Decarbonization solutions company ReNew Energy posted a total revenue of ₹31.37 billion (~$345.79 million) in the third quarter (Q3) of the financial year (FY) 2026, a 48% year-over-year (YoY) increase from ₹21.19 billion (~$233.57 million).

The revenue growth was on account of higher accruals due to an increase in operational capacity, gain on sale of assets, higher wind plant load factor (PLF), and an increase in external sales from the solar module and cell manufacturing operations. The growth was offset by revenue loss from the sale of assets as part of the company’s capital recycling strategy and lower solar PLF.

Net loss for the quarter stood at ₹198 million (~$2.18 million), down from ₹3.88 billion (~$42.76 million) during the same period the previous year.

The decrease in loss was primarily driven by contributions from external sales of solar modules and cell manufacturing operations, a gain on sale of assets amounting to ₹4.62 billion (~$50.93 million), and lower tax incidence, partially offset by increases in finance costs and depreciation.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 54% YoY to ₹21.38 billion (~$235.67 million) from ₹13.88 billion (~$153.01 million).

Earnings per share during the quarter stood at ₹0.16 (~$0.0017), compared to ₹9.40 (~$0.11) during Q3 FY 2025.

Revenue from the sale of power rose 225% YoY to ₹18.29 billion (~$201.61 million), compared to ₹14.99 billion (~$165.24 million) the previous year.

Total revenue for Q3 FY26 from external sales of solar modules and cell manufacturing operations was ₹6.66 billion (~$73.41 million).

Chairman and Chief Executive Officer at ReNew Energy, Sumant Sinha, said, “Since December of FY 2025, our operating capacity has increased from 10.7 GW to 11.8 GW. Given that we have also sold 900 MW during this period, our portfolio actually increased by 19% or 2 GW over the last 12 months. We continue to focus on optimizing our portfolio to reduce execution risk and CAPEX, and to achieve more predictable cash flows. Hence, for our complex projects, we have decided to replace part of the wind capacity with additional battery energy storage systems (BESS) and solar capacity. We have therefore reduced the wind capacity in our committed portfolio from 2.5 GW to approximately 850 MW, effectively bringing it to 19.2 GW, inclusive of approximately 1.5 GW of batteries.”

First Nine Months (9M)

Total revenue for the first nine months (9M) of FY 2026 was ₹111.08 billion (~$1.22 billion), up 46.3% compared to ₹75.91 billion (~$836.76 million) during the same period the previous year.

The company reported a profit of ₹9.61 billion (~$105.93 million), up 560.8% YoY from ₹1.45 billion (~$15.91 million).

EBITDA for the period stood at ₹74.84 billion (~$824.96 million), an increase of 31.1% from ₹57.07 billion (~$629.09 million) during the same period last year.

Earnings per share stood at ₹25.34 (~$0.28), up 842% from ₹2.69 (~$0.029) the previous year.

Revenue from power sales rose 8.5% YoY to ₹69.84 billion (~$769.85 million), up from ₹64.38 billion (~$709.67 million).

Total revenue from solar module and cell manufacturing during the period stood at ₹30.01 billion (~$330.81 million), an increase of 767.3% YoY from ₹3.46 billion (~$38.14 million).

Operational Highlights

In Q3 FY26, ReNew commissioned 288 MW of total renewable capacity, which included 238 MW of wind and 50 MW of solar capacity.

In 9M FY 2026, it commissioned 1.3 GW capacity, of which 578 MW was wind and 751 MW was solar.

As of December 31, 2025, the company’s total renewable portfolio consisted of nearly 19.2 GW (including 1.5 GW of BESS) and commissioned capacity was nearly 11.4 GW (consisting of 100 MW of BESS), which consisted of 5.5 GW of wind, 5.8 GW of solar, and 99 MW of hydro.

The company said that its module facilities are producing over 12 MW/day and have produced 3 GW this year-to-date, while its cell facility is producing over 5.5 MW/day and has produced 1.4 GW this year-to-date. So far this year, the company has sold 2.6 GW of modules.

The company has an external order book of 900 MW for modules and cells. Its under-construction 4 GW cell facility is progressing well and is expected to deliver its first cells next fiscal year.

ReNew continued its capital recycling engine, selling another 300 MW of solar assets this quarter. The manufacturing business contributed ₹10.8 billion (~$119.05 million) to its adjusted EBITDA for the first nine months.

It has developed strong partnerships with global tech giants such as Amazon, Microsoft, and Google. Overall, 50% of its portfolio is with these tech giants.

ReNew recently issued a $600 million bond at a coupon of 6.5%, replacing an earlier bond at 7.95%. This issuance attracted strong investor interest of more than $2 billion and has enabled the company to save $9 million in annual interest costs, in addition to withholding tax savings.

ReNew posted a total revenue of ₹38.55 billion (~$434 million) in Q2 FY 2026, a 32% YoY increase from ₹29.88 billion (~$337 million).