters.
Renewable energy accounted for 26.35% of India’s total power generation of 523.06 billion units (BUs) in Q2 2026, up from 22% in Q1 2026, the report said.
Total renewable generation stood at 137.81BUs, registering a 33.8% quarter-on-quarter increase from 103.33BUs in Q1 2026. Solar contributed 45.56% of total renewable energy generation, at 62.79BU, making it the largest source of clean electricity during the quarter.
According to the report, renewable energy additions during Q2 2026 remained concentrated in a small number of states. Gujarat, Rajasthan, Uttar Pradesh and Maharashtra collectively accounted for approximately 64% of total solar and wind capacity additions.
India’s variable renewable energy (VRE) curtailment surged to 1,874.09 million units (MUs) in Q2 2026, a 558.5% quarter-on-quarter increase from 284.59MUs in Q1 2026, the report said.
The share of renewable energy generation that was curtailed also increased from 0.28% to 1.36% during the quarter.
Solar accounted for the majority of curtailed energy at 1,601.51MUs. Solar and wind curtailment increased by 524.4% and 870.9%, respectively, compared with Q1 2026.
Q2 2026 recorded the highest quarterly VRE curtailment in the period shown, exceeding the previous peak of 1,236.32MUs in Q4 2025 by 51.6%.
India’s total inverter shipments declined by 35% in Q2 2026 compared with Q1 2026, reflecting a quarter-on-quarter slowdown in market activity.
String inverters accounted for 54% of total inverter shipments, marginally ahead of central inverters at 46%. Sungrow led string inverter shipments with a 22% share, followed by TBEA at 14%, Solis at 12%, and Sineng and Deye at 11% each.
In the central inverter segment, Sungrow and Sineng each held a 30% share, followed by Hopewind at 24%. Together, the three companies accounted for 84% of central inverter shipments.
Across the overall inverter market, Sungrow led Q2 2026 shipments with a 26% share, followed by Sineng at 20% and Hopewind at 12%. The three leading suppliers together accounted for 58% of total inverter shipments.
Hopewind also strengthened its position during the quarter, with its share increasing by 4% in Q2 2026. TBEA, Solis, Deye and FIMER accounted for 8%, 7%, 6% and 6%, respectively, collectively contributing 27% of total shipments.
India’s total module shipments declined by 34% in Q2 2026 compared with Q1 2026, reflecting a significant quarter-on-quarter slowdown in module demand.
Waaree led module shipments with a 22% share, followed by Rayzon Solar at 13% and Adani at 10%. The top five players together accounted for 60% of total module shipments.
Waaree strengthened its market leadership during the quarter, with its share increasing from 18% in Q1 2026 to 22% in Q2 2026.
Rayzon Solar also significantly strengthened its market position, with its market share increasing by 5% and moving from fourth position to second among manufacturers.
India issued 8 renewable energy tenders with a total capacity of 4GW during Q2 2026 (April-June), according to the report. Tendering activity declined by 24% compared with Q1 2026 and by 18% compared with Q2 2025 (5GW).
Wind dominated tendering during the quarter, accounting for nearly 63% of the total capacity issued. The RE with Storage segment accounted for 1.55GW of tendered capacity, while solar tendering activity stood at 256MW.
JMK attributed the decline in tender issuance to the easing of the financial year-end acceleration seen in Q1, with procuring agencies shifting their focus towards executing the large existing project pipeline.
Central agencies led tender issuance in Q2 2026, floating 3.20GW and accounting for 79% of the total tendered capacity.
Among the key issuances, Solar Energy Corporation of India Limited (SECI) floated a 2000MW wind tender and a 1200MW/4800MWh RE with storage tender, leading tendering activity pan India.
State agencies accounted for a relatively smaller share of around 21% (850MW).
The state-level activity was primarily driven by GUVNL’s 250MW wind tender, PSPCL’s 250MW solar tender and RUMSL’s 200MW Peak Power Supply tender.
In April 2026, MNRE designated SECI as sole Renewable Energy Implementing Agency (REIA) for issuance of RE procurement bids.
Around 3GW was allotted across solar and RE+ storage segments under 3 tenders in Q2 2026, marking a 52% decrease over Q1 2026 while increasing 32% on a year-on-year compared to Q2 2025.
RE+ storage accounted for the largest share of awarded capacity, with about 2.5GW allotted under 2 tenders. This represented about 83% of the total capacity awarded during the quarter.
On a year-on-year basis, RE+ storage auction completion saw an increase of almost 50%, showing consistent growth the quarters.
Only one solar tender was awarded in Q2 2026, with 500MW of capacity. This marked a 52% increase compared to Q1 2026 (1.04GW). No significant tenders were awarded under the wind-solar segments.
A total of 3010MW of capacity was awarded across three tenders during Q2 2026, all under the solar and storage segments.
The lowest tariff discovered during the quarter was INR 2.6/kWh under SECI’s 10MW Solar with 10MW/20MWh battery energy storage system (BESS) tender issued in February 2026. Maharashtra State Electricity Distribution Company’s (MSEDCL) 2500MW RTC Power tender discovered the highest tariff of INR 5.9/kWh.
The cumulative capacity was awarded to six players private sector entities, with Adani bagging the highest capacity and being the sole winner in MSEDCL’s 2500MW RTC tender.
India’s renewable energy sector attracted around US$4.8 billion in Q2 2026, a 126% quarter-on-quarter increase from US$2.1 billion in Q1 2026, according to JMK Research & Analytics.
The increase marked a strong recovery from the relatively subdued Q1 2026, with investment levels broadly in line with Q2 2025.
JMK said RE investments remain episodic and linked to large transactions.
Debt was the largest funding source at US$2.8 billion, followed by M&A at US$1.4 billion and equity at US$0.53 billion. Bond issuances remained absent for the second consecutive quarter.
The rebound was driven by large-ticket transactions including Avaada Group’s US$950 million debt closure, Inox Clean Energy’s US$629 million acquisition of Vena Energy India and ACME Solar Holdings’ US$293 million Qualified Institutional Placement (QIP).
India’s total solar module manufacturing capacity reached 233GW as of June 2026, with 24GW added during Q2 2026, according to the report. The expansion came alongside a rise in domestic solar cell manufacturing capacity, although wafer, ingot and polysilicon production remained constrained.
Of India’s total installed solar module manufacturing capacity, 193.14GW is enlisted under the ALMM, while the remaining capacity lies outside the approved list.
Solar cell manufacturing capacity reached 42GW as of Q2 2026, with 2.6GW added during the quarter. Of the total cell manufacturing capacity, around 27.23GW is enlisted under ALMM-II.
Wafer and ingot manufacturing capacity remained unchanged at 8.12GW as of June 2026, with no new additions during the quarter.
Domestic polysilicon production is still absent due to high capital and energy requirements, technology constraints, and China’s cost and scale advantage. JMK said the upstream manufacturing segment still lacks policy support, despite the government’s recent plan to launch a scheme supporting 10GW of domestic polysilicon capacity.
Thirteen manufacturers collectively added 24GW of module and 2.6GW of cell production capacity in Q2 2026.
Module manufacturing capacity additions were driven by established players including Waaree Energies, Vikram Solar, Premier Energies, Rayzon Solar and Adani, as well as new entrants including GB Solar, Aroma Solar and SLR Solar.
Among the new entrants, GB Solar and Aroma Solar entered the market with module manufacturing capacities of 2GW and 1.2GW, respectively.
Vikram Solar led manufacturing capacity additions during the quarter, with the largest expansion of 6GW for its Gangaikondan facility in Tamil Nadu. Premier Energies added 5.6GW of module manufacturing capacity through the commissioning of its production plant in Seetharampur, Telangana.
On the cell manufacturing side, a cumulative capacity of 2.65GW was added by 2 players in Q2 2026. Emmvee added 1.4GW of capacity in Bengaluru, followed by Jupiter International.
India’s solar module exports remained subdued in Q2 2026, with only 220MW exported by five players. Heightened US tariff uncertainty and evolving trade barriers reduced the attractiveness of India’s key export market and prompted manufacturers to prioritize domestic demand.
Waaree led India’s solar module exports, shipping 195.8MW of tunnel oxide passivated contact (TOPCon) modules and accounting for approximately 93% of total module exports during the quarter.
Goldi recorded the second-highest export volume at 10.53MW, followed by Saatvik at 9.79MW. Goldi’s exports declined sharply by 77% compared with the previous quarter. Kosol and Solex recorded export volumes of 3.12MW and 0.587MW, respectively.
In value terms, India’s solar PV module exports reached US$62.43 million in Q2 2026, with the United States accounting for 95% of the total export value.
India imported solar modules worth US$96.15 million during the same period, with China and Vietnam contributing 56% and 34%, respectively.
Solar PV module imports witnessed a sharp decline of 75% in Apr-Jun 2026 due to tighter ALMM requirements, the expansion of domestic module manufacturing capacity, and the June 2026 implementation of ALMM List-II, accelerating the shift toward domestically manufactured modules.
Solar cell imports moved in the opposite direction. India’s solar cell imports stood at US$1166.03 million in Q2 2026, with Indonesia accounting for 42%, China 26%, and Thailand 15%.
Solar cell imports increased by 39% quarter-on-quarter from Q1 2026, as manufacturers and developers stockpiled imported cells ahead of ALMM List-II, while limited domestic cell capacity remained insufficient to meet rapidly growing module manufacturing and project demand.
Global TOPCon module prices increased by 17.3% QoQ, primarily due to China’s removal of the PV export VAT rebate from April 2026, higher silver costs, and supply-side constraints in the solar manufacturing value chain.
TOPCon cell prices decreased by 14.5% QoQ, primarily due to oversupply, weak downstream demand, falling wafer and polysilicon costs and reduced silver prices. Domestic module prices moved lower during Q2 2026.
Monocrystalline passivated emitter and rear cell (PERC) solar modules reflected a 2.8% decrease from Q1 2026 and a 4% fall compared to Q2 2025.
TOPCon solar modules reflected a 2.1% decrease from Q1 2026 and a 6.9% fall compared to Q2 2025. Domestic content requirement (DCR) TOPCon modules were approximately 40% more expensive than non-DCR TOPCon modules.
India’s renewable energy transition, from solar PV and energy storage to grid integration, will be a key topic of discussion at the Renewable Energy India (REI) Expo, co-located with the Energy Storage Summit India (ESS India), in Greater Noida on 22-24 October 2026. For the full agenda and booking details, click here.

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