<p>The Indian state has maintained control over the energy sector (oil, coal, power, utilities) for more than half a century, primarily through state-owned enterprises (SOEs). Many of these sectors have been gradually opened up post-1990 to incremental private competition. As global and domestic incentives and pressures align towards more serious action on climate change and an energy transition away from fossil fuels, many of these energy SOEs are facing existential questions and are being nudged or shoved into pivoting much more quickly than they have before. It has often meant pushing these firms to change decades old business models and encouraging rapid organisational change through board control. At the same time, there are new SOEs on the rise, in particular, sectors which are becoming vehicles of choice for a procurement-based jumpstart to the energy transition. As Indian SOEs struggle with their organizational identities, watching the incremental growth and recognition of their private competitors, what kinds of roles are they likely to inhabit in India’s future energy markets? How are sectoral policy networks being reengineered to include newer actors? Will legacy SOEs still be occupying the commanding heights of the Indian economy? Indian marketcraft around clean energy is sending mixed signals at the moment. India’s evolving state capitalism has some broader lessons for developing countries looking to navigate the energy transition.</p>