ReNew Energy Global (RNW) Q1 2027 earnings summary

Executive summary

• Achieved 13.5 GW operational capacity, up 26% year-over-year, with 1 GW commissioned YTD and a total committed portfolio of 20.5 GW including 1.7 GW/6.2 GWh BESS; pipeline stands at ~27 GW including BESS.

• Closed sale of 100 MW solar asset and signed agreements for sale of over 1 GW, expected to generate $190 million in cash flow to equity; major asset sale agreement for 1,055 MW solar projects at an enterprise value of INR 50.8 billion ($537 million).

• Entered into a binding agreement for a take-private transaction at $7.02/share with CPP Investments and Sumant Sinha, with 51.1% voting power already committed.

• Released third Annual Integrated Report, highlighting strong ESG performance, continued profitability, and focus on decarbonizing value chains.

• Progressing on 4 GW TOPCon cell plant and 6.5 GW wafer facility in Andhra Pradesh, with production to begin in H2 FY27 and early CY28 respectively.

Financial highlights

• Revenue rose 14% year-over-year to INR 44.6 billion; total income was INR 47.9 billion ($506 million), up from INR 41.2 billion ($435 million) in Q1 FY26.

• Adjusted EBITDA grew 12% year-over-year to INR 30.4 billion ($321 million), with INR 5.7 billion from manufacturing.

• Profit after tax increased 16% year-over-year to INR 6 billion ($63 million) for Q1 FY27.

• Cash from operations reached INR 21.6 billion in Q1 FY27, up 82% year-over-year; cash profit at INR 14.6 billion, up 8% year-over-year.

• Net debt as of June 30, 2026, at INR 671–697 billion; cash and equivalents at INR 89 billion.

Outlook and guidance

• FY27 Adjusted EBITDA guidance reiterated at INR 103–109 billion, including INR 10–12 billion from manufacturing and INR 1–2 billion from asset sales.

• Construction completion of 1.6–2.4 GW expected by March 31, 2027.

• Run-rate Adjusted EBITDA for committed RE portfolio projected at INR 134–140 billion.

• Cash flow to equity guidance for FY27: INR 18–22 billion; run-rate CFe guidance at INR 32–36 billion.