ReNew Energy Global (RNW) Q2 2026 earnings summary

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.