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Sep 30, 2025
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ReNew Q2 2026 Earnings Report
ReNew reported a strong Q2 FY26 with revenue and net income growth supported by manufacturing momentum and steady operational execution.
Key Takeaways
ReNew delivered a solid Q2 FY26 with a 36% YoY revenue increase, strong adjusted EBITDA of ₹26.2 billion, and a net income of ₹4.675 billion. Manufacturing contributed significantly to both revenue and EBITDA, reinforcing the company’s vertical integration strategy.
Revenue grew to ₹36.27 billion in Q2 FY26, driven by increased generation and manufacturing sales.
Net income for the quarter was ₹4.675 billion.
Adjusted EBITDA reached ₹26.24 billion, with ₹3.3 billion contributed by manufacturing.
India remained the key geography for revenue, with no reported international sales segmentation.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ReNew reiterated its FY26 guidance, with expected adjusted EBITDA between ₹87-93 billion and significant contributions from both IPP and manufacturing businesses.
Positive Outlook
- FY26 Adjusted EBITDA guidance increased to ₹87–93 billion.
- Manufacturing EBITDA guidance raised from ₹8–10 billion to ₹10–12 billion.
- Continued strong operating execution across wind and solar.
- Consistent leverage improvement supports capital efficiency.
- Strong order book in external module and cell sales.
Challenges Ahead
- DSO remains high in certain states like Andhra Pradesh.
- Manufacturing contribution margin improvement needed for sustainability.
- Dependence on favorable weather conditions for run rate assumptions.
- Continued volatility in raw material costs could impact margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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