ReNew Energy Global (RNW) Q3 2026 earnings summary

Executive summary

• Operating portfolio reached 11.8 GW, with 1.6 GW commissioned YTD FY26 and a committed portfolio of 19.2 GW including 1.5 GW BESS; manufacturing produced 3 GW modules and 1.4 GW cells in 9M FY26, with 4 GW solar cell facility under construction.

• Strategic pivot to solar and BESS, reducing wind exposure for better execution and cash flow predictability.

• Manufacturing business contributed INR 10.8 billion to adjusted EBITDA in nine months, with external sales revenue of INR 30,014 million and net profit of INR 6,847 million.

• Achieved top ESG ratings, including a score of 90.41% from LSEG, 'A' from CDP, and water positive certification for two sites.

• Leverage continues to decline, with a focus on further reduction and balance sheet strength.

Financial highlights

• Adjusted EBITDA for 9M FY26 was INR 74.8 billion, up 31% YoY; PAT at INR 9.6 billion, up 6.6x YoY.

• Revenue for 9M FY26 up 48% YoY, driven by increased capacity and manufacturing; Q3 FY26 revenue up 36% YoY.

• $600 million bond issued at 6.5% coupon, replacing a 7.95% bond, saving $9 million annually in interest; first GIFT City Green Bond in sector.

• Asset sales of 600 MW raised $275 million, including $100 million from BII for manufacturing expansion; total asset recycling raised $350 million in last 12 months.

• Cash from operations in 9M FY26 was INR 63.3 billion, up 30% YoY; cash profit at INR 29.8 billion, up 35% YoY.

Outlook and guidance

• FY26 Adjusted EBITDA guidance raised to INR 90–93 billion, including INR 11–13 billion from manufacturing.

• Construction of 1.8–2.4 GW targeted by end of FY26.

• Cash flow to equity projected at INR 14–17 billion.

• Guidance subject to weather, resource availability, and continued asset sales as part of capital recycling.

• Plan to sell 300–500 MWs annually to accelerate capital recycling.