ReNew Energy Global (RNW) Q4 2026 earnings summary

Executive summary

• Achieved record profitability in FY26 with adjusted EBITDA of INR 98.5 billion and profit after tax of INR 10.4 billion, up 2.3x year-over-year, driven by a 25% portfolio growth to 12.8 GW and strong execution.

• Commissioned 2.4 GW in FY26, with a total committed portfolio of 20.2 GW, including 1.7 GW of battery storage, and a pipeline exceeding 26 GW.

• Significant capital recycling and fundraising: $375 million raised, including $100 million equity in solar manufacturing and $95 million in C&I business.

• Manufacturing business expanded, contributing INR 14.8 billion to EBITDA, with 4 GW cell expansion underway and a 6.5 GW wafer facility announced.

• Received favorable Supreme Court order on overdue Andhra Pradesh receivables, improving working capital.

Financial highlights

• Adjusted EBITDA reached INR 98.5 billion for FY26, a 24% increase year-over-year; profit after tax rose to INR 10.4 billion, up 2.3x year-over-year.

• Cash flow to equity grew 45% to INR 21.6 billion in FY26.

• Total income increased by 40%, driven by higher operating capacity and manufacturing scale.

• Q4 FY26 adjusted EBITDA was INR 23.7 billion, up from INR 22.1 billion in Q4 FY25.

• Cash from operations was INR 94.0 billion, up 23% year-over-year; cash profit INR 35.5 billion, up 16% year-over-year.

Outlook and guidance

• FY27 adjusted EBITDA expected in the range of INR 103–109 billion, with INR 10–12 billion from manufacturing and INR 1–2 billion from asset sale gains.

• Planned construction of 1.6–2.4 GW capacity in FY27; expected cash flow to equity of INR 18–22 billion.

• Run-rate adjusted EBITDA for 20.2 GW portfolio projected at INR 133–138 billion; run-rate CFe at INR 32–36 billion.