The energy transition in India is expected to significantly expand the profit pool for renewable energy developers, with the IIFL Capital report 'India-Energy Transition' highlighting key factors driving this transformation. The shift in profit sources from government entities, railways, and primary energy suppliers to developers is accelerating due to the increasing penetration of renewable energy. Integrated developers are expected to benefit the most by capturing value through backward integration into solar manufacturing and forward integration into storage, green hydrogen, and other sectors. The transition is unfolding in four phases, offering unique profit expansion opportunities, with challenges like the 'Solar Maximum' affecting the grid's capacity. Tata Power and Acme Solar are identified as top picks due to their integrated models, while JSW Energy faces execution challenges. Success in this evolving landscape hinges on execution capabilities, balance sheet strength, and access to low-cost storage solutions. Developers with these advantages are likely to thrive, while PSUs may struggle due to their lack of backward integration. Overall, the renewable energy boom in India presents significant profit opportunities for developers who can navigate the complexities of the evolving market.