ReNew Energy Global Plc Reports Q3 FY26 Results
February 16, 2026 — Leads & Copy — ReNew Energy Global Plc (Nasdaq: RNW, RNWWW) reported its unaudited consolidated IFRS results for Q3 FY26 and the nine months ending December 31, 2025.
As of December 31, 2025, ReNew’s portfolio included approximately 19.2 GW, which includes 1.5 GW of battery energy storage systems (BESS). This is an increase from the roughly 17.4 GW the company held as of December 31, 2024. ReNew also has 6.5 GW of solar module manufacturing facilities. One 2.5 GW solar cell manufacturing facility is operational, and another 4 GW solar cell manufacturing facility is being built.
The company’s commissioned capacity increased 7% year-over-year to about 11.4 GW, including 100 MW BESS, as of December 31, 2025. Subsequently, the company commissioned approximately 240 MW, bringing the total capacity to about 11.7 GW, including 100 MW BESS.
Total income for Q3 FY26 was INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. The net loss for Q3 FY26 was INR 198 million (US$ 2 million) compared to a loss of INR 3,879 million (US$ 43 million) for Q3 FY25. Adjusted EBITDA for Q3 FY26 was INR 21,381 million (US$ 238 million), compared to INR 13,882 million (US$ 155 million) in Q3 FY25.
Total income for the first nine months of FY26 was INR 111,087 million (US$ 1,236 million), compared to INR 75,911 million (US$ 845 million) for the first nine months of FY25. Net profit for the first nine months of FY26 was INR 9,608 million (US$ 107 million) compared to INR 1,454 million (US$ 16 million) for the first nine months of FY25. Adjusted EBITDA for the first nine months of FY26 was INR 74,840 million (US$ 833 million), against INR 57,070 million (US$ 635 million) for the first nine months of FY25.
Revenue from the sale of power for Q3 FY26 was INR 18,290 million (US$ 204 million), compared to INR 14,991 million (US$ 167 million) for Q3 FY25. Revenue from the sale of power for the first nine months of FY26 was INR 69,838 million (US$ 777 million) compared to INR 64,375 million (US$ 717 million) for the first nine months of FY25.
Total income for Q3 FY26 from external sales of solar module and cell manufacturing operations was INR 6,663 million (US$ 74 million). The net profit and Adjusted EBITDA for Q3 FY26 from external sales of solar module and cell manufacturing operations was INR 1,080 million (US$ 12 million) and INR 2,151 million (US$ 24 million) respectively.
Total income for the first nine months of FY26 includes external sales from solar module and cell manufacturing operations amounting to INR 30,014 million (US$ 334 million), compared to INR 3,459 million (US$39 million) for the first nine months of FY25. The net profit and Adjusted EBITDA for the first nine months of FY26 from external sales from solar module and cell manufacturing operations was INR 6,847 million (US$ 76 million) and INR 10,771 million (US$ 120 million) respectively, compared to INR 423 (US$ 5 million) and INR 597 (US$ 7 million) respectively for the first nine months of FY25.
In Q3 FY26, ReNew commissioned 288 MW, including 238 MW of wind and 50 MW of solar capacity. In the first nine months of FY26, ReNew commissioned 1.3 GW, of which 578 MW was wind and 751 MW was solar. Subsequent to the end of the quarter, the company commissioned approximately 240 MW, taking the total commissioned capacity to approximately 11.7 GW, including 100 MW BESS.
As of December 31, 2025, ReNew’s total portfolio consisted of approximately 19.2 GW, including 1.5 GW of BESS, and commissioned capacity was approximately 11.4 GW, including 100 MW BESS, of which approximately 5.5 GW was wind, approximately 5.8 GW was solar and 99 MW was hydro. The commissioned capacity increased by 7% year-over-year, net of the 600 MW of assets sold in the first nine months of FY26 and 300 MW sold in Q4 FY25 as part of its capital recycling strategy.
Total electricity sold in Q3 FY26 was 5,077 million kWh, a 23.1% increase over Q3 FY25. Electricity sold in Q3 FY26 from wind assets was 2,178 million kWh, a 52.2% increase from Q3 FY25. Electricity sold in Q3 FY26 from solar assets was 2,812 million kWh, a 7.9% increase over Q3 FY25. Electricity sold for Q3 FY26 from hydro assets was 87 million kWh, a 1.2% increase over Q3 FY25.
Total electricity sold in the first nine months of FY26 was 18,874 million kWh, a 14.0% increase over the first nine months of FY26. Electricity sold in the first nine months of FY26 from wind assets was 9,901 million kWh, a 17.5% increase over the first nine months of FY25. Electricity sold in the first nine months of FY26 from solar assets was 8,579 million kWh, a 10.8% increase over the first nine months of FY25. Electricity sold in the first nine months of FY26 from hydro assets was 394 million kWh, a marginal decrease of 0.3% from the first nine months of FY25.
The weighted average Plant Load Factor (PLF) for Q3 FY26 for wind assets was 18.1%, compared to 13.5% for Q3 FY25. The PLF for Q3 FY26 for solar assets was 20.9%, compared to 21.9% for Q3 FY25.
The weighted average PLF for the first nine months of FY26 for wind assets was 29.1%, compared to 26.7% for the first nine months of FY25. The PLF for the first nine months of FY26 for solar assets was 21.6%, compared to 23.5% for the first nine months of FY25.
Total income for Q3 FY26 was INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. Total income benefited from higher revenue driven by an increase in operational capacity, gain on sale of assets, higher wind PLF and an increase in external sales from solar module and cell manufacturing operations, partially offset by revenue loss from the sale of assets and lower solar PLF. Total Income includes finance income and fair value change in warrants of INR 1,205 million (US$ 14 million) and gain on sale of assets amounting to INR 4,622 million (US$ 51 million).
Raw materials and consumables used for Q3 FY26 were INR 3,150 million (US$ 35 million) compared to INR 2,575 million (US$ 29 million) for Q3 FY25. Raw materials and consumables used are primarily attributable to external sales from our solar module and cell manufacturing operations.
Employee benefits expense for Q3 FY26 was INR 1,303 million (US$ 15 million), compared to INR 816 million (US$ 9 million) due to an increase in headcount primarily attributable to external sales of our solar module and cell manufacturing operations.
Other Expenses for Q3 FY26 were INR 4,976 million (US$ 55 million), compared to INR 2,612 million (US$ 29 million) for Q3 FY25. The increase was primarily due to expenses related to external sales from our solar module and cell manufacturing operations, higher professional fees, and higher operations and maintenance costs related to MWs commissioned since Q3 FY25.
Finance costs and fair value change in derivative instruments for Q3 FY26 were INR 15,992 million (US$ 178 million), an increase of 24.2% over Q3 FY25. The increase in finance costs was primarily due to an increase in operational assets from Q3 FY25, and finance costs associated with manufacturing operations.
The net loss for Q3 FY26 was INR 198 million (US$ 2 million) compared to a net loss of INR 3,879 million (US$ 43 million) for Q3 FY25. The decrease in loss is primarily driven by a contribution from external sales from external sales of solar module and cell manufacturing operations, a gain on the sale of assets amounting to INR 4,622 million (US$ 51 million), and a lower tax incidence, partially offset by an increase in finance costs and higher depreciation.
Adjusted EBITDA for Q3 FY26 was INR 21,381 million (US$ 238 million), compared to INR 13,882 million (US$ 155 million) in Q3 FY25.
ReNew has revised its FY26 guidance and expects to complete the construction of 1.8 to 2.4 GW by the end of FY26. The company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY26 are subject to weather and resource availability. The Company continues to anticipate net gains in sales of assets, which is part of ReNew’s capital recycling strategy. The Company now expects external sales from our solar module and cell manufacturing to contribute INR 11-13 billion of Adjusted EBITDA in this guidance.
Cash generated from operating activities for Q3 FY26 was INR 22,649 million (US$ 252 million), compared to INR 18,486 million (US$ 206 million) for Q3 FY25. The increase was primarily driven by higher operating profit and lower working capital due to a decrease in trade receivables, and an increase in trade payables, partially offset by an increase in inventories and other non-financial liabilities.
Cash used in investing activities for Q3 FY26 was INR 19,822 million (US$ 221 million), compared to cash used amounting to INR 21,132 million (US$ 235 million) for Q3 FY25. The decrease in cash used was primarily on account of proceeds from the disposal of subsidiaries, redemption of deposits and mutual funds having a residual maturity of more than 3 months (net of investments), partially offset by higher investment in property, plant and equipment.
Cash generated from financing activities for Q3 FY26 was INR 2,325 million (US$ 26 million), compared to cash generated from financing activities of INR 6,143 million (US$ 68 million) in Q3 FY25. The decrease in cash generated was primarily on account of lower proceeds from interest-bearing loans and borrowings (net of repayments) partially offset by lower interest paid.
In Q3 FY26, ReNew commissioned 50 MW of solar and 238 MW of wind projects for which the capex was INR 24,957 million (US$ 278 million).
As of December 31, 2025, ReNew had INR 97,558 million (US$ 1,086 million) of cash and cash equivalents, bank balances and investments in liquid funds. Net debt as of December 31, 2025, was INR 659,377 million (US$ 7,339 million).
Total receivables as of December 31, 2025, were INR 23,119 million (US$ 257 million), of which INR 6,240 million (US$ 69 million) was unbilled and others including receivables against external sales from our solar module and cell manufacturing operations. The Daily Sales Outstanding (DSO) from our Independent Power Producer (IPP) business was 66 days as of December 31, 2025, compared to 72 days as of December 31, 2024.
CFe for Q3 FY26 was INR 5,240 million (US$ 58 million) compared to INR 765 million (US$ 9 million) for Q3 FY25 due to higher Adjusted EBITDA partially offset by higher interest and tax paid.
A conference call has been scheduled to discuss the earnings results at 8:30 AM EST (7:00 PM IST) on February 16, 2026. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/m9tykowh or by phone.
An audio replay will be available following the call on ReNew’s investor relations website.
ReNew is a decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~19.2 GW (including 1.5 GW of BESS) on a gross basis as of February 12, 2026, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that are increasingly integral to addressing climate change. In addition, ReNew has 6.5 GW of solar module and 2.5 GW of Solar Cell manufacturing capacity and is expanding its solar cells manufacturing by 4 GW.
Source: ReNew Energy Global Plc
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