ReNew Energy Global Reports 16% Increase in Revenue and Net Profit for Q1 FY27

ReNew Energy Global Plc (Nasdaq: RNW) has announced its unaudited consolidated IFRS results for the first quarter of fiscal year 2027, ended June 30, 2026. According to the company’s official earnings release and SEC Form 6-K filing dated August 18, 2026, total income rose to ₹47,864 million (₹4,786.4 crore), while net profit increased to ₹5,953 million (₹595.3 crore). These figures represent a 16% increase compared to the corresponding period of the previous fiscal year. Adjusted EBITDA for the quarter rose 12% to ₹30,392 million (₹3,039.2 crore), driven by a combination of expanded operational capacity and heightened activity in the company’s manufacturing segment.

Quarterly Financial Performance Analysis

ReNew’s growth in total income was primarily supported by higher operational capacity, increased external sales from its solar module and cell manufacturing operations, and realized gains from asset sales. This growth was partially offset by lower weighted average Plant Load Factors (PLF) for wind and solar assets and higher financing costs linked to the increased scale of operations.

Note: Currency conversions are based on an exchange rate of ₹94.66 per US$ 1.00.

Solar Manufacturing and Vertical Integration

The company’s manufacturing arm significantly influenced the quarterly results, with external sales of solar modules and cells contributing ₹16,777 million (₹1,677.7 crore) to total income. However, the Adjusted EBITDA margin for the manufacturing segment compressed to 34% from 40% in the prior-year period, reflecting shifting market dynamics and the ramp-up of new capacity.

• External Sales Net Profit: ₹3,914 million (₹391.4 crore).
• External Sales Adjusted EBITDA: ₹5,651 million (₹565.1 crore).
• Production Volume: 513 MW of cells and 852 MW of modules.
• Production Strategy: Module production was scaled back from 924 MW in Q1 FY26 to 852 MW in Q1 FY27 in anticipation of the ALMM List-II policy imposition.

As part of its vertical integration strategy, ReNew is currently expanding its solar cell capacity by 4 GW, with operations expected to commence by December 2026. Furthermore, a 6.5 GW solar ingot and wafer facility is under construction in the Anakapalli district near Visakhapatnam, Andhra Pradesh, aimed at localizing the upstream supply chain.

Operational Portfolio and Capacity Updates

As of June 30, 2026, ReNew’s total energy portfolio was approximately 20.5 GW, including 1.7 GW/6.2 GWh of Battery Energy Storage Systems (BESS). The status of the operational assets is as follows:

• Commissioned Capacity: 13.1 GW as of the quarter end, which includes 100 MW of commissioned BESS.
• Subsequent Commissions: Post-quarter commissioning of 466 MW of solar capacity brought the total operating portfolio to approximately 13.5 GW (net of 100 MW sold via capital recycling).
• Electricity Sales: Total electricity sold reached 7,377 million kWh, an 8.0% increase year-on-year.
• Plant Load Factors (PLF): Wind assets recorded a weighted average PLF of 32.0%. Solar assets recorded 22.4%, a decline of 220 basis points from the previous year, which management attributed to grid curtailment and infrastructure delays, particularly in Rajasthan.

Corporate Strategy and Take-Private Agreement

ReNew has entered into a binding Transaction Agreement, signed August 11, 2026, to be acquired by a consortium led by Canada Pension Plan (CPP) Investments and CEO Sumant Sinha. The final non-binding offer price is set at US$7.02 per share. The Special Committee of the board received a fairness opinion from Rothschild & Co. and has unanimously recommended the proposal.

The acquisition will be executed via a UK scheme of arrangement, which requires a supermajority approval of 75% of voting rights at a general meeting. Non-consortium shareholders have the following options:

• Cash Consideration: A payout of US$7.02 per share (the default for those not electing rollover).
• Rollover Arrangement: The option to remain a shareholder in the private entity, subject to specific conditions.

The consortium has secured irrevocable undertakings to vote in favor of the scheme from major shareholders JERA Nex and Platinum Cactus, who together hold 51.1% of the voting power.

FY27 Guidance and Outlook

ReNew has maintained its full-year guidance for the fiscal year ending March 31, 2027, based on weather and resource availability tracking historical trends:

• Construction Completion: 1.6 GW to 2.4 GW.
• Adjusted EBITDA Guidance: ₹103 billion – ₹109 billion (₹10,300 – ₹10,900 crore).
• Cash Flow to Equity Guidance: ₹18 billion – ₹22 billion (₹1,800 – ₹2,200 crore).

The Adjusted EBITDA guidance specifically incorporates expected contributions of ₹10–12 billion (₹1,000 – ₹1,200 crore) from manufacturing operations and ₹1–2 billion (₹100 – ₹200 crore) from strategic asset sales as part of the company’s capital recycling program.

Official Sources & Reference Citations

• ReNew Energy Global PLC Q1 FY27 Earnings Release (Published 18 August 2026) Official press release outlining the unaudited consolidated IFRS results for the first quarter of fiscal year 2027 ended 30 June 2026.
  • Direct Link: Business Wire Official Release
  • Investor Portal: ReNew Investor Relations Events & Presentations
• ReNew Energy Global PLC Form 6-K SEC Filing (Filed 18 August 2026) Official Report of Foreign Private Issuer submitted to the United States Securities and Exchange Commission (SEC) incorporating the quarterly financial results and transaction agreements.
  • Corporate Website: ReNew Energy Official Website