ReNew Energy Global (RNW) Q4 2025 earnings summary

Executive summary

• Committed portfolio reached 18.5 GW, including 1.1 GW BESS, with operating capacity at 11.2 GW and 1.95 GW commissioned in FY25; pipeline exceeds 25 GW and 3 GWh of batteries.

• Manufacturing capacity expanded to 6.4–6.5 GW modules and 2.5 GW cells, with a new 4 GW cell facility under construction; external sales contributed significantly to revenue and profit.

• Raised over $900 million through capital recycling, including $260 million in the last six months and a $100 million investment in manufacturing.

• Adjusted EBITDA grew 14% year-over-year to INR 79.2 billion in FY25; PAT up 11% to INR 4.6 billion.

• Maintained pan-India presence, diversified market segments, and a fully integrated business model.

Financial highlights

• Q4 FY25 Adjusted EBITDA was INR 22.1 billion, up 32% year-over-year; FY25 Adjusted EBITDA reached INR 79.2 billion, up 14% year-over-year.

• FY25 profit before tax was INR 10 billion, up 23% year-over-year; FY25 profit after tax was INR 4.6 billion.

• Q4 FY25 net profit was INR 3.1 billion, a 4x increase year-over-year.

• FY25 total income was INR 109,070 million ($1,277M), up ~13% year-over-year.

• FY25 CFe was INR 14.9 billion, up 9% year-over-year.

Outlook and guidance

• FY26 Adjusted EBITDA guidance: INR 87–93 billion, including INR 1–2 billion from asset sales and INR 5–7 billion from manufacturing.

• Expected project construction of 1.6–2.4 GW in FY26, excluding already commissioned capacity.

• Anticipated cash flow to equity holders of INR 14–17 billion in FY26.

• Run-rate CFe guidance: INR 35–39 billion.

• PLF assumptions for FY26 are similar to FY25 at the lower end of guidance.