ReNew Energy Global (RNW) Q2 2027 earnings summary

Executive summary

• Operating capacity reached 13.8 GW, up 23% YoY on a grossed-up basis; 1,336 MW was commissioned YTD, including 628 MW in Q2.

• The committed portfolio was 20.5 GW, including 1.7 GW of BESS, with a ~27 GW project pipeline.

• Q2 adjusted EBITDA rose 28% YoY to INR 33.588bn and net profit rose 37% to INR 6.422bn; the FY27 EBITDA guidance floor increased to INR 105bn.

Financial highlights

• Q2 FY27 IFRS revenue was INR 46.487bn, up 28% YoY; H1 revenue was INR 91.068bn, up 21%.

• Q2 adjusted EBITDA was INR 33.588bn, up 28% YoY; H1 adjusted EBITDA was INR 63.980bn, up 20%.

• Q2 net profit was INR 6.422bn, up 37% YoY; H1 net profit was INR 12.375bn, up 26%.

• Cash from operations was INR 30.883bn in Q2 and INR 52.453bn in H1; cash flow to equity was INR 10.192bn in Q2 and INR 23.030bn in H1.

• Basic EPS was INR 16.69 in Q2 and INR 33.15 in H1, versus INR 11.76 and INR 25.87 a year earlier.

Outlook and guidance

• FY27 adjusted EBITDA guidance is INR 105–109bn, including INR 12–14bn from manufacturing and INR 1–2bn from asset-sale gains; the guidance floor rose from INR 103bn.

• FY27 construction guidance remains 1.6–2.4 GW, with cash flow to equity of INR 18–22bn.

• Run-rate guidance for the 20.5 GW committed portfolio is INR 134–140bn adjusted EBITDA and INR 32–36bn cash flow to equity, excluding manufacturing and assuming normal weather.

• Guidance assumes weather and resource availability similar to FY26; manufacturing margins may moderate in H2.

• An additional 4 GW of solar cell capacity is expected to begin commercial operations in Q4 FY27.