Top 5 players added 47% of utility-scale solar additions; 35 new companies entered top rankings in India's solar market: Study
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Five top players accounted for nearly half of the utility-scale projects commissioned, and 35 new companies entered the top ten rankings across key segments of India's solar market in 2025, says a study.
Five top utility-scale solar developers - Adani Green Energy, NTPC Green Energy, SJVN Green Energy, Megha Engineering and Infrastructure (MEIL) and Gentari Renewables - accounted for more than 47% of the record 29.5 gigawatt (GW) of utility-scale solar projects commissioned in 2025.
Adani Green Energy topped the list, accounting for 24.1% of the yearly capacity additions, commissioning about 5GW of solar projects across Rajasthan, Gujarat and Andhra Pradesh. NTPC Green Energy, which is planning to have a 60 GW renewable capacity by 2030, stood second with 2 GW capacity additions. SJVN Green Energy stood third with the commissioning of 1 GW at Bikaner in Rajasthan in 2025, said Mercom's 'India Solar Market Leaderboard 2026' study.
The study, which analysed 135 companies across multiple categories, said India's solar sector witnessed a major reshuffle in market leadership in 2025, with 35 new companies entering the top ten rankings across key segments. India added 36.6 GW of solar capacity in 2025, a 42.7% year on year growth in 2025, with total installed capacity reaching 135.5 GW by the end of the year.
In the rooftop solar segment, Tata Power Solar was the leader in 2025, accounting for 19% of installations. Tata Power Solar is also the leading EPC company in solar energy.
Chinese companies Trina Solar and Jinko Solar topped in solar module supplies. Waaree Energies remains the top domestic supplier of modules. Solar cell capacity is also dominated by Chinese companies, with Tongwei Solar, Jietai and SolarSpace leading in 2025. However, this dominance will end soon as the ALMM-II mandates domestic manufacturing.
Among manufacturers, GoldiSolar has the highest module capacity additions in 2005, while Waaree Energies leads in cumulative installed capacity.
In the open access category, which added 7.8GW in 2025, Gentari Renewables emerged as the leading developer in both annual and cumulative capacity. Inox Green Energy Services led annual contracted capacity among O&M players, while Mitarsh Energy held the highest cumulative portfolio, says the Mercom India Solar Market Leaderboard 2026' study.