ReNew Energy Global (RNW) investor relations material

Executive summary

• Achieved record profitability in FY26 with adjusted EBITDA of INR 98.5 billion and profit after tax of INR 10.4 billion, up 2.3x year-over-year, driven by a 25% portfolio growth to 12.8 GW and strong execution.

• Commissioned 2.4 GW in FY26, with a total committed portfolio of 20.2 GW including 1.7 GW/6.2 GWh of battery storage and a pipeline exceeding 26 GW.

• C&I business grew 7x in five years to 2.7 GW, with nearly half contracted to technology companies and hyperscalers, and raised $95 million for an 11.3% stake.

• Manufacturing business contributed INR 14.8 billion to EBITDA, with significant expansion in cell and ingot/wafer capacity and external sales of INR 41,944 million.

• Received favorable Supreme Court order on overdue Andhra Pradesh receivables, improving working capital.

Financial highlights

• FY26 total income was INR 150,635 million, up 40% year-over-year, with adjusted EBITDA of INR 98.5 billion and net profit of INR 10.4 billion.

• Cash flow to equity grew 45% to INR 21.6 billion; cash generated from operations was INR 94.0 billion.

• Net debt to EBITDA improved by 1.1x year-on-year; interest expense to adjusted EBITDA ratio declined to 61.5%.

• Q4 FY26 adjusted EBITDA was INR 23.7 billion, up from INR 22.1 billion in Q4 FY25.

• Cash and cash equivalents as of March 31, 2026, were INR 80,629 million.

Outlook and guidance

• FY27 guidance: Adjusted EBITDA expected between INR 103–109 billion, with INR 10–12 billion from manufacturing and INR 1–2 billion from asset sales.

• Cash flow to equity projected at INR 18–22 billion; plans to complete construction of 1.6–2.4 GW by March 2027.

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

• Manufacturing expansion: 4 GW cell capacity to contribute in FY28, 6.5 GW ingot/wafer plant in FY29.

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