Renew Energy Global Stock Earnings Reports

ReNew reported strong Q1 FY'26 results with adjusted EBITDA of INR 27.2 billion (up 43% YoY) and profit after tax of INR 5.1 billion. The company commissioned ~2.2 GW of capacity since last July (23% portfolio growth after asset sales) and reiterated FY'26 construction guidance of 1.6–2.4 GW. The manufacturing business is fully ramped (900 MW modules and 400 MW cells produced in the quarter), contributed INR 5.3 billion to adjusted EBITDA, and management raised FY'26 manufacturing EBITDA guidance to INR 8–10 billion. ReNew has signed PPAs for 3.7 GW and maintains an 18.2 GW committed portfolio with a pipeline of unsigned PPAs expected to be finalized. Leverage at the operating-asset level improved (trailing-12-month operating leverage ~5.7x EBITDA), and management reiterated consolidated adjusted EBITDA guidance of INR 87–93 billion (expecting to be at the higher end if weather and asset sales cooperate) and cash flow to equity guidance of INR 14–17 billion. Other notable items: British International Investment committed >US$100 million for ~10% of the solar manufacturing business (closing expected by end of Q2 FY'26), continued ESG progress (Scope 1 & 2 emissions down 18.2% vs FY'22 baseline, carbon neutrality for Scope 1 & 2 maintained), and the company remains disciplined in bidding—preferring projects with lower risk and higher returns. Management also noted an outstanding nonbinding acquisition offer (final revised offer at US$8 received July 3) with a special-committee update to shareholders by September 30, 2025.