ReNew Energy Global Plc Q4 2026 Earnings Recap

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.