The Indian Energy Storage space is approaching its next stage of evolution as a bulky pipeline is in the construction phase and major capacities set to enter the grid by FY27. The Report decodes what will happen in the interim as weather related volatility modulates exchange prices, further influenced by newfangled concepts of market coupling and electricity derivatives. Beyond the medium term, it posits the risk of overcapacity. The Report further delves into the success factors in this potentially crowded space, identifying developers who are set for superior returns based on their project portfolios. Finally, the Report reviews the Chinese experience. Identifying the environment which led to rapid BESS expansion there, it presents a viewpoint on two of them, offering a perspective on revenue stacking and upstream domestication.