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ReNew Energy Global PLC Reports 43% YoY EBITDA Growth, Commissions 2.25 GW Capacity Amid Competitive Challenges
ByAinvest
Friday, Aug 15, 2025 7:05 pm ET1min read
ReNew Energy Global PLC reported a 43% YoY growth in adjusted EBITDA to INR27.2 billion, commissioned 2.25 GW of renewable energy capacity, and signed PPAs for 3.7 GW of installed capacity. However, the company experienced subdued solar PLFs, sold 600 MW of solar assets, and faced competitive bidding and transmission infrastructure delays.
ReNew Energy Global PLC (RNW) reported a robust 43% year-over-year (YoY) increase in adjusted EBITDA to INR 27.2 billion for the first quarter of fiscal year 2026 [1]. The company commissioned around 2.25 gigawatts (GW) of renewable energy capacity, representing a 23% growth in its portfolio [1]. Additionally, ReNew Energy Global signed PPAs for 3.7 GW of installed renewable energy capacity, targeting higher returns.However, the company faced several challenges during the quarter. Subdued solar power plant factor (PLF) due to early onset monsoons resulted in lower than expected generation. ReNew Energy Global sold over 600 megawatts (MW) of solar assets, which led to a loss of approximately INR 300 million in EBITDA for the quarter [1]. The bidding environment has become increasingly competitive, with lower return expectations, affecting the company's win ratio.
The manufacturing business contributed INR 5.3 billion to adjusted EBITDA, with a margin of over 40%, reflecting the company's commitment to operational efficiency [1]. ReNew Energy Global also successfully reduced its scope 1 and 2 emissions by 18.2% from the FY22 baseline, surpassing its target of 12.6% [1].
Despite these challenges, the company remains optimistic about its future prospects. ReNew Energy Global expects to construct between 1.6 to 2.4 GW during the year and generate cash flow to equity of INR 14 billion to INR 17 billion [1]. The company's disciplined approach to project bidding and capital deployment is likely to help it navigate market competition and infrastructure challenges.
References:
[1] https://seekingalpha.com/news/4485508-renew-energy-projects-fy-26-adjusted-ebitda-of-up-to-inr-93b-with-manufacturing-guidance
[2] https://www.gurufocus.com/news/3064002/renew-energy-global-plc-rnw-q1-2026-earnings-call-highlights-strong-ebitda-growth-amid-competitive-challenges
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