Renew Energy Global Plc · NASDAQ:RNW
Renew Energy Global — Q4 2025 Earnings Presentation
52 slides from Renew Energy Global's earnings presentation, Jun 16, 2025
Slide 1: Q4 FY25 Results Presentation
Q4 FY25 Results Presentation June 16, 2025 1
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: Operating and committed capacity
5.0 GW* 6.1 GW * 6.4 GW** 150 MWh 2.5 GW*** WIND SOLAR MFG BESS *Commissioned| **Module Capacity | ***Cell Capacity OPERATING: 11.2 GW* (+ 150 MWh BESS) / COMMITTED: 18.5 GW# (+ 1.1 GWh BESS)4
Slide 5: Agenda
AGENDA 1 2 3 EXECUTIVE BUSINESS FINANCE SUMMARY UPDATES HIGHLIGHTS 4 5 6 ESG AND GUIDANCE ANNEXURE SUSTAINABILITY 5
Slide 6: Executive Summary
Executive Summary 01 6
Slide 7: Highlights for Q4 FY25 and FY25
Highlights for Q4 FY25 and FY25 ▪ Pipeline of 25 GW+ of projects (+ 2.8 GWh BESS) ▪ 2.5x growth since listing; 4.8 GW (+ ~800 MWh BESS) of bid wins in TTM; 14% share in participated auctions and ~8% overall market share ▪ 18.5 GW portfolio (+1.1 GW BESS); 1.3 GW increase since Q3 FY25 and 5.3 GW sin
Slide 8: Highlights for Q4 FY25 and FY25 (Contd.)
Highlights for Q4 FY25 and FY25 (Contd.) ▪ Raised $900* mn through capital recycling till date, further improving returns Capital ▪ $260 mn* in last six months - through monetizing operational solar and transmission assets + fund raise in manufacturing business ▪ Manufacturing expansion funded throu
Slide 9: ReNew's Competitive Advantage
Market leader with a fully integrated 18.5 GW Total Committed Portfolio# business model ✓ Pan India presence across high radiation and key wind zones ✓ Over 12.3 GW* installed across 10 states since inception ✓ Leading market player in multiple renewable segments such as ReNew’s Competitive Advantag
Slide 10: Business Updates
Business Updates 02 10
Slide 11: Electricity demand expected to continue growing
Electricity demand expected to continue growing at a healthy pace Favorable regulatory environment and support for renewable energy ▪ 500 GW renewable energy target set for 2030 RE provides majority of capacity additions (in GW) ▪ 220 GW (incl large hydro) installed as on 31 March 2025 Power Sector
Slide 12: RE auctions volumes: ample opportunities for growth
RE auctions volumes: ample opportunities for profitable growth Higher auction volumes in complex, hybrid and solar + BESS bids 18% increase in Committed Portfolio YoY^ Strong uptick in RE auctions*; hybrid/complex auctions ▪ 25 GW+ pipeline (+ 2.8 GWh BESS) take the highest share (in GW) ▪ 62+ GW RE
Slide 13: Consistent and profitable growth in portfolio
Consistent and profitable growth in portfolio Execution continues to be on track ~1.95 GW commissioned from Apr'24 Consistent execution record across years (in GW) ▪ Over 2.2 GW constructed in FY25, 250 MW near COD: 18.5 ▪ 17% growth in commissioned capacity from Apr'24; ▪ 21% Growth in commissioned
Slide 14: Capital Recycling: disciplined approach to allocating capital
Capital Recycling: disciplined approach to allocating capital Value unlocking for our manufacturing business through $100 mn marquee investment ▪ Manufacturing: Expanding current cell facility by 4GW which generates higher margins ▪ $100 mn to be received from BII for a ~10% stake ▪ Funds primarily
Slide 15: Solar manufacturing facilities fully operational and ramped up
Solar manufacturing facilities fully operational and ramped up Secured equity funding for new 4 GW cell facility ▪ Existing facilities fully operational and stabilized ▪ Module plants producing 10+ MW/day ▪ Cell plant producing 5 MW/day ▪ ~4.6 GW of modules & ~800 MW of cells produced till date ▪ 3.
Slide 16: Transmission and land critical to ensure timely construction
Transmission and land critical to ensure timely construction Interconnection fully secured for 25+ GW pipeline Internal push to secure land and transmission for future projects ▪ Transmission infra backbone for growth ▪ Total interconnection capacity of 17+ GW - 7.5 GW of new interconnection added i
Slide 17: Finance Highlights
Finance Highlights 03 17
Slide 18: Finance Highlights: Q4 and Fiscal Year FY25
Finance Highlights: Q4 and Fiscal Year FY25 Strong growth in Adj EBITDA and Profitability Adj EBITDA ▪ INR 22.1 bn Adj EBITDA for Q4 FY25; 32% increase YoY ▪ INR 79.2 bn Adj EBITDA for FY25 ▪ 14%+ YoY increase; primarily driven by higher capacity, cost optimization & manufacturing ▪ EBITDA margin im
Slide 19: Q4 FY25 operating performance
Q4 FY25 operating performance Key metrics (INR bn) ▪ Total portfolio ~18.5 GW (+ ~1.1 GWh BESS) ▪ ~11.2 GW operating; 17% increase YoY 34.4 29.0 ▪ Wind: 5.0 GW, Solar: 6.1 GW, Hydro: 99 MW 24.8 22.1 21.2 18.5 18.1 ▪ ~7.3 GW committed 16.8 13.9 ▪ Total capacity commissioned* 2.1 3 (2.9) ▪ ~1.95 GW co
Slide 20: Improved financial performance in FY25 and Q4FY25
Improved financial performance in FY25 and Q4FY25 Higher than expected Adj. EBITDA due to contribution from manufacturing 14% increase in Adjusted EBITDA YoY Adj EBITDA walk Year over Year* (INR bn) ▪ Revenue from new projects offset by INR 4.9 bn weather impact 2.7 ▪ Lower expenses driven by cost e
Slide 21: Net debt/adjusted LTM EBITDA for operational portfolio
Net debt/adjusted LTM EBITDA for operational portfolio ~6.0x Continue to pursue long term run rate leverage target of under 6.0x on consolidated basis Currently leverage levels elevated due to high Net Debt/Adj. EBITDA (x) multiples for FY25 growth nature of business 9.0x 8.1 8.0x 7.6 ▪ 17% operatin
Slide 22: Debt financing costs continue to improve
Debt financing costs continue to improve as RBI cuts rates Continue to access cheaper sources of debt Moving towards favorable interest rate environment ▪ Reserve Bank of India has reduced repo rates by 100 bps in last 6 months 9.10 9.15 9.12 8.90 ▪ Rates down by 20-30 bps (after the initial 50 bps
Slide 23: Operating assets showcase underlying value
Operating assets showcase underlying value 9.2 GW operational for over 1 year: Healthy returns for operating portfolio* ▪ 9.5 GW operating MWs (as of Mar’24) less 300 MW sold during FY25 Plus 11.55% Manufacturing operations 25 bps ▪ EBITDA in FY24: INR 73.0 bn EBITDA ▪ Capital employed: ~INR 493 bn
Slide 24: ESG and Sustainability
ESG and Sustainability 04 24
Slide 25: Leading the way in ESG in the RE sector and beyond
Leading the way in ESG in the RE sector and beyond LSEG (formerly Refinitiv) Morningstar Sustainalytics ✓ Achieved Grade A and Score of ✓ Included in the 2025 Top-Rated ESG 84.35 Companies List ✓ Top performer amongst all peers in ✓ Score of 13.1 (Low Risk) ESG Leadership Electric Utilities & IPPs s
Slide 26: Bolstering Our ESG Targets FY25
Bolstering Our ESG Targets FY25 In Progress FY25 Completed Long Term Targets Our ESG Targets Update for Q4 – FY25 Status To be validated as carbon neutral • Carbon neutrality verification for ~160 sites for FY 2024–25 under progress (5 times in a row) In progress (scope 1 & 2) annually till 2025 Env
Slide 27: Guidance
Guidance 05 27
Slide 28: Guidance
Guidance FY26 Total Committed Portfolio INR 87-93 bn EBITDA (includes INR 5-7 bn from INR 133-139 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 35-39 bn Run-rate CFe* *Note: The long-term guidance assumes n
Slide 29: Annexures
Annexures 06 29
Slide 30: Our Journey of Transformation
Our Journey of Transformation Shri Narendra Modi Doubled its operational Listed on the NASDAQ Rebranded from ReNew Secured $100 M investment inaugurated ReNew’s capacity and crossed the index and crossed 6 GW Power to ReNew. from BII for solar manufacturing; first utility-scale wind 2 GW (including
Slide 31: Our Leadership
Our Leadership Sumant Sinha Kailash Vaswani Vaishali Nigam Sinha Balram Mehta Sanjay Varghese Founder, Chairman and CEO Chief Financial Officer Co-Founder & Chairperson COO & Group President ReNew Group President Sustainability Services & Wind Projects Solar Manufacturing and Solar Projects Vikram K
Slide 32: 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 5.0 GW 2.9 GW Hydro (Commissioned) 0.1 GW Centre State Corporate Centre State Corporate PPA Counterparty
Slide 33: Continued improvement in DSO
Continued improvement in DSO^ Ageing of billed receivables Consistent reduction in the DSO across quarters ▪ DSO(4) 71 days at Mar’25, improved by 6 days YoY and 67 days in 2 % share in total Days Contribution years Offtaker DSO receivables to DSO ▪ Lowest DSO reflective of improved offtaker base an
Slide 34: Wind PLF performance
Wind PLF performance: ReNew wind PLFs in line with India trends All India Wind PLFs ReNew Wind PLF 40.0% (FY22 – FY25) 35.4% FY25 PLFs lower than FY24 35.0% ReNew Wind PLFs 30.5% 30.0% FY22: 25.6% FY23: 25.5% 25.6% FY24: 26.4% 25.0% 41.3% FY25: 24.4% 23.0% 38.3% 34.8% 20.0% 30.8% 29.9% 36.3% 14.8% 3
Slide 35: 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 244.4 Class B Shares(3) - 3.0% 53.6% 3.6% 7.4% Class C Shares 118.4 6.7% Class D Shares(3) -
Slide 36: Debt profile
Debt profile (75% Maturity >2 years, 57% Fixed rate) By Debt Type By Source(4) By Currency Others 3% Secured Loan from FI Secured Bank Loan INR Variable 35% 25% US Dollars 61% 43% 36% (fully hedged) (1) Working Capital Loan Senior Overseas Green Fixed 7% Bonds 27% 57% INR Bonds 6% By Project Type By
Slide 37: Operating performance and seasonality
Operating performance and seasonality FY24 FY25 Q4 FY24 Q4 FY25 Wind Solar Wind Solar Wind Solar Wind Solar Operational capacity (GW) 4.7 4.7 4.9 5.7 4.7 4.7 4.9 5.7 Weighted average operational 4.3 4.1 4.8 5.2 4.6 4.3 4.9 5.7 capacity(1) (GW) Plant load factor (%)(4) 28% 25% 26% 25% 20% 26% 19% 26%
Slide 38: US$ mn adj. EBITDA for Q4 FY25
US$ 259 mn adj. EBITDA for Q4 FY25 Adjusted Q4 FY25 Adjusted YoY % growth Q4 FY25 Q4 FY24 Adj Q4 FY24 Adjustments Q4 FY25 Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) Q4 FY25 Adj Revenue from contracts with Includes INR 10,439 mn from our 18,120 29,045 340 - - 29,045 340 60% customers manuf
Slide 39: US$ mn adj. EBITDA for FY25
US$ 927 mn adj. EBITDA for FY25 Adjusted FY25 YoY % growth FY25 Adjusted FY25 FY24 Adj FY24 Adjustments Comments Vs (INR) (INR) (US$) (INR) (US$) (INR) (US$) FY25 Adj Revenue from contracts with Includes INR 13,314 mn from our 81,319 97,063 1,136 - - 97,063 1,136 19% customers manufacturing business
Slide 40: Consolidated balance sheet summary
Consolidated balance sheet summary As of As of As of March 31, March 31, March 31, 2024 2025 2025 INR mn INR mn US$(4) mn (Audited) (Unaudited) (Unaudited) Cash and cash equivalents, bank balances 80,615 82,951 971 (including short and long term)(1) Property, plant and equipment, net(2) 678,600 747,
Slide 41: Adj. EBITDA reconciliation
Adj. EBITDA reconciliation In mn For the three months ended March 31, For the year ended March 31, 2024 2025 2025 (1) 2024 2025 2025 (1) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Profit/Loss for the period 609 3,137 37 4,147 4,591 54
Slide 42: Cash flow to equity reconciliation
Cash flow to equity reconciliation In mn For the three months ended March 31, For the year ended March 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (US$) (INR) (INR) (US$) Adjusted EBITDA 16,810 22,123 259 69,216 79,188 927 Add
Slide 43: Consistent positive cash profits
Consistent positive cash profits Cash flow generation outpacing revenue growth INR bn During Q4 FY25, we delivered: 140 130.1 121.7 ▪ Cash profit* of INR 8.4 bn; 20% 120 increase over Q4 FY24 ▪ Q4 FY24: 7 bn 100 ▪ Cash from operations increased 80 17% YoY: ▪ Q4: 20.7 bn in FY25 vs 17.7 60 bn in FY24
Slide 44: ReNew's Green Bonds
ReNew’s Green Bonds Current Outstanding Bond Issue Date Maturity Coupon Hedging Arrangement Security Structure ($ 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 45: 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 46: Project level details (as of May 31, 2025)
Project level details (as of May 31, 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; Jasdan
Slide 47: Project level details (as of May 31, 2025)
Project level details (as of May 31, 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 Os
Slide 48: Project level details (as of May 31, 2025)
Project level details (as of May 31, 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 35.0 G
Slide 49: Project level details (as of May 31, 2025)
Project level details (as of May 31, 2025) Project Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Solar Energy Commissioned Projects (4,171 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 50: Project level details (as of May 31, 2025)
Project level details (as of May 31, 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 H2
Slide 51: Project level details (as of May 31, 2025)
Project level details (as of May 31, 2025) Project Type Capacity (MW) Location COD(8) Tariff (INR/kWh)(1) Offtaker(2) PPA Tenure at COD Utility Scale Firm Power Commissioned Projects (1,255 MW) Wind 466 Karnataka Q4 FY24 2.9 for year 1 with 3% escalation till year 15, from 16th to RTC-I(11) SECI 25
Slide 52: 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. 52