ReNew Energy Global Plc Earnings Recaps
Q4 2026
May 19, 2026
ReNew Energy’s Q4 and full fiscal 2026 results were largely in line with expectations, reflected by a flat market reaction. The company reported steady execution and profitability improvements amid a mixed outlook with no major surprises to move the stock.
Key takeaways
- Operating renewable portfolio grew to approximately 12.8 GW, up 25% year-on-year after adjusting for asset sales.
- Commissioned 2.4 GW in fiscal 2026, the highest yearly addition to date.
- Adjusted EBITDA reached INR 98.5 billion, reportedly exceeding the top end of guidance; PAT doubled to INR 10.4 billion from prior year.
- Net debt to EBITDA ratio improved by 1.1x, aided by capital recycling and $375 million fundraise plus asset sales proceeds used to reduce leverage.
- Manufacturing segment contributed INR 14.8 billion EBITDA, scaling rapidly with plans for a 4 GW cell facility aligned with impending domestic sourcing mandates.
Q3 2026
Feb 17, 2026
ReNew's Q3 FY26 results reveal significant growth, with adjusted EBITDA up 31% and a sixfold increase in profit after tax, driven by strategic portfolio optimization and advantageous financing conditions.
Key takeaways
- Operating capacity increased from 10.7 GW to 11.8 GW, with a 19% net increase year-over-year after accounting for asset sales.
- Adjusted EBITDA for the first nine months reached INR 74.8 billion, with profit after tax growing over sixfold.
- Successfully raised $600 million via a bond offering, reducing interest rates substantially, resulting in annual savings of approximately $9 million.
- Company expects adjusted EBITDA guidance to increase to INR 90 billion to INR 93 billion for the fiscal year, supported by robust manufacturing contributions.
- ESG performance remains a priority, achieving top quartile global ratings in climate and water management initiatives.