ReNew Energy Global Plc reported Q2 FY26 revenue of INR 38,557 million (US$ 434 million), a 29% year‑over‑year increase from INR 29,887 million (US$ 337 million) in Q2 FY25. Net profit fell to INR 4,675 million (US$ 53 million) from INR 4,939 million (US$ 56 million) a year earlier, while adjusted EBITDA rose to INR 26,240 million (US$ 296 million) from INR 24,209 million (US$ 273 million). Earnings per share of $0.17 beat the consensus of $0.13, a $0.04 or 30% lift driven by disciplined cost management and a favorable mix of high‑margin solar and wind projects.
The revenue growth was largely powered by power sales, which increased from INR 26,008 million (US$ 293 million) in Q2 FY25 to INR 26,076 million (US$ 294 million) in Q2 FY26, reflecting steady demand for renewable power. Solar and wind generation contributed 18% and 12% of total revenue respectively, while the company’s manufacturing segment—solar cell and module production—generated INR 2,300 million (US$ 26 million), up 15% from the prior year, underscoring the expansion of its manufacturing footprint.
Net profit slipped because of higher operating costs, including increased raw‑material prices and a one‑time restructuring charge of INR 120 million. The company also faced lower solar plant load factors and transmission bottlenecks that dampened revenue from its largest solar assets. Despite these headwinds, the company’s operating margin held steady at 10.5% versus 10.2% a year earlier, indicating effective cost control in its core generation business.
ReNew reiterated its fiscal‑year 2026 adjusted EBITDA guidance of INR 87–93 billion and revised its manufacturing EBITDA guidance to INR 10–12 billion. Management expects to complete 1.6–2.4 GW of new projects in FY2026, a 20% increase over the prior year’s pipeline. The company’s portfolio grew to approximately 18.5 GW as of September 30, 2025, up from 15.6 GW, while leverage fell from 8.6 to 7.0, improving financial flexibility.
ReNew secured a $331 million Asian Development Bank loan for a wind‑solar‑battery project in Andhra Pradesh, part of a larger $477 million package, and was named India’s highest‑rated energy company in the S&P Global Corporate Sustainability Assessment, reflecting its commitment to purpose‑driven sustainability and strong ESG performance.
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