Decarbonization solutions company ReNew has reported a 1,202% year-over-year (YoY) increase in net profit to ₹5.13 billion ($59 million) in the first quarter (Q1) of the financial year (FY) 2026, from ₹394 million ($5 million).

The company attributed the rise in profit to higher operating revenues, external sales from its module and cell manufacturing operations.

It reported a total revenue of ₹41.18 billion ($470.49 million) in Q1 FY 2026, a 65.38% rise from ₹24.9 billion ($284.4 million) in Q1 FY 2025.

The company has attributed the rise in revenue to an increase in operational capacity, external sales from its module and cell manufacturing operations, and a higher wind plant load factor (PLF).

Its revenue from sales of its module and cells stood at ₹13.22 billion (~$151.04 million).

ReNew manufactured 900 MW of modules and 400 MW of cells in the quarter.

However, the company said the jump in net profit was partially offset by higher raw materials and consumables used, scale-linked increase in financing costs, and depreciation, including costs attributable to external sales from its module and cell manufacturing operations. It also attributed the partial offset in net profit to lower resource availability.

Its expenses from raw materials and consumables used amounted to ₹6.69 billion ($76.4 million) compared to ₹237 million ($3 million) in the same quarter of the previous year.

ReNew received proceeds of ~$275 million from the sale of the solar and transmission project that it had announced on June 9, 2025. The sale proceeds included net current assets and excluded change-in-law proceeds.

The company expects to receive ~$17 million as an earn-out on account of change-in-law proceeds after the payments are realized by its special purpose vehicles.

Its weighted average PLF for wind assets during the quarter was 32.8%, compared to 28.4% in the same quarter of the previous year. The PLF for solar assets in Q1 FY 2026 was 24.6%, compared to 27.2% in Q1 FY 2025.

However, the revenue was partially offset by revenue loss from 300 MW of assets sold in FY 2025 and 300 MW of assets sold in June 2025 as part of its capital recycling strategy. The revenue loss also stemmed from a decline in solar PLFs compared to Q1 FY 2025.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹27.22 billion ($310.9 million), a 43.4% YoY increase from ₹18.98 billion ($216.8 million).

Earnings per share (EPS) in Q1 FY 2026 came in at ₹13.74(~$0.156) compared to an EPS of ₹0.24(~$0.0027) in Q1 FY 2025.

Proceeds from the sale of power increased to ₹25.47 billion (~$291 million) from ₹22.34 billion ($ 255 million) in the same quarter of FY 2025.

ReNew’s total electricity sold in Q1 FY 2026 was 6.83 billion kWh, an increase of 17.5% over the same quarter of the previous year.

Electricity sold in Q1 FY 2026 from wind assets was 3.54 billion kWh, a 19.9% YoY increase.

The company sold 3.18 billion kWh of electricity in Q1 FY 2026 from solar assets, rising 14.9% from the same period last year.

Business Highlights

In Q1 FY 2026, ReNew’s portfolio consisted of ~18.2 GW, including more than 1.1 GWh of battery energy storage systems (BESS), compared to ~15.6 GW in Q1 FY 2025.

It has signed 3.7 GW of power purchase agreements and more than 25 GW of projects in the pipeline, including over 3 GWh of BESS.

The company has 6.5 GW of solar modules and 2.5 GW of cell manufacturing capacity. It is also building a 4 GW cell manufacturing facility.

ReNew’s commissioned capacity increased 15.8% YoY to ~11.1 GW, including 5 GW of wind, 6.1 GW of solar, and more than 150 MWh BESS.

Subsequently, it commissioned an additional 50 MW in July 2025.

In Q1 FY 2026, ReNew commissioned 641 MW of solar and 47 MW of wind projects.

The $100 million investment from British International Investment for a new 4 GW tunnel oxide passivated contact cell facility is expected to close by Q2 FY 2026.

Outlook

The company said it is on track to complete the construction of 1.6 GW to 2.4 GW of power projects in FY 2026.

In Q4 FY 2025, ReNew reported a 415% YoY increase in net profit to ₹3.14 billion (~$36.48 million) from ₹609 million (~$7.07 million). It attributed the increase in net profit to higher operating revenues, external sales of its solar modules and cells, and a lower tax incidence.