ReNew Energy Global PLC (subsidiary issuer): FY26: Higher capacity, opex optimization, controlled capex helps leverage

Research evidence excerpt

ReNew Energy Global PLC (subsidiary issuer): FY26: Higher capacity, opex optimization, controlled capex helps leverage

Accessible version

ReNew Energy Global PLC (subsidiary issuer)

FY26: Higher capacity, opex optimization,

controlled capex helps leverage

Earnings Review

Lower leverage driven by capacity growth, steady capex 19 May 2026

ReNew Energy Global Plc (ReNew) reported strong FY26 performance, with operating Global Emerging Markets | Corporate

revenue and BofA-adjusted EBITDA of INR138bn and INR91bn, reflecting 38% and 21% Credit

YoY growth. The improvement was driven by higher commissioned capacity (12.6GW, Asia | India

Utilities+18% YoY), increasing contribution from solar module and cell manufacturing, and opex

optimization while management sold 600MW of assets in the FY, utilization trended Rachna Jain, CFA

lower and realized tariffs for electricity sales declined by 3% to INR3.7/kWh. The Research Analyst

Merrill Lynch (Singapore)

moderation in solar utilization to 21.9% from 23.6% in FY25 (lower resource + higher +65 6678 2972

curtailment on patchy transmission connectivity) weighed on portfolio level utilization rachna.jain2@bofa.com

offsetting improvement in wind load factors to 26.3% from 24.4% in FY25. The group Jing Peng

Research Analyst

level EBITDA margins are cosmetically lower due to higher contribution from lower- Merrill Lynch (Hong Kong)

margin (~35%) solar module/cell manufacturing business. The receivable days improved jing.peng2@bofa.com

to 68 from 93 at end-FY25. Combined, the FY26 reported operating cashflows improved Asia Pacific Credit Rsch Grp

23% to INR83bn. The better operating cashflows coupled with stable capex at INR95bn

See Team Page for List of Analysts