Decarbonization solutions company ReNew has reported a 415% year-over-year (YoY) increase in net profit to ₹3.14 billion (~$36.48 million) in the fourth quarter (Q4) of the financial year (FY) 2024-25, from ₹609 million (~$7.07 million).

The company attributed the increase in net profit to higher operating revenues, external sales of its solar modules and cells, and a lower tax incidence.

However, the rise was partially offset by higher scale-linked financing costs and depreciation, including costs associated with external sales from module and cell manufacturing operations, as well as lower resource availability.

The company said that the financial performance was driven by its independent power producer (IPP) business and its module manufacturing business. It said it saw a higher EBITDA margin from its IPP business.

ReNew’s total revenue rose  38.8% to ₹34.39 billion (~$399.63 million) in Q4 FY25 from ₹24.78 billion (~$287.96 million) in the corresponding quarter of the previous year.

The company earned revenue from external sales from its modules and cell manufacturing operations, amounting to ₹9.91 billion (~$115.16 million) in Q4 FY25.

Proceeds from the sale of power increased to ₹18.29 billion (~$212.54 million) from ₹16.91 billion (~$196.5 million) in the same  quarter of FY 2024.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in ₹22.12 billion (~$257.04 million), a 31.57% YoY increase from ₹16.81 billion (~$195.34 million).

The company’s earnings per share (EPS) in Q4 FY25 were ₹8.11 (~$0.094) compared to an EPS of ₹1.26 (~$0.01) in Q4 FY24.

Total electricity sold in Q4  was 5 billion kWh, a YoY increase of 18.3%.

Electricity sold from wind assets remained at 1.83 billion kWh, while sale of solar power was 3.13 billion kWh, up 33.5% YoY..

Full Year 2024-25

ReNew’s revenue for FY 2025 was ₹109.07 billion (~$1.26 billion), a 12.98% YoY increase from ₹96.53 billion (~$1.12 billion).

Its revenue from external sales of modules and cells amounted to ₹13.37 billion (~$155.36 million).

Net profit jumped to ₹4.59 billion (~$53.33 million), an increase of 10.7% YoY from ₹4.15 billion (~$48.22 million).

Proceeds from the sale of power increased to ₹81.49 billion (~$946.97 million) from ₹76.62 billion (~$890.37 million) in the corresponding quarter of the previous year.

Adjusted EBITDA came in at ₹79.19 billion (~$920.24 million), a 14.4% YoY increase from ₹69.22 billion (~$804.38 million).

The company’s EPS was ₹10.81 (~$0.12) compared to ₹9.92 (~$0.11) in FY24.

ReNew has a portfolio of ~17.3 GW, compared to ~13.5 GW in FY24. It signed power purchase agreements (PPAs) for 1.2 GW, bringing the portfolio to ~18.5 GW after the end of FY25. Battery energy storage system (BESS) capacity grew by 1.1 GWh.

The company has an operational capacity of 11.2 GW of renewable energy power projects. It added 1.95 GW of operational capacity of renewables since FY24, which includes 150 MWh of BESS projects.

ReNew has solar module manufacturing capacity of 6.5 GW and cell manufacturing capacity of 2.5 GW.

Commissioned project capacity increased 12.4% YoY to ~10.7 GW as of Q4 FY25. After the fiscal year-end, the company commissioned 466 MW of projects. It includes 436 MW of solar and 30 MW of wind power projects, taking the total commissioned capacity to ~11.2 GW.

ReNew expects to complete construction of 1.6 to 2.4 GW power projects by the end of fiscal year 2026 and achieve an EBITDA of ₹87 billion (~$1.01 billion) to ₹93 billion (~$1.08 billion).

The company sold a total of 21.57 billion kWh of electricity in FY25, a 13.1% increase over the previous fiscal year. Electricity sold from wind assets was 10.26 billion kWh, a YoY rise of 3.5%. Electricity sold from solar assets was 10.88 billion kWh, up 24.1% YoY.

In May 2025, the company signed an agreement to sell a 10% stake in its manufacturing business to British International Investment for ₹8.7 billion (~$101.1 million). The proceeds will be used to construct a new 4 GW TOPCcon cell facility in Dholera, Gujarat.

In December 2024, the company signed an agreement to sell a 300 MW operating solar asset to Anzen India Energy Yield Plus Trust. ReNew received ~$56 million as proceeds from the sale.

It also raised approximately $900 million through capital recycling efforts over the years and over $260 million through monetizing internally generated assets in the last six months. The $260 million funding will also include fund fundraising for the manufacturing business.

Talking about interest rate cuts in India, Chief Financial Officer of ReNew Kailash Vaswani said in an earnings call, “We are now in an environment of rate cuts in India. The Reserve Bank of India, India’s central bank, has cut the repo rate by 100 basis points over the last six months or so. Inflation has also fallen to a 75-month low in May 2025, signaling there may be room for further rate cuts.”

He added that while it has seen some benefits from the rate cuts in its greenfield financing, it should also see further benefits on existing floating-rate debt going forward.

ReNew raised around $2 billion at competitive rates and refinanced better rates for $600 million of debt, saving around 40 to 70 basis points on the interest cost on some of that debt.

Regarding refinancing bonds due in July 2026, the company said that it would consider refinancing based on when the U.S. dollar bond markets look attractive. The company might also consider refinancing partially in India if it can secure financing at a lower rate in the country

ReNew has a solar module order book for 1.4 GW, including 1.1 GW of domestic content requirement (DCR) orders and 300 MW of non-DCR orders.

It has a renewable energy order pipeline comprising more than 25 GW of projects, including over 2.8 GW of BESS projects.

The company has decided to expand the cell capacity by 4 GW. It believes that the requirement for domestic cells and modules will also help with third-party sales from their manufacturing business.

ReNew noted that with the decline in battery prices, it is seeing a greater percentage of BESS and a lower percentage of wind in the configuration of projects. Plain vanilla projects accounted for only around 25%.