Decarbonization solutions company ReNew’s revenue for the fourth quarter (Q4) of financial year (FY) 2025-26 rose 9.5% to ₹31.79 billion (~$330.44 million) from ₹29.05 billion (~$301.89 million).

The growth was driven by higher revenue from increased operational capacity, a fair value gain from converting a jointly controlled entity into a subsidiary, higher late payment surcharge income, higher wind plant load factor, and higher external sales from solar module and cell manufacturing operations.

The growth was partially offset by the absence of gains on the sale of assets recognized in Q4 FY 2025 and by a lower solar plant load factor.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter rose 7% to ₹23.66 billion (~$245.95 million) from ₹22.12 billion (~$229.89 million).

The company reported a net profit of ₹777 million (~$8.08 million) in the quarter, down 75.2% from ₹3.14 billion (~$32.61 million) in the same quarter last year.

The company attributed the decline to the absence of gain on sale of assets recognized in Q4 FY 2025 and higher scale-linked finance costs and depreciation. This was partially offset by contributions from external sales of solar modules and cells and a fair value gain on the conversion of a jointly controlled entity into a subsidiary.

Diluted earnings per share stood at ₹1.59 (~$0.017), compared to ₹8.11 (~$0.084) in Q4 FY 2025.

FY 2026

Revenue for FY 2026 rose 36.2% to ₹132.20 billion (~$1.37 billion) from ₹97.06 billion (~$1.01 billion) in the previous year.

Adjusted EBITDA increased 24.4% to ₹98.50 billion (~$1.02 billion) from ₹79.19 billion (~$823.07 million).

Net profit was ₹10.39 billion (~$107.94 million), up 126.2% from ₹4.59 billion (~$47.72 million) last year.

The increase was primarily driven by higher operating revenue, external sales from its solar module and cell manufacturing operations, a fair value gain on the conversion of a jointly controlled entity into a subsidiary, and lower tax incidence. This was partially offset by higher finance costs and depreciation related to projects commissioned from the fourth quarter of FY 2025.

Diluted earnings per share stood at ₹27.24 (~$0.28), compared to ₹10.81 (~$0.11) last year.

Operational Highlights

In Q4, ReNew commissioned 1.04 GW of capacity, including 965 MW of solar and 70 MW of wind projects. It commissioned nearly 2.4 GW, including 1.7 GW of solar, 0.6 GW of wind, and 25 MW/100 MWh of battery energy storage systems.

As of March 31, 2026, the company’s total portfolio stood at nearly 20 GW, including 1.7 GW/6.2 GWh of battery energy storage systems. Commissioned capacity stood at nearly 12.6 GW, including 100 MW/250 MWh of storage. After the end of the quarter, ReNew commissioned another 247 MW, taking its total commissioned capacity to nearly 12.8 GW.

The commissioned portfolio as of March 31 included 5.6 GW of wind, 6.8 GW of solar, and 99 MW of hydro capacity. Commissioned capacity increased 16.6% year-over-year (YoY), net of 600 MW of assets sold during FY 2026 as part of its capital recycling strategy.

Total electricity sold during the year rose 11.3% to 24.01 billion kWh. Wind electricity sold increased 17.9% to 12.09 billion kWh, while solar electricity sold rose 6.2% to 11.55 billion kWh. Hydro electricity sold declined 17% to 361 million kWh.

In Q4, total electricity sold increased 3.7% YoY to 5.19 billion kWh. Wind electricity sold rose 19.8% to 2.19 billion kWh, while solar electricity sold declined 5.1% to 2.98 billion kWh.

The weighted average plant load factor for wind assets was 18.3% during the quarter  compared to 17.4% in the same period last year. The solar plant load factor was 22.7%, down from 24.8% yoY.

Wind plant load factor improved to 26.3%, while solar plant load factor declined to 21.9% from 23.6%.

Manufacturing and C&I Business

ReNew said its module and cell facilities were producing over 12 MW of modules and 5.5 MW of cells per day. The cells had an efficiency of about 23.5%.

Civil and pre-engineered building works at its 4 GW TOPCon cell facility were largely complete, with first-cell production expected in the second half of calendar year 2026.

ReNew reported an external manufacturing order book of about 1.1 GW. It had 6.4 GW of module manufacturing capacity and 2.5 GW of operational cell manufacturing capacity. The company is expanding its cell manufacturing capacity by another 4 GW, with operations expected to begin by December 2026.

The company also announced a 6.5 GW ingot-wafer manufacturing facility in Andhra Pradesh, with an indicative capital expenditure of ₹42 billion (~$436.55 million), excluding capital expenditure for a potential captive power project.

ReNew’s commercial and industrial portfolio stood at 2.7 GW, including 2.2 GW of commissioned capacity across five states. Amazon, Microsoft, and Google collectively accounted for about 50% of contracted offtake in the C&I business.

Outlook

For FY 2027, ReNew expects to complete construction of 1.6 GW to 2.4 GW of capacity.

The company has guided for adjusted EBITDA of ₹103 billion (~$1.07 billion) to ₹109 billion (~$1.13 billion) and cash flow to equity of ₹18 billion (~$187.09 million) to ₹22 billion (~$228.67 million). The guidance includes adjusted EBITDA of ₹10 billion (~$103.94 million) to ₹12 billion (~$124.73 million) from module and cell manufacturing operations, and ₹1 billion (~$10.39 million) to ₹2 billion (~$20.79 million) from asset sale gains.