ReNew Energy Global (RNW) Q4 2026 earnings summary

Executive summary

• Achieved record profitability in FY26 with adjusted EBITDA of INR 98.5 bn and PAT of INR 10.4 bn, up 2.3x YoY, exceeding guidance.

• Operational portfolio grew to ~20 GW, including 1.7 GW/6.2 GWh BESS, with 2.4 GW commissioned in FY26.

• Significant capital recycling and fundraising: $375M raised, including $100M equity in solar manufacturing and $95M in C&I business.

• Manufacturing business expanded, with 4 GW cell expansion underway and a 6.5 GW wafer facility announced; new capacity expected by December 2026.

Financial highlights

• FY26 total income was INR 150,635 million, up from INR 109,070 million in FY25; adjusted EBITDA reached INR 98.5 bn, a 24% increase YoY.

• PAT was INR 10.4 bn, marking the third consecutive profitable year.

• Cash flow to equity (CFe) was INR 21.6 bn, up 45% YoY.

• Cash from operations was INR 94.0 bn, up 23% YoY; cash profit INR 35.5 bn, up 16% YoY.

• Q4 FY26 net profit was INR 777 million, down from INR 3,137 million in Q4 FY25, mainly due to absence of gain on asset sales and higher finance costs.

Outlook and guidance

• FY27 guidance: Adjusted EBITDA of INR 103–109 bn, including INR 10–12 bn from manufacturing and INR 1–2 bn from asset sale gains.

• Run-rate adjusted EBITDA for 20.2 GW portfolio projected at INR 133–138 bn; run-rate CFe at INR 32–36 bn.

• Plans to complete construction of 1.6–2.4 GW by March 2027.

• Targeting consolidated leverage of ~5.5x for fully constructed portfolio.