Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q3 2026 Earnings Presentation
51 slides from Renew Energy Global's earnings presentation, Feb 16, 2026
Slide 1: Q3 FY26 Results Presentation
Q3 FY26 Results Presentation February 16, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the
Slide 3: Agenda
AGENDA 1 2 3 Q3 FY26 Our Key Way Forward Highlights Strengths 4 5 6 Business & Finance ESG & Guidance Updates Sustainability 7 Annexures 3
Slide 4: Our Vision and Values
OUR VISION To be a global leader of the clean energy transition OUR VALUES Pioneer Responsible Excellence Partner 4
Slide 5: Q3 FY26 Highlights
Q3 FY26 Highlights 01 5
Slide 6: Highlights for Q3 FY26
Highlights for Q3 FY26 ▪ Operating portfolio of 11.8^ GW; ~1.6 GW commissioned YTD FY26 ▪ On track to complete construction of 1.8 – 2.4 GW by end of FY26 IPP Business ▪ 19.2 GW (incl. 1.5 GW BESS) committed portfolio ▪ Portfolio configuration revised – more solar + BESS, higher execution and cash f
Slide 7: Our Key Strengths
Our Key Strengths 02 7
Slide 8: A 15 Year journey of leading Indian renewables
A 15 Year journey of leading Indian renewables Shri Narendra Modi Doubled its operational Listed on the NASDAQ Entered the Solar PV Secured $100 M investment inaugurated ReNew’s capacity and crossed the index and crossed 6 GW manufacturing space, plants from BII for solar first utility-scale wind 2
Slide 9: Market leading presence across the full spectrum of the clean energy landscape in India
Market leading presence across the full spectrum of the clean energy landscape in India Committed capacity of 19.2 GW (incl. 1.5 GW/5.5 GWh BESS) | Total Pipeline of 25+ GW (+ BESS) Utility Corporates Manufacturing Solar Wind C&I Modules 6.0 GW 3.7 GW 2.7 GW Committed capacity Committed capacity Com
Slide 10: ReNew has continued to grow & create shareholder value over the last year
ReNew has continued to grow & create shareholder value over the last year Last 12 months 1.9 GW • ~1.9 GW commissioned Execution • ~1.6 GW YTD FY26; MW guidance reiterated 6.5 GW • Existing capacity stabilized; cell expansion underway Manufacturing M+C • Raised $100 mn from BII 650 MW • C&I market l
Slide 11: We are well placed in India's renewables market
We are well placed in India’s renewables market, enjoying leading market share across multiple segments Installed RE capacity: #2 in India, operating portfolio of 11.8 GW C&I: Leading player in India with 2.7 GW of portfolio with high quality offtakers; 2.2 GW installed Connectivity: Secured for ent
Slide 12: Consistent and profitable growth since listing with no equity issuance
Consistent and profitable growth since listing with no equity issuance Portfolio (GW) EBITDA (INR mn) Assets sold Committed 20.5 20.9 Constructed Guidance Commissioned 90-93 bn 8.7 7.4 14.1 14.2 11.1 3.9 10.2 5.7 19.4 19.2 79,188 3.1 74,841 69,216 4.3 13.7 13.4 62,004 11.8 10.7 10.8 55,144 9.9 9.5 7
Slide 13: Way Forward
Way Forward 03 13
Slide 14: Increased focus on balance sheet discipline and profitability
Increased focus on balance sheet discipline and profitability Derisking the portfolio ⌂ Pivoting the portfolio to a solar heavy configuration RISK ⌂ Solar + BESS is faster & easier to execute vs Solar + Wind + BESS ⌂ Lower capex and higher certainty in revenue and cash flows Accelerating capital rec
Slide 15: Higher value accretion through optimizing capital use
Higher value accretion through optimizing capital use Focus to pivot from “Growth at all costs” to “Balance sheet strength & repayment of debt” Overall capex reduction of INR 60 Current configuration bn, by changing the under construction configuration: - Wind reduced from 2.5 GW Effective RE Portfo
Slide 16: Business Updates
Business Updates 03 16
Slide 17: Operating portfolio increases with strong execution
Operating portfolio increases with strong execution 19% increase* in operating Strong execution for both wind portfolio YoY and solar One of the leading RE installations in the industry Continue to execute projects inline with expectations ▪ 11.8 GW operating portfolio (incl. 0.1 GW BESS) Wind: Comm
Slide 18: In-house manufacturing with surplus sold to market at attractive margins
In-house manufacturing with surplus sold to market at attractive margins Dholera cell plant (2.5 GW) Dholera module plant (2.4 GW) Jaipur module plant (4 GW) ▪ Module supply agreement in place. 40-60% of the annual production expected to be used for Module and Cell Production (MW) captive consumptio
Slide 19: ReNew is at the forefront of energy transition for India's C&I segment
ReNew is at the forefront of energy transition for India’s C&I segment 2.2 GW(1) commissioned capacity present across five states ReNew’s leading presence in C&I segment in India 2.7 GW(1) total capacity (2.2 GW commissioned) Long-term C&I PPAs with diversified offtake across captives, 3rd party and
Slide 20: Finance Updates
Finance Updates 04 20
Slide 21: Q3 FY26 operating performance
Q3 FY26 operating performance Financials metrics (INR bn) ▪ Total portfolio ~19.2 GW (incl. 1.5 GW BESS) ▪ 11.8 GW (incl. 0.1 GW BESS) operating capacity; up 38.6 36.3 9% YoY and up 19% adjusted for asset sales 31.4 26.2 25.1 ▪ Wind: 5.5 GW, Solar: 6.0 GW, Hydro: 99 MW, 21.2 18.5 21.4 BESS: 100 MW 1
Slide 22: EBITDA expansion enables reduction in leverage
EBITDA expansion enables reduction in leverage Continue to pursue long term leverage target of under 6.0x on a consolidated basis Significant reduction in leverage levels YoY on Consistent reduction in leverage… account of cash generation 9.0x 8.2 7.0 (0.3) ▪ Leverage significantly reduced compared
Slide 23: Best in class financing and capital management capabilities
Best in class financing and capital management capabilities Demonstrated track record of raising multi bn dollar debt + recycling assets at attractive pricing Strong financing track record with a large & diverse lender base Efficient capital management philosophy – recycling assets to drive superior
Slide 24: ESG and Sustainability
ESG and Sustainability 05 24
Slide 25: A Global Leader in ESG in the RE sector and beyond
A Global Leader in ESG in the RE sector and beyond ESG Leadership ESG Leadership Water Stewardship LSEG ESG Rating (Refinitiv) CDP Climate Change and Water Water Positivity Pilot – 2 Sites certified as Assessment Water Positive at the CII Innovation ✓ Received an ‘A’ rating in Summit 2025 CDP’s Clim
Slide 26: Bolstering Our ESG Targets
Bolstering Our ESG Targets 2025 2030 & 2040 FY 2025-26 Short Term Targets Long Term Targets Completed Our ESG Targets Update for Q3 – FY 2025-26 Status To be validated as carbon neutral (scope 1 & 2) annually • Carbon neutrality verification for 150+ sites for FY 2024–25 completed (5 times in a row)
Slide 27: Guidance
Guidance 06 27
Slide 28: Guidance
Guidance FY26E INR 90-93 bn Adjusted EBITDA (includes INR 11-13 bn from manufacturing) MWs 1.8 - 2.4 GW CFe 14-17 bn 28
Slide 29: Annexures
Annexures 07 29
Slide 30: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 19.2 GW Technology Solar 11.2 GW Wind 6.4 GW BESS 1.5 GW Hydro 0.1 GW Commissioned U/C Commissioned U/C U/C Project Stage 6 GW 5.2 GW 5.5 GW 0.8 GW 1.4 GW Hydro (Commissioned) 0.1 GW BESS (Commissioned) 0.1 GW Centre State C&I Centre St
Slide 31: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables Consistent reduction in the DSO across quarters % share in total Days Contribution ▪ DSO(4) 66 days at Dec’25, improved by 6 days YoY and 20 days in 2 Offtaker DSO receivables to DSO years Corporates, Central ▪ Manufacturing business had a D
Slide 32: Wind PLF performance
Wind PLF performance All India Wind PLFs ReNew Wind PLF 40% (FY23 – FY26) 31% 35% 9M FY26 marginally better than 9M FY25 35% ReNew Wind PLFs 30% FY23: 25.5% 30% FY24: 26.4% 23% FY25: 24.4% 25% 41.3% 37.3% 38.3% 34.8% 20% 32.8% 29.9% 32.7% 15% 15% 14% 28.4% 11% 17.0% 20.0% 18.10% 18.4% 10% 14.7% 17.3
Slide 33: Updated shareholders and diluted shares
Updated shareholders and diluted shares Economic Shareholding(1) Total Shares Outstanding For ReNew Energy Global PLC August’21 (Listing date) Current Shares (mn) Particulars 35.6% 21.3% 26.7% Class A Shares 244.5 Class B Shares(3) - 2.9% 3.6% 7.4% 53.4% Class C Shares 118.4 6.7% Class D Shares(3) -
Slide 34: Debt profile
Debt profile By Debt Type By Source(4) By Currency Others 5% Secured Bank Loan Secured Loan from FI 31% INR Variable US Dollars 30% 58% 44% 37% (fully hedged) (1) Working Capital Loan Fixed Senior Overseas Green 7% 56% Bonds INR Bonds 26% 6% By Project Type By Maturity By Repayment 0 - 2 years, 30%*
Slide 35: Operating performance and seasonality
Operating performance and seasonality Q2 FY25 Q2 FY26 Q3 FY25 Q3 FY26 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.8 5.5 5.4 6.1 4.8 5.8 5.5 6.0 Weighted average operational 4.8 4.9 5.1 6.1 4.8 5.4 5.4 6.1 capacity(1) (GW) Plant load factor (%)(4) 40% 21% 39% 20% 14% 22% 1
Slide 36: US$ 238 mn adj. EBITDA for Q3 FY26
US$ 238 mn adj. EBITDA for Q3 FY26 Adjusted Q3 FY26 Adjusted YoY % growth Q3 FY26 Q3 FY25 Adj. Q3 FY25 Adjustments Q3 FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q3 FY26 Adj. Revenue from contracts with Includes INR 6.6 bn from our manufacturing 18,472 25,140 280 - - 25,140 280 36% cu
Slide 37: US$ 833 mn adj. EBITDA for 9M FY26
US$ 833 mn adj. EBITDA for 9M FY26 Adjusted 9M FY26 Adjusted YoY % growth 9M FY26 9M FY25 Adj. 9M FY25 Adjustments 9M FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) 9M FY26 Adj. Revenue from contracts with Includes INR 29.5 bn from our manufacturing 68,018 100,404 1,118 - - 100,404 1,118
Slide 38: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, December 31, December 31, 2025 2025 2025 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances and investments 83,215 97,557 1,086 (including short and long term)(1) Property, plant and equipm
Slide 39: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In mn For the three months ended December 31, For the nine months ended December 31, 2024 2025 2025 (1) 2024 2025 2025 (1) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period (3,879) (198) (2) 1
Slide 40: Cash flow to equity reconciliation
Cash flow to equity reconciliation In mn For the three months ended Dec 31, For the nine months ended Dec 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 13,882 21,382 238 57,070 74,841 833
Slide 41: Bridge of the old vs new configuration
Bridge of the old vs new configuration BESS Total Portfolio Wind (GW) Solar (GW) Hydro (GW) (GW equivalent) (incl BESS) Old Portfolio configuration 7.9 10.6 0.3 0.1 18.8 Sale of solar assets - (0.3) - - (0.3) New C&I contract (150 MW) - 0.2 - - 0.2 Reduction in wind from U/C projects (1.5) - - - (1.
Slide 42: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth INR bn During FY26 so far, we delivered: 160 142.2 142.2 ▪ Cash from operations INR 63.3 bn 140 125.9 125.9 in 9M FY26; 30% higher YoY 120 ▪ INR 22.6 bn in Q3 FY26; 23% 111.1 higher YoY 100 ▪ Cash profit* of INR 29.8 bn i
Slide 43: ReNew's Green Bonds
ReNew’s Green Bonds Current Hedging Bond Issue Date Maturity Outstanding Coupon Security Structure Arrangement ($ mn) Mar 2027 Asset Backed RPVIN 27 Jan 2020 270 5.88% CCS (7NC2.5) Holdco Issuance Feb 2027 ATMF Call Option + Restricted Group IGPH 27 Feb 2021 399 4.00% (6NC3) CoS Issuance Jul 2028 Re
Slide 44: Influencing Communities With Sustainability Initiatives
Influencing Communities With Sustainability Initiatives Over 1.7 million lives impacted till 31st March 2025 Flagship Programs Site Specific & Employee Driven Programs Lighting Lives Water security An initiative focusing on last mile A Community-Corporate (CC) based partnership to address the need e
Slide 45: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) 23.1MW: APPC Rate + escalation linked to State APPC tariff; 2.1MW: INR GUVNL (23.1), 23.1 MW: 25 years; Jasdan
Slide 46: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro-Lahori 92.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Ostro-Amba 66.0 Madhya Pradesh Mar-16 5.92 MPPMCL 25 Os
Slide 47: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Wind Energy Commissioned Projects (3,680 MW) Ostro - Kutch (SECI 1) 250.0 Gujarat Oct-18 3.46 PTC 25 SECI II 230.1 Gujarat Oct-19 2.64 SECI 25 GUVNL 35.0 G
Slide 48: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (3,821 MW) Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25 MESCOM, BESCOM, GESCOM, Karnataka 40 40.0 Karnataka Oct-19 3.2
Slide 49: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (2,200 MW) UPPCL 300.0 Rajasthan H2 FY27 2.56 UPPCL 25 PSPCL 100.0 Rajasthan Q4 FY26 2.33 PSPCL 25 SECI IX 300.0 Rajasthan
Slide 50: Project level details (as of Feb 12, 2026)
Project level details (as of Feb 12, 2026) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (1,634 MW) Wind 602 Karnataka Q3 FY25 (11) Wind 129 Maharashtra Q3 FY26 2.9 for year 1 with 3% escalation till year 1
Slide 51: Partner with us
Partner with us The Future of Energy to shape The Future of Energy. ©copyright: This presentation is the sole property of ReNew. Reproduction and distribution without written approval is prohibited.