ReNew Energy Global

Listed IPP — per-stock model.

As of 31 Mar 2026

IPP—

CMP ₹6

Latest concall

Q4 FY26 · 18 May 2026

Operating portfolio ~12.8 GW (+25% YoY adj.); commissioned record 2.4 GW in FY26
FY26 adj. EBITDA ₹98.5 bn (+25%, above guidance); PAT ₹10.4 bn (2.3x YoY)
Q4 FY26 adj. EBITDA ~₹23.7 bn (₹4 bn from manufacturing)
Leverage improved: interest/EBITDA 61.5% vs 66%; cash flow to equity +45% to ₹21.6 bn

Order-book execution

1.6-2.4 GW contracted capacity under construction for FY27; 4 GW solar-cell line to commission by FY27-end.

Management guidance

FY27 adj. EBITDA guidance ₹103-109 bn; build 1.6-2.4 GW of new capacity
FY27 cash flow to equity ₹18-22 bn; commission 4 GW cell facility (ALMM-2) by year-end
Pending non-binding $6.75/share take-private (CPP Investments + CEO Sinha); binding deal targeted Jun-2026

Q4 FY26 earnings call & 6-K (18 May 2026); SEC 13D/A take-private filings (May 2026)

UC + pipeline

2.4GW

own capacity, not an order book

Revenue FY26E

15,064₹ cr

EBITDA margin

65.4%

P/E

15.0×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY23	8,931	6,200	69.4%	-503	—	—	—	—	—	—	—
FY24	9,653	6,922	71.7%	415	—	—	—	—	—	—	—
FY25	10,907	7,919	72.6%	459	—	—	—	—	—	—	—
FY26	15,064	9,852	65.4%	1,039	—	—	—	—	—	—	—

Source Nasdaq: RNW (take-private ongoing)· As of 31 Mar 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Nasdaq: RNW (take-private ongoing)· As of 31 Mar 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY26	4,118	2,722	66.1%	513	12.5%
Q2FY26	3,856	2,624	68.0%	468	12.1%
Q3FY26	3,137	2,138	68.2%	-20	-0.6%
Q4FY26	3,955	2,366	59.8%	78	2.0%

Source Nasdaq: RNW (take-private ongoing)· As of 31 Mar 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Nasdaq: RNW (take-private ongoing)· As of 31 Mar 2026

Valuation

As of 31 Mar 2026

P/E

15.0×

Operating metrics

What the rest of the dashboard tracks for ReNew Energy Global — capacity, auctions, offtake, manufacturing and returns.

12.6 GW

Operational

3 GW

Under construction

5.4 GW

Pipeline

21 GW

Target FY30

300 MW

Auctions won

1 auction

2.5 GW

Cell nameplate

ALMM-II 1.766 GW

6 GW

Module nameplate

ALMM List-I

4.8 GW

PLI awarded

1 tranche

7.5%

Greenfield IRR · IPP

at its 65.4% margin

300 MW

PPAs signed

1 agreement

Auctions won

From the maintained auction feed

Tenders

Date	Agency	Type	MW	₹/kWh	Source
23 Dec 2024	NTPC	Solar	300	2.55	source

Commissioning pipeline

Guided COD tracked from concalls, with slippage vs earlier guidance

IPPs

Project	Capacity	Original	Current	Slip	Status
FY25 utility build (solar + wind) Guided 1.9-2.4 GW COD by end-FY25 but only 1.48 GW commissioned; ~600 MW evacuation-dependent slipped, ~466 MW COD'd just after year-end.	2.15 GW	Q4 FY25	Q1 FY26	+1Q	delayed
FY26 utility build (solar + wind + BESS)	2.4 GW	Q4 FY26	Q4 FY26	—	commissioned
FY27 utility build	2 GW	Q4 FY27	Q4 FY27	—	on track
Dholera 4 GW TOPCon cell expansion (Gujarat)	4 GW	Q3 FY27	Q3 FY27	—	on track

PPA / PSA signings

Power-purchase agreements from the maintained tracker

IPPs

Date	Agency	Type	MW	₹/kWh
23 Dec 2024	NTPC	Solar	300	2.55

Policy exposure

Schemes whose impact note names this company

Policy

ISTS Charge Waiver (Solar/Wind)DemandActive
Losing the waiver raises delivered-power costs for inter-state IPPs — Adani Green, ReNew, Avaada, SJVN — pushing them to commission before the deadline.
FDRE (Firm & Dispatchable Renewable Energy) TendersStorageActive
Reshapes bidding for large IPPs — Adani Green, ReNew, NTPC, JSW, ACME — rewarding those with solar-plus-wind-plus-storage portfolios; drives the firm-power share seen in the tender mix.
RPO / RGO TrajectoryDemandActive
Underpins offtake for every IPP — Adani Green, ReNew, NTPC Green, Tata Power, JSW; non-compliant DISCOMs face penalties, which indirectly supports new PPA signings.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 31 Mar 2026

Shareholding pattern

Source Nasdaq: RNW (take-private ongoing)· As of 31 Mar 2026