ReNew’s FY26 net profit rose to INR 10.4 billion, supported by higher operating capacity
The company commissioned a record 2.4 GW of renewable energy capacity during FY26, meeting its annual guidance
Its solar manufacturing grew strongly, with higher module and cell sales contributing to revenue and adjusted EBITDA
ReNew Energy Global Plc reported a 2.3-times rise in its net profit for the financial year ended March 31, 2026, supported by higher operating capacity, lower leverage, and strong growth in its solar manufacturing business. This was the renewable energy and solar PV manufacturer’s highest-ever net profit.
The company said its FY26 net profit increased to INR 10.4 billion from INR 4.6 billion in FY25, while total income or total revenue rose to INR 150.6 billion from INR 109.1 billion a year earlier. Adjusted EBITDA for the year also increased to INR 98.5 billion, exceeding the top end of the guidance.
Revenue from the sale of power was INR 88.2 billion, having risen from INR 81.6 billion. ReNew’s solar manufacturing business recorded significant growth during the year. Revenue from external sales of solar modules and cells increased to INR 41.9 billion in FY26 from INR 13.3 billion in FY25. The segment contributed INR 14.8 billion to adjusted EBITDA during the year.
While its Q4 FY26 total income of INR 39.5 billion rose from INR 34.4 billion in the same quarter last year, its net profit of INR 777 million was lower than the INR 3.14 billion reported in Q4 FY25. The company sold 1.13 GW of modules and 494 MW of solar cells during the reporting quarter.
ReNew commissioned 2.4 GW of renewable energy capacity during FY26, its highest-ever annual addition, including 1.7 GW of solar, 600 MW of wind, and 25 MW of battery energy storage systems (BESS), meeting its annual guidance (see ReNew Energy’s Adjusted EBITDA Grew 14% YoY In FY2025).
The group’s commissioned portfolio grew 16.6% year-on-year (YoY) to around 12.6 GW by March 2026, and later increased to about 12.8 GW after additional commissioning.
The company’s overall portfolio reached nearly 20 GW, including 1.7 GW/6.2 GWh of BESS capacity. ReNew also highlighted a project pipeline of more than 26 GW, comprising BESS.
The company currently operates 6.4 GW of solar module manufacturing capacity and 2.5 GW of solar cell capacity. It is expanding solar cell manufacturing by another 4 GW, expected to become operational by H2 FY27.
ReNew also announced plans to establish a 6.5 GW ingot and wafer facility in Andhra Pradesh’s Rambilli as it carries out backward integration to be ready for the Approved List of Models and Manufacturers (ALMM) List-III for wafers from June 2028 (see India To Enforce ALMM List-III For Ingots, Wafers On June 1, 2028).
For FY27, the company expects to commission between 1.6 GW and 2.4 GW of renewable energy capacity. It also expects continued growth in manufacturing operations and asset recycling activities. Adjusted EBITDA is projected to total INR 103 billion to INR 109 billion, with the manufacturing business contributing INR 10 billion to INR 12 billion of the total.