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ReNew Energy Global (RNW) investor relations material
ReNew Energy Global Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary10 Nov, 2025
Executive summary
Operating portfolio reached 11.6 GW, with 2.1 GW commissioned since October 2024 and a total committed portfolio of 18.5 GW (+1.1 GWh BESS); pipeline exceeds 25 GW (+3 GWh BESS).
Manufacturing business stabilized, producing over 2 GW modules and 900 MW+ cells in H1 FY26, with 6.5 GW module and 2.5 GW cell facilities operational and a 4 GW cell facility under construction.
S&P Global CSA score reached 83, highest ever by an Indian IPP, and recognized in Fortune Change the World List 2025.
Total electricity sold in H1 FY26 rose 10.9% YoY to 13,797 million kWh, with both wind and solar segments posting double-digit growth.
Received a non-binding acquisition proposal from a consortium including Masdar, CPP Investments, ADIA, and the CEO, at $8.15/share; Special Committee recommends the offer in principle.
Financial highlights
Adjusted EBITDA for H1 FY26 reached INR 53.5 billion, up 24% YoY; PAT at INR 9.8 billion, up 84% YoY.
Revenue for H1 FY26 up 52% YoY to INR 79,715 million; Q2 FY26 revenue up 36% YoY.
Manufacturing contributed INR 8.6 billion to adjusted EBITDA in H1 FY26; external sales from manufacturing contributed INR 23,351 million to revenue.
Net debt as of September 30, 2025, at INR 652,768 million; cash and equivalents at INR 97,578 million.
Cash from operations in H1 FY26 at INR 40,690 million, up 31% YoY.
Outlook and guidance
FY26 adjusted EBITDA guidance reaffirmed at INR 87-93 billion, including INR 10-12 billion from manufacturing and INR 1-2 billion from asset sales.
Cash flow to equity expected at INR 14-17 billion for FY26.
Targeting construction of 1.6-2.4 GW of new capacity in FY26.
Manufacturing segment's Q2 FY26 net profit margin
Implied valuation of Consortium's offer
Rationale for capital recycling strategy
Manufacturing EBITDA margin normalization outlook?
Risk of 6 GW LOA cancellations by government?
Take-private binding offer timeline
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Next ReNew Energy Global earnings date
Q3 202618 Feb, 2026
Next ReNew Energy Global earnings date
Q3 202618 Feb, 2026
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Frequently asked questions
ReNew Energy Global Plc is a firm in the renewable energy sector, primarily focusing on the Indian market. The company has a diversified portfolio that includes the generation of power through wind and solar energy, along with hydro and utility-scale firm power projects. It also engages in the development, ownership, and operation of utility-scale wind and solar energy projects, as well as distributed solar energy projects catering to commercial and industrial customers. ReNew Energy provides a comprehensive suite of services encompassing engineering, procurement, and construction (EPC), operation and maintenance (O&M), consultancy services, and the sale of renewable energy certificates. The company is headquartered in London, United Kingdom, and its shares are listed on the Nasdaq.
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