ReNew Energy Global (RNW) Q1 2026 earnings summary

Executive summary

• Commissioned 2.25 GW of renewable capacity since July last year, achieving 23% portfolio growth and reaching a committed portfolio of 18.2 GW (+1.1 GWh BESS).

• Adjusted EBITDA for Q1 FY26 rose 43% year-over-year to INR 27.2 billion, with profit after tax up 13x to INR 5.1 billion.

• Manufacturing produced over 900 MW of modules and 400 MW of cells, contributing INR 5.3 billion to adjusted EBITDA at over 40% margin.

• Achieved an 18.2% reduction in Scope 1 and 2 emissions and 51% water savings from FY22 baseline, exceeding targets.

• Published second Integrated Report aligned with international standards and maintained carbon neutrality (Scope 1 & 2) for the fifth consecutive year.

Financial highlights

• Q1 FY26 revenue was INR 41,182 million (US$480 million), up 71% year-over-year; adjusted EBITDA reached INR 27,220 million (US$317 million) with a 69% margin.

• Profit after tax for Q1 FY26 was INR 5,131 million (US$60 million), up 13x year-over-year; cash profit reached INR 13.5 billion, up 83% year-over-year.

• Manufacturing segment revenue was INR 13.1 billion, with a 40% EBITDA margin and INR 5.3 billion adjusted EBITDA from external sales.

• Cash from operations increased 20% year-over-year to INR 11.9 billion.

• Net debt stood at INR 609.3 billion as of June 30, 2025.

Outlook and guidance

• FY26 guidance reaffirmed: 1.6–2.4 GW of new capacity to be constructed, with total committed portfolio at 18.2 GW.

• Adjusted EBITDA guidance for FY26 is INR 87–93 billion, including INR 8–10 billion from manufacturing and INR 1–2 billion from asset sales.

• Cash flow to equity guidance for FY26 is INR 14–17 billion.

• Guidance assumes weather remains on track and asset sales proceed as expected.

• Run rate adjusted EBITDA projected at INR 35–38 billion.