This article first appeared on GuruFocus .
Release Date: May 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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ReNew Energy Global PLC ( NASDAQ:RNW ) achieved record profitability in fiscal 2026, with adjusted EBITDA of INR98.5 billion, exceeding the top end of their guidance.
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The company reduced its net debt-to-EBITDA ratio by 1.1x year-on-year, improving its balance sheet and financial health.
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ReNew Energy Global PLC ( NASDAQ:RNW ) expanded its operating portfolio to approximately 12.8 gigawatts, representing a 25% year-on-year growth.
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The manufacturing business contributed significantly to the company's growth, with INR14.8 billion EBITDA, and is expected to scale further with a new 4-gigawatt cell facility.
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The company raised $375 million through asset monetization and fundraising, which was used to repay debt and strengthen the balance sheet.
Negative Points
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Grid expansion has not kept pace with renewable energy installations, leading to some curtailment of projects, particularly in Rajasthan.
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There was a slight decline in solar resource efficiency and some curtailment, impacting overall performance.
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The DSM regulations could potentially impact the company financially if current guidelines continue without relaxation.
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ReNew Energy Global PLC ( NASDAQ:RNW ) faces challenges with transmission issues, which could constrain solar capacity additions.
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The company is not currently considering an India listing, despite Indian peers trading at higher multiples, which may affect its market valuation.
Q & A Highlights
Q: When should we expect the contribution from the ingot wafer capacity, and does the guidance include any contribution from that business? A: The wafer plant will be commissioned by June 2028, so it won't register in the FY27 or FY28 financial years. The guidance does not include any contribution from that business as it will initially be in trial run phases. (Answered by Unidentified_3, CEO)
Q: Was there any resource issue or curtailments affecting solar performance this quarter? A: There was some curtailment in Q4, and the resource efficiency was slightly lower, which contributed to the overall PLF being lower than last year. (Answered by Unidentified_3, CEO)
Q: Could you clarify the capacity of the solar cell manufacturing facility, as the government ALMM list reflects 1.8 gigawatts, but the presentation shows 2.5 gigawatts? A: The general yield is about 80%, which results in an output of 1.8 gigawatts, while the 2.5 gigawatts is the template capacity. (Answered by Unidentified_3, CEO)
Q: What impact would the DSM regulations have on your business if they were to go through? A: If the current DSM regulations were to continue, there might be an impact of half a billion rupees for FY27. However, changes and relaxations to the guidelines are expected, so the current system is unlikely to remain as proposed. (Answered by Unidentified_3, CEO)
Q: Are there emerging opportunities in green hydrogen, ammonia, or methanol? A: Yes, there is a new green methanol tender planned by the government, and we expect renewed formulation and bidding for fertilizer-based tenders. Demand is also picking up overseas, especially in the Far East, indicating that green fuels will emerge as a bigger opportunity in the medium term. (Answered by Unidentified_3, CEO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
