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					</table><p>Public infrastructure finance company <a href="https://recindia.nic.in/" target="_blank" rel="noopener">REC</a>’s revenue from operations increased by 10% to ₹446.41 billion (~$4.87 billion) against ₹407.52 billion (~$4.45 billion) in the first nine months (9M) of the financial year (FY) 2025-26.</p>
<p>For the period ended December 31, 2025, REC’s net profit stood at ₹129.2 billion (~$1.41 billion), up 13% from ₹114.77 billion (~$1.25 billion) in the corresponding period of the previous year.</p>
<p>Net interest income rose by 10% to ₹156.77 billion (~$1.71 billion) from ₹141.91 billion (~$1.55 billion) in the same period last year.</p>
<p>Asset quality continued to improve, with net credit-impaired assets declining sharply to 0.20% from 0.74% a year earlier.</p>
<p>REC maintained its financial margins, reporting a spread of 2.73% and a net interest margin of 3.52%. As a result, the annualized earnings per share for the period ended December 31, 2025, increased by 13% to ₹65.42 (~$0.71), compared with ₹58.11 (~$0.63) as of December 31, 2024.</p>
<p>The company reported a third interim dividend of ₹4.60 (~$0.05)/equity share for FY26. With this payout, the total interim dividend declared for the FY26 stands at ₹13.80 (~$0.15)/share on equity shares of face value ₹10 (~$0.11) each, continuing the company’s dividend distribution track record.</p>
<p><strong>Loan Book</strong></p>
<p>REC’s overall loan book stood at ₹5.82 trillion (~$63.5 billion), sustaining its growth trajectory, up from ₹5.66 trillion (~$61.8 billion) in the previous period. As part of efforts to strengthen portfolio quality, term loans grew by 10% YoY.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-89824 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png" alt="REC Limited Loan Book" width="752" height="331" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-300x132.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-650x286.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-624x275.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/REC-Limited-Loan-Book-600x264.png 600w" sizes="auto, (max-width: 752px) 100vw, 752px" /></a></p>
<p>&nbsp;</p>
<p>During the same period, the Revolving Bill Payment Facility loan book and stage-3 loan assets declined by 55% and 54%, respectively. The company’s capital position remained robust, with a capital adequacy ratio of 24.26% as of December 31, 2025.</p>
<p>Net worth increased 13% year-on-year to ₹862.62 billion (~$9.42 billion) from ₹765.02 billion (~$8.35 billion), supported by higher profitability.</p>
<p>Alongside its financial performance, REC continued to scale its financing of clean and renewable energy projects. The renewable energy loan book stood at ₹704.29 billion (~$7.69 billion), reflecting a more than 3.7-fold increase from FY 2022 to FY 2026 and accounting for around 12% of total outstanding loan assets.</p>
<p>The loan portfolio includes solar projects amounting to ₹288.35 billion (~$3.15 billion), wind projects of ₹113.66 billion (~$1.24 billion), pumped storage projects of ₹101.81 billion (~$1.11 billion), large hydro projects of ₹105.95 billion (~$1.16 billion), hybrid renewable projects of ₹55.30 billion (~$604 million), small hydro projects of ₹4.69 billion (~$51 million), e-mobility projects of ₹14.98 billion (~$164 million), and other renewable segments totaling ₹19.55 billion (~$213 million).</p>
<p><strong>Loan Approvals</strong></p>
<p>Business growth remained strong during the period, with total loan disbursements rising 14% YoY to ₹1.65 trillion (~$18.06 billion) from ₹1.46 trillion (~$15.90 billion). Loan approvals increased 23% to ₹3.33 trillion (~$36.39 billion) compared to ₹2.72 trillion (~$29.66 billion) in the previous year, marking the highest-ever sanction level achieved by the company for a nine-month period.</p>
<p>REC has approved approximately 64 GW of renewable energy capacity to date, positioning it among the largest financiers of utility-scale renewable projects in India.</p>
<p>REC <a href="https://www.mercomindia.com/rec-profit-up-9-4-in-q2-fy-2026-renewable-energy-loans-grow-15" target="_blank" rel="noopener">posted</a> a net profit of ₹44.14 billion (~$530.4 million) for the Q2 of the FY26, up from ₹40.37 billion (~$484.9 million) in the corresponding period of the previous year, reflecting a 9.4% increase.</p>
<p>The company <a href="https://www.mercomindia.com/rec-reports-29-profit-growth-with-%E2%82%B944-51-billion-in-q1-fy-2026" target="_blank" rel="noopener">reported</a> its highest-ever quarterly net profit of ₹44.51 billion (~$514.09 million) for the first quarter of FY 2026, a 29% YoY increase from ₹34.42 billion (~$397.55 million).</p>



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					</table><p>Gujarat-based solar module manufacturer, <a href="https://solex.in/" target="_blank" rel="noopener">Solex Energy</a>, has reported a 52% year-over-year (YoY) revenue growth of ₹4.15 billion (~$46.83 million) in the first half (1H) of the financial year (FY) 2026, from ₹2.73 billion (~$30.81 million).</p>
<p>The growth was driven by expansion across its manufacturing and engineering, procurement, and construction business, an increase in demand across both domestic and international markets, and a rapidly expanding project portfolio.</p>
<p>Solex said it is diversifying its customer portfolio, serving government agencies, public sector undertakings, corporate clients, and global partners across more than 20 Indian states and several international markets.</p>
<p>On October 8, 2025, Solex Energy completed its migration from the NSE Emerge platform to the NSE main board.</p>
<p>The company operates a fully automated 4 GW solar manufacturing facility at Tadkeshwar, near Surat in Gujarat. It said the facility integrates advanced robotics, precision engineering, and quality systems to manufacture high-efficiency solar modules with power ratings of more than 600 W.</p>
<p>During FY 2026, Solex commenced commercial production of 800 MW at this facility, increasing its total operational capacity to 1.5 GW. It has also launched a 2.5 GW expansion project, which is currently in the testing phase. Additionally, Solex plans another 2.5 GW expansion by the end of FY 2026, which will increase its total installed capacity to 6.5 GW.</p>
<p>The company plans to achieve 10 GW of solar module and 10 GW of solar cell manufacturing capacity by 2030. It is also exploring upstream integration through wafer and ingot manufacturing to establish a fully integrated solar value chain in India.</p>
<p>Solex stated that its long-term strategy involves investments exceeding $1 billion.</p>
<p>In May this year, Solex Energy <a href="https://www.mercomindia.com/almm-enlisted-solar-module-capacity-rises-to-87-97-gw" target="_blank" rel="noopener">added</a> 767 MW solar module manufacturing capacity under the Ministry of New and Renewable Energy’s updated approved list of models and manufacturers.</p>
<p>In April, Solex Energy <a href="https://www.mercomindia.com/solex-to-expand-module-manufacturing-capacity-by-2-2-gw" target="_blank" rel="noopener">announced</a> an expansion of its 1.5 GW module manufacturing plant in Tadkeshwar, Gujarat, with a new 2.2 GW solar module production line.</p>


Solex Energy’s Revenue Up 52% YoY to ₹4 Billion in 1H FY2026


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) reported a monthly electricity traded volume of 10,584 million units (MUs) in April 2025, a 26% year-on-year (YoY) growth.</p>
<p>The growing traded volumes come amid the rising power demand across the country. According to government data published in April this year, India’s overall energy consumption rose to 147.5 billion units (BUs), increasing 2.2% from April 2024.</p>
<p>The nation’s peak power demand also hit a new high of 235 GW in April 2025, exceeding the previous record of 224 GW set in April 2024.</p>
<p><strong>Green Market</strong></p>
<p>The green market, consisting of the green day-ahead market (G-DAM) and the green term-ahead market, achieved a total volume of 782 MU during April 2025, a 95% YoY increase from 402 MU.</p>
<p>The average G-DAM price for April 2025 was ₹4.07 (~$0.048)/kW.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>In the renewable energy certificate (REC) market, 290,000 RECs were traded across two sessions held on April 9 and 30. The clearing prices were ₹300 (~$3.56)/REC and ₹350 (~$4.15)/REC, respectively.</p>
<p>The next REC trading sessions on IEX are scheduled for May 14 and 28, 2025.</p>
<p><strong>Electricity Market: Day-ahead, Real-time, and Term Ahead</strong></p>
<p>Despite the increased demand, the average market-clearing price in the day ahead market (DAM) during April 2025 remained stable at ₹5.20 (~$0.062)/kW, maintaining parity with the average price recorded in April 2024.</p>
<p>Anticipating a further increase in peak power demand, which is expected to cross 270 GW in the financial year (FY) 2026, the government enforced several measures, including the compulsory operation of imported coal and gas-based projects, alongside enhancing coal availability.</p>
<p>The DAM recorded a volume of 4,231 MU in April 2025, a 3% growth over the 4,116 MU traded in April 2024.</p>
<p>The real-time market increased significantly in activity, with volumes rising to 3,893 MU, a 48% YoY growth from 2,629 MU.</p>
<p>The term-ahead market, which includes the day-ahead contingency, daily and weekly contracts, and monthly contracts of up to three months, achieved a trading volume of 1,639 MU in April 2025, rising 28% from 1,276 MU in April 2024.</p>
<p>IEX <a href="https://www.mercomindia.com/trading-volume-surge-pushes-iex-revenue-up-17-in-q4-fy-2025" target="_blank" rel="noopener">reported</a> a consolidated profit after tax of ₹1.17 billion (~$13.7 million) in the fourth quarter of FY 2025, a 21.1% YoY increase from ₹967 million (~$11.3 million).</p>
<p>The power exchange <a href="https://www.mercomindia.com/iex-trades-record-121-bu-in-fy-2025-posts-100-rise-in-q4-green-energy-market" target="_blank" rel="noopener">achieved</a> its highest-ever electricity traded volume of 121 billion units in FY 2025, a 19% YoY increase.</p>


IEX Green Electricity Market Sees 95% YoY Increase in April

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