Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q4 2026 Earnings Presentation
53 slides from Renew Energy Global's earnings presentation, May 18, 2026
Slide 1: Q4 FY26 Results Presentation
Q4 FY26 Results Presentation May 18, 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 FY26 Highlights Our Key Business Strengths Updates 4 5 6 Finance Updates ESG and Guidance 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: FY26 Highlights
FY26 Highlights 01 5
Slide 6: FY26 Highlights – Highest profitability and project execution
FY 26 Highlights – Highest profitability and project execution Consistent Project Execution Highest Ever Profitability, Declining Leverage ▪ 12.8 GW operational ( 25%*YoY); commissioned 2.4 GW ▪ Adj. EBITDA of INR 98.5 Bn; exceeded top end of the FY26 (1.7 GW solar, 0.6 GW wind and 25 MW BESS) in FY
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 Crossed 10+ GW of Secured $95 million investment from inaugurated ReNew’s capacity and crossed the index and crossed 6 GW gross renewable LeapFrog in our C&I business; first utility-scale w
Slide 9: Market leading presence across the full spectrum of the Indian clean energy landscape
Market leading presence across the full spectrum of the Indian clean energy landscape Committed capacity of ~20.2 GW (incl. 1.7 GW BESS) | Total Pipeline of 26+ GW (incl. BESS) Utility Corporates Manufacturing Solar Wind C&I Modules 6.0 GW 3.7 GW 2.7 GW Committed capacity Committed capacity Committe
Slide 10: We are uniquely placed across India's renewable market segments
We are uniquely placed across India’s renewable market segments Installed RE capacity: One of the largest in India, operating portfolio of 12.8 GW C&I: Leading player in India with 2.7 GW of portfolio with high quality offtakers; 2.2 GW installed Connectivity: Secured for entire pipeline & addnl. av
Slide 11: Business Updates
Business Updates 03 11
Slide 12: Long term RE story robust; RE cheapest source and fastest to market
Long term RE story robust; RE cheapest source and fastest to market Energy security key for India in current macro environment; wind/solar continue to prosper RE provides majority of capacity additions (in GW) ▪ Renewables contributed ~90% of overall power capacity addition in FY26 57.5 ▪ 51 GW rene
Slide 13: ReNew Project Execution: FY26 a new high, well placed for FY27
ReNew Project Execution: FY26 a new high, well placed for FY27 25% increase* in operating FY27 execution insulated from portfolio YoY supply risks One of the leading RE installations in the industry Solar ▪ 12.8 GW operating portfolio (incl. 0.1 GW BESS) ▪ 50% modules already at site, ready for inst
Slide 14: One of the largest C&I portfolios in India; new funding to boost growth
One of the largest C&I portfolios in India; new funding to boost growth 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) LeapFrog led consortium of investors invested $95 Mn equity in ReNew’s C&
Slide 15: ReNew Manufacturing: Securing supply chain and delivering profitable growth
ReNew Manufacturing: Securing supply chain and delivering profitable growth 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 consump
Slide 16: ReNew Manufacturing: 6.5 GW Ingot-wafer expansion plan
ReNew Manufacturing: 6.5 GW Ingot-wafer expansion plan Ingot-Wafer plant to be set up in Andhra Pradesh ▪ ReNew to set up a 6.5 GW Ingot-Wafer plant in Rambili, Andhra Pradesh Jaipur, Rajasthan ▪ Indicative capex of INR 42 Bn* Module Plant – 4 GW ▪ Planned to be funded with a mix of internal accrual
Slide 17: Finance Updates
Finance Updates 04 17
Slide 18: Consistent and profitable growth with no equity issuance
Consistent and profitable growth with no equity issuance Portfolio (GW) Adj. EBITDA (INR Bn) Committed 21.7 Assets sold 20.5 98.5 Commissioned 79.2 69.2 7.4 62.0 8.7 14.1 14.2 FY23 FY24 FY25 FY26 1.7 3.9 5.7 1.1 PAT (INR Bn) 0.8 0.4 2.3x 12.6 10.4 10.8 9.5 8.0 4.1 4.6 (5.0) FY23 FY24 FY25 FY26 Total
Slide 19: Growth translating into strong financial results; highest profits
Growth translating into strong financial results; highest profits IPP and Manufacturing businesses delivered well above guidance FY26 Q4 FY26 145.4 37.9 33.3 41.4 11.7 103.9 9.9 13.4 104.0 90.6 26.2 23.4 Adj. Total Income Adj. Total Income Adj. Total Income (Q4'25) Adj. Total Income (Q4'26) 98.5 14.
Slide 20: Reducing leverage levels consistently; increases profitability
Reducing leverage levels consistently; increases profitability Continue to pursue long term leverage target of under 6.0x on a consolidated basis Significant reduction in Net Debt/EBITDA levels Consistent improvement in Net Debt/EBITDA YoY 750.0x (INR Bn) 700.0x 687.1 (25.2) Operational Projects: ▪
Slide 21: Refinancing and FX well under control
Refinancing and FX well under control Multiple Options for Refinancing Debt Mix $1 Bn due for maturity in 1H CY27; ~60% is asset backed. Refinancing plan as Others, 4% follows: ▪ In-principal refinancing commitment for ~$400 Mn debt already secured ▪ Offshore bond market (through GIFT City) US Dolla
Slide 22: Capital discipline while balancing profitable growth
Capital discipline while balancing profitable growth Ensuring that portfolio level IRRs are 16-20% (higher with capital recycling) Portfolio Pivot to higher Solar + BESS Current configuration More Solar + BESS possible with fall in BESS prices: ▪ Faster execution and stabilization Effective RE Portf
Slide 23: ESG and Sustainability
ESG and Sustainability 05 23
Slide 24: 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 – Culminating the Year with Breakthrough Achievements S&P Global Corporate Sustainability MSCI ESG Rating 20th CII ITC Sustainability Awards Assessment (CSA) Yearbook 2026 ✓ Included in the CSA ✓ Awarded the Outstanding
Slide 25: Bolstering Our ESG Targets 2025, 2030 & 2040
Bolstering Our ESG Targets 2025 2030 & 2040 FY 2025-26 Short Term Targets Long Term Targets Completed Our ESG Targets Update for Q4 – 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 26: Guidance
Guidance 06 26
Slide 27: Guidance
Guidance FY27 Total Committed Portfolio INR 103-109 bn INR 133-138 bn Adjusted EBITDA (includes INR 10-12 bn from Manufacturing Run-rate Adjusted EBITDA* and INR 1-2 bn from Asset sale gains) MWs 1.6 - 2.4 GW 20.2 GW (incl. 1.7 GW BESS) Total Constructed Portfolio CFe 18-22 bn INR 32-36 bn Run-rate
Slide 28: Annexures
Annexures 07 28
Slide 29: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 20.2 GW Technology Solar 11.7 GW Wind 6.7 GW BESS 1.7 GW Hydro 0.1 GW Commissioned U/C Commissioned U/C U/C Project Stage 7.0 GW 4.7 GW 5.6 GW 1.1 GW 1.6 GW Hydro (Commissioned) 0.1 GW BESS (Commissioned) 0.1 GW Centre State C&I Centre
Slide 30: Lowest DSO; AP Receivables headed for resolution
Lowest DSO^ ; AP Receivables headed for resolution Consistent reduction in the DSO across quarters Ageing of billed receivables % share in total Days Contribution ▪ IPP DSO(4) 63 days at Mar’26, improved by 8 days YoY and 14 days Offtaker DSO in 2 years receivables to DSO ▪ Manufacturing business ha
Slide 31: Wind PLF performance
Wind PLF performance All India Wind PLFs ReNew Wind PLF (FY23 – FY26) 31% 35% FY26 better than FY25 ReNew Wind PLFs 30% FY23: 25.5% FY24: 26.4% 23% FY25: 24.4% FY26: 26.3% 41.3% 37.3% 38.3% 34.8% 32.8% 29.9% 15% 32.7% 15% 14% 28.4% 11% 17.0% 20.0% 18.1% 18.4% 18.3% 14.7% 13.5% 17.3% Q1 Q2 Q3 Q4 Q1 Q
Slide 32: 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% 7% Class A Shares 246.1 Class B Shares(3) - 2.9% 3.6% 7.4% 53.4% Class C Shares 118.4 6.7% Class D Shares(3) - 13
Slide 33: Debt profile
Debt profile By Debt Type By Source(4) By Currency Others, 4% Secured Bank Loan Secured Loan from FI 29% Variable US Dollars, 29% 42% 35% INR , 61% Working Capital Loan Senior Overseas Green(1) Fixed 7% Bonds 58% INR Bonds 27% 7% By Project Type By Maturity By Repayment 0 - 2 years, 28%* Non Amortiz
Slide 34: Operating assets show underlying value
Operating assets show underlying value 10.1 GW operational for over 1 year: Healthy returns for operating portfolio* ▪ 10.7 GW operating MWs (as of Mar’25) less 600 MW sold during FY26 Plus 11.93% Manufacturing operations 38 bps ▪ EBITDA in FY26: INR 80.2 bn EBITDA ▪ Capital employed: ~INR 599 bn ▪
Slide 35: Operating performance and seasonality
Operating performance and seasonality Q3 FY25 Q3 FY26 Q4 FY25 Q4 FY26 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.8 5.8 5.5 6.0 4.9 5.7 5.6 6.8 Weighted average operational 4.8 5.4 5.4 6.1 4.9 5.7 5.5 6.1 capacity(1) (GW) Plant load factor (%)(4) 14% 22% 19% 21% 19% 26% 1
Slide 36: Segment Performance – Core and Manufacturing
Segment Performance – Core* and Manufacturing Year ended March 31, 2025 Year ended March 31, 2026 Particulars Core Mfg. Total Core Mfg. Total Revenue 83,869 13,194 97,063 91,366 40,830 132,196 Other operating income 450 - 450 998 - 998 Late payment surcharge from customers 7 - 7 1,111 - 1,111 Financ
Slide 37: US$ 252 mn adj. EBITDA for Q4 FY26
US$ 252 mn adj. EBITDA for Q4 FY26 Adjusted Q4 FY26 Adjusted YoY % growth Q4 FY26 Q4 FY25 Adj. All figures in millions Q4 FY25 Adjustments Q4 FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q4 FY26 Adj. Revenue from contracts with Includes INR 1 bn from our manufacturing 29,045 31,792 339
Slide 38: US$ 1,050 mn adj. EBITDA for FY26
US$ 1,050 mn adj. EBITDA for FY26 Adjusted FY26 Adjusted YoY % growth FY26 FY25 Adj. All figures in millions FY25 Adjustments FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) FY26 Adj. Revenue from contracts with Includes INR 40.8 bn from our manufacturing 97,063 132,196 1,409 - - 132,192
Slide 39: Consolidated balance sheet summary
Consolidated balance sheet summary Particulars As of As of As of March 31, March 31, March 31, 2025 2026 2026 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances and investments 83,215 80,627 859 (including short and long term)(1) Property, plant and eq
Slide 40: Standalone Manufacturing Financials
Standalone Manufacturing Financials All figures in millions For the year ended March 31, 2025 2026 2026 (1) Particulars (Audited) (INR) (Unaudited) (INR) (Unaudited) (US$) Total Income 40,950 67,830 723 Revenue from Operations 40,826 66,331 707 Other income 124 1,499 16 (-) Expenses 33,185 47,681 50
Slide 41: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation All figures in millions For the three months endedMarch 31, For the year ended March 31, 2025 2026 2026 (1) 2025 2026 2026 (1) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period 3,137 777 8 4,5
Slide 42: Cash flow to equity reconciliation
Cash flow to equity reconciliation In mn For the three months ended Mar 31, For the year ended Mar 31, 2025 2026 2026 2025 2026 2026 Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 22,118 23,661 252 79,188 98,501
Slide 43: EBITDA Walk
EBITDA Walk FY25 to FY26 (INR Bn) 2.0 9.2 0.3 8.3 96.8 98.5 98.5 87.5 79.2 79.2 FY25 actual New Project EBITDA Manufacturing EBITDA FV gains on JV reclass to Others (LPS net of FY26 actual Subs. expenses) (net of post period accounting) O4 FY25 to Q4 FY26 (INR Bn) 30 0.4 2.0 2.9 25 1.7 0.3 20 25.8 2
Slide 44: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth Cash ROE of Cash ROE of INR bn 25% 27% During FY26, we delivered: 160 150.6 144.5 144.5 140 131.1 131.1 ▪ Cash from operations INR 94.0 bn in FY26; 23% higher YoY 120 109.1 ▪ INR 30.7 bn in Q4 FY26 100 82.8 ▪ Cash profit*
Slide 45: ReNew's Green Bonds
ReNew’s Green Bonds Current Hedging Bond Issue Date Maturity Outstanding Coupon Security Structure Arrangement ($ 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 368 4.00% (6NC3) CoS Issuance Jul 2028 Re
Slide 46: 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 47: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) 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 25.
Slide 48: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) 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 Ostro-
Slide 49: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) 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 Gujar
Slide 50: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,621 MW) Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25 MESCOM, BESCOM, GESCOM, Karnataka 40 40.0 Karnataka Oct-19 3.22 25
Slide 51: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Solar Energy Committed Projects (1,400 MW) UPPCL 300.0 Rajasthan H2 FY27 2.56 UPPCL 25 PSPCL 100.0 Rajasthan Q4 FY26 2.33 PSPCL 25 SECI IX 100.0 Rajasthan Q4 F
Slide 52: Project level details (as of May 18, 2026)
Project level details (as of May 18, 2026) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) Tenure at COD Utility Scale Firm Power Committed Projects (5,573 MW) Solar 700 SJVN FDRE-I TBD 24 months fromdate** 4.38 SJVN 25 BESS 441 MW/1.7 GWh Solar 435 SECI Hybrid 6 Wind 250
Slide 53: 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.