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Jun 30
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
ReNew
ReNew
ReNew Revenue by Segment
ReNew Revenue by Geographic Location
Revenue by Segment
Power Sale Revenue
CapyFin.comManufacturing Revenue
CapyFin.comRevenue by Geographic Location
India Revenue
CapyFin.com 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