ReNew Energy Q3 Results- Total Income Up 48%, A Return To Profitability Imminent

ReNew Energy Global Plc has announced its unaudited consolidated IFRS results for Q3 FY26 and nine months ended December 31, 2025. The firm's Q3 results benefited from a higher PLF for its wind assets, which had been a drag last year, even as solar PLF's dropped slightly to offset the gains. However, the firm's move into solar manufacturing continues to pay off with external sales of its modules and cells delivering a boost to income. These sales accounted for over 70% of the net profit of Rs 960 crore for the year so far, at Rs 684 crore.  

Operating Highlights:
As of December 31, 2025, the Company’s portfolio consisted of ~19.2 GWs (including 1.5 GW of BESS), compared to ~17.4 GWs as of December 31, 2024. In addition, the Company has 6.5 GW of solar module manufacturing facilities, a 2.5 GW solar cell manufacturing facility which is operational and a 4 GW solar cell manufacturing facility which is in the process of being built.

The Company’s commissioned capacity has increased 7% year-over-year to ~11.4 GWs (+100 MW BESS) as of December 31, 2025. Subsequently, the Company commissioned ~240 MWs, taking the total capacity as on date to ~11.7 GWs (+100 MW BESS).

Total Income (or total revenue) for Q3 FY26 was up 48% to INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. Net loss for Q3 FY26 was INR 198 million (US$ 2 million) compared to loss of INR 3,879 million (US$ 43 million) for Q3 FY25. Adjusted EBITDA for Q3 FY26 was INR 21,381 million (US$ 238 million), as against INR 13,882 million (US$ 155 million) in Q3 FY25.

Total Income (or total revenue) for the first nine months of FY26 was INR 111,087 million (US$ 1,236 million), compared to INR 75,911 million (US$ 845 million) for the first nine months of FY25. Net profit for first nine months of FY26 was INR 9,608 million (US$ 107 million) compared to INR 1,454 million (US$ 16 million) for the first nine months of FY25. Adjusted EBITDA for the first nine months of FY26 was INR 74,840 million (US$ 833 million), against INR 57,070 million (US$ 635 million) for the first nine months of FY25.

Revenue from the sale of power for Q3 FY26 was INR 18,290 million (US$ 204 million), compared to INR 14,991 million (US$ 167 million) for Q3 FY25. Revenue from the sale of power for the first nine months of FY26 was INR 69,838 million (US$ 777 million) compared to INR 64,375 million (US$ 717 million) for the first nine months of FY25.

Total Income (or total revenue) for Q3 FY26 from external sales of its  solar module and cell manufacturing operations was INR 6,663 million (US$ 74 million). Net profit and Adjusted EBITDA for Q3 FY26 from external sales of its solar module and cell manufacturing operations was INR 1,080 million (US$ 12 million) and INR 2,151 million (US$ 24 million)respectively.

Total Income (or total revenue) for the first nine months of FY26 includes external sales from its solar module and cell manufacturing operations amounting to INR 30,014 million (US$ 334 million), compared to INR 3,459 million (US$39 million) for the first nine months of FY25. Net profit and Adjusted EBITDA for the first nine months of FY26 from external sales from our solar module and cell manufacturing operations was INR 6,847 million (US$ 76 million) and INR 10,771 million (US$ 120 million) respectively, compared to INR 423 (US$ 5 million) and INR 597 (US$ 7 million) respectively forthe first nine months of FY25.

New Commissionings in Q3

In Q3 FY26, the company commissioned 288 MWs, which included 238 MWs of wind and 50 MWs of solar capacity. In the first nine months of FY26, it 
commissioned 1.3 GWs, of which 578 MWs was wind and 751 MWs was solar. Subsequent to the end of the quarter, the Company commissioned
~240 MWs, taking the total commissioned capacity as on date to ~11.7 GWs (+100 MW BESS).
Of its commissioned capacity of  about 1.4 GWs (+100MW BESS), 5.5 GWs is wind, ~5.8 GWs solar and 99 MWs hydro. Commissioned capacity increased by 7% year over year, net of the 600 MWs of assets sold in the first nine months of FY26 and 300 MWs sold in Q4 FY25 .

Electricity Sold

Total electricity sold in Q3 FY26 was 5,077 million kWh, an increase of 23.1% over Q3 FY25. Electricity sold in Q3 FY26 from wind assets was 2,178
million kWh, an increase of 52.2% from Q3 FY25. Electricity sold in Q3 FY26 from solar assets was 2,812 million kWh, an increase of 7.9% over Q3
FY25. Electricity sold for Q3 FY26 from hydro assets was 87 million kWh, an increase of 1.2% over Q3 FY25.

Total electricity sold in the first nine months of FY26 was 18,874 million kWh, an increase of 14.0% over the first nine months of FY26. Electricity sold
in the first nine months of FY26 from wind assets was 9,901 million kWh, an increase of 17.5% over the first nine months of FY25. Electricity sold in the
first nine months of FY26 from solar assets was 8,579 million kWh, an increase of 10.8% over the first nine months of FY25. Electricity sold in the first
nine months of FY26 from hydro assets was 394 million kWh, a marginal decrease of 0.3% from the first nine months of FY25.

Plant Load Factor
Weighted average Plant Load Factor (“PLF”) for Q3 FY26 for wind assets was 18.1%, compared to 13.5% for Q3 FY25. The PLF for Q3 FY26 for
solar assets was 20.9%, compared to 21.9% for Q3 FY25. Weighted average PLF for the first nine months of FY26 for wind assets was 29.1%, compared to 26.7% for the first nine months of FY25. The PLF for the first nine months of FY26 for solar assets was 21.6%, compared to 23.5% for the first nine months of FY25.

Total Income
Total Income for Q3 FY26 was INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. Total income
benefited from higher revenue driven by an increase in operational capacity, gain on sale of assets, higher wind PLF and increase in external sales
from its solar module and cell manufacturing operations, partially offset by revenue loss from sale of assets and lower solar PLF. Total Income includes finance income and fair value change in warrants of INR 1,205 million (US$ 14 million) and gain on sale of assets amounting to INR 4,622 million (US$ 51 million).

Solar Manufacturing Sales To External Customers

Total Income (or total revenue) for Q3 FY26 from external sales of its solar module and cell manufacturing operations was INR 6,663 million (US$ 74
million), which was double the total income from Q3 FY25.
Raw materials and consumables used for Q3 FY26 were INR 3,150 million (US$ 35 million) compared to INR 2,575 million (US$ 29 million) for Q3
FY25. Raw materials and consumables used are primarily attributable to external sales from its solar module and cell manufacturing operations.
Raw materials and consumables used for the first nine months of FY26 were INR 15,448 million (US$ 172 million), compared to INR 3,225 million
(US$ 36 million) for the first nine months of FY25. Raw materials and consumables used are primarily attributable to external sales from its solar
module and cell manufacturing operations.

The net profit for the first nine months of FY26 was INR 9,608 million (US$ 107 million) compared to net profit of INR 1,454 million (US$ 16 million) for
the first nine months of FY25, with the increase primarily driven by higher operating revenues, external sales from solar module and cell
manufacturing operations, gain on sale of assets, and lower tax incidence, partially offset by higher scale linked financing costs and depreciation
related to projects commissioned from Q3 FY25.
Net profit for the first nine months of FY26 attributable to external sales from module and cell manufacturing operations amounted to INR 6,847
million (US$ 76 million), compared to INR 423 million (US$ 5 million) for the first nine months of FY25.

FY26 Guidance

The Company has revised its FY26 guidance and expects to complete the construction of 1.8 to 2.4 GWs by the end of FY26. The Company’s Adjusted
EBITDA and Cash Flow to Equity guidance for FY26 are subject to weather and resource availability. The Company continues to anticipate net gains
in sales of assets, which is part of ReNew’s capital recycling strategy. The Company now expects external sales from its solar module and cell
manufacturing to contribute INR 11-13 billion of Adjusted EBITDA in this guidance.