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Jun 30, 2025
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ReNew Q1 2026 Earnings Report
ReNew reported strong earnings growth in Q1 FY26 with a surge in net income and adjusted EBITDA.
Key Takeaways
ReNew Energy Global delivered a strong quarter with a 65% YoY increase in revenue and a significant rise in net income to $60 million. Growth was driven by power sales and the manufacturing segment, contributing notably to revenue and profitability.
Revenue grew to $480M in Q1 FY26, up from $290M a year ago
Net income jumped to $60M from $5M in the prior year
Adjusted EBITDA rose to $317M, a 43% increase YoY
Manufacturing contributed $154M in revenue and $42M in net profit
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ReNew expects to complete construction of 1.6–2.4 GW by FY26-end with contribution from asset sales and manufacturing revenue in EBITDA.
Positive Outlook
- FY26 construction target: 1.6–2.4 GWs
- Anticipates continued asset sale gains
- INR 8–10B EBITDA expected from manufacturing
- Strong capital recycling strategy
- Manufacturing to boost future cash flows
Challenges Ahead
- Guidance subject to weather/resource variability
- EBITDA includes asset sale contributions
- Uncertainty around external module sales
- Execution risks in large-scale projects
- Limited disclosure on adjusted EPS or gross margin
Historical Earnings Impact
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Avg. Return Before/After Earnings
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