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					</table><p>Decarbonization solutions company <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy</a> 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).</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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).</p>
<p>Earnings per share during the quarter stood at ₹0.16 (~$0.0017), compared to ₹9.40 (~$0.11) during Q3 FY 2025.</p>
<p>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.</p>
<p>Total revenue for Q3 FY26 from external sales of solar modules and cell manufacturing operations was ₹6.66 billion (~$73.41 million).</p>
<p>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.”</p>
<p><strong>First Nine Months (9M)</strong></p>
<p>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.</p>
<p>The company reported a profit of ₹9.61 billion (~$105.93 million), up 560.8% YoY from ₹1.45 billion (~$15.91 million).</p>
<p>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.</p>
<p>Earnings per share stood at ₹25.34 (~$0.28), up 842% from ₹2.69 (~$0.029) the previous year.</p>
<p>Revenue from power sales rose 8.5% YoY to ₹69.84 billion (~$769.85 million), up from ₹64.38 billion (~$709.67 million).</p>
<p>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).</p>
<p><strong>Operational Highlights </strong></p>
<p>In Q3 FY26, ReNew commissioned 288 MW of total renewable capacity, which included 238 MW of wind and 50 MW of solar capacity.</p>
<p>In 9M FY 2026, it commissioned 1.3 GW capacity, of which 578 MW was wind and 751 MW was solar.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>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.</p>
<p>ReNew <a href="https://www.mercomindia.com/renew-reports-rise-in-revenue-in-q2-profit-slips-marginally" target="_blank" rel="noopener">posted</a> a total revenue of ₹38.55 billion (~$434 million) in Q2 FY 2026, a 32% YoY increase from ₹29.88 billion (~$337 million).</p>



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					</table><p>Decarbonization solutions company <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> reported revenue of ₹21.2 billion (~$248 million) during the third quarter (Q3) of the financial year (FY) 2025, a 10% year-over-year (YoY) increase from ₹19.3 billion (~$225 million).</p>
<p>The company’s revenue from power sales was ₹14.9 billion (~$175 million), down slightly from ₹15 billion (~$176 million) a year ago.</p>
<p>Its net loss widened to ₹3.8 billion (~$45 million) from ₹3.2 billion (~$38 million) during the same quarter the previous year.</p>
<p>Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter came in at ₹13.8 billion (~$162 million), up 10% YoY from ₹12.5 billion (~$146 million).</p>
<p>During the quarter and the first nine months (9M) of FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.</p>
<p><strong>9M Performance</strong></p>
<p>ReNew&#8217;s revenue rose 5% YoY to ₹75.9 billion (~$887 million) during 9M from ₹72.4 billion (~$846 million).</p>
<p>Power sales revenue also grew 5% to ₹64.3 billion (~$752 million) from ₹61.3 billion (~$717 million). The revenue also includes proceedings of ₹3.4 billion (~$40 million) from the company’s module and cell manufacturing operations.</p>
<p>Its net loss during 9M FY 2025 was ₹1.4 billion (~$17 million), a 143% YoY reduction from ₹3.5 billion (~$41 million).</p>
<p>Adjusted EBITDA for 9M rose to ₹57 billion (~$667 million) from ₹52.4 billion (~$613 million) during the same period the previous year.</p>
<p>The company’s adjusted EBITDA and net profit from external sales from its module and cell manufacturing operations were ₹597 million (~$ 7 million) and ₹423 million (~$5 million) respectively.</p>
<p>The company adjusted its expected EBITDA for FY 2025 to between ₹74 billion (~$854 million) and ₹78 billion (~$900 million), and its cash flow equity (CFe) to between ₹11 billion (~$127 million) and ₹13 billion (~$150 million). It revised the expectations mainly because of the impact of the low resource availability in 9M FY 2025.</p>
<p><strong>Operational Highlights</strong></p>
<p>ReNew&#8217;s committed portfolio expanded 26% YoY to approximately 17.4 GW from roughly 13.8 GW and an additional 1.1 GW since the last quarter.</p>
<p>Its commissioned capacity increased 25.5% YoY to about 10.7 GW. The company has commissioned 92 MW of wind capacity in Q4 FY 2025 so far, increasing its total commissioned capacity to roughly 10.8 GW.</p>
<p>The company also reported a year-to-date commissioning of approximately 1.3 GW capacity and an additional 150 MWh of batteries.</p>
<p>It secured 3.9 GW of renewable energy and 600 MWh of battery capacity in FY 2025 so far, increasing its pipeline to an approximate renewable energy capacity of 24 GW and 2 GWh of battery capacity.</p>
<p>ReNew expects to complete between 1,900 MW and 2,400 MW installations by the end of FY 2025. These installations also include an approximate capacity of 600 MW, subject to timely regulatory approvals and the build-out of the evacuation infrastructure.</p>
<p>At the earnings call with analysts, the company said it faced land acquisition challenges for wind projects over the last six to nine months. It could commission more solar capacity than wind projects during the period.</p>
<p>The company does not expect wind energy generation in India to exceed 5 GW annually for the next two or three years.</p>
<p>In Q3 FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.</p>
<p>ReNew <a href="https://www.mercomindia.com/renews-revenue-profit-renewable-capacity-grows" target="_blank" rel="noopener">reported</a> revenue of ₹29.9 billion ($357 million) during Q2 FY 2025, a 4.4% YoY increase from ₹28.6 billion (~$342 million).</p>
<p>The company <a href="https://www.mercomindia.com/renews-climbs-7-on-higher-energy-sales" target="_blank" rel="noopener">reported</a> revenue of ₹22.81 billion (~$274 million) in Q1 FY 2025, an approximately 7% YoY increase from ₹21.25 billion (~$255 million).</p>


ReNew’s Q3 FY 2025 Revenue Up Slightly, Lower Wind PLF Bites


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					</table><p>Independent renewable power producer <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy</a> narrowed its net loss by 19% to ₹3.2 billion (~$39 million) in the third quarter (Q3) of the financial year (FY) 2024 from ₹4 billion (~$48 million) last year, helped by higher tariffs and lower prices of solar modules.</p>
<p>ReNew said that the tariffs in auctions, compared to last year, were higher by 14% and 7% for wind and solar, respectively, and the prices of solar modules fell by 60% this year.</p>
<p>“Beyond the rise in tariffs, we saw several other factors that are supporting better returns, such as a record fall in the cost of solar modules, stable FX, adequate domestic debt financing, and a significant reduction in receivable days,” said CEO Sumant Sinha during a post-earnings call with analysts.</p>
<p>The Nasdaq-listed company’s Q3 revenue was ₹19.3 billion (~$232 million), compared to ₹16 billion (~$193 million) in the same period last year. The 20% jump can be partly attributed to additional projects commissioned during the quarter and higher plant load factor (PLF) for wind. Wind PLF during the quarter was 17% compared to 14.7% last year.</p>
<p>The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹12.5 billion (~$150 million), up 7% from last year’s ₹11.6 billion (~$140 million).</p>
<p>The company won 2.5 GW of auctions in Q3, in what it called “one of the best action markets ever,” but warned of transmission increasingly becoming a bottleneck for the commissioning of future renewable capacity in India.</p>
<p>Sinha said the Central Electricity Authority has now become more careful in giving connectivity approvals because of the amount of renewable capacity being added. The timeframe for processing a transmission request has now increased to four to six weeks compared to two to three days earlier.</p>
<p><strong>9M FY 2024</strong></p>
<p>After posting a net loss of ₹5.1 billion (~$61 million) in the first nine months of FY 2023, ReNew recorded a net profit of ₹3.5 billion (~$43 million) in the first nine months of FY 2024. Lower costs and a stable foreign exchange environment helped the swing to profit.</p>
<p>The company’s total revenue rose 14% to ₹72.4 billion (~$870 million) in the first nine months from ₹63.5 billion (~$763 million) in the same period last year, helped by higher tariffs and higher generation of electricity.</p>
<p>Adjusted EBITDA also showed strong growth, increasing 5% to ₹52.4 billion (~$630 million) in the first nine months of FY 2024, compared to ₹50 billion (~$601 million) in the same period last year.</p>
<p>ReNew expanded its clean energy portfolio to 13.8 GW as of December 31, 2023.</p>
<p>In the previous quarter, higher PLF resulted in the company <a href="https://www.mercomindia.com/renew-profit-up-28-yoy-q2-fy24" target="_blank" rel="noopener">recording</a> a 28% jump in year-over-year profit, while in the quarter earlier, lower finance costs <a href="https://www.mercomindia.com/lower-finance-costs-take-renew-profit-2-98-billion-q1" target="_blank" rel="noopener">helped</a> it churn out a profit compared to a loss a year ago.</p>


ReNew Narrows Q3 Net Loss on Higher Tariffs and Lower Module Prices

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