Indian Renewables: Renewed ‘New Equity‘ Stories

Research evidence excerpt

Indian Renewables: Renewed ‘New Equity‘ Stories

J P M O R G A N Asia Pacific Credit Research

13 July 2026

Indian Renewables

Renewed ‘New Equity’ Stories

After a brief period of adjustment marked by select institutional exits, IPO setbacks Asia Pacific Credit Research

ACand some execution headwinds for credits under our coverage, we believe that Aman Aggarwal

investor perception and participation in Indian renewables remains strong, with (852) 2800-0081

renewed foreign and strategic interest evident in several large-ticket M&A aman.aggarwal@jpmchase.com

discussions and recent platform-level equity raises. Beyond underscoring Soo Chong Lim

continued appetite for the sector (including newer themes such as hybrids/FDRE, (852) 2800-7387

storage and green hydrogen), this backdrop supports capital recycling and provides soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

a constructive underpinning to the broader credit narrative — helping issuers fund

growth and deleveraging needs and, in turn, helping to ease pressure on tight

holdco liquidity, in our opinion. We remain broadly constructive on the sector,

though selective in our picks as valuations appear tight here.

• Indian renewables deal flow seems to be re-accelerating after a brief period

of exit-led selling driven by fund-life constraints and a maturing buildout

phase, particularly for credits under our coverage. We think this points to

renewed strategic and institutional appetite and improved price discovery. For

credit, this is a constructive trend as it re-establishes a viable capital-recycling

route and reinforces platform-level equity value. We believe that recent equity

raises and stake divestments (e.g., ’s strategic investment, ReNew’s asset