A State level authority, Maharashtra Electricity Regulatory Commission (MERC) has issued its FY 2025–26 tariff order introducing four changes: revised TOD timings, reduced solar-adjusted hours, updated banking policy, and new grid support charges. These changes affected both new and existing solar PPAs. Corporates faced a 50% cut in contractable solar capacity and 10% lower savings due to reduced daytime tariffs. RE100 timelines were delayed, and financial models were disrupted. The update warned that FY 2026 cost assumptions could shift significantly. Industry raised concerns over the retrospective impact on signed PPAs and called for a clear transition window for smoother implementation.