India Expected to Add 42.5 GW of Solar Capacity in 2026, Says JMK Research

India is projected to install approximately 42.5 GW of new solar capacity in calendar year (CY) 2026, according to the latest outlook from JMK Research.

The forecast includes 32.5 GW of utility-scale solar, 8.5 GW of rooftop installations, and 1.5 GW from the off-grid segment, reflecting continued momentum across both centralized and distributed solar markets.

Strong Growth in 2025 Installations

In CY2025, India added around 37.8 GW of solar capacity, the report said. This comprised:

· 28.6 GW of new utility-scale solar, representing a 54.6% increase compared to 2024

· 7.9 GW of rooftop solar, up 72% year on year

· 1.35 GW of off-grid solar additions, slightly down from 1.48 GW in 2024

The figures highlight robust growth in both large-scale and distributed segments, despite minor fluctuations in off-grid deployment.

Renewable Energy Capacity and Project Pipeline

As of December 31, 2025, India’s cumulative installed renewable energy capacity stood at:

· 136 GW of solar

· 55 GW of wind

· 51 GW of hydropower

In addition, the combined project pipeline — spanning solar, wind, hybrid, and energy storage — totals approximately 169 GW, with commissioning expected over the next four to five years. A further 32 GW of projects are currently in the bidding phase, with tenders issued but auctions yet to be finalized.

Market Leaders

The top five developers by cumulative installations and pipeline capacity across utility-scale solar, wind, and hybrid segments are:

· Adani Group – 40.4 GW

· ReNew – 22.2 GW

· NTPC – 19.6 GW

· JSW Energy – 16.1 GW

· Greenko – 15.1 GW

Among leading developers, Adani, ReNew, NTPC, Tata Power, and Juniper Green Energy have collectively installed around 5.61 GW of hybrid capacity as of December 2025.

Q4 2025 Market Trends

In the fourth quarter of 2025, India added approximately 6.2 GW of utility-scale solar capacity, marking a 23% decline compared to the previous quarter. The rooftop segment recorded around 2.1 GW of new installations, down 22% quarter on quarter.

More than 14.2 GW of inverter shipments were recorded during the quarter, supplied by 15 vendors across central and string inverter categories. Sungrow led the market with shipments exceeding 5.25 GW, driven primarily by central inverters while also maintaining a significant share in string inverters.

Meanwhile, leading Indian module manufacturers shipped approximately 14 GW in Q4 2025, with the top five companies accounting for about 52% of total shipments.