India’s Renewable Energy Certificate market sits at the intersection of three regulatory obligations, the Renewable Purchase Obligation, the Renewable Consumption Obligation, and the Energy Storage Obligation. With REC Solar at Rs 1,000/MWh, offshore wind RECs at a 4× multiplier, and pumped hydro at 3×, the REC market in 2026 looks fundamentally different from the one that existed in 2022. This article maps the full mechanics, issuance, trading, surrender, and what the price signal reveals.