ReNew narrows Q3 loss to Rs 198 million; income up 48%

ReNew Energy Global Plc reported a net loss of Rs 198 million (US$ 2 million) for the third quarter of fiscal year 2026, compared with a loss of Rs 3,879 million (US$ 43 million) in the same period last year. Total income for the quarter increased 48% year-on-year to Rs 31,372 million (US$ 349 million), supported by higher operational capacity, improved wind plant load factors and external sales from solar module and cell manufacturing.

For the quarter ended December 31, 2025, total income from external sales of solar modules and cells stood at Rs 6,663 million (US$ 74 million), contributing Rs 1,080 million (US$ 12 million) to net profit. Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was Rs 21,381 million (US$ 238 million), compared with Rs 13,882 million (US$ 155 million) in Q3 FY25.

For the first nine months of FY26, the company reported a net profit of Rs 9,608 million (US$ 107 million), compared with Rs 1,454 million (US$ 16 million) in the corresponding period last year. Total income rose 46.3% to Rs 111,087 million (US$ 1,236 million). Revenue from sale of power increased to Rs 69,838 million (US$ 777 million), while external sales from manufacturing operations contributed Rs 30,014 million (US$ 334 million).

As of December 31, 2025, ReNew’s total portfolio was approximately 19.2 GW, including 1.5 GW of Battery Energy Storage Systems (BESS). Commissioned capacity rose 7% year-on-year to around 11.4 GW. Subsequent additions of 240 MW increased commissioned capacity to about 11.7 GW as of mid-February 2026. Electricity sold during Q3 FY26 totalled 5,077 million kWh, up 23.1% from the year-ago quarter.

The company revised its FY26 outlook and expects to complete construction of 1.8–2.4 GW by the end of the fiscal year. Adjusted EBITDA for FY26 is projected at Rs 90–93 billion, with cash flow to equity estimated at Rs 14–17 billion. External sales from solar module and cell manufacturing are expected to contribute Rs 11–13 billion to Adjusted EBITDA.

Cash generated from operating activities during the first nine months of FY26 was Rs 63,339 million (US$ 705 million), compared with Rs 48,557 million (US$ 540 million) in the same period last year. The company attributed the increase to higher operating profit and improved working capital management.

ReNew’s manufacturing capacity includes 6.5 GW of solar modules, an operational 2.5 GW solar cell facility and a 4 GW solar cell facility under construction. Under its capital recycling strategy, the company sold 600 MW of assets in the first nine months of FY26 and 300 MW in Q4 FY25.