ReNew Energy Global (RNW) Q3 2026 earnings summary

Executive summary

• Operating capacity increased to 11.8 GW, up 19% year-over-year, with a total portfolio of 19.2 GW including 1.5 GW BESS; 1.6 GW commissioned YTD FY26.

• Strategic shift to solar and BESS, reducing wind exposure for improved economics, lower execution risk, and more predictable returns.

• Manufacturing business produced 3 GW modules and 1.4 GW cells YTD, contributing INR 10.8 billion to adjusted EBITDA in nine months; external order book at 900 MW.

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

• US$600 million raised via India's first GIFT City Green Bond; asset sales of 600 MW raised $275 million, including $100 million from BII for manufacturing expansion.

Financial highlights

• Adjusted EBITDA for nine months ended December 31, 2026, rose 31% to INR 74.8 billion; PAT increased over sixfold year-over-year.

• Revenue for nine months up 48% year-over-year, driven by increased capacity and manufacturing contributions.

• Q3 FY26 Adjusted EBITDA at INR 21.4 billion (US$238 million); Q3 total income was INR 31,372 million ($349 million).

• Cash from operations in nine months was INR 63.3 billion, up 30% year-over-year; cash profit at INR 29.8 billion, up 35% year-over-year.

• $600 million bond issued at 6.5% coupon, replacing a 7.95% bond, saving $9 million annually in interest.

Outlook and guidance

• FY26 Adjusted EBITDA guidance raised to INR 90–93 billion, with manufacturing expected to contribute INR 11–13 billion.

• Project construction guidance increased to 1.8–2.4 GW for FY26.

• Cash flow to equity projected at INR 14–17 billion for FY26.

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

• Guidance subject to weather, resource availability, and continued asset sales.