India's energy storage market is experiencing unprecedented growth as the country transitions to clean energy. According to The Financial Express, India's total energy storage capacity is expected to reach 174 GW by FY36 - representing a 23x growth from current levels. This expansion is driven by India's ambitious goal to achieve 500 GW of non-fossil-fuel capacity by 2030, up from the current 283.5 GW installed capacity as of March 2026. As reported by The Financial Express, renewables currently meet 51.5% of total electricity demand of 203 GW, with the country ranking third globally in renewable energy installed capacity.
Six leading companies are spearheading India's energy storage transformation with ambitious capacity targets. According to The Financial Express, Adani Green Energy plans to develop 50 GWh of energy storage capacity by FY31, including over 10 GWh of battery storage and more than 5 GW of pumped-hydro storage. JSW Energy targets 40 GWh by 2030 under its Strategy 3.0 framework, with 29.6 GWh currently locked in including 3.2 GWh BESS and 26.4 GWh pumped hydro. Waaree Energies is building a planned 20 GWh BESS capacity with Phase I comprising 3.5 GWh expected to be commissioned during the current financial year, while Pace Digitek is expanding its manufacturing capacity from 2.5 GWh to 10 GWh by October 2026. Vikram Solar aims for 15 GWh BESS capacity by FY30, with plans to scale up to 30 GWh long-term through backward integration into battery cell manufacturing.
The companies demonstrate strong financial growth alongside their expansion plans. As reported by The Financial Express, Adani Green Energy achieved ₹12,928 crore revenue in FY26 with ₹1,987 crore net profit, while JSW Energy recorded ₹19,878 crore revenue with ₹2,762 crore net profit. Waaree Energies reported ₹84,803 million revenue for Q4FY26 compared with ₹40,039 million a year earlier, with net profit of ₹11,263 million versus ₹6,445 million previously. Pace Digitek achieved ₹26.41 billion revenue in FY26, up from ₹24.39 billion in the previous year, with net profit of ₹3.07 billion compared with ₹2.79 billion in FY25. Vikram Solar reported ₹4,802 crore revenue with ₹470 crore net profit, showing significant growth across all companies. However, Adani Green faces higher leverage with a net debt-to-EBITDA ratio of 5.7x, while JSW Energy carries a net debt-to-EBITDA ratio of 5.96x.
The energy storage sector is receiving strong government backing as policymakers recognize the critical role of storage in grid stability. A recent working paper released by the Economic Advisory Council to the Prime Minister (EAC-PM) emphasizes that further growth in solar generation without adequate expansion in energy storage will add to grid stress. The widening evening demand gap is increasing the need for battery storage and grid flexibility. The annual BESS capacity additions are expected to grow from 507 MWh in 2025 to around 5 GWh by 2027, with the project pipeline exceeding 140 GWh. Beyond the current ₹5,400 crore Viability Gap Funding framework, government policies are supporting energy storage obligations, creating a robust foundation for the sector's expansion. As reported by Equitymaster, falling battery prices, rising investments and growing electrification are expected to accelerate BESS adoption, with BESS systems improving grid stability, reducing peak power costs, enabling energy arbitrage and enhancing power reliability for utilities and industries.
