📈 Price History

Ratio Health

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📊 Peer Medians

About

ReNew Energy Global Plc, together with its subsidiaries, engages in the generation of power through non-conventional and renewable energy sources in India. It operates through two segments, Generation and Sale of Renewable Power, and Manufacturing of Power Equipment's. The company develops and owns utility scale wind and solar energy projects, corporate wind and solar energy projects, and utility-scale firm power projects. It also provides operation and maintenance services; consultancy services; solar modules and related products manufacturing activity; sale of power, and software services; transmission line projects; and engineering, procurement, and construction services. As of May 18, 2026, the company operates 20.2 giga watts total capacity of clean energy portfolio. ReNew Energy Global Plc was founded in 2011 and is based in London, the United Kingdom.

Key Ratios Snapshot

📈 Growth Pattern

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⭐ Superinvestors Holding RNW

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	302.8K	$1.4M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q1 2026

Confident Specific

Management used specific numbers to highlight performance: adjusted EBITDA up 43% YoY to INR 27.2B, PAT of INR 5.1B (exceeding full FY2025), manufacturing EBITDA of INR 5.3B at >40% margin. They acknowledged challenges (weather, competition) but framed them as manageable and reaffirmed/raised guidance.

Q2 2026

Confident Specific

Management repeatedly gave specific numbers (2.1 GW commissioned, INR 3.3bn manufacturing EBITDA, 83 CSA score) and reaffirmed guidance, acknowledging weather headwinds but expressing confidence in hitting the higher end of the range.

Q3 2026

Confident Specific

Management used specific positive metrics: 'adjusted EBITDA increased by 31%', 'over sixfold increase in profit after tax', 'successfully raised $600 million at reduced rate', 'increased lower end of guidance'. No hedging or defensive language detected.

Q4 2026 latest

Confident Specific

Management consistently used strong positive language ('landmark year', 'record profitability', 'strongest year yet') and provided specific metrics (12.8 GW operating, 2.4 GW commissioned, EBITDA INR 98.5B). Acknowledged curtailment and DSM risks but downplayed them as manageable or likely to be relaxed.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. ReNew delivered record profitability, reduced leverage (net debt/EBITDA down 1.1x), and demonstrated execution with 2.4 GW commissioned. Manufacturing is emerging as a self-funded profit center. Risks remain: grid curtailment (especially Rajasthan), DSM regulatory uncertainty, and the US listing discount vs Indian peers. Watch for progress on cell production ramp-up (second half FY2027) and resolution of transmission bottlenecks. The guidance for FY2027 implies continued EBITDA growth but slower manufacturing contributions, so margin trajectory in that segment is key.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED ReNew's FY2026 EBITDA hits INR 98.5B; portfolio reaches 12.8 GW operating, 20.2 GW committed.

Revenue & Profitability

For FY2026, adjusted EBITDA was INR 98.5 billion, exceeding guidance and representing ~25% year-on-year growth. Profit after tax reached INR 10.4 billion, up 2.3x from INR 4.6 billion in FY2025. Cash flow to equity grew 45% to INR 21.6 billion. Net debt-to-EBITDA improved by approximately 1.1x year-on-year, and the interest expense-to-EBITDA ratio declined from 66% to 61.5%.

Outlook

Management sees strong renewable energy demand in India driven by energy security priorities, peak power demand growth, and government policies supporting indigenization. Grid expansion has not kept pace with RE installations, causing some curtailment in Rajasthan, which is expected to persist in H1 FY2027. The company expects El Niño to boost power demand, and the shift toward solar plus battery storage is accelerating.

Growth Drivers

Key growth drivers include expansion of the solar and battery storage portfolio (reducing reliance on wind), scaling of the manufacturing business (cells and ingot/wafer), and strong demand from C&I customers, especially data centers and technology companies. The company commissioned a record 2.4 GW in FY2026 and signed PPAs for ~2.5 GW. The total pipeline exceeds 26 GW, including 1.7 GW of battery storage.

Balance Sheet & CapEx

Due to lower battery and solar equipment costs, ReNew reduced overall CapEx by INR 60 billion for its solar-plus-BESS portfolio compared to a wind-heavy mix, with only INR 7 billion lower EBITDA. The company plans to fund its 6.5 GW ingot/wafer facility (INR 42 billion) through internal accruals and external fundraise, using 50-60% project debt. For FY2027, construction of 1.6-2.4 GW is expected.

Margins

Consolidated adjusted EBITDA margin improved in FY2026, driven by portfolio growth, lower interest costs, and contributions from manufacturing. For FY2027, guidance calls for adjusted EBITDA of INR 103-109 billion, with manufacturing EBITDA expected to moderate to INR 10-12 billion (from INR 14.8 billion in FY2026). Management expects margins to remain stronger in upstream cell and wafer segments over the long term.

Key Risks

Management flagged curtailment of renewable projects in Rajasthan due to grid constraints, with some residual impact expected in H1 FY2027. A potential tightening of deviation settlement mechanism (DSM) regulations by CERC could cost ~INR 500 million in FY2027, though changes are expected to be relaxed. Receivables from Andhra Pradesh (over 50% of DSOs) remain a risk, but a favorable Supreme Court order has enabled initial payments.

Generated by AI · Q4 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2026 Q4 2026 2026-05-18

Record FY 2026 results with 25% portfolio growth, highest-ever profit, and strong cash flow. Manufacturing and C&I segments expanded, leverage reduced, and robust guidance set for FY 2027. Grid and regulatory risks remain, but sector outlook is positive.

Q3 2026 Q3 2026 2026-02-16

Operating capacity grew 19% year-over-year, with a strategic shift to solar and BESS improving execution and returns. Adjusted EBITDA rose 31% to INR 74.8 billion, and leverage declined, with further reductions targeted. ESG ratings remain top-tier globally.

Q2 2026 Q2 2026 2025-11-10

Commissioned 2.1 GW of new capacity and delivered 24% year-over-year adjusted EBITDA growth, with manufacturing contributing strongly. Guidance for FY 2026 remains robust, and leverage continues to improve, while policy and market conditions support further expansion.

Q1 2026 Q1 2026 2025-08-14

Q1 FY26 saw 43% year-over-year adjusted EBITDA growth to INR 27.2 billion and a 13x increase in profit after tax, driven by strong manufacturing and renewable capacity additions. Guidance for FY26 remains robust, with disciplined project selection and a focus on high-return opportunities.

Q4 2025 Q4 2025 2025-06-16

Operating capacity grew 17% year-over-year to 11.2 GW, with strong EBITDA and profit growth despite weaker wind resources. FY26 guidance targets INR 87–93 billion adjusted EBITDA and 1.6–2.4 GW new projects, supported by robust capital recycling and manufacturing expansion.

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