Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q2 FY26 Earnings Presentation
40 slides from Renew Energy Global's earnings presentation, Nov 10, 2025
Slide 1: Q2 FY26 Results Presentation
Q2 FY26 Results Presentation November 10, 2025
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: Our Vision and Values
OUR VISION To be a global leader of the clean energy transition OUR VALUES Pioneer Responsible Excellence Partner 3
Slide 4: Portfolio capacity: wind, solar, manufacturing, BESS
5.4 GW* 6.1 GW* 6.4 GW (Module) 150 MWh* 2.5 GW (Cell) WIND SOLAR Manufacturing BESS OPERATING IPP: 11.6 GW (+ 150 MWh BESS) / COMMITTED: 18.5 GW (+ 1.1 GWh BESS) OPERATING MANUFACTURING: 6.4 GW + 2.5 GW/COMMITTED: 6.4 GW + 6.5GW 4 4 *Commissioned Module + Cell Module + Cell
Slide 5: Agenda
AGENDA 1 2 3 Q2 FY26 BUSINESS FINANCE HIGHLIGHTS UPDATES HIGHLIGHTS 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 5 5
Slide 6: Q2 FY26 Highlights
Q2 FY26 Highlights 01 6
Slide 7: Highlights for Q2 FY26
Highlights for Q2 FY26 ▪ Operating portfolio of over 11.6 GW - 2.1 GW commissioned from Oct’24; over 1.2 GW commissioned YTD FY26 IPP Business ▪ On track to complete construction of 1.6 – 2.4 GW by end of FY26 ▪ 18.5 GW (+1.1 GWh BESS) committed portfolio; 3.8 GW of PPAs signed TTM and 1.6 GW in FY2
Slide 8: Business Updates
Business Updates 02 8
Slide 9: Operating portfolio continues to increase on the back of strong execution
Operating portfolio continues to increase on the back of strong execution; contracted portfolio expands further 22% 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
Slide 10: Solar manufacturing: continuing strong performance in Q2 FY26
Solar manufacturing: continuing strong performance in Q2 FY26 Operational facilities fully stabilized Update on construction of 4 GW cell plant: ▪ Existing facilities fully operational and stabilized ▪ Module plants producing over 12 MW/day Land ✓ ▪ Cell plant producing over 5 MW/day Basic Engineeri
Slide 11: Finance Highlights
Finance Highlights 03 11
Slide 12: Q2 FY26 operating performance
Q2 FY26 operating performance Key metrics (INR bn) ▪ Total portfolio ~18.5 GW (+ ~1.1 GWh BESS) ▪ 11.6 GW+ operating capacity; up 15% YoY and up 22% 41.2 39.0 38.6 36.3 adjusted for asset sales 29.9 26.7 27.2 26.2 ▪ Wind: 5.4 GW, Solar: 6.1 GW, Hydro: 99 MW 24.2 ▪ 6.8 GW+ committed capacity 7.7 4.9
Slide 13: EBITDA expansion enables reduction in leverage
EBITDA expansion enables reduction in leverage Continue to pursue long term run rate leverage target of under 6.0x on a consolidated basis Significant reduction in leverage levels Q2 FY26 vs Q2 FY25 Adj. EBITDA walk (INR bn) 3.3 (2.1) YoY on account of cash generation (1.7) 2.5 ▪ Leverage reduced co
Slide 14: ESG and Sustainability
ESG and Sustainability 04 14
Slide 15: Leading the way in ESG in the RE sector and beyond
Leading the way in ESG in the RE sector and beyond ESG ESG Leadership Leadership Awards Climate & Nature Action S&P Global Corporate Sustainability Fortune Change The World List 2025 Climate Action Report F.Y. 2024-25 Assessment ✓Registered a score of ✓Recognized for the ✓Published inaugural 83, the
Slide 16: Bolstering Our ESG Targets 2025
Bolstering Our ESG Targets 2025 Short Term Targets 2030 & 2040 Long Term Targets FY 2025-26 Completed Our ESG Targets Update for Q2 – 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 17: Guidance
Guidance 05 17
Slide 18: Guidance
Guidance FY26 Total Committed Portfolio INR 87-93 bn Adjusted EBITDA (includes INR 10-12 bn from INR 132-138 bn manufacturing + INR 1-2 bn Run rate Adj EBITDA* gain from asset sales) MWs 1.6 - 2.4 GW 18.5 GW Total constructed portfolio CFe 14-17 bn 35-38 bn Run rate CFe* *Note: The long-term guidanc
Slide 19: Annexures
Annexures 06 19
Slide 20: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 18.5 GW Technology Solar 10.5 GW Wind 7.9 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 6.1 GW 4.4 GW 5.4 GW 2.5 GW Hydro (Commissioned) 0.1 GW Centre State Corporate Centre State Corporate PPA Counterparty
Slide 21: 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) 84 days at Sep’25, improved by 10 days YoY and 28 days in 2 Offtaker DSO receivables to DSO years (2) (3) ▪ Lower DSO reflective of improved offtaker
Slide 22: Wind PLF performance
Wind PLF performance All India Wind PLFs ReNew Wind PLF 40.0% (FY23 – FY26) 31% 35% H1 FY26 marginally better than H1 FY25 35.0% ReNew Wind PLFs 30% FY23: 25.5% 30.0% FY24: 26.4% 23% FY25: 24.4% 25.0% 41.3% 38.3% 34.8% 20.0% 32.8% 37.3% 29.9% 32.7% 15% 15.0% 28.4% 17.0% 20.0% 11% 18.4% 10.0% 14.7% 1
Slide 23: 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 24: Debt profile
Debt profile By Debt Type By Source(4) By Currency Others 5% Secured Bank Loan Secured Loan from FI 26% INR Variable US Dollars 34% 58% 42% 37% (fully hedged) (1) Working Capital Loan Fixed Senior Overseas Green 7% 58% Bonds 26% INR Bonds 7% By Project Type By Maturity By Repayment Non Amortizing Un
Slide 25: Operating performance and seasonality
Operating performance and seasonality Q1 FY25 Q1 FY26 Q2 FY25 Q2 FY26 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.8 4.7 5.0 6.1 4.8 5.5 5.4 6.1 Weighted average operational 4.8 4.7 4.9 5.9 4.8 4.9 5.1 6.1 capacity(1) (GW) Plant load factor (%)(4) 29% 27% 34% 25% 40% 21% 3
Slide 26: US$ 296 mn adj. EBITDA for Q2 FY26
US$ 296 mn adj. EBITDA for Q2 FY26 Adjusted Q2 FY26 Adjusted YoY % growth Q2 FY26 Q2 FY25 Adj Q2 FY25 Adjustments Q2 FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q2 FY26 Adj Revenue from contracts with Includes INR 10.1 bn from our manufacturing 26,735 36,266 408 - - 36,266 408 36% cus
Slide 27: US$ 602 mn adj. EBITDA for H1 FY26
US$ 602 mn adj. EBITDA for H1 FY26 Adjusted H1 FY26 Adjusted YoY % growth H1 FY26 H1 FY25 Adj H1 FY25 Adjustments H1 FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) H1 FY26 Adj Revenue from contracts with Includes INR 23.4 bn from our manufacturing 49,546 75,264 848 - - 75,264 848 51% cus
Slide 28: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, September 30, September 30, 2025 2025 2025 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances and investments 83,215 97,579 1,099 (including short and long term)(1) Property, plant and equi
Slide 29: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In mn For the three months ended September 30, For the six months ended September 30, 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 4,939 4,675 53 5,3
Slide 30: Cash flow to equity reconciliation
Cash flow to equity reconciliation In mn For the three months ended Sept 30, For the six months ended Sept 30, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 24,209 26,240 296 43,188 53,459 602
Slide 31: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth INR bn During FY26 so far, we delivered: 160 140.7 140.7 ▪ Cash from operations INR 39.4 bn 140 129.7 129.7 in H1 FY26; 31% higher YoY 120 ▪ INR 27.6 bn in Q2 FY26; 37% higher YoY 100 79.7 80 ▪ Cash profit* of INR 24.5 bn
Slide 32: 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 33: 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 34: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) 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; J
Slide 35: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) 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
Slide 36: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) 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 3
Slide 37: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,121 MW) Mah Ph I 250.0 Rajasthan Oct-19 2.72 MSEDCL 25 MESCOM, BESCOM, GESCOM, Karnataka 40 40.0 Karnataka Oct-1
Slide 38: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) 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 H2FY27 2.56 UPPCL 25 PSPCL 100.0 Rajasthan H2FY26 2.33 PSPCL 25 SECI IX 300.0 Rajasth
Slide 39: Project level details (as of November 10, 2025)
Project level details (as of November 10, 2025) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (1,484 MW) Wind 681 Karnataka Q4 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to RTC-I(11) SEC
Slide 40: Partner with us
Partner with us as we continue to shape The Future of Energy. ©copyright: This presentation is the sole property of ReNew. Reproduction and distribution without written approval is prohibited. 40