ESG Performance and Financial Returns in Renewable Energy Firms: Evidence from Indian Markets

India's 500 GW Commitment by 2030 forces us to contemplate the financial impacts of Environmental, Social, and Governance (ESG) practices for investors and policymakers.   The study investigates the influence of ESG performance on the financial returns of renewable energy firms in India.  Despite growing global interest, research linking ESG and financial performance in the renewable energy sector in emerging countries remains limited. This paper identifies theoretical ambiguities, gaps in empirical knowledge, and challenges in the Indian renewable energy market. A systematic literature review utilising stakeholder theory, resource-based view (RBV) and legitimacy theory to summarise evidence on the links between ESG and financial performance, as well as the attitude of the Renewable Energy Sector and features of emerging markets. The results indicate that higher ESG performance generally leads to better financial performance. However, this conclusion depends on the context. Governance quality is the most consistent predictor of financial returns, whereas environmental and social factors exhibit sector-specific effects. The paper discusses methodological issues, including divergence in ESG ratings and endogeneity. The research elucidates the impact of ESG integration on firm value in one of the