What is the market's earnings forecast for ReNew Energy Global next quarter?

What does ReNew Energy Global do and what are its main business segments?

What factors drove the changes in ReNew Energy Global's revenue and profit?

What were the key takeaways from ReNew Energy Global's earnings call?

Did ReNew Energy Global beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for ReNew Energy Global year over year?

What is ReNew Energy Global's latest dividend and current dividend yield?

What were the key takeaways from ReNew Energy Global’s earnings call?

- **Strategic Pivot**: 19% portfolio growth to 19.2 GW, shifting to solar + BESS (1.5 GW BESS) from 2.5 GW wind, reducing CapEx risk.
- **Financial Strength**: 31% EBITDA growth to INR 74.8 billion, $600M bond refinancing saving $9M/year, leverage down to 6.7x (target 5.5x by FY30).
- **ESG Leadership**: Top quartile global ESG score (90.41/100), 2 water-positive sites, Amazon/Microsoft/Google 50% C&I portfolio.
- **Industry Challenges**: 400 MW T-GNA curtailment (10-20%), 30% loss offset by GNA, gov working on transmission delays.

**【CEO Summary Section】**
- Portfolio expanded by 19% to 19.2 GW, with a strategic pivot to solar + BESS, reducing wind capacity from 2.5 GW to 850 MW.
- Adjusted EBITDA rose 31% YoY to INR 74.8 billion, driven by manufacturing (INR 10.8 billion contribution) and asset recycling ($275 million raised).
- Issued $600 million bond at 6.5%, refinancing previous 7.95% debt, saving $9 million annually.
- ESG leadership: LSEG A grade (90.41/100), CDP A for Climate, 2 water-positive sites.

**【CFO Financial Commentary】**
- Revenue up 48% YoY, EBITDA guidance raised to INR 90-93 billion (from INR 87-90 billion).
- Leverage reduced to 6.7x (from 8.2x in 2024), targeting 5.5x via asset sales and cost optimization.
- FY26 capex guidance: 1.8-2.4 GW construction, cash flow to equity of INR 14-17 billion.
- Manufacturing EBITDA guidance increased to INR 11-13 billion.

**【Q&A Highlights】**
- **Strategy Shift**: Wind replaced with solar + BESS due to lower CapEx, execution ease, and PPA predictability. No immediate BESS manufacturing plans due to import competitiveness.
- **Curtaiment**: 400 MW on T-GNA (10-20% curtailment), 30% of losses offset by GNA. Govt working on loss socialization.
- **Leverage Target**: 5.5x by FY28-FY30 via asset recycling, with FY26 cash flow to equity of INR 14-17 billion.
- **Manufacturing**: Cell plant to start production FY27, modules at 12 GW/day, cells 5.5 GW/day, 2.6 GW sold YTD.

ReNew Energy Global Plc (RNW) Q3 2026 Earnings Call Transcript

- **Record Growth**: H1 EBITDA up 24% YoY to INR 53.5B, driven by 2.1GW project commissioning. 
- **Manufacturing Surge**: EBITDA contribution revised to INR 10-12B FY26, with 4GW TOPCon cell plant on track. 
- **Policy Tailwind**: 5% GST reduction on renewables, RBI rate cuts expected to lower borrowing costs. 
- **ESG Leadership**: Highest S&P CSA score (83) among Indian IPPs, 3rd Fortune Change the World recognition. 
- **Take-Private Update**: Binding offer due Nov 2025, with shareholder consultations underway.

**【CEO Summary Section】**
- **Market Conditions & Policy Support**: Highlighted India's benign macroeconomic environment with S&P credit rating upgrade and RBI rate cut expectations. GST reduction on renewable items to enhance affordability. 
- **Project Execution**: Commissioned 2.1 GW (22% growth) over 12 months; on track to build 1.6-2.4 GW FY26. Signed 3.8 GW PPAs over 4Q, targeting high IRR projects. 
- **Financial Performance**: H1 EBITDA $53.5B (24% YoY growth). Manufacturing EBITDA contribution revised to INR 10-12B FY26. 
- **ESG Leadership**: S&P CSA score 83 (highest Indian IPP), Fortune Change the World list recognition. Published climate & biodiversity risk reports. 
- **Manufacturing Scale**: 6.4 GW modules, 2.5 GW cells; Q2 EBITDA 3.3B at 30% margin. New 4GW TOPCon cell facility on track. 

**【CFO Financial Commentary】**
- **H1 Financials**: Revenue +50% YoY, EBITDA $53.5B. Solar PLF down due to monsoon, negative impact INR 1.7B. 
- **Leverage Improvement**: Headline leverage 7x (down from 8.6x), below 6x threshold for operational assets. 
- **Manufacturing Growth**: EBITDA contribution INR 8.6B H1, revised guidance INR 10-12B FY26. 
- **Debt Management**: Refinancing Diamond II bonds (2026) and ING PH (2027) via lowest cost market. 

**【Q&A Highlights】**
- **PPA signings**: 6GW LOAs expected to convert over next 6-12 months, but timing uncertain. 
- **Manufacturing Margins**: Q2 margin 30% vs 40% Q1 due to captive sales mix. Normalized margins likely 20-25%. 
- **Transmission Risks**: 25GW pipeline with connectivity secured, but ROW delays possible. 
- **Take-Private Offer**: Binding offer expected Nov 2025, process to include shareholder consultations. 
- **Battery Storage**: RTC projects performing well, but no plans to expand into aggressive BESS bids.

ReNew Energy Global Plc (RNW) Q2 2026 Earnings Call Transcript

- **Revenue & Profit Surge**: Adjusted EBITDA up 43% YoY to INR 27.2 billion; Q1 profit after tax exceeded FY25 full-year total.
- **Manufacturing Dominance**: Solar manufacturing EBITDA guidance raised to INR 8-10 billion; 4 GW TOPCon cell plant under construction.
- **ESG Leadership**: 18.2% emission reduction vs. FY22; carbon-neutral for fifth year; 1.7 million lives impacted via CSR.
- **Strategic Selectivity**: Refused ammonia tenders due to short PPA terms; disciplined bidding to maintain 12-15% IRR threshold.

**【CEO Summary Section】**
- **Capacity Growth**: Commissioned 2.2 GW of renewable energy capacity in FY26 Q1, marking a 23% increase in portfolio after adjusting for asset sales.
- **Financial Performance**: Adjusted EBITDA rose 43% YoY to INR 27.2 billion; profit after tax reached INR 5.1 billion, exceeding FY25 full-year profit.
- **Manufacturing Expansion**: Solar manufacturing business EBITDA contribution revised up to INR 8-10 billion for FY26, with 4 GW TOPCon cell facility under construction.
- **ESG Milestones**: Reduced Scope 1 and 2 emissions by 18.2% vs. FY22 baseline; achieved carbon neutrality for fifth consecutive year.

**【CFO Financial Commentary】**
- **EBITDA Walk**: Solar PLF decline offset by higher wind PLF, netting INR 1.4 billion EBITDA gain YoY; new projects added INR 1.8 billion.
- **Leverage Management**: Operational project leverage at 5.7x (trailing 12 months), below 6x threshold; manufacturing cash flow reducing debt.
- **Guidance Reaffirmation**: On track for 1.6-2.4 GW construction; cash flow to equity expected at INR 14-17 billion.

**【ESG & Sustainability Highlights】**
- **Integrated Reporting**: Aligned with global frameworks (IIRC, GRI, SASB); introduced AI chatbot for report navigation.
- **Social Impact**: 1.7 million lives impacted via CSR; 12% women in STEM roles; LTIFR reduced 5% YoY.
- **Decarb Strategy**: Life Cycle Assessment (LCA) for solar modules; two sites certified water-positive.

**【Q&A Key Highlights】**
- **Manufacturing Sales**: Q1 sold 700 MW modules externally; expect continued third-party sales in FY26.
- **Bidding Strategy**: Disciplined approach to auctions; 50-70 GW annual targets but selective on returns.
- **Ammonia Tenders**: Did not participate due to short PPA duration (10 years) and lack of risk mitigation.
- **Execution Challenges**:偶发性变压器延迟可通过提前采购缓解；土地获取仍是主要瓶颈。

ReNew Energy Global Plc (RNW) Q1 2026 Earnings Call Transcript

- **Capacity and Growth**: Commissioned 11.2 GW (17% YoY) with 1.95 GW COD-approved in Q4. Contracted portfolio expanded to 18.5 GW, including 1.1 GW BESS.
- **Manufacturing Expansion**: 4 GW cell capacity expansion secured $100M funding, enabling full supply chain integration. External module sales contributed INR 4.2B to FY25 EBITDA.
- **Financial Strength**: 32% YoY EBITDA growth to INR 22.1B in Q4, with profit after tax up 23% to INR 4.6B annually. FY26 guidance projects INR 87-93B EBITDA, driven by manufacturing and IPP growth.
- **ESG Leadership**: Top ESG ratings and 1.7M lives impacted through social programs. Committed to zero-carbon by 2040 and listed in S&P Sustainability Yearbook.
- **Capital Efficiency**: Raised $260M through asset sales and debt refinancing. Floating-rate debt benefits from RBI rate cuts, with leverage below 6x.

**【CEO Summary Section】**
- **Revenue Growth and Capacity Expansion**: Commissioned 11.2 GW of renewable energy projects, a 17% increase from the previous year, with 1.95 GW COD-approved in Q4 FY25. Total contracted portfolio stands at 18.5 GW, including 1.1 GW of BESS.
- **Manufacturing Expansion**: Expanded solar cell manufacturing capacity by 4 GW, bringing total to 6.5 GW, and secured $100 million in equity funding to fully integrate the supply chain. External module sales contributed INR 4.2 billion to EBITDA in FY25.
- **ESG Leadership**: Achieved top-tier ESG ratings (LSEG 84.35, Morningstar 13.1% risk score) and became the first Indian company listed in the S&P Global Sustainability Yearbook. Committed to zero-carbon operations by 2040 and social impact programs benefiting 1.7 million lives.

**【CFO Financial Commentary】**
- **Financial Performance**: Adjusted EBITDA grew 32% YoY to INR 22.1 billion in Q4 FY25, driven by cost optimization and asset recycling. Profit after tax reached INR 3.1 billion in Q4 and INR 4.6 billion annually, up 23% YoY. Margins improved due to tighter O&M controls and lower DSO (71 days vs. 138 days two years prior).
- **Capital Allocation**: Raised $260 million through asset sales and debt refinancing at competitive rates. FY26 guidance projects EBITDA of INR 87-93 billion, including contributions from manufacturing (INR 5-7 billion) and IPP growth.
- **Debt Management**: Maintained leverage below 6x and secured $2 billion in greenfield financing at reduced rates. Anticipates further rate cuts in India to benefit floating-rate debt.

**【Q&A Highlights】**
- **PLF Assumptions**: FY26 guidance assumes similar PLF levels to FY25, with sensitivity to weather patterns. Solar and wind PLFs are expected to remain stable.
- **Module Sales and Financing**: FY26 external module sales of 1.4 GW are contracted, with 70% debt and 30% equity financing for the new cell facility. Margins are expected to remain stable at FY25 levels.
- **Refinancing Strategy**: Monitoring market conditions to refinance $260 million in bonds due in 2026 and explore lower-cost debt for IPP expansion. Floating-rate debt benefits from RBI rate cuts.
- **Supply Chain Resilience**: No material impact from rare earth disruptions; focused on domestic supply chain for cells and modules under ALMM regulations.

ReNew Energy Global (RNW)-16 Jun 25-2025 Q4 Earnings call transcript

- **Operational Growth**: 10.8 GW portfolio (26% YoY), 1.3 GW new commissioning Q3.
- **Financial Strength**: 500 bps margin expansion, DSO at 72-day low, 2 GW external module orders.
- **ESG Leadership**: S&P top rating, 1.4M lives impacted via social programs.
- **Wind Challenges**: Q3 PLF 13.5% (vs. 17% YoY), but Q4 improving trends.
- **Battery Growth**: Solar+BESS IRR 2-3% higher, 600 MWh BESS pipeline.

**【CEO Opening Remarks】**
- Operational portfolio expanded to **10.8 GW** (26% YoY growth), with **1.3 GW** of new commissioning in FY25 Q3.
- Total contracted pipeline reached **17.4 GW** (27% YoY growth), including **3.9 GW** of renewable energy wins and **600 MWh** of BESS.
- Manufacturing facility now produces **10 MW/day of modules** and **3.6 GW of modules** to date, with external orders of **2 GW** secured.
- Recognized as India's highest-rated pure-play renewable energy company by S&P.

**【CFO Financial Highlights】**
- EBITDA margin improved by **500 bps** QoQ, driven by cost optimization and lower provisioning.
- DSO reduced by **22 days** to **72 days**, lowest on record.
- Adjusted EBITDA guidance revised to **INR7.4-7.8 billion** due to lower wind PLFs (-240 bps YoY).
- Cash flow to equity guidance lowered to **INR11-13 billion**.

**【ESG & Sustainability】**
- Achieved **S&P highest rating for Indian renewables**, LEED Gold certification for manufacturing plant.
- Social impact initiatives reached **1.4 million lives**, including 595 women trained in Q3.

**【Q&A Key Takeaways】**
- Wind PLF in Q3: **13.5%** (vs. 17% YoY), but Q4 trends closer to normal levels.
- Battery+Solar IRR: **2-3% higher** than plain vanilla solar.
- Manufacturing external sales: **INR3.4 billion** in 9M FY25, with **INR560 million EBITDA** in Q3.
- Currency hedging: 90-92% of foreign debt covered via swaps, limiting FX risk exposure.

ReNew Energy Global Plc (RNW) Q3 2025 Earnings Call Transcript

ReNew Energy Global (RNW)-20 Nov 24-2025 Q2 Earnings call transcript

- **Portfolio Expansion**: 8 GW auction wins, 2.2 GW converted to PPAs, targeting 20 GW by 2029 with disciplined capital allocation.
- **Financial Resilience**: Adjusted EBITDA growth despite 24% capacity increase, leverage at 5.7x, and reaffirmed FY'25 guidance.
- **Manufacturing Growth**: 2 GW module production in FY'25, 600 MW external sales contracted, and cell plant commissioning underway.
- **ESG Leadership**: Carbon neutrality, 16M tonnes GHG emissions avoided, and first integrated report aligned with global standards.
- **Strategic Initiatives**: Opportunistic asset recycling, merchant power sales outperforming expectations, and advanced grid connectivity for all projects.

**【CEO Summary Section】**
- ReNew Energy aims to double its operating portfolio to 20 GW by 2029, having secured 8 GW in recent auctions, with 2.2 GW already converted into PPAs.
- The company emphasizes disciplined capital allocation, targeting projects with returns above cost of capital, and expects higher returns from its current pipeline due to lower module prices and conservative assumptions.
- Safety is a top priority, evidenced by a 5-star safety rating from the British Safety Council.
- The company plans to repeat its 10 GW execution in under 5 years, leveraging in-house EPC capabilities, manufacturing advantages, and diverse capital access.
- FY'25 execution guidance remains 1.9-2.4 GW, with 500 MW commissioned year-to-date and 600 MW in advanced stages.

**【CFO Financial Commentary】**
- Adjusted EBITDA increased by INR 400 million YoY, despite a 24% rise in operating capacity, due to lower late payment surcharges and weather-related revenue impact of INR 1.3 billion.
- Leverage at 5.7x (trailing 12 months) remains below the 6x threshold, excluding under-construction projects.
- Module manufacturing is scaling up, with the Jaipur facility producing over 2 GW annually and Gujarat facility ramping up by year-end. External module sales of 600 MW are contracted for FY'25.
- CFO reaffirms FY'25 guidance, noting Q2 typically outperforms Q1 by 10-15%.

**【ESG & Sustainability Summary】**
- FY'23-'24 ESG highlights include 16 million tonnes of GHG emissions avoided, 41% clean energy sourcing, and carbon neutrality for Scope 1 and 2 emissions.
- Social impact programs reached 475,000 lives, with 183 schools electrified and 350 women trained in climate resilience.
- The inaugural integrated report aligns with global ESG standards, including EU taxonomy, and features a double materiality framework.

**【Q&A Key Highlights】**
- **Module Sales**: 600 MW of external module sales contracted for FY'25, with pricing accretive to margins. Sales will prioritize domestic markets initially, with potential exports post-cell plant commissioning.
- **Wind PLFs**: Underperformance due to weather, not equipment issues. Future forecasts now weighted more on recent data, lowering PLF assumptions.
- **Asset Recycling**: Opportunistic asset sales to access low-cost capital, with discussions ongoing for FY'25.
- **Transmission**: All commissioned projects have secure grid connectivity, with excess capacity reserved for future growth.
- **Solar Cells**: Cell plant commissioning expected by end of FY'25, with production ramping up in FY'26.
- **Merchant Power Sales**: RTC and peak power projects generate higher-than-expected merchant prices, contributing to revenue growth.


Actual	0.1573	-0.202	-0.1234	0	-0.0299	-0.15	0.0034	0.0903	0.1136	-0.1019	0.02	0.0029	0.1463	-0.1098	0.1025	0.1603	0.1332	0.0018
Forecast	0.0584	-0.0683	0.0867	0.063	0.0809	-0.083	-0.0884	0.0571	0.0332	-0.1348	-0.0368	0.0662	0.1197	-0.0584	0.0389	0.1375	0.1553	-0.1052
Surprise	+169.35%	-195.75%	-242.33%	-100.00%	-136.96%	-80.72%	+103.85%	+58.14%	+242.17%	+24.41%	+154.35%	-95.62%	+22.22%	-88.01%	+163.50%	+16.58%	-14.23%	+101.71%

RNW

RNW fundamentals

RNW Q3 2026 Earnings

Earnings Call

You can ask Aime

RNW

RNW fundamentals

RNW Q3 2026 Earnings

Earnings Call

RNW Earnings Call Summary for Q3/20268:30 AM on Feb 16, 2026

RNW Earnings Call Summary for Q2/20268:30 AM on Nov 10, 2025

RNW Earnings Call Summary for Q1/20268:30 AM on Aug 14, 2025

RNW Earnings Call Summary for Q4/20258:30 AM on Jun 16, 2025

RNW Earnings Call Summary for Q3/20258:30 AM on Feb 19, 2025

You can ask Aime