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India’s Solar Exports Up 65% in Q3 2025, Imports Down 15.1%

Month in a Minute: Top Headlines from the Indian Renewable Sector in November 2025

TNGECL Invites Bids for 20 MW Rooftop Solar Projects on Government Buildings

MNRE Flags Solar Module Glut, Asks Lenders to Fund Upstream Manufacturing

Mahanadi Coalfields Issues EoI for 60 MWh BESS Project in Odisha

Rajasthan May Have 13 GW of Spare Grid Capacity for Renewables in FY 2026

Waaree Wins 288 MW Solar Module Supply Order in the US


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					</table><p>NTPC Green Energy (<a href="https://www.ngel.in/ngel-home" target="_blank" rel="noopener">NGEL</a>) reported a net profit of ₹863.8 million (~$9.7 million) in the second quarter (Q2) of the financial year (FY) 2026, a 135% rise year-over-year (YoY) from ₹366.9 million (~$4 million).</p>
<p>It reported a total income of ₹6.57 billion (~$74 million), up 25% YoY from ₹5.25 billion (~$59 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter stood at ₹5.3 billion (~$59.7 million), a 26% jump from ₹4.2 billion (~$47 million) from the same quarter of the previous year.</p>
<p>NGEL’s earnings per share (EPS) came in at ₹0.1 (~$0.001) in Q2 FY 2026, rising from ₹0.06(~$0.0006) in Q2 FY 2025</p>
<p><strong>1H Results</strong></p>
<p>In the first half of FY 2026, NGEL’s net profit rose 75% to ₹3.07 billion (~$34.6 million) from ₹1.75 billion (~$19.7 million).</p>
<p>Its revenue grew 24%  to ₹14.08 billion (~$158.8 million) from ₹11.33 billion (~$127.8 million) during the same period of last year.</p>
<p>The EBITDA in 1H FY 2026 was ₹11.33 billion (~$127.8 million), a 21% YoY increase from ₹9.33 billion (~$105 million).</p>
<p>The company reported an EPS of ₹0.37 (~$0.004), compared to an EPS of ₹0.3 (~$0.003) in 1H FY 2025.</p>
<p><strong>Business Highlights</strong></p>
<p>Currently, NGEL has a total portfolio of over 32 GW of renewable energy projects across India.</p>
<p>These projects include 4,113 MW of projects <a href="https://www.mercomindia.com/ongc-ntpc-joint-venture-acquires-ayana-renewable" target="_blank" rel="noopener">acquired</a> by ONGPL, a joint venture between NGEL and OGL through the acquisition of Ayana Renewable Power.</p>
<p>Its operational capacity of solar projects increased to 6,707 MW as of 1H FY 2026, a 108% YoY jump from 3,220 MW.</p>
<p>NGEL has an operational capacity of 701 MW of wind projects.</p>
<p>The projects generated 5,846 MUs of solar energy and 931 MUs of wind energy in 1H FY 2026.</p>
<p>The company has 15,680 MW of renewable energy projects that have been contracted and awarded, and 9,100 MW in the pipeline.</p>
<p><strong>Partnerships</strong></p>
<p>NGEL signed a joint venture with Chhattisgarh State Power Generation Company for the development of 2 GW of renewable energy projects.</p>
<p>It also partnered with several state-owned entities. It signed a partnership with Andhra Pradesh under AP NGEL Harit Amrit to develop up to 25 GW of renewable energy projects,10 GW of pumped storage projects, and green hydrogen projects.</p>
<p>It set up a joint venture with Maharashtra State Power Generation Company to develop renewable energy parks with a capacity of up to 2.5 GW.</p>
<p>The company is establishing 25 GW of renewable energy and green hydrogen parks in Rajasthan, as well as renewable energy parks and projects in Uttar Pradesh, totaling up to 2 GW.</p>
<p>In Q4 of FY 2025, NGEL <a href="https://www.mercomindia.com/ntpc-greens-net-profit-increases-187-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a net profit of ₹2.33 billion (~$27.1 million),  a 187% YoY increase from ₹809.5 million (~$9.4 million).</p>


Higher Power Generation Pushes NTPC Green’s Net Profit Up 135% in Q2


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					</table><p>Solar cell and module manufacturer Websol Energy System has reported a 17% increase in revenue to ₹1.68 billion (~$18.9 million) in the second quarter (Q2) of the financial year (FY) 2026, from ₹1.44 billion (~$16 million) in the same quarter of the previous year.</p>
<p>Despite the revenue growth, the company stated that the increase was offset by the temporary shutdown of its existing cell and module line for eight days. The facility was shut down for electrical integration at its recently commissioned 600 MW cell line.</p>
<p>Websol noted its revenue growth was also impacted by the slowdown of logistics during the festive season in West Bengal.</p>
<p>The company’s profit after tax (PAT) was ₹460 million (~$5.18 million) in Q2 FY26, representing a 10% year-over-year (YoY) growth from ₹420 million (~$4.7 million).</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 14% in the quarter to ₹720 million (~$8 million) from ₹630 million (~$7 million) in the same quarter of the previous year.</p>
<p>The earnings per share (EPS) increased to ₹11 (~$0.12) from ₹10 (~$0.11).</p>
<p><strong>1H Results</strong></p>
<p>In the first half (1H) of FY26, the company reported a 51.7% increase in revenue to ₹3.87 billion (~$43.6 million) from ₹2.55 billion (~$28.7 million) in 1H FY25.</p>
<p>PAT stood at ₹1.14 billion (~$12.8 million), a 75% rise from ₹650 million (~$7.3 million) in 1H FY25.</p>
<p>The EBITDA for 1H FY26 also jumped by 64.5% YoY to ₹1.76 billion (~$19.8 million) from 1.07 billion (~$12 million).</p>
<p>EPS in 1H FY26 was ₹26.9 (~$0.3) compared to ₹15.4 (~$0.17) during the same period the preceding year.</p>
<p><strong>Business Highlights</strong></p>
<p>Websol has a mono PERC solar cell manufacturing capacity of 1.2 GW and a module capacity of 550 MW. The module manufacturing facility is designed to process wafers up to 210 mm. The cell capacity utilization factor claimed to be 90%.</p>
<p>Websol <a href="https://www.mercomindia.com/websol-doubles-solar-cell-manufacturing-capacity-to-1-2-gw" target="_blank" rel="noopener">commenced</a> production for Phase II of its 600 MW mono PERC cell facility in Falta, West Bengal, in September 2025, taking its total cell manufacturing capacity to 1.2 GW. It stated that within one month, the Falta cell manufacturing line had reached efficiency levels exceeding 23.6%.</p>
<p>In Q2 FY 2026, Websol’s Board <a href="https://www.mercomindia.com/websol-announces-%E2%82%B930-billion-expansion-to-scale-solar-manufacturing" target="_blank" rel="noopener">approved</a> an investment plan of ₹30 billion (~$338 million) to expand its manufacturing capacity under Phase IV to 5.2 GW of solar cells and 4.5 GW of modules by June 2028.</p>
<p><strong><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-86416" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW.png" alt="Solar Cell and Module Capacity (MW)" width="903" height="468" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW-300x155.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW-768x398.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW-650x337.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW-624x323.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Solar-Cell-and-Module-Capacity-MW-600x311.png 600w" sizes="auto, (max-width: 903px) 100vw, 903px" /></strong></p>
<p><strong>Outlook</strong></p>
<p>It plans to add a 2 GW integrated TOPCon cell and module facility under Phase III.</p>
<p>The facility will be commissioned in phases by June 2027 and by June 2028.</p>


Module Sales Surge Sends Websol’s Revenue Up 17% YoY in Q2 FY26


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					</table><p>Wind turbine manufacturer <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon Energy</a> recorded a 538% year-over-year (YoY) increase in profit after tax (PAT) of ₹12.79 billion (~$144 million) in the second quarter (Q2) of the financial year (FY) 2026, increasing from ₹2.01 billion (~$22.6 million).</p>
<p>The company has attributed the rise in profit to an increase in sales of wind turbine generators. It reported a 115% jump in sales of wind turbine generators valued at 32.41 billion (~$365 million) in Q2 FY26 from ₹15.07 billion (~$169.7 million) in the same quarter of the previous year.</p>
<p>Suzlon’s revenue during the quarter stood at ₹38.66 billion (~$435.5 million), an 85% jump from₹20.93 billion (~$235.7 million) in Q2 FY25.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) also significantly increased to ₹7.21 billion (~$81 million) in Q2 FY 2026, a 145% YoY increase from ₹2.94 billion (~$33 million).</p>
<p>Suzlon’s earnings per share (EPS) came in at ₹0.93 (~$0.01), compared to ₹0.15(~$0.001) from the same quarter in the preceding year.</p>
<p><strong><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-86393 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115.png" alt="Suzlon Posts 538% YoY Profit Surge in Q2 FY26, Wind Turbine Sales Up 115%" width="903" height="393" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115.png 903w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115-300x131.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115-768x334.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115-650x283.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115-624x272.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/11/Suzlon-Posts-538-YoY-Profit-Surge-in-Q2-FY26-Wind-Turbine-Sales-Up-115-600x261.png 600w" sizes="auto, (max-width: 903px) 100vw, 903px" /></a></strong></p>
<p><strong>1H Results</strong></p>
<p>In the first half (1H) of FY 2026, Suzlon reported revenue of ₹69.83 billion (~$786.7 million), representing a 70% year-over-year increase from ₹41.09 billion (~$462.9 million).</p>
<p>PAT stood at ₹16.04 billion (~$180.7 million) in 1H FY 2026, a 219% YoY increase from ₹5.03 billion (~$56.6 million).</p>
<p>The EBITDA also increased by 99% YoY to ₹13.2 billion (~$148.7 million) from ₹6.64 billion (~$74.8 million).</p>
<p>The earnings per share (EPS) increased to ₹1.17 (~$0.013) compared to ₹0.37 (~$0.004) in 1H FY25.</p>
<p><strong>Business Highlights</strong></p>
<p>In Q2 FY 2026, Suzlon delivered 565 MW of wind turbines, a 121% YoY increase from 256 MW.  The company’s deliveries in the quarter were the highest ever in Q2.</p>
<p>The company delivered more than 1 GW of wind turbines in the first half of FY26, representing a 90% YoY increase from 530 MW.</p>
<p>The company has a domestic wind manufacturing capacity of 4.5 GW.</p>
<p>As of September 2025, it has over 15.4 GW of cumulative wind installations across India. It has also delivered more than 10,000 wind turbines and has assets under management amounting to $10 billion.</p>
<p>It also has more than 21 GW of wind energy capacity installed worldwide and claims to hold a cumulative 29% share in the global wind market.</p>
<p>The company had a record order book of 6.2 GW as of September 2025, comprising 51% of projects from the commercial and industrial sector, 14% from public sector undertakings, and 35% of projects in the bidding stage.</p>
<p><strong>Outlook</strong></p>
<p>Suzlon has identified potential for more than 23 GW of renewable installations, and development for more than 7 GW is underway.</p>
<p>It also has an execution pipeline of 1,865 MW of wind projects.</p>
<p>Recently, Suzlon Energy <a href="https://www.mercomindia.com/suzlon-secures-838-mw-wind-turbine-order-from-tata-power-renewable-energy" target="_blank" rel="noopener">secured</a> a wind turbine order with a capacity of 838 MW from Tata Power Renewable Energy. The project is part of Tata Power’s FDRE initiative and represents Suzlon’s second-largest order ever, following the 1,544 MW order from NTPC Green Energy.</p>
<p>In Q1 of FY 2026, Suzlon Energy <a href="https://mercomindia.com/suzlons-revenue-jumps-55-on-higher-wind-turbine-sales-in-q1-fy-2026" target="_blank" rel="noopener">recorded</a> a net profit of ₹3.24 billion (~$37.01 million), increasing 7.3% YoY from ₹3.02 billion (~$34.5 million).</p>


Suzlon Posts 538% YoY Profit Surge in Q2 FY26, Wind Turbine Sales Up 115%


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					</table><p>Integrated power company, <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, reported a profit after tax of ₹12.62 billion (~$144 million) in the first quarter (Q1) of the financial year (FY) 2026, a 6% year-over-year (YoY) increase from ₹11.89 billion (~$135.67 million).</p>
<p>The company reported revenue of ₹174.64 billion (~$1.99 billion), up by 4% from ₹168 billion (~$1.91 billion) in the same quarter last year.</p>
<p>Praveer Sinha, CEO and MD at Tata Power, said in the earnings call that the company witnessed a quarter in which power consumption declined by 1.3% after five to six years. “It was due to the early onset of the monsoon, which came in mid-May. With rains moving away from the central and western parts of India and northern India, we will have high temperatures along with humidity, which will lead to higher power demand in the latter part of August and September.”</p>
<p>The revenue growth can be attributed to a 52% YoY increase in revenue from renewables to ₹36.26 billion (~$413.74 million) from ₹23.83 billion (~$271.9 million) in the previous year.</p>
<p>The renewable business earned a profit of ₹5.31 billion (~$60.5 million), a 95% YoY increase.</p>
<p>Tata Power commissioned 94 MW of renewable energy capacity during the quarter, bringing the total operational renewable capacity to 5.6 GW.</p>
<p>Revenue from thermal and other conventional sources also fell by 7% to ₹48.44 billion (~$552.72 million) from ₹52.16 billion (~$595.17 million) last year.</p>
<p>The company said its coal-based power generation segment is underperforming due to lower coal prices in Indonesia.</p>
<p>Revenue from the rooftop solar segment doubled YoY to ₹8.23 billion (~$93.9 million) during the quarter.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 17% YoY to ₹39.3 billion (~$448.43 million) from ₹33.5 billion (~$382.25 million).</p>
<p>Its earnings per share (EPS) came in at ₹3.31 (~$0.037) against an EPS of ₹3.03 (~$0.034) in Q1 FY 2025.</p>
<p>The company achieved over 200,000 rooftop solar installations and a cumulative capacity exceeding 3.4 GW. It installed over 45,500 rooftop solar systems with a total capacity of 270 MW in the quarter, contributing to a profit of ₹900 million (~$10.26 million), a 260% YoY increase.</p>
<p>In Q1, it commissioned 270 MW of solar projects, a 143% increase from 111 MW in the same period last year.</p>
<p>Tata Power said that it commissioned 652 MW of renewable energy engineering, procurement, and construction projects in Q1, nearly double the quantity that was commissioned last year.</p>
<p>Sinha said that of the 652 MW, 560 MW was for third-party projects, and 92 MW was for utility-scale projects. “The third-party projects will be completed in Q2 and Q3. Thereafter, we expect nearly 1,600 MW of our utility-scale projects to come up in the next three quarters,” added Sinha.</p>
<p>Tata Power’s manufacturing subsidiary, TP Solar, reported a profit of ₹1 billion (~$11.41 million) and a revenue of ₹16.13 billion (~$184.05 million) in Q1 FY 2026.</p>
<p>The company manufactured 949 MW of solar modules and 904 MW of solar cells during the quarter. During the same period, it sold 107 MW of modules and 54 MW of cells to third parties, with an order value of ₹13.03 billion (~$148.67 million).</p>
<p>Tata Power said that it is using a very limited portion of imported cells and is largely using its own solar modules.</p>
<p>Regarding not being listed in the Approved List of Models and Manufacturers, Sinha said that Tata Power will be listed once the plant inspection is completed.</p>
<p>The company is manufacturing Mono PERC modules mainly but will soon foray into TOPCon.</p>
<p>In Q1 FY 2026, Tata Power commissioned 652 MW of renewable projects, including 94 MW of its portfolio and 560 MW through third-party engineering, procurement, and construction contracts.</p>
<p>Its total utility-scale operational capacity now stands at 5.6 GW, comprising 4.6 GW of solar and 1 GW of wind capacity. The company plans to add 1.6 GW of capacity over the next three quarters of FY 2026.</p>
<p><strong>Business Highlights</strong></p>
<p>In Q1 FY 2026, Tata Power held a portfolio of nearly 26.03 GW of power projects under operation and construction. This portfolio included an estimated 17.2 GW of renewable energy projects and with 10.2 GW of projects under construction. Renewable project capacity included 4,085 MW of operational solar projects.</p>
<p>The company also has nearly 4.9 GW of integrated cell and module manufacturing capacity.</p>
<p>It collaborated with Tata Motors to set up a 131 MW wind-solar hybrid project for its manufacturing units across Maharashtra and Gujarat.</p>
<p>Tata Power secured a letter of award for an 88 MW round-the-clock renewable project under SJVN’s Firm and Dispatchable Renewable Energy (FDRE)-3 program.</p>
<p>It also signed a power purchase agreement for 200 MW FDRE with NTPC.</p>
<p>The company is planning to expand its electricity distribution license in Maharashtra, targeting key growth areas including parts of Thane, Navi Mumbai, Panvel, Pune, Nashik, and Chhatrapati Sambhaji Nagar.</p>
<p>In Q4 FY 2025, Tata Power <a href="https://mercomindia.com/tata-powers-hits-record-revenue-of-%E2%82%B9645-04-billion-in-fy-2025-on-higher-sales#:~:text=Tata%20Power%2C%20an%20integrated%20power,10.46%20billion%20(~%24122.3%20million)." target="_blank" rel="noopener">reported</a> a profit of ₹13.06 billion (~$152 million), a 25% YoY growth from ₹10.46 billion (~$122.3 million). Its quarterly revenue stood at ₹172.38 billion (~$2 billion), growing 7% from the same period of the previous year.</p>


Renewables Growth Drives Tata Power’s Revenue, Profit Up in Q1 FY 2026


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					</table><p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">AGEL</a>) reported a 31% year-over-year (YoY) revenue surge, from ₹25.28 billion (~$291 million) to ₹33.13 billion (~$382 million) in the first quarter (Q1) of the financial year (FY) 2026.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹31.08 billion (~$358 million), up 31% from ₹23.74 billion (~$283 million) in Q1 FY 2025. The company also reported a 25% increase in cash profit, which rose to ₹17.44 billion (~$201 million) from ₹13.90 billion (~$166 million).</p>
<p>Earnings per share came in at ₹4.26 (~$0.049) against ₹2.63 (~$0.03) in the previous quarter.</p>
<p>AGEL’s revenue, EBITDA, and cash profit growth were a result of renewable energy capacity addition of 4.9 GW in Gujarat and Rajasthan, and enhanced project performance.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82493 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png" alt="" width="521" height="289" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.2-300x166.png 300w" sizes="auto, (max-width: 521px) 100vw, 521px" /></a></p>
<p>The company operationalized 2,463 MW of solar projects in Gujarat, 1,050 MW in Rajasthan, and 250 MW in Andhra Pradesh. It also commissioned 585 MW of wind and 534 MW of hybrid power projects in Gujarat.</p>
<p>Ashish Khanna, Chief Executive Officer at Adani Green Energy, said, “During Q1 FY 2026, we added 1.6 GW of greenfield renewable energy capacity. Our investments in the massive renewable energy development at Khavda in Gujarat, as well as other resource-rich sites, are delivering results both in terms of superior operational performance and industry-best EBITDA margins.”</p>
<p>AGEL also increased its energy sales by 42% YoY to 10,479 million units, supported by higher capacity additions. The company aims to reach a capacity of 30 GW by 2029.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82492 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png" alt="" width="786" height="412" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1.png 786w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-300x157.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-768x403.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-650x341.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-624x327.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/agel-1.1-600x315.png 600w" sizes="auto, (max-width: 786px) 100vw, 786px" /></a></p>
<p>AGEL’s solar segment maintained a capacity utilization factor (CUF) of 28% backed by 99.3% project availability. The wind portfolio achieved a CUF of 42.3% at 95.5% project availability, while the hybrid portfolio demonstrated a CUF of 43.9% aided by 98.6% project availability.</p>
<p>In March this year, AGEL <a href="https://www.mercomindia.com/agel-refinances-1-06-billion-loan-for-wind-solar-projects-in-rajasthan" target="_blank" rel="noopener">completed</a> a long-term refinancing of $1.06 billion (~₹92.56 billion) for developing wind-solar projects in Rajasthan. The maiden construction facility features a 19-year tenor, with a fully amortized debt structure aligned with the cash flow lifecycle.</p>
<p>AGEL <a href="https://www.mercomindia.com/adani-green-q4-revenue-up-37-yoy" target="_blank" rel="noopener">reported</a> a revenue of ₹26.66 billion (~$312.88 million) from power supply in Q4 FY 2025, a 37% YoY increase from ₹19.41 billion (~$227.79 million).</p>


Capacity Additions Push Adani Green’s Revenues Up 31% in Q1 2026


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					</table><p>Government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has reported a consolidated revenue of ₹19.48 billion (~$226 million) for the first quarter (Q1) of the financial year (FY) 2026, a 29% year-over-year (YoY) increase from ₹15.1 billion (~$176 million).</p>
<p>This revenue growth can be attributed to the 26% expansion of IREDA’s loan book.</p>
<p>IREDA’s profit after tax was ₹2.47 billion (~$29 million), decreasing 35% from ₹3.84 billion (~$44 million) in the same period of the previous year. This decline was attributed to an increase in the company’s non-performing assets (NPAs) to 4.13% from 2.45%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-82237 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png" alt="" width="641" height="339" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1.png 641w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-300x159.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-624x330.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/ireda-1.1-600x317.png 600w" sizes="auto, (max-width: 641px) 100vw, 641px" /></a></p>
<p>Its loan outstanding increased by 27% from ₹632.07 billion (~$7.3 billion) to ₹799.41 billion (~$9.3 billion). Solar had the highest share, at 24% of the total loan outstanding, followed by wind at 13%, hybrid wind and solar at 3%, and hydro power at 11%.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-82238 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2.png" alt="" width="450" height="478" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2.png 450w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/iread-1.2-282x300.png 282w" sizes="auto, (max-width: 450px) 100vw, 450px" /></p>
<p>IREDA’s loan approvals grew by 29% YoY to ₹117.4 billion (~$1.3 billion), and loans disbursed saw a 31% YoY increase to ₹69.81 billion (~$1.3 billion). The company’s earnings per share came in at ₹0.91 (~$0.011), compared to ₹1.43 (~$0.017) in the same period the previous year.</p>
<p>Last quarter, IREDA <a href="https://www.mercomindia.com/iredas-q4-fy-2025-profits-up-49-as-non-performing-assets-drop" target="_blank" rel="noopener">reported</a> a 49% YoY increase in profit after tax for the fourth quarter of the FY 2025 to ₹5.02 billion (~$56.6 million) from ₹3.37 billion (~$39.3 million). IREDA attributed the increase to a decline in NPAs.</p>
<p>In April, the company <a href="https://www.mercomindia.com/iredas-fy-2025-loan-approvals-grow-27-yoy" target="_blank" rel="noopener">announced</a> a 27% rise in loan approvals to ₹474.53 billion (~$5.5 billion) in FY 2025 compared to ₹373.54 billion (~$4.3 billion) for FY 2024. Its loan disbursements rose to ₹301.68 billion (~$3.5 billion) from ₹250.89 billion (~$2.9 billion) in FY 2024.</p>
<p>In March, IREDA <a href="https://www.mercomindia.com/ireda-raises-%E2%82%B99-1-billion-through-privately-placed-tier-ii-bonds" target="_blank" rel="noopener">raised</a> ₹9.1 billion (~$106.16 million) by issuing privately placed subordinated Tier II bonds. IREDA aims to use these funds to enhance its Tier II capital to increase its net worth and capital risk-weighted assets ratio.</p>


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