Independent power producer ReNew Energy Global reported total income of ₹49.62 billion (~$518 million) for the second quarter (Q2) of the financial year (FY) 2027, a 28.7% year-over-year (YoY) increase from ₹38.56 billion (~$402 million).

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹33.59 billion (~$350 million), up 28% YoY from ₹26.24 billion (~$274 million).

Net profit rose 37.4% YoY to ₹6.42 billion (~$67 million) from ₹4.68 billion (~$49 million).

Diluted earnings per share (EPS) increased 42.5% YoY to ₹16.44 (~$0.17) from ₹11.54 (~$0.12).

The company’s performance was supported by commissioning new renewable energy projects, higher power-sales revenue, and contributions from its solar manufacturing business.

Revenue from power sales increased 29.5% YoY to ₹33.78 billion (~$352 million) from ₹26.08 billion (~$272 million).

ReNew’s solar module and cell manufacturing business generated revenue of ₹12.46 billion (~$130 million) in Q2, up from ₹10.13 billion (~$106 million) in the same quarter last year.

1H FY 2027

For the first half (1H) of FY 2027, ReNew reported total income of ₹97.48 billion (~$1.02 billion), a 22.3% YoY increase from ₹79.72 billion (~$832 million).

Adjusted EBITDA increased 19.7% YoY to ₹63.98 billion (~$668 million) from ₹53.46 billion (~$558 million).

Net profit rose 26.2% YoY to ₹12.38 billion (~$129 million) from ₹9.81 billion (~$102 million).

Diluted EPS increased 29.5% YoY to ₹32.93 (~$0.34) from ₹25.43 (~$0.27).

Revenue from power sales increased 17.4% YoY to ₹60.52 billion (~$632 million) from ₹51.55 billion (~$538 million).

External sales from the company’s solar module and cell manufacturing operations generated revenue of ₹29.24 billion (~$305 million), compared with ₹23.35 billion (~$244 million) in the corresponding period of the previous year.

Business Updates

As of September 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 (BESS). The company also had a project pipeline of approximately 27 GW, including storage.

The company’s commissioned clean energy capacity increased 19.5% YoY to approximately 13.7 GW, including 100 MW/250 MWh of energy storage.

ReNew commissioned another 112 MW of solar capacity during the quarter, taking its operational portfolio to approximately 13.8 GW, net of the 100 MW solar project sold under its capital recycling strategy.

The reported operational and committed portfolio figures include 1,055 MW of renewable energy assets for which ReNew signed definitive sale agreements in August 2026.

ReNew commissioned 628 MW in Q2, bringing total capacity additions in 1H to 1,336 MW, comprising 1,204 MW of solar and 132 MW of wind.

The company commissioned approximately 2.7 GW of renewable energy capacity over the preceding 12 months, including more than 2.2 GW of solar, 439 MW of wind, and 25 MW of BESS capacity.

ReNew’s commercial and industrial (C&I) renewable energy portfolio totaled 2.9 GW, including 2.6 GW commissioned across five states. The company commissioned 330 MW in the C&I segment during 1H.

Amazon, Microsoft, and Google collectively accounted for approximately 50% of contracted power offtake in ReNew’s C&I business.

ReNew’s solar module production increased to 890 MW in Q2 from 852 MW in Q1. Solar cell production rose to 528 MW from 513 MW during the same period.

The company operates 6.4 GW of solar module manufacturing capacity and 2.5 GW of solar cell manufacturing capacity.

Under its capital recycling strategy, ReNew completed the sale of a 100 MW solar project in Tamil Nadu in June 2026.

Outlook

ReNew raised the lower end of its adjusted EBITDA guidance for FY 2027 from ₹103 billion (~$1.07 billion) to ₹105 billion (~$1.10 billion), supported by its solar manufacturing business performance.

The company now expects adjusted EBITDA of ₹105 billion (~$1.10 billion) to ₹109 billion (~$1.14 billion) for the year.

ReNew has maintained its cash flow to equity guidance at ₹18 billion (~$188 million) to ₹22 billion (~$230 million).

The company expects to complete construction of 1.6 GW to 2.4 GW of renewable energy capacity during the financial year.

Approximately 200 MW of solar capacity and 300 MW of wind capacity have been erected and are in advanced stages of commissioning.

Most of the solar modules required for the remainder of the year’s project execution have reached project sites, while the balance requirements have been secured through in-house manufacturing.

ReNew said it has locked in 100% of battery storage pricing and wind turbine generator requirements for its planned capacity additions during the financial year.

The company expects its additional 4 GW of tunnel oxide passivated contact (TOPCon) solar cell manufacturing capacity to begin commercial operations in Q4.

Civil and pre-engineered building works for the expansion have been completed, while the effluent treatment plant and cleanroom are almost complete. All equipment has reached the site, and printing lines have been installed. The first solar cell is expected to be produced by Q4.

ReNew has also announced a 6.5 GW ingot and wafer manufacturing facility. Construction has commenced, with land acquisition and major approvals completed. Basic engineering work is nearly complete, and the company expects the facility to begin commercial operations in the first half of calendar year 2028.

The project will be financed through internal accruals and external fundraising.

ReNew expects to use approximately 40% to 60% of its solar manufacturing output for captive consumption in its independent power producer business, with transactions conducted at arm’s-length pricing.

The company expects manufacturing margins to moderate during the second half of FY 2027.

ReNew expects external solar module and cell sales to contribute ₹12 billion (~$125 million) to ₹14 billion (~$146 million) to adjusted EBITDA in FY 2027.

The company expects adjusted EBITDA of ₹1 billion (~$10 million) to ₹2 billion (~$21 million) from gains on asset sales under its capital recycling strategy.

For its total committed portfolio of approximately 20.5 GW, ReNew projects annual run-rate adjusted EBITDA of ₹134 billion (~$1.40 billion) to ₹140 billion (~$1.46 billion) and annual run-rate cash flow to equity of ₹32 billion (~$334 million) to ₹36 billion (~$376 million), assuming normal weather conditions and excluding manufacturing contributions.

ReNew Energy Global reported revenue of ₹47.86 billion (~$506 million) in the last quarter, a 16.2% YoY increase from ₹41.18 billion (~$435 million).