ReNew Reports Record FY26 Profit, But Q4 PAT Sees Sharp Decline
Nasdaq-listed ReNew Energy Global Plc has now announced the financial results for FY26 and for the last quarter (Q4). As per the disclosures made by the firm, it reported its highest-ever annual net profit for FY26. However, it also reported a sharp decline in its Q4 profit.
The annual growth in its revenue is primarily driven by a sharp rise in solar manufacturing revenues, large-scale renewable energy commissioning, and improving balance sheet metrics, reinforcing the company’s emergence as an integrated clean energy and manufacturing player. The company is now into project development, solar module and cell manufacturing.
Annual Net Profit Increases 2.3 Times
The firm, spearheaded by Sumant Sinha, posted a 2.3-fold jump in consolidated net profit to Rs 1,038.5 crore in FY26, from Rs 459.1 crore a year ago, while total income rose nearly 38% to Rs 15,063.5 crore. Adjusted EBITDA increased to Rs 9,850.3 crore.
Meanwhile, on the project development landscape, the company commissioned 2.4 GW of renewable energy capacity during FY26 — its highest-ever annual addition — taking operational capacity to 12.8 GW, up 25% year-on-year after adjusting for asset sales. Its committed portfolio stood at 20.2 GW, including 1.7 GW of battery energy storage systems (BESS), while its broader development pipeline has crossed 26 GW.
Dominance in Govt-Supported Projects
ReNew said nearly 70% of its committed portfolio is tied to highly rated central government-linked offtakers, providing greater revenue visibility. The company is increasingly positioning itself as a vertically integrated renewable energy platform, spanning utility-scale solar and wind, commercial and industrial (C&I) clean power, storage and domestic solar manufacturing.
Its manufacturing business emerged as a major earnings driver in FY26. Revenue from external sales of solar modules and cells surged more than threefold to Rs 4,194.4 crore, while segment adjusted EBITDA rose to Rs 1,478.2 crore. ReNew currently operates 6.4 GW of solar module manufacturing capacity and 2.5 GW of operational solar cell capacity, with another 4 GW cell expansion under construction.
The company has also announced a 6.5 GW ingot-wafer manufacturing facility in Andhra Pradesh, signalling a push toward deeper backward integration amid India’s tightening domestic content and ALMM regulations.
Management said the manufacturing business contributed Rs 1,480 crore to FY26 adjusted EBITDA and is expected to become a more meaningful earnings contributor from FY28 once the expanded cell lines become operational. Operationally, ReNew said its FY27 execution pipeline remains largely insulated from supply chain disruptions, with module supplies secured through internal production, battery pricing locked in and over 90% of land already tied up for upcoming projects.
Q4 PAT Slumps
Despite the strong full-year performance, the March quarter reflected some moderation. Q4 FY26 net profit fell to Rs 77.7 crore from Rs 313.7 crore a year ago, even as quarterly revenue increased. Revenue from power sales — the company’s core annuity business — remained largely flat year-on-year in the quarter. Still, ReNew indicated that improving leverage and disciplined capital recycling remain central to its strategy. Net debt-to-EBITDA declined by 1.1x year-on-year, while the company raised $375 million during FY26 through asset monetisation and strategic investments.
For FY27, the company has guided for commissioning of 1.6-2.4 GW capacity, adjusted EBITDA of Rs 10,300-10,900 crore and cash flow to equity of Rs 1,800-2,200 crore. Long-term run-rate EBITDA potential for its fully constructed 20.2 GW portfolio is estimated at Rs 13,300-13,800 crore.