ReNew Energy Global Plc Reports Strong Q3 FY26 and Nine-Month Performance, Expands Portfolio and Manufacturing Operations
ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading provider of decarbonization solutions, today announced its unaudited consolidated IFRS results for the third quarter of fiscal year 2026 (Q3 FY26) and the nine months ended December 31, 2025. The results highlight continued growth in operational capacity, revenue, and profitability, driven by strategic expansion in renewable energy generation and solar manufacturing operations.
Portfolio and Capacity Expansion
As of December 31, 2025, ReNew’s total portfolio stood at approximately 19.2 GWs, including 1.5 GW of battery energy storage systems (BESS), up from 17.4 GWs a year earlier. The Company’s commissioned capacity increased by 7% year-over-year to approximately 11.4 GWs (+100 MW BESS), with subsequent commissioning of around 240 MWs taking total operational capacity to ~11.7 GWs. The commissioned portfolio included ~5.5 GWs of wind, ~5.8 GWs of solar, and 99 MWs of hydro.
In line with its growth strategy, ReNew continues to expand its solar manufacturing footprint. The Company operates 6.5 GW of solar module manufacturing facilities, a 2.5 GW operational solar cell manufacturing facility, and a 4 GW solar cell manufacturing facility currently under construction.
During Q3 FY26, ReNew commissioned 288 MWs of capacity, comprising 238 MWs of wind and 50 MWs of solar. For the first nine months of FY26, the Company commissioned a total of 1.3 GWs, including 578 MWs of wind and 751 MWs of solar. These additions were achieved even after divesting 600 MWs of assets in the first nine months and 300 MWs in Q4 FY25 as part of the Company’s capital recycling strategy.
Electricity Generation and Plant Load Factors
ReNew recorded significant growth in electricity sales in Q3 FY26, with total generation reaching 5,077 million kWh, a 23.1% increase over Q3 FY25. Wind assets contributed 2,178 million kWh (up 52.2% YoY), solar assets contributed 2,812 million kWh (up 7.9% YoY), and hydro contributed 87 million kWh (up 1.2% YoY). For the first nine months of FY26, total electricity sold reached 18,874 million kWh, a 14% increase over the previous year, with wind and solar sales rising 17.5% and 10.8%, respectively, while hydro remained relatively stable.
The weighted average Plant Load Factor (PLF) for Q3 FY26 was 18.1% for wind assets (up from 13.5% in Q3 FY25) and 20.9% for solar assets (slightly down from 21.9% in Q3 FY25). For the first nine months of FY26, wind PLF averaged 29.1%, compared to 26.7% in the prior year, and solar PLF averaged 21.6%, compared to 23.5% previously.
Financial Performance
Revenue and Total Income
ReNew’s total income for Q3 FY26 was INR 31,372 million (US$ 349 million), up from INR 21,198 million (US$ 236 million) in Q3 FY25. The increase was primarily driven by higher operational capacity, improved wind PLF, gains from asset sales, and increased external sales from solar module and cell manufacturing operations. For the first nine months of FY26, total income reached INR 111,087 million (US$ 1,236 million), compared to INR 75,911 million (US$ 845 million) in the same period last year.
Revenue from power sales in Q3 FY26 was INR 18,290 million (US$ 204 million), up from INR 14,991 million (US$ 167 million) in Q3 FY25. For the first nine months of FY26, power sales totaled INR 69,838 million (US$ 777 million), compared to INR 64,375 million (US$ 717 million) in the prior year. External sales from solar module and cell manufacturing contributed INR 6,663 million (US$ 74 million) in Q3 FY26 and INR 30,014 million (US$ 334 million) for the first nine months, a significant increase over FY25 figures.
Profitability and Adjusted EBITDA
ReNew reported a net loss of INR 198 million (US$ 2 million) in Q3 FY26, a marked improvement from a net loss of INR 3,879 million (US$ 43 million) in Q3 FY25. The improved performance reflects gains from asset sales, contribution from solar manufacturing operations, and lower tax incidence, partially offset by higher finance costs and depreciation. Net profit attributable to external sales from solar operations was INR 1,080 million (US$ 12 million) in Q3 FY26.
For the first nine months of FY26, ReNew achieved a net profit of INR 9,608 million (US$ 107 million), compared to INR 1,454 million (US$ 16 million) in the same period last year. The increase was driven by higher operational revenues, gains from asset sales, and contributions from solar manufacturing operations, partially offset by scale-linked financing costs and depreciation. Net profit from solar module and cell operations totaled INR 6,847 million (US$ 76 million).
Adjusted EBITDA for Q3 FY26 reached INR 21,381 million (US$ 238 million), up from INR 13,882 million (US$ 155 million) in Q3 FY25. For the first nine months, adjusted EBITDA grew to INR 74,840 million (US$ 833 million) from INR 57,070 million (US$ 635 million) in the previous year. The contribution from external solar manufacturing sales to adjusted EBITDA was INR 2,151 million (US$ 24 million) in Q3 FY26 and INR 10,771 million (US$ 120 million) for the first nine months.
Operational Expenses
Raw Materials and Employee Costs
Raw materials and consumables used for Q3 FY26 were INR 3,150 million (US$ 35 million), primarily linked to solar manufacturing operations, compared to INR 2,575 million (US$ 29 million) in Q3 FY25. For the first nine months, raw materials expenses totaled INR 15,448 million (US$ 172 million), up from INR 3,225 million (US$ 36 million) in FY25.
Employee benefits expenses for Q3 FY26 were INR 1,303 million (US$ 15 million), reflecting higher headcount driven by manufacturing operations, compared to INR 816 million (US$ 9 million) in Q3 FY25. For the first nine months, employee expenses increased to INR 4,341 million (US$ 48 million) from INR 3,409 million (US$ 38 million) in FY25.
Other Expenses and Finance Costs
Other expenses for Q3 FY26 were INR 4,976 million (US$ 55 million), up from INR 2,612 million (US$ 29 million) in Q3 FY25, reflecting operational growth and higher professional and maintenance costs. For the first nine months, other expenses totaled INR 13,923 million (US$ 155 million) compared to INR 9,119 million (US$ 102 million) in FY25.
Finance costs and fair value changes in derivative instruments for Q3 FY26 were INR 15,992 million (US$ 178 million), a 24.2% increase over Q3 FY25. For the first nine months, these costs reached INR 45,771 million (US$ 509 million), up 21.4% over the prior year, driven by higher operational assets and financing associated with manufacturing operations.
Cash Flow and Capital Expenditure
ReNew generated INR 22,649 million (US$ 252 million) in cash from operating activities in Q3 FY26, up from INR 18,486 million (US$ 206 million) in Q3 FY25, supported by higher operating profit and optimized working capital. For the first nine months, cash from operations totaled INR 63,339 million (US$ 705 million), compared to INR 48,557 million (US$ 540 million) in the prior year.
Cash used in investing activities decreased slightly to INR 19,822 million (US$ 221 million) in Q3 FY26, and INR 79,406 million (US$ 884 million) for the nine months, reflecting strategic asset disposals, redemption of deposits, and selective investments in property, plant, and equipment. Cash generated from financing activities was INR 2,325 million (US$ 26 million) in Q3 FY26 and INR 20,118 million (US$ 224 million) for the nine months, reflecting a mix of lower borrowings and interest payments, partly offset by capital raised via shares and instruments from subsidiaries.
In Q3 FY26, capital expenditure totaled INR 24,957 million (US$ 278 million) for the commissioning of 50 MWs of solar and 238 MWs of wind projects. For the first nine months, capex amounted to INR 78,882 million (US$ 878 million), enabling the commissioning of 751 MWs of solar and 578 MWs of wind projects.
FY26 Guidance
ReNew has revised its FY26 guidance and expects to complete the construction of 1.8–2.4 GWs by the end of the fiscal year. Adjusted EBITDA and cash flow to equity are expected to be influenced by weather and resource availability. The Company anticipates net gains from the sale of assets under its capital recycling strategy and expects external sales from solar module and cell manufacturing to contribute INR 11–13 billion to adjusted EBITDA in FY26.
The Company projects adjusted EBITDA for FY26 at INR 90–93 billion and cash flow to equity of INR 14–17 billion.
Outlook
With its strengthened operational portfolio, expanding manufacturing capabilities, and improved financial performance, ReNew Energy Global Plc is well-positioned to continue driving growth in renewable energy generation and decarbonization solutions. The Company’s focus on capital recycling, operational efficiency, and manufacturing expansion supports its long-term strategy of sustainable, profitable growth in the global clean energy sector.
