ReNew Energy Global plc (RNW): Financial results for Q1 2027
ReNew Energy Global plc (RNW) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 ReNew Announces Results for the First Quarter of Fiscal Year 2027 (Q1 FY27) August 18, 2026: ReNew Energy Global Plc (“ReNew”, “the Company”, “we” or “our”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated
How this was made
The 30-second read
Why it matters
The earnings beat and capacity growth may attract new institutional interest and support the stock price in the near term.
Market read
First‑report earnings release with material revenue growth; relevant for traders focused on renewable energy equities.
What to watch
Currency risk from INR‑USD conversion and potential regulatory changes in key markets.
Q1 FY27 total income, net profit and Adjusted EBITDA increased from Q1 FY26; ReNew maintained FY27 Adjusted EBITDA and Cash Flow to Equity guidance.
Total income rose to INR 47,864 million, net profit increased to INR 5,953 million, and Adjusted EBITDA increased 12% to INR 30,392 million. Higher operational capacity, manufacturing external sales and asset-sale gains supported results, while lower plant load factors, increased financing costs, lower CFe and higher investing cash use remained offsets.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | INR 44,581 million (US$ 471 million) | – | – |
| Other operating incomeother | INR 308 million (US$ 3 million) | – | – |
| Finance income and fair value change in derivative instrumentsother | INR 1,176 million (US$ 12 million) | – | – |
| Other incomeother | INR 1,791 million (US$ 19 million) | – | – |
| Change in fair value of warrantsother | INR 8 million (US$ 0 million) | – | – |
| Total incomeother | INR 47,864 million (US$ 506 million) | – | – |
| Raw materials and consumables usedother | INR 8,088 million (US$ 85 million) | – | – |
| Raw materials and consumables used (net of change in inventory)other | INR 10,338 million (US$ 109 million) | – | – |
| Change in inventories of finished goodsother | INR 2,250 million (US$ 24 million) | – | – |
| Employee benefits expenseother | INR 1,990 million (US$ 21 million) | – | – |
| Depreciation, amortisation and impairmentother | INR 7,332 million (US$ 77 million) | – | – |
| Other expensesother | INR 4,332 million (US$ 46 million) | – | – |
| Finance costs and fair value change in derivative instrumentsother | INR 15,529 million (US$ 164 million) | – | 7.4% |
| Total expensesother | INR 39,521 million (US$ 418 million) | – | – |
| Profit before taxother | INR 8,343 million (US$ 88 million) | – | – |
| Income tax expenseother | INR 2,390 million (US$ 25 million) | – | – |
| Net profitother | INR 5,953 million (US$ 63 million) | – | – |
| Basic earnings per shareother | 16.45 | – | – |
| Diluted earnings per shareother | 16.25 | – | – |
| Adjusted EBITDAnon-GAAP | INR 30,392 million (US$ 321 million) | – | 12% |
| Cash generated from operating activitiesother | INR 21,570 million (US$ 228 million) | – | – |
| Cash used in investing activitiesother | INR 33,573 million (US$ 355 million) | – | – |
| Cash generated from financing activitiesother | INR 10,718 million (US$ 113 million) | – | – |
| Capital expenditures for commissioned projectsother | INR 26,387 million (US$ 279 million) | – | – |
| Cash Flow to Equity (CFe)non-GAAP | INR 12,838 million (US$ 136 million) | – | – |
| Total electricity soldother | 7,377 million kWh | – | 8.0% |
| Electricity sold from wind assetsother | 3,896 million kWh | – | 9.9% |
| Electricity sold from solar assetsother | 3,412 million kWh | – | 7.4% |
| Electricity sold from hydro assetsother | 69 million kWh | – | – |
| Wind plant load factorother | 32.0% | – | – |
| Solar plant load factorother | 22.4% | – | – |
| Commissioned capacityother | ~13.1 GW (including 100 MW/250 MWh of BESS) | – | 17% |
| Capacity commissioned in Q1 FY27other | 616 MW | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Sale of powerHigher operational capacity, partially offset by lower PLF and revenue forgone on divested assets. | INR 26,749 million (US$ 283 million) | – | – |
| Solar module and cell manufacturing operations external salesIncreased external sales from solar module and cell manufacturing operations. | INR 16,777 million (US$ 177 million) | – | – |
FY27 outlook
- NoteComplete construction of 1.6 to 2.4 GW by the fiscal year ending March 31, 2027.
- NoteAdjusted EBITDA: INR 103 – INR 109 billion.
- NoteCash Flow to Equity (CFe): INR 18 – INR 22 billion.
- NoteGuidance includes INR 1–2 billion related to asset sales in Adjusted EBITDA.
- NoteGuidance includes INR 10–12 billion of Adjusted EBITDA from external sales from module and cell manufacturing operations.
- NoteAdjusted EBITDA and CFe guidance are subject to weather and resource availability being similar to FY26.
What drove it
- Total income growth was primarily driven by higher operational capacity, increased external manufacturing sales and gains from asset sales.
- Net profit growth reflected higher operating revenues, external manufacturing sales and asset-sale gains, partly offset by higher scale-linked financing costs and depreciation from projects commissioned from Q1 FY26.
- Employee benefits expense increased due to increased headcount supporting solar module and cell manufacturing operations and other employee-related costs.
- Other expenses declined primarily because of lower provisions, partly offset by capacity-linked O&M expenses and travel-related expenditure.
- Operating cash flow increased primarily due to higher consolidated operating profit and lower working-capital deployment.
- The Company commissioned 596 MW of solar and 20 MW of wind capacity in Q1 FY27, followed by 466 MW of solar after quarter-end.
Concerns
- Wind PLF declined to 32.0% from 32.8%, while solar PLF declined to 22.4% from 24.6%.
- Finance costs and fair value change in derivative instruments increased 7.4% to INR 15,529 million.
- CFe was INR 12,838 million, compared with INR 15,325 million, due to higher loan repayment and interest paid, partially offset by higher Adjusted EBITDA.
- Cash used in investing activities was INR 33,573 million, compared with INR 21,958 million.
- FY27 Adjusted EBITDA and CFe guidance are subject to weather and resource availability being similar to FY26.
- Net debt was INR 697,123 million as of June 30, 2026.
What to watch
- Completion of 1.6 to 2.4 GW of construction during FY27.
- Execution of the planned additional 4 GW solar-cell manufacturing capacity, expected to be operational by December 2026.
- Delivery against FY27 Adjusted EBITDA guidance of INR 103 – INR 109 billion and CFe guidance of INR 18 – INR 22 billion.
- External manufacturing sales contribution, for which FY27 guidance includes INR 10–12 billion of Adjusted EBITDA.
- Asset-sale execution and the INR 1–2 billion of related gains included in FY27 Adjusted EBITDA guidance.
- Closing conditions and cash inflows from the agreed sale of 1,055 MW of solar projects to Purvah Green Power Private Limited.
Balance sheet and cash flow
- Cash and cash equivalents, bank balances and investments in liquid funds as of June 30, 2026: INR 88,992 million (US$ 940 million).
- Cash and cash equivalents as of June 30, 2026: INR 22,015 million (US$ 233 million).
- Bank balances other than cash and cash equivalents as of June 30, 2026: INR 54,817 million (US$ 579 million).
- Deposits with maturities of more than twelve months: INR 1,830 million (US$ 19 million).
- Investments in liquid funds: INR 10,330 million (US$ 109 million).
- Net debt as of June 30, 2026: INR 697,123 million (US$ 7,364 million).
- Net debt includes convertible debentures from joint venture partners of INR 25,921 million (US$ 274 million).
- Total receivables as of June 30, 2026: INR 29,673 million (US$ 313 million), including unbilled receivables of INR 10,314 million (US$ 109 million).
- IPP DSO as of June 30, 2026: 71 days, compared to 74 days as of June 30, 2025.
- Manufacturing receivables: INR 558 million (US$ 6 million); manufacturing DSO: 5 days as of June 30, 2026.
- Subsequent to quarter-end, the Company received INR 5,704 million (US$ 60 million) from AP DISCOM on account of GBI.
Analysis
ReNew reported higher IFRS total income, net profit and non-IFRS Adjusted EBITDA in Q1 FY27. Total income increased to INR 47,864 million from INR 41,182 million, net profit increased to INR 5,953 million from INR 5,131 million, and Adjusted EBITDA increased 12% to INR 30,392 million. Management attributed the income increase to higher operational capacity, increased external sales from solar module and cell manufacturing operations, and gains from asset sales.
Operating expansion continued, with 616 MW commissioned during the quarter, comprising 596 MW of solar and 20 MW of wind. Commissioned capacity was ~13.1 GW as of June 30, 2026 and increased 17% year over year, net of 100 MW of asset sales. Electricity sold increased 8.0% to 7,377 million kWh, supported by wind and solar generation. Resource performance was weaker, however, as wind PLF declined to 32.0% and solar PLF declined to 22.4%.
Manufacturing external sales were a meaningful contributor, with total income from solar module and cell manufacturing operations of INR 16,777 million, compared with INR 13,223 million. Manufacturing-attributable net profit was INR 3,914 million and manufacturing-attributable Adjusted EBITDA was INR 5,651 million. Costs reflected the growth profile: employee benefits increased with manufacturing headcount, depreciation and amortisation rose to INR 7,332 million, and finance costs and fair value change in derivative instruments increased 7.4% to INR 15,529 million.
Cash generation from operating activities improved to INR 21,570 million, driven by higher consolidated operating profit and lower working-capital deployment. This was more than offset at the reported cash-flow level by INR 33,573 million of investing cash use, principally for property, plant and equipment, while CFe declined to INR 12,838 million due to higher loan repayments and interest paid. Liquidity was INR 88,992 million, while net debt was INR 697,123 million as of June 30, 2026.
The company maintained FY27 guidance for INR 103 – INR 109 billion of Adjusted EBITDA and INR 18 – INR 22 billion of CFe, alongside construction completion of 1.6 to 2.4 GW. Guidance explicitly includes INR 1–2 billion of asset-sale-related Adjusted EBITDA and INR 10–12 billion of Adjusted EBITDA from external module and cell manufacturing sales. Delivery depends on weather and resource availability being similar to FY26, making PLF performance, capacity execution, manufacturing sales and capital recycling central factors for the rest of FY27.
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported income-statement, cash-flow and operating metrics were not provided.
- Gross margin was not reported.
- Operating income was not reported.
- Operating expenses guidance was not provided.
- Revenue, gross margin, operating expenses and tax-rate guidance were not provided.
- Capital returns, including share repurchases and parent-company dividends, were not reported.
- Named executive commentary and attributable executive quotes were not provided.
- Prior guidance was not provided, so no comparison of actual results with prior guidance is available.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
ReNew Energy Global plc (RNW) is a Nasdaq‑listed renewable energy developer and manufacturer reporting its first quarter of fiscal year 2027.
Ticker impact
ReNew Energy Global posted Q1 FY27 results with revenue up 16% YoY to $506M and net profit up 23% to $63M, plus a 17% increase in commissioned capacity.
Potential short‑term upside as investors price in higher revenue and capacity growth.
Quarterly numbers exceed prior year, capacity expansion signals future cash flow growth; market typically reacts positively to such earnings beats.
Market effects
Highlights growth in renewable energy infrastructure, may boost related solar and battery manufacturers.
Positive for Indian‑linked renewable assets and investors with exposure to emerging market renewables.
Adds to broader renewable energy sector momentum, supporting global clean‑energy investment trends.
Counterpoint
If capacity expansion leads to higher capex and debt, margins could compress, tempering upside.
Key entities
- CompanyReNew Energy Global plc
Nasdaq‑listed renewable energy developer and solar/battery manufacturer.
