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- **Revenue & Growth**: 24% H1 EBITDA growth to INR 53.5 billion, FY26 guidance reaffirmed at INR 87-93 billion. Manufacturing EBITDA revised to INR 10-12 billion for FY26.
- **ESG Leadership**: S&P CSA score 83, (highest Indian IPP), 18.2% emissions reduction,2026. Q2 EBITDA margin 33% (down from 40% Q1 due to captive sales mix).
- **Key Risks & Opportunities**: Transmission ROW delays, 6 GW LOAs to PPA conversion uncertain, take-private offer expected in November, refinancing plans for 2026-27 bonds.

**【CEO Summary Section】**
- **Market Conditions & Growth**: CEO highlighted India's stable macroeconomic environment with S&P credit rating upgrade and low inflation. Despite extended monsoons impacting solar PLFs, the company commissioned 2.1 GW of renewable capacity over 12 months, reiterating FY26 guidance of 1.6-2.4 GW construction. Manufacturing contributed INR 8.6 billion to H1 EBITDA, with revised guidance of INR 10-12 billion for FY26.
- **Policy Support**: GST reduction on renewable items to 5% from 12% was welcomed, enhancing affordability. Solar manufacturing at full tilt, producing 2 GW modules and 900 MW cells in H1, with a new 4 GW TOPCon cell facility under construction.

**【CFO Financial Commentary】**
- **Financial Performance**: H1 adjusted EBITDA grew 24% YoY to INR 53.5 billion, driven by new projects and manufacturing. FY26 EBITDA guidance reaffirmed at INR 87-93 billion. Leverage metrics improved, with headline leverage down to 7x (from 8.6x in Sep '24), below 6x threshold for operational projects.
- **Margins & Challenges**: Solar PLFs were subdued due to lower irradiation, impacting Q2 EBITDA by INR 1.7 billion. Manufacturing margins moderated to 33% in Q2 (from 40% in Q1) due to captive sales mix and cost normalization.

**【ESG & Sustainability】**
- **ESG Recognition**: S&P Global CSA score of 83 (highest among Indian IPPs) and Fortune Change the World list recognition. Achieved 18.2% reduction in Scope 1/2 emissions and 16.2% employee diversity. Published climate and biodiversity risk reports aligned with TCFD and TNFD frameworks.

**【Q&A Highlights】**
- **PPA signings**: 3.8 GW PPAs signed over 4 quarters; 6 GW LOAs expected to convert to PPAs, though timing uncertain. Transmission connectivity secured for 25 GW pipeline, but ROW delays may delay execution.
- **Manufacturing Trends**: Module prices softening due to increased capacity, but DCR (domestic content requirement) modules remain strong. Margins expected to normalize as procurement costs rise.
- **Take-Private Offer**: Consortium's binding offer expected by November, with refinancing plans for 2026-27 bond maturities. Discussions ongoing with public shareholders, with potential direct engagement with long-term investors.


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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

RNW

RNW fundamentals

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