India is undergoing an energy transition from fossil-based to clean energy. Our quarterly Market Handbook helps identify and analyse trends, present data-backed evidence and connect the dots to present a short-term market outlook.
Key Findings
  • Total generation in Q2 FY24 was significantly up by 15.0% compared to Q2 FY23 and by 5.6% compared to Q1 FY24 owing to lower-than-expected rainfall in August 2023.
    • July: Up by 12.0%
    • August: Up by 19.3%
    • September: Up by 13.5%
    • Total Q2 FY24: Up by 15.0%
  • In Q2 FY24, RE generation increased significantly by 18.2% versus the same quarter in the previous fiscal year (Q2 FY23). Coal/lignite-based generation was up by 19.7%; however, hydro decreased by 11.2% for the same period.
  • From an average daily generation perspective, the RE and coal/lignite share increased in Q2 FY24 compared to Q2 FY23, whereas the hydro share decreased.
    • RE: Share up from 12.9% to 13.2%
    • Hydro: Share down from 17.3% to 13.4%
    • RE + Hydro: down from 30.2% to 26.6%
    • Coal/lignite: Share up from 65.8% to 68.6%
Figure 1: Source-wise daily generation
Source: POSOCO. Note: RE technologies include solar, wind, biomass, waste-to-energy, and small hydro and do not include rooftop solar and large hydro (>25 MW) generation.
  • In Q2 FY24, most listed RE stocks and the Sensex recorded a similar trend observed in Q1 FY24.
  • The share price of RE developer Adani Green Energy was up by 4.36%, while Sterling and Wilson recorded an upward trend of 24.62% as of September 2023 (vs June 2023).
  • The share price of wind developer–manufacturers Borosil Renewables was down by 15.26% at the end of September 2023 (vs June 2023).
  • The share price of solar panel glass manufacturer, Borosil Renewables was down by 15.26% at the end of September 2023 (vs June 2023).
  • NYSE–listed solar project developer Azure Power recorded a downward trend, falling by 61.58% in September 2023 (vs June 2023).
Figure 2: Change in key renewable energy stock prices (indexed to 100)
Source: Money Control.
Note: Share prices are the last traded value in each month.
  • In Q2 FY24, no new green and sustainability-linked bonds (SLB)** by RE developers were issued.
  • In September 2023, Government of India disclosed its intention to issue additional Sovereign Green Bonds (SGrBs) worth INR 20,000 crores in the second half of FY24.
  • In July 2023, the SBI MCLR (1-year) rate was increased slightly to 8.55% after remaining constant at 8.50% since February 2023.
Figure 3: Bond yields* and key financial rates
Source: Reserve Bank of India, State Bank of India, Trading Economics, Money Control and BondEvalue.
Note: Bond prices are the last traded value in each month; * Current yield.

Key Indicators
Share of RE in Q2 FY24
Up from 12.9% in Q2 FY23
Capacity auctioned
5.41 GW
in Q2 FY24
Amount overdue to power producers as of June 2023
INR 75,535 crore
Reduced by 17% from March 2023
Market concentration for RE auctioned capacity
in Q2 FY24
Author's Name
Riddhi Mukherjee
Research Analyst
Ruchita Shah
Programme Associate
For queries reach out to author
Clean Energy Investments
Energy Storage
Energy Transition
Green Bonds
Power Markets
RE Auctions
RE Developers