ReNew’s Q1 FY27 profit and revenue rose 16% YoY, while adjusted EBITDA increased 12%
The company produced 513 MW of cells and 852 MW of modules during the quarter
It has retained its construction and financial guidance for FY27
ReNew Energy Global reported higher profit and revenue in Q1 FY2027 (ended June 30, 2026), supported by growth in its renewable energy portfolio and stronger sales from its solar manufacturing business. The company is also exploring an acquisition offer from a consortium led by Canada Pension Plan Investment Board (CPP Investments) and ReNew Energy Founder, Chairman and CEO Sumant Sinha.
ReNew’s net profit rose 16% year-on-year (YoY) to INR 5,953 million in Q1 FY27. Total income also rose 16% to INR 47,864 million, while adjusted EBITDA rose about 12% to INR 30,392 million.
Total income for the quarter comprised INR 16,777 million from the manufacturing business, which also contributed INR 5,651 million to adjusted EBITDA. External sales of solar modules and cells earned a net profit of INR 3,914 million for the quarter, up from INR 3,562 million in Q1 FY26.
ReNew said its commissioned capacity increased by 17% YoY to about 13.1 GW as of June 30, 2026, including 100 MW/250 MWh of battery energy storage. It subsequently commissioned another 466 MW of solar capacity, taking its operating capacity to about 13.5 GW, net of a 100 MW asset sale.
During the reporting quarter, ReNew commissioned 596 MW of solar and 20 MW of wind capacity. Its total portfolio at the end of the reporting quarter was about 20.5 GW, including 1.7 GW/6.2 GWh of battery storage.
It also manufactures solar cells and modules with an operational capacity of 2.5 GW and 6.4 GW, respectively. By December 2026, it plans to add another 4 GW of cell manufacturing capacity, expanding its overall cell capacity to 6.5 GW.
In Q1 FY27, it produced 513 MW of cells and 852 MW of modules. While cell production increased during the period, the company said it had to scale back module production (Q1 FY26: 924 MW; Q4 FY26: 1.13 GW) in line with demand and in anticipation of the ALMM List-II imposition (see India Brings ALMM List-II For Solar Cells Into Force).
ReNew is advancing plans to achieve 6.5 GW of in-house wafer production capacity, funded through internal accruals and fundraising. It is expected to be completed in early FY28 (see ReNew Energy Plans INR 4,200 Crore Solar Manufacturing Unit).
The company continues to maintain its FY27 guidance, expecting to complete 1.6 GW to 2.4 GW of construction by March 31, 2027. It has also retained adjusted EBITDA guidance of INR 103 billion to INR 109 billion.
Separately, ReNew has entered into a transaction agreement with a consortium comprising Canada Pension Plan Investment Board (CPP Investments) and the company's Founder, Chairman and CEO, Sumant Sinha, for a proposed acquisition of the company. Under the proposed scheme, non-consortium shareholders can receive $7.02 per share or, subject to conditions, remain shareholders through a rollover arrangement.
Previously, Masdar was also part of the buying consortium, but it withdrew in December 2025 (see Masdar Pulls Out Of Proposed ReNew Energy Global Acquisition).
