Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q1 2026 Earnings Presentation
40 slides from Renew Energy Global's earnings presentation, Aug 14, 2025
Slide 1: Q1 FY26 Results Presentation
Q1 FY26 Results Presentation August 14, 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
5.0 GW* 6.1 GW * 6.4 GW(Module) 150 MWh* 2.5 GW (Cell) WIND SOLAR Manufacturing BESS OPERATING IPP: 11.1 GW* (+ 150 MWh BESS) / COMMITTED: 18.2 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 Q1 FY26 BUSINESS FINANCE HIGHLIGHTS UPDATES HIGHLIGHTS 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 5 5
Slide 6: Q1 FY26 Highlights
Q1 FY26 Highlights 01 6
Slide 7: Highlights for Q1 FY26
Highlights for Q1 FY26 ▪ 2.2 GW commissioned from Jul’24; 23% higher operating MWs* YoY ▪ 18.2 GW (+1.1 GWh BESS) committed portfolio; 3.7 GW of PPAs signed IPP Business TTM; pipeline of 25 GW+ (+~3 GWh BESS) ▪ On track to complete construction of 1.6 – 2.4 GWs by end of FY26 ▪ Wind PLFs higher YoY:
Slide 8: Business Updates
Business Updates 02 8
Slide 9: Continued emphasis on project execution & portfolio growth at attractive returns
Continued emphasis on project execution & portfolio growth at attractive returns 23% increase in Operating Execution: on track to achieve portfolio YoY* MW guidance One of the highest RE installations in the industry Continue to execute projects inline with expectations ▪ 11.1 GW+ operating portfoli
Slide 10: Solar manufacturing: Strong operational and financial performance
Solar manufacturing: Strong operational and financial performance Operational facilities fully stabilised Update on construction of 4 GW cell plant: ▪ Existing facilities fully operational and stabilized ▪ Land acquisition primarily completed ▪ Module plants producing 10+ MW/day ▪ Civil work started
Slide 11: Finance Highlights
Finance Highlights 03 11
Slide 12: Q1 FY26 operating performance
Q1 FY26 operating performance Key metrics (INR bn) ▪ Total portfolio ~18.2 GW (+ ~1.1 GWh BESS) 41.2 ▪ ~11.1 GW operating; up 16% YoY and up 23% adjusted for 39.0 34.4 asset sales 29.0 27.2 24.9 ▪ Wind: 5.0 GW, Solar: 6.1 GW, Hydro: 99 MW 22.8 22.1 19.0 ▪ ~7.1 GW committed ▪ Total capacity commissio
Slide 13: Reduction in leverage levels for operational portfolio
Reduction in leverage levels for operational portfolio Continue to pursue long term run rate leverage target of under 6.0x on a consolidated basis Q1 FY26 vs Q1 FY25 Adj. EBITDA walk (INR bn) Currently leverage levels slightly elevated due to (0.3) 5.3 high growth nature of business 1.4 1.8 ▪ ~2 yea
Slide 14: ESG and Sustainability
ESG and Sustainability 04 14
Slide 15: Key highlights from Q1 FY26
Key highlights from Q1 FY26 Release of Our Second Integrated Report Theme ▪ 18.2% reduction in Scope 1 and 2 GHG emissions from baseline Scaling New India’s Leap with Clean Environment (exceeding target of 12.6%) Energy Solutions ▪ 540,372 m3 of water saved (51% YoY increase) Innovating Sustainably
Slide 16: Key Features of Integrated Report FY 2024-25
Key Features of Integrated Report FY 2024-25 Key Features Details Voluntary alignment with First-time alignment with India’s formal sustainability framework strengthening ESG transparency for Indian BRSR (India’s sustainability stakeholders framework) Materiality & Enterprise Mapping of material iss
Slide 17: Bolstering Our ESG Targets
Bolstering Our ESG Targets FY25 In Progress FY25 Completed Long Term Targets Our ESG Targets Update for Q1 – FY26 Status To be validated as carbon neutral ▪ Carbon neutrality verification for 150+ sites for FY 2024–25 completed (5th time in a row) Completed (scope 1 & 2) annually till 2025 Environme
Slide 18: Guidance
Guidance 05 18
Slide 19: Guidance
Guidance FY26 Total Committed Portfolio INR 87-93 bn Adjusted EBITDA (includes INR 8-10 bn from INR 131-137 bn manufacturing + INR 1-2 bn Run rate Adj EBITDA* gain from asset sales) MWs 1.6 - 2.4 GW 18.2 GW Total constructed portfolio CFe 14-17 bn 35-38 bn Run rate CFe* *Note: The long-term guidance
Slide 20: Annexures
Annexures 06 20
Slide 21: Counterparty overview and asset breakdown
Counterparty overview and asset breakdown Total Portfolio Total 18.2 GW Technology Solar 10.3 GW Wind 7.9 GW Hydro 0.1 GW Commissioned Committed Commissioned Committed Project Stage 6.1 GW 4.2 GW 5.0 GW 2.9 GW Hydro (Commissioned) 0.1 GW Centre State Corporate Centre State Corporate PPA Counterparty
Slide 22: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables Consistent reduction in the DSO across quarters ▪ DSO(4) 74 days at Jun’25, improved by 9 days YoY and 40 days in 2 % share in total Days Contribution years Offtaker DSO receivables to DSO ▪ Lower DSO reflective of improved offtaker base and
Slide 23: Wind PLF performance: ReNew wind PLFs in line with India trends
Wind PLF performance: ReNew wind PLFs in line with India trends All India Wind PLFs ReNew Wind PLF 40.0% (FY23 – FY26) FY25 PLFs lower than FY24; Q1 FY26 improved 35.0% ReNew Wind PLFs 29.8% 30.5% 30.0% FY23: 25.5% FY24: 26.4% 23.0% FY25: 24.4% 25.0% 41.3% 38.3% 34.8% 20.0% 32.80% 29.9% 32.7% 14.8%
Slide 24: 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 26.7% 35.6% 21% Class A Shares 244.5 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3) -
Slide 25: Debt profile
Debt profile By Debt Type By Source(4) By Currency Others 5% Secured Loan from FI Secured Bank Loan Variable 25% INR 34% 59% US Dollars 42% 37% (fully hedged) (1) Working Capital Loan Senior Overseas Green Fixed 7% Bonds 27% 58% INR Bonds 7% By Project Type By Maturity By Repayment Non Amortizing Un
Slide 26: Operating performance and seasonality
Operating performance and seasonality FY24 FY25 Q1 FY25 Q1 FY26 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.7 4.7 4.9 5.7 4.8 4.7 5.0 6.1 Weighted average operational 4.3 4.1 4.8 5.2 4.8 4.7 4.9 5.9 capacity(1) (GW) Plant load factor (%)(4) 28% 25% 26% 25% 29% 27% 34% 25%
Slide 27: US$ 317 mn adj. EBITDA for Q1 FY26
US$ 317 mn adj. EBITDA for Q1 FY26 Adjusted Q1 FY26 Adjusted YoY % growth Q1 FY26 Q1 FY25 Adj Q1 FY25 Adjustments Q1 FY26 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q1 FY26 Adj Revenue from contracts with Includes INR 13,078 mn from our 22,811 38,998 455 - - 38,998 455 71% customers manuf
Slide 28: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, June 30, June 30, 2025 2025 2025 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances and investments 83,215 83,837 978 (including short and long term)(1) Property, plant and equipment, net(2
Slide 29: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In mn For the three months ended June 30, 2024 2025 2025 (1) (Audited) (Unaudited) (Unaudited) (INR) (INR) (US$) Profit/Loss for the period 394 5,131 60 Less: Finance income (1,154) (1,252) (15) Less: Share in profit of jointly controlled entities 45 2 0 Add: Depreciation
Slide 30: Cash flow to equity reconciliation
Cash flow to equity reconciliation In mn For the three months ended June 30, 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) Adjusted EBITDA 18,979 27,220 317 Add: Finance income 1,154 1,253 15 Less: Interest paid in cash (8,445) (9,841) (115) Less: Tax paid 1,510 1,268 15 Less:
Slide 31: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth INR bn During Q1 FY26, we delivered: 160 136.0 ▪ Cash profit* of INR 13.5 bn; 83% 140 increase over Q1 FY25 122.3 120 ▪ Q1 FY25: 7.4 bn 100 ▪ Cash from operations increased 20% YoY: 80 ▪ INR 11.9 bn in Q1 FY26 vs 9.9 bn i
Slide 32: ReNew's Green Bonds
ReNew’s Green Bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ mn) Mar 2027 Asset Backed Holdco RPVIN 27 Jan 2020 270 5.88% CCS (7NC2.5) 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 August 13, 2025)
Project level details (as of August 13, 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; Jas
Slide 35: Project level details (as of August 13, 2025)
Project level details (as of August 13, 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 25
Slide 36: Project level details (as of August 13, 2025)
Project level details (as of August 13, 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 35.
Slide 37: Project level details (as of August 13, 2025)
Project level details (as of August 13, 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-19
Slide 38: Project level details (as of August 13, 2025)
Project level details (as of August 13, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Committed Projects (1,950 MW) UPPCL 300.0 Rajasthan H2FY27 2.56 UPPCL 25 PSPCL 100.0 Rajasthan H2FY26 2.33 PSPCL 25 SECI IX 300.0 Rajasthan
Slide 39: Project level details (as of August 13, 2025)
Project level details (as of August 13, 2025) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (1,266 MW) Wind 466 Karnataka Q4 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to RTC-I(11) SECI
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