ReNew Energy Reports Strong Q1 FY26 Results, Net Profit Surges to INR 5,131 Million

ReNew Energy Global Plc, a leading decarbonization solutions company, has reported a sharp rise in earnings for the quarter ended June 30, 2025, with net profit climbing to INR 5,131 million (US$ 60 million) compared to INR 394 million (US$ 5 million) in the same period last year.

Portfolio Expansion

As of June 30, 2025, ReNew’s total portfolio stood at ~18.2 GW (+1.1 GWh BESS), up from ~15.6 GW a year earlier. The company also operates 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing capacity, while constructing an additional 4 GW cell facility.

Commissioned capacity rose 14.8% year-on-year to ~11.1 GW (+150 MWh BESS), net of 600 MW of asset sales in Q1 FY26. In July 2025, the company added a further 50 MW.

Financial Performance

Total income for the quarter reached INR 41,182 million (US$ 480 million), a significant increase from INR 24,903 million (US$ 290 million) in Q1 FY25. Revenue from power sales rose modestly to INR 25,473 million (US$ 297 million) from INR 22,335 million (US$ 260 million) in the prior year period.

Adjusted EBITDA came in at INR 27,220 million (US$ 317 million), compared to INR 18,979 million (US$ 221 million) a year earlier.

From its module and cell manufacturing business, ReNew reported total income of INR 13,223 million (US$ 154 million), with net profit of INR 3,562 million (US$ 42 million) and Adjusted EBITDA of INR 5,292 million (US$ 62 million).

Note: Figures translated at INR 85.74 = US$1.00.

FY26 Guidance

The company reaffirmed its FY26 guidance, projecting 1.6–2.4 GW of new capacity additions by fiscal year-end. ReNew expects Adjusted EBITDA of INR 87–93 billion and Cash Flow to Equity of INR 14–17 billion for FY26.

The guidance also factors in INR 1–2 billion from asset sales under its capital recycling strategy. External sales from module and cell manufacturing are expected to contribute INR 8–10 billion of Adjusted EBITDA.