• The plant load factor (PLF) performance of the ICRA-monitored solar portfolio of ~7.6 GW remained stable in FY2025, with median portfolio PLF remaining very close to the appraised estimate. While 59% of the portfolio performed lower than appraised estimates in FY2025, this marks an improvement over FY2023 and FY2024. Also, most of these projects performed within 10% of the appraised generation estimate.
• The solar power portfolio tracked by ICRA is concentrated in Rajasthan, Gujarat, Karnataka and Maharashtra, together accounting for 75% of the portfolio. While there was a dip in performance in FY2025 in Gujarat, Maharashtra and Karnataka, the performance of the portfolio in Rajasthan improved, led by a few large projects.

Exhibit 1: PLF performance of ICRA monitored solar power portfolio vis-à-vis appraised estimate

Source: ICRA Research; Appraised estimate of first year considered