ReNew Energy Global (RNW) Q2 2025 earnings summary

Executive summary

• Achieved 14% year-over-year growth in Adjusted EBITDA and 31% increase in Profit After Tax for Q2 FY25, driven by cost optimization and lower finance costs.

• Commissioned 860MW in FY25 YTD and 2.4GW since October 2023, with total operating capacity reaching 10.4GW and a contracted portfolio expanding to 16.3GW, including 900MWh of battery storage.

• Solar module manufacturing facilities (6.4GW) are fully operational, cell facility in trial production, and over 2.6GW of modules produced; certified as Bloomberg Tier 1 supplier.

• Reaffirmed FY25 and long-term guidance, maintaining focus on capital discipline and profitable growth.

• Recognized for sustainability leadership, maintaining AA MSCI rating, earning industry awards, and CEO included in TIME Climate 100 list.

Financial highlights

• Q2 FY25 Adjusted EBITDA rose 14% year-over-year to INR 24,209 million ($289 million), with margin improving to 85.3%.

• Q2 FY25 Profit After Tax increased 31% year-over-year to INR 4,939 million ($59 million).

• Cash from operations in Q2 FY25 was INR 20.2 billion, up from INR 18.9 billion in Q2 FY24.

• Cash profit increased 32% to INR 12.1 billion for the quarter.

• Net debt stood at INR 599.6 billion ($7.16 billion) as of September 30, 2024, with Net Debt/Adjusted LTM EBITDA for operational portfolio under 6.0x.

Outlook and guidance

• FY25 guidance reiterated: construction completion of 1,900–2,400MW, Adjusted EBITDA of INR 76–82 billion, and Cash Flow to Equity of INR 12–14 billion.

• FY30 run-rate EBITDA projected at INR 142–150 billion for 19.4GW operational portfolio.

• CapEx for the remainder of the year estimated at $200–$250 million.

• Guidance assumes weather conditions similar to FY24 and includes INR 1–2 billion in net gains from asset sales.