ReNew Energy Global Earnings Call Transcripts
Fiscal Year 2027
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Operating portfolio grew 26% year-over-year, with strong EBITDA and profit growth despite grid challenges. Asset sales and disciplined capital allocation support leverage reduction, while manufacturing and C&I segments delivered robust results. Guidance for FY 2027 remains unchanged.
Fiscal Year 2026
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Record FY 2026 results with 25% portfolio growth, highest-ever profit, and strong cash flow. Manufacturing and C&I segments expanded, leverage reduced, and robust guidance set for FY 2027. Grid and regulatory risks remain, but sector outlook is positive.
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Operating capacity grew 19% year-over-year, with a strategic shift to solar and BESS improving execution and returns. Adjusted EBITDA rose 31% to INR 74.8 billion, and leverage declined, with further reductions targeted. ESG ratings remain top-tier globally.
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Commissioned 2.1 GW of new capacity and delivered 24% year-over-year adjusted EBITDA growth, with manufacturing contributing strongly. Guidance for FY 2026 remains robust, and leverage continues to improve, while policy and market conditions support further expansion.
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Q1 FY26 saw 43% year-over-year adjusted EBITDA growth to INR 27.2 billion and a 13x increase in profit after tax, driven by strong manufacturing and renewable capacity additions. Guidance for FY26 remains robust, with disciplined project selection and a focus on high-return opportunities.
Fiscal Year 2025
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Masdar's withdrawal from the consortium has ended the proposed transaction, but business operations, funding, and growth plans remain unaffected. The board is evaluating strategic alternatives and reaffirms its commitment to long-term shareholder value.
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Operating capacity grew 17% year-over-year to 11.2 GW, with strong EBITDA and profit growth despite weaker wind resources. FY26 guidance targets INR 87–93 billion adjusted EBITDA and 1.6–2.4 GW new projects, supported by robust capital recycling and manufacturing expansion.
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Operational portfolio grew 26% year-over-year to 10.8 GW, with strong cost optimization driving margin expansion despite lower wind PLFs. FY25 EBITDA guidance was revised down due to weather, but MW installation targets remain on track.
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Adjusted EBITDA grew 14% and profit after tax rose 31% year-over-year, with 860MW commissioned and a contracted portfolio expanding to 16.3GW. Solar manufacturing is fully operational, and cost optimization plus refinancing drove financial improvements.
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Operating capacity grew 24% year-over-year, with nearly 500MW commissioned and strong progress on PPA signings. Adjusted EBITDA growth was modest due to weather and lower PLFs, but guidance for FY2025 and long-term targets were reaffirmed. ESG leadership and capital discipline remain key priorities.
Fiscal Year 2024
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Reported first profitable year with net income of INR 4.1 billion and strong EBITDA growth. Contracted portfolio expanded to 15.6 GW, with a robust pipeline and asset recycling funding future growth. Guidance targets 16%–18% annual EBITDA growth and 21.4 GW capacity by FY 2029.