ReNew Energy Global Plc

For Q1 FY27, total income was INR 47.9 billion, revenue was INR 44.6 billion, adjusted EBITDA was INR 30.4 billion, profit before tax was about INR 8.3 billion, and profit after tax was INR 6 billion. Revenue increased 14% YoY, adjusted EBITDA increased 12% YoY, and PAT increased 16% YoY. Within EBITDA, the IPP business contributed INR 24.7 billion and external manufacturing sales contributed INR 5.7 billion; consolidated adjusted EBITDA margin was 66.1%. The company ended June 30, 2026 with cash and cash equivalents of INR 89 billion, gross debt of INR 786 billion, net debt of INR 671 billion, and operating-project net debt to trailing 12-month adjusted EBITDA of 5.7x. FY27 guidance was reiterated for consolidated adjusted EBITDA of INR 103 billion to INR 109 billion, including INR 10 billion to INR 12 billion from manufacturing and INR 1 billion to INR 2 billion from asset sales; management also kept its FY27 build guidance at 1.6 GW to 2.4 GW and CFE guidance at INR 18 billion to INR 22 billion. For the fully constructed RE portfolio of around 20.5 GW, management guided to run-rate adjusted EBITDA of INR 134 billion to INR 140 billion and run-rate CFE of INR 32 billion to INR 36 billion, assuming normal weather and excluding manufacturing.

Sumant Sinha framed the quarter as continued delivery on “profitable growth” despite macro uncertainty and grid-related issues in India. He emphasized disciplined capital allocation, with capital directed only to the highest-return opportunities, and highlighted scale execution through more than 1 GW commissioned year-to-date and a 20.5 GW committed portfolio. He also pointed to the company’s asset quality and recycling ability, saying recent sales show the business can attract buyers at attractive valuations.

Kailash Vaswani highlighted the take-private process and said the scheme is expected to become effective in Q1 2027, subject to regulatory steps and shareholder approval. Financially, he pointed to revenue of INR 44.6 billion, adjusted EBITDA of INR 30.4 billion, and cash and investments of INR 89 billion, while noting net debt of INR 671 billion and leverage of 5.7x for operational projects. He also said manufacturing margins have come down from 40% last year to 34% this quarter, and that full-year manufacturing guidance was left unchanged in part because of uncertainty from additional supply and the ALMM sales extension.

Analysts focused on the take-private timeline, curtailment impacts on solar PLF, manufacturing guidance, BESS strategy, and asset sales. Management said the scheme could become effective in Q1 2027, while on curtailment it said some issues may be compensated under transmission-related rules, but any broader compensation from grid-related curtailment is still under discussion with the Ministry of Power and unresolved. On BESS, management said only a couple of hundred MWh are currently commissioned, does not want to commit to long-duration merchant exposure, and instead plans to use merchant operation for 1 to 2 years before folding projects into PPAs where possible.