Decarbonization solutions company ReNew posted a total revenue of ₹38.55 billion (~$434 million) in the second quarter (Q2) of the financial year (FY) 2026, a 32% year-over-year (YoY) increase from ₹29.88 billion (~$337 million).

Net profit declined marginally to ₹4.68 billion (~$53 million) from ₹4.94 billion (~$56 million) due to muted solar plant load factors and lower power demand resulting from an extended monsoon.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter increased to ₹26.24 billion (~$296 million) from ₹24.21 billion (~$273 million) in the same quarter last year.

Revenue from power sales remained largely stable at ₹26.08 billion (~$294 million), compared to ₹26.01 billion (~$293 million) in the prior-year quarter.

Sumant Sinha, Chairman and CEO at ReNew, said, “While we continue to see global macroeconomic and trade-related volatility, the situation in India remains relatively benign. Inflation is low, and expectations of rate cuts by the Reserve Bank of India are high. The reduction of goods and services tax (GST) from 12% to 5% on renewable energy items will further enhance affordability.”

1H Performance

For the six-month period ended September 30, 2025, ReNew reported total income of ₹79.71 billion (~$898 million), a 48% YoY increase from ₹54.71 billion (~$616 million).

Net profit rose sharply by 84% YoY to ₹9.81 billion (~$110 million), compared to ₹5.33 billion (~$60 million) in the same period last year. EBITDA stood at ₹53.46 billion (~$602 million), up from ₹43.19 billion (~$486 million) in 1H FY25.

Revenue from the sale of power was ₹51.55 billion (~$581 million), up from ₹48.34 billion (~$545 million) a year earlier. Operational cash flow rose 31% YoY to ₹39.4 billion (~$444 million), while cash profit increased 26% YoY to ₹24.5 billion (~$276 million), supported by stable operations and improved receivables management.

ReNew’s manufacturing business produced around 2 GW of solar modules and over 900 MW of cells, generating ₹23.35 billion (~$263 million) in external sales. The segment reported a net profit of ₹5.76 billion (~$65 million) and an EBITDA of ₹8.62 billion (~$97 million), contributing significantly to the overall profitability.

Business Highlights

As of September 30, 2025, ReNew’s total portfolio stood at approximately 18.5 GW, up from 15.6 GW in the previous year. This includes 1.1 GWh of battery energy storage systems (BESS).

The company’s commissioned capacity grew by 12.8% YoY to around 11.4 GW which includes 6.1 GW of solar and 5.4 GW of wind. The company has also commissioned over 150 MWh BESS. In October 2025, ReNew commissioned an additional 212 MW, taking its total commissioned capacity to 11.6 GW.

During the quarter, ReNew’s solar and wind segments made notable progress. Around 750 MW of solar capacity and 500 MW of wind capacity were commissioned in FY26, including 300 MW from SECI projects, 200 MW from corporate and industrial projects, and 250 MW from round-the-clock projects.

The company’s portfolio mix now includes 10.5 GW of solar, 7.9 GW of wind, 0.1 GW of hydro, and 150 MWh of battery storage, spread across multiple states, including Rajasthan (46%), Karnataka (14%), Maharashtra (11%), and Gujarat (9%).

“We continue to work closely with DISCOMs through REIAs and other agencies to convert our awarded capacities into signed PPAs. A lot of these projects are structured products that require due diligence, so conversions will happen gradually over the next few quarters,” Sinha said.

He stated that the company is in the advanced stages of land acquisition and equipment orders for solar cell capacity expansion, with full commissioning expected by the end of fiscal 2027.

ReNew is evaluating the merits of expanding ingot-wafer manufacturing capacity in the wake of recent government notifications.

Sinha confirmed that the generation in some Rajasthan projects experienced curtailment, resulting in approximately ₹1 billion (~$11.28 million) in lost revenue for the first half. “This is linked to projects where substations are ready, but back-end lines are not, which should be resolved in the coming months.”

Regarding the status of the offer to take the company private, CFO Kailash Vaswani stated that a final, binding offer from the consortium is expected in November. “The process will involve documentation, transaction agreements, and regulatory filings. The consortium has indicated a timeline of 7 to 8 months for completion.”

Outlook

ReNew reaffirmed its FY26 guidance, targeting the completion of 1.6–2.4 GW of new capacity additions by March 2026.

The company expects its EBITDA for FY26 to range between ₹87 billion (~$981 million) and ₹93 billion (~$1.05 billion), including ₹10 billion (~$113 million) to ₹12 billion (~$135 million) from manufacturing and ₹1 billion (~$11 million) to ₹2 billion (~$23 million) from asset sales as part of its capital recycling strategy.

“The construction of our new 4-gigawatt TOPCon cell facility is on track. Land acquisition, engineering, and machinery orders have been completed, and civil works are well underway. We expect pre-commissioning to begin by this time next year, with full commissioning expected by the end of fiscal 2027,” Sinha said.

ReNew reported a 1,202% year-over-year increase in net profit to ₹5.13 billion ($59 million) in the first quarter of the financial year 2026, from ₹394 million ($5 million).

The company posted a 415% year-over-year increase in net profit to ₹3.14 billion (~$36.48 million) in Q4 FY 2025 from ₹609 million (~$7.07 million).