Renew Energy Global Stock Earnings Reports

ReNew reiterated a disciplined growth-and-execution story while reaffirming FY25 guidance. Key operational highlights: the company won >8 GW in auctions last year, has converted ~2.2 GW into PPAs (with the majority of unsigned PPAs expected to be signed in FY25), and has a committed portfolio of ~15.6 GW with clear execution timelines. Year-to-date ReNew has commissioned ~500 MW and reiterates FY25 execution guidance of 1.9–2.4 GW, with >600 MW in advanced stages. Financially, operating-asset leverage sits at ~5.7x trailing 12 months (below the 6x internal threshold) and management plans opportunistic asset recycling to access low‑cost capital. Weather reduced Q1 revenues by ~INR 1.3 billion and tempered adjusted EBITDA growth, but July weather recovery and on‑going collections supported reaffirmation of annual EBITDA and MW targets. Manufacturing is a strategic advantage: module supply is now met from in‑house plants (Jaipur >2 GW this year; Gujarat ramping later in the year), with ~600 MW of external module contracts for FY25 and cells trial production expected in the coming months with stabilization by year‑end. Management has adopted more conservative wind PLF forecasting (giving greater weight to recent years), reports no systemic turbine issues, and states grid connectivity for its large pipeline is largely secured. ESG momentum continues (inaugural integrated report, Scope 1 & 2 carbon neutrality, avoided 16 Mt GHG), and safety remains a priority.