ReNew posted strong profit growth in Q1 FY26, supported by higher solar module and power sales
Total income grew 65% YoY to INR 41.2 billion, driven by solar module and power sales
The company saw significant revenue gains driven by its IPP and manufacturing operations
Indian renewable energy company and solar PV manufacturer ReNew Energy Global reported a sharp rise in its Q1 FY26 (April 1 to June 30, 2025) performance, posting profit after tax (PAT) of INR 5.1 billion ($60 million), representing 13 times growth over Q1 FY25. Its total income rose 65% year-on-year (YoY) to INR 41.2 billion ($480 million), supported by higher solar module and power sales.
While its independent power producer (IPP) business contributed INR 26.8 billion ($306 million) to the company’s total adjusted income of INR 39.9 billion ($455 million), the manufacturing segment brought in INR 13.2 billion ($154 million).
Its revenue of INR 39 million ($445 million) also registered an increase of 71% YoY, while adjusted EBITDA of INR 27.2 million ($317 million) went up by over 43%.
Since July 2025, this Nasdaq listed company has commissioned around 2.25 GW of renewable energy capacity and signed power purchase agreements (PPAs) for 3.7 GW. ReNew’s cumulative commissioned capacity increased by 14.8% YoY to 11.1 GW – comprising 6.1 GW solar, 5 GW wind, and 99 MW hydro power – out of the 18.2 GW total portfolio and 1.1 GWh of battery energy storage system (BESS).
ReNew’s solar cell and module manufacturing capacity stands at 2.5 GW and 6.5 GW, respectively. The company stated that its module plants are producing 10 MW/day, while the cell plant produces 5 MW/day. During the reporting period, ReNew rolled out 900 MW of modules and 400 MW of cells with an average efficiency of 23%. It added that its current external order book totals around 800 MW.
On its Q1 FY25 earnings call, the management was asked about vertical integration into wafer production. ReNew’s Founder, Chairman and CEO, Sumant Sinha, said that the company will follow the government’s lead in the matter, especially in terms of establishing the equivalent of an Approved List of Models and Manufacturers (ALMM) for wafers.
It is also building another 4 GW TOPCon cell production facility in Dholera, Gujarat, where it expects to launch production by the end of FY27. It raised $100 million from the British International Investment (BII) in May 2025 in lieu of a minority stake (see India Solar PV News Snippets).
ReNew has reiterated its FY26 adjusted EBITDA guidance of INR 87 billion to INR 93 billion, and says it is on track to construct 1.6 GW to 2.4 GW of new capacity by the end of FY 2026.
.png?w=50&fm=png){kind=logo}