India is undergoing an energy transition from fossil-based to clean energy. Our quarterly Market Handbook helps identify and analyse trends, present data-backed evidence and connect the dots to present a short-term market outlook.
Key Findings
  • The total power generation slightly increased by 4.9% in FY25 vs FY24.
    • Q1: Up by 11.6%
    • Q2: Up by 1%
    • Q3: Up by 3.2%
    • Total FY24: Up by 4.9%
  • In FY25, RE generation increased by 13.1% versus FY24. Large hydro generation increased by 10.8%; however, coal/lignite based generation grew slightly by 2.6% for the same period.
  • From an average daily generation perspective, the share of RE and hydro increased and the share of coal/lignite decreased slightly, in FY25 compared to FY24.
    • RE: Share slightly down from 11.7% to 12.6%.
    • Hydro: Share slightly up from 8.3% to 8.8%
    • RE + Hydro: Share slightly up from 20.0% to 21.4%
    • Coal/lignite: Share slightly down from 75.4% to 73.8%
Figure 1: Source-wise daily generation
Source: POSOCO. Note: RE technologies include solar, wind, biomass, waste-to-energy, and small hydro and do not include rooftop solar and large hydro (>25 MW) generation.
  • In FY25, most listed RE stocks and the Sensex trended downwards, barring a few peaks.
  • The share price of RE developer Adani Green Energy was down by 45%; however, that of Sterling and Wilson was down by 26% as of March 2025 (vs March 2024).
  • All the wind developer – manufacturers recorded downward trends throughout FY25. The share price of wind developer–manufacturers Inox Wind was down by 24%, whereas Suzlon Energy’s share price was down by 22% at the end of March 2025 (vs march 2024).
  • The share price of Borosil Renewables, which holds a near-monopoly position in India’s solar panel glass manufacturing, was up by 14% at the end of March 2024 (vs March 2024).
  • NYSE-listed solar project developer Azure Power recorded a downward trend, decreasing by 47% in March 2025 (vs March 2024).
Figure 2: Change in key renewable energy stock prices (indexed to 100)
Source: Money Control
Note: Share prices are the last treded value in each month.
  • In FY25 Reserve Bank of India (RBI) conducted six sovereign green bond (SGrB) auction worth INR 32,000 crore, among which four were 10-year and two were 30-year bonds. Except the SGrB issuances in Q4 FY25, all the bonds were yield based which came out to be 6.9%, 6.79%, and 6.98% for August, November, and December respectively after auctions.
  • In February 2025, Reserve Bank of India (RBI) changed repo rate for the first time in two years, from 6.50% in February 2023 to 6.25% in February 2025.
  • SBI MCLR (1 year) rate increased 4 times in FY25, from 8.65% in April 2024 to 8.75% in June 2024, 8.85% in July 2024, 8.95% in August 2024, and 9.00% in November 2024.
Figure 3: Bond yields* and key financial rates
Source: Reserve Bank of India, State Bank of India, Trading Economics, Money Control, and BondEvalue.
Note: Bond prices are the last traded value in each month. *Current yield.

Key Indicators
Share of RE in FY25
12.6%
Up from 11.7% in FY24
Capacity auctioned
42.38 GW
in FY25
Legacy dues overdue to power producers as of January 2024
INR 49,451 crore
Down by 46% from March 2023
Market concentration for RE auctioned capacity
54%
in FY25
Author's Name
Riddhi Mukherjee
Research Analyst
Dishant Rathee
Research Analyst
For queries reach out to author
Tags
Clean Energy Investments
Discoms
Energy Storage
Energy Transition
EV
Green Bonds
Power Markets
RE Auctions
RE Developers