ReNew’s H1 FY26 revenue rose around 46% YoY to INR 79.7 billion on higher commissioning and manufacturing sales
Adjusted EBITDA for the period increased 24% YoY to INR 53.4 billion, though Q2 net profit slightly declined
Its commissioned capacity reached 11.4 GW with 150 MWh BESS, while the total portfolio expanded to 18.5 GW
ReNew has also secured $331 million ADB funding for an 837 MW hybrid project with 415 MWh battery storage
Indian renewable energy company ReNew Energy Global Plc improved its H1 FY26 (period ending September 30, 2025) total revenue on a year-on-year (YoY) basis from INR 54.7 billion to INR 79.7 billion, thanks to an increase in project commissioning and external sales in its manufacturing business.
Adjusted EBITDA for the period also increased to INR 53.4 billion from INR 43.2 billion in the previous year.
For Q2 FY26, its total revenue of INR 38.5 billion improved 29% YoY with an adjusted EBITDA of INR 26.2 billion. Net profit for the quarter, however, declined from INR 4.9 billion in Q2 FY25 to INR 4.6 billion.
At the end of the reporting period, its commissioned capacity improved by 12.8% YoY to 11.4 GW with 150 MWh of battery energy storage system (BESS). Its total portfolio comprises 18.5 GW and 1.1 GWh of BESS, compared to 15.6 GW as of September 30, 2024. In October 2025, it commissioned 212 MW of new capacity.
Over the last 12 months, ReNew says it signed 3.8 GW power purchase agreements (PPAs) and 1.6 GW in FY26. Its total pipeline now stands at over 25 GW with another 3 GWh of BESS capacity.
The company operates 6.4 GW of solar module and 2.5 GW of cell production capacity. During H1 FY26, it produced over 2 GW of solar modules and 900 MW of cells, with manufacturing making a meaningful contribution of INR 3.3 billion to adjusted EBITDA for the quarter. ReNew is also building a 4 GW solar cell manufacturing fab.
Due to this, ReNew has revised the share of manufacturing in its FY26 adjusted EBITDA guidance of INR 87 billion to INR 93 billion to INR 10 billion to INR 12 billion. It continues to project construction of 1.6 GW to 2.4 GW of new capacity during the financial year.
ReNew has also announced securing $331 million in financing from the Asian Development Bank (ADB). This is part of a $477 million financial package that will support the development of a large-scale clean energy project in India’s Andhra Pradesh. The bank will arrange the remaining $146 million from other lenders.
The Andhra Pradesh project will integrate 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It will deliver 300 MW of peak power with a dependable baseload supply to enhance grid reliability.
