ReNew Energy Global (RNW) Q3 2025 earnings summary

Executive summary

• Operational portfolio increased 26% year-over-year to 10.8 GW, with 1.3 GW commissioned so far this fiscal and a total of 2.6 GW in the last 12 months; total committed portfolio reached 17.4 GW, up 27% year-over-year, including 800 MWh+ BESS.

• Signed PPAs for ~3.8 GW RE capacity in FY25; total pipeline at ~24 GW and 2 GWh+ BESS.

• Recognized as India's highest-rated pure-play renewable energy company by S&P, with significant ESG and community impact initiatives.

• Received a non-binding $7.07/share offer from a consortium including CPP Investments, ADIA, Masdar, and the CEO; special committee formed to evaluate.

• Manufacturing business ramped up, producing 3.6 GW of modules and 310+ MW of cells YTD, with external sales exceeding 200 MW in Q3 and an order book of ~2 GW.

Financial highlights

• Q3 FY25 Adjusted EBITDA up 11% year-over-year to INR 13.9 billion (US$162 million), with margin improved by 500 basis points to 80.3%.

• 9M FY25 Adjusted EBITDA at INR 57.1 billion (US$667 million), up 8% year-over-year; margin at 82.6%.

• Q3 FY25 revenue from contracts with customers at INR 18.5 billion, up 16% year-over-year; Q3 FY25 total income was INR 21,198 million (US$248 million).

• DSOs reduced by 22 days sequentially, now at a record low of 72 days, strengthening cash flows.

• Q3 wind PLF dropped to 13.5% from 17% year-over-year, impacting revenue by INR 1.6 billion and leading to a downward revision in FY25 EBITDA guidance.

Outlook and guidance

• FY25 Adjusted EBITDA guidance revised to INR 74–78 billion and cash flow to equity to INR 11–13 billion due to lower wind PLFs.

• MW installation guidance reaffirmed at 1.9–2.4 GW for FY25, with 600 MW subject to regulatory and transmission approvals.

• Long-term wind PLF assumptions remain based on corrected long-term forecasts, not annual fluctuations.

• FY26 capacity addition guidance to be provided with March results.

• Run-rate guidance for 17.4 GW portfolio: Adjusted EBITDA INR 127–133 billion, CFe INR 33–37 billion.