IESA Reports its November 2025 Monthly Market Update

The India Energy Storage Alliance (IESA) has recently released its November 2025 Monthly Market Update Report, offering a comprehensive overview of India’s rapidly evolving clean energy and mobility sectors. The report covers critical developments in energy storage, electric mobility, recycling, green hydrogen, and Advanced Chemistry Cell (ACC) manufacturing, providing stakeholders with timely insights and market intelligence.

1. India Energy Storage Market – November 2025

Tariff Approvals and Project Commissioning

GERC approved a tariff of INR 2.8 lacs/MW/month for GUVNL’s 500 MW/1000 MWh standalone BESS project (without VGF, 2 hr 2 cycle), awarded to Solarworld and HG Infra.
CERC approved SECI’s RTC project at INR 5.06/kWh for 1200 MW, of which 432 MW was awarded to HFE, Jindal, Sembcorp, and Hexa.
Rays Power Infra and Delektrik commissioned NTPC’s 3 MWh Vanadium Flow project, India’s first large-scale project.

Project Wins and Announcements

12 GWh of BESS projects awarded.
MSEDCL completed the e-RA of a 2 GW/4 GWh standalone BESS project, achieving tariff discovery of INR 1.65 lacs/MW/month (1500 MW standalone) and INR 1.76 lacs/MW/month (BESS with solar), with winners pending announcement.
GUVNL’s 2 GW/4 GWh standalone BESS project was awarded to KP Group, Engie, MECPower, Samavist, Stockwell Solar, Solar 91, Viviana, Rajesh Power, and Ultimate Flexipack at INR 1.85–1.89 lacs/MW/month.
REMCL awarded a 1 GW RTC tender to Ayana, Jindal Renewable, Bhalki Solar, Purvah Green, ReNew, and ACME.
Rajasthan awarded a 500 MW/2000 MWh project to Ultra Vibrant, Rama Reflection, Patanjali, MECPower, Bhagwati, and Diwakar Solar.
APTRANSCO awarded a 1 GW/2 GWh standalone BESS project at INR 1.48–1.67 lacs/MW/month.
Adani announced strategic entry into BESS with 1126 MW/3530 MWh, expected commissioning by March 2026, and plans to develop 2.7 GW PSP in Assam.

2. India E-Mobility Market – November 2025

Policy Updates

PLI Scheme for Rare Earth Magnets: ₹7,280 crore to boost domestic production of 6,000 t/year, including recycling and global partnerships.
TREM-V Tractor Emission Norms (25–50 HP): Stricter PM, PN, NOx, HC, and CO limits with diesel filters under phased implementation review.
PM e-DRIVE Scheme Updates: ₹10,900 crore extended to 2028; e-bus allocations and EV charging grants under review.
Tamil Nadu EV Charging Mandate: EV-ready parking is mandatory for new buildings; fast chargers are required for large projects.
Draft CAFE III Norms (2027–2032): Progressive fleet CO₂ targets with small-car concessions under debate, coordinated by MoRTH, BEE, and MoPower.

EV Market Snapshot (Jan–Nov 2025)

Total EV registrations: 1 million (exceeding 2024); expected 2025 sales ~2.3 million.
EV penetration (Nov): 7%; top states—Delhi (14%), Kerala (12%), Karnataka (11%), Uttar Pradesh (10%).
Six states (UP, Maharashtra, Karnataka, Tamil Nadu, Kerala, and Rajasthan) account for 50% of EV sales.

Segment Highlights

2-Wheelers: TVS (26%), Bajaj (22%), Ather (17%).
4-Wheelers: Tata leads (~11.6% of total sales), followed by JSW MG and Mahindra; BYD enters Top 5 with 10,000+ units.
3-Wheelers: L5 and L3 e-3Ws are growing; startups are gaining traction.
e-Buses: Tata and Mahindra dominate (66% share); CESL tender for 10,900 e-buses expected to boost adoption.
e-Goods Carriers: The Top 6 OEMs hold 90–91% of the market; new entrants are emerging.

Trends: Festival demand and GST reforms kept November sales resilient at 3.3 million vehicles. The market consolidates, with top OEMs capturing >80% share in 2W and 4W EVs.

3. Recycling Market – November 2025

Key Updates

Minutes from the 4th Implementation Committee Meeting of BWMR 2022.
Clarifications under the Critical Mineral Recycling Incentive Scheme.
Update on the MoEFCC Expert Committee for licenses to export/import hazardous waste.
Withdrawal of Quality Control Order for Nickel and Aluminum.
Snapshot of E-waste EPR Ecosystem.

These developments signal India’s transition toward a systemic and scalable circular economy framework.

4. Green Hydrogen (IGHC) Market – November 2025

Key highlights from the 3rd International Conference on Green Hydrogen (ICGH) 2025:

Announcements under the National Green Hydrogen Mission.
Commissioning of India’s largest green hydrogen plant to date.

5. Advanced Chemistry Cell (IBMSCC) Market – November 2025

India’s ACC manufacturing sector shows strong momentum with 40 GWh already awarded under the PLI scheme. State-level incentives are emerging as a key differentiator for upcoming ACC facilities.

Highlights:

Top 10 states offering the strongest incentives for ACC manufacturing.
Mapping of fiscal and non-fiscal incentives.
Investment trends in ACC gigafactories and component manufacturing.
Key factors making these states attractive for ACC projects.

The IESA November 2025 Market Update highlights India’s dynamic progress across clean energy and mobility sectors. With significant developments in energy storage, electric mobility, green hydrogen, recycling, and ACC manufacturing, the report underscores India’s commitment to a sustainable, technologically advanced, and economically resilient energy transition.