Research Report

The ICRA-monitored solar portfolio moderated in FY2026, while wind portfolio performance enhanced over FY2025 amid favourable monsoon conditions. In FY2027, solar performance may improve, while wind performance could moderate amid evolving El Niño conditions, subject to regional weather patterns.  The plant load factor (PLF) performance of the ~12-GW ICRA-monitored solar portfolio moderated in FY2026, with 24% of the portfolio operating below 90% of the appraised estimate, largely attributable to irradiance-related variations across certain regions. Nevertheless, 33% of the portfolio exceeded the respective P-90 estimates.

• The solar power portfolio tracked by ICRA is concentrated in Rajasthan, Maharashtra, Karnataka and Gujarat, collectively accounting for more than 70% of the portfolio.
  
• The PLF performance of the ICRA-monitored wind portfolio of ~5.0 GW improved in FY2026 compared to FY2025, with 21% of the portfolio meeting or exceeding the appraised estimates, compared to 11% in FY2025.