Independent power producer ReNew Energy Global has a reported revenue of ₹47.86 billion (~$506 million) for the first quarter (Q1) of the financial year (FY) 2027, a 16.2% year-over-year (YoY) increase from ₹41.18 billion (~$435 million).

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹30.39 billion (~$321 million), up 11.7% YoY from ₹27.22 billion (~$288 million).

Net profit rose 16% YoY to ₹5.95 billion (~$63 million) from ₹5.13billion (~$54 million) in Q1 FY 2026.

The company’s performance was supported by growth in its operating renewable energy portfolio and a strong contribution from its solar manufacturing business.

ReNew’s revenue for Q4 FY 2026 had risen 9.5% to ₹31.79 billion (~$330.44 million) from ₹29.05 billion (~$301.89 million).

Business Updates

As of June 30, 2026, ReNew’s clean energy portfolio stood at approximately 20.5 GW, including 1.7 GW/6.2 GWh of battery energy storage systems.

The company’s commissioned clean energy capacity increased 17% YoY to approximately 13.1 GW, including 100 MW/250 MWh of energy storage.

After the quarter, ReNew commissioned another 466 MW of solar capacity, taking its commissioned capacity to approximately 13.5 GW, net of a 100 MW project sold under its capital recycling strategy.

ReNew’s commercial and industrial (C&I) renewable energy portfolio increased to 2.9 GW, including 2.6 GW of commissioned capacity across five states. The company has commissioned 330 MW in the C&I segment so far in FY 2027.

ReNew closed the sale of a 100 MW solar project in Tamil Nadu in June 2026. In July, ReNew and Japan’s Mitsui inked a $730 million (~₹69.53 billion) multi-currency refinancing for its 320 MW round-the-clock renewable energy project in the state.

In August, the company signed definitive agreements to sell more than 1 GW of assets, which are expected to generate approximately $190 million in cash flow to equity upon closing.

Sumant Sinha, Founder and CEO, said data centers are expected to provide additional growth opportunities for the company’s C&I business.

Revenue from power sales increased 5% YoY to ₹26.75 billion (~$283 million) from ₹25.47 billion (~$269 million) in the corresponding quarter last year.

Revenue from external sales of solar modules and cells rose 26.9% YoY to ₹16.78 billion (~$177 million) from ₹13.22 billion (~$140 million). Net profit from the manufacturing business increased 9.9% YoY to ₹3.91 billion (~$41 million) from ₹3.56 billion (~$38 million).

Adjusted EBITDA from solar module and cell sales to third-party customers increased 6.8% YoY to ₹5.65 billion (~$60 million) from ₹5.29 billion (~$56 million).

ReNew also faced grid-related curtailment at some projects, particularly in Rajasthan, due to delays in transmission infrastructure. Kailash Vaswani, Chief Financial Officer, said approximately half of the YoY decline in the company’s solar plant load factor during the quarter was attributable to grid curtailment. Weaker weather conditions and increased cloud cover accounted for the remainder.

Sinha said ReNew is in discussions with the Ministry of Power over possible compensation for curtailment linked to temporary General Network Access. He said the curtailment was not caused by the project developer, although the company does not expect full compensation.

Vaswani said the proposed scheme of arrangement for the company’s take-private transaction with CPP Investments and Sumant Sinha is expected to become effective in the first quarter of 2027. Under the transaction, the consortium plans to acquire ReNew shares it does not already own, after which the company would cease to be publicly traded.

Outlook

Vaswani said the company is maintaining its FY 2027 manufacturing EBITDA guidance despite the strong first-quarter contribution because manufacturing margins have started moderating and additional production capacity is entering the market. He said ReNew could revisit the guidance after the second quarter if the strong performance continues.

ReNew expects an additional 4 GW of solar cell manufacturing capacity to become operational by December 2026. The company secured ₹8.7 billion (~$100 million) from British International Investment to support the expansion.

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

On battery storage, Sinha said ReNew does not currently plan to develop long-term merchant energy storage projects because of uncertainty over electricity-market conditions and returns over periods of five to seven years.

However, the company may operate some battery projects on a merchant basis for one to two years before integrating them into contracted projects, supported by expected near-term arbitrage opportunities between daytime and evening electricity prices.

The company expects adjusted EBITDA of ₹103 billion (~$1.09 billion) to ₹109 billion (~$1.15 billion) and cash flow to equity of ₹18 billion (~$190 million) to ₹22 billion (~$232 million) in FY 2027.

ReNew expects external solar module and cell sales to contribute ₹10 billion (~$106 million) to ₹12 billion (~$127 million) to adjusted EBITDA.

The company expects adjusted EBITDA of ₹1 billion (~$11 million) to ₹2 billion (~$21 million) from gains on asset sales under its capital recycling strategy.