Net profit surges 84% YoY; solar manufacturing arm emerges as major revenue driver
ReNew Energy Global Plc. India based decarbonization and renewable energy company, has reported robust financial and operational growth for the quarter and half year ending September 30, 2025 (Q2 and H1 FY26).
The company’s latest results underscore its aggressive expansion in renewable capacity and growing foothold in solar manufacturing — positioning ReNew as a major integrated clean energy player.
Portfolio Growth and Capacity Expansion
As of September 30, 2025, ReNew’s total portfolio stood at 18.5 GW, including 1.1 GWh of Battery Energy Storage Systems (BESS) — up from 15.6 GW a year earlier. The company’s commissioned capacity rose 12.8% year-on-year, reaching 11.4 GW (+150 MWh BESS), with an additional 212 MW commissioned in October 2025, taking the total to 11.6 GW.
ReNew also strengthened its manufacturing vertical, now operating 6.5 GW of solar module and 2.5 GW of solar cell capacity, with an additional 4 GW solar cell facility under construction — a key pillar of India’s push for domestic clean energy manufacturing.
Financial Performance Highlights
ReNew reported a total income of ₹79,715 million (US$898 million) for H1 FY26, a sharp increase from ₹54,713 million (US$616 million) in H1 FY25.
Net profit for the same period climbed 84% year-over-year to ₹9,806 million (US$110 million), while Adjusted EBITDA jumped to ₹53,459 million (US$602 million) from ₹43,188 million in the previous year.
For Q2 FY26, the company posted revenue of ₹38,557 million (US$434 million), up from ₹29,887 million a year earlier. However, net profit slightly dipped to ₹4,675 million (US$53 million) from ₹4,939 million (US$56 million) in Q2 FY25, reflecting cost adjustments and increased investments in manufacturing expansion.
Revenue from power sales remained steady, reaching ₹26,076 million (US$294 million) in Q2 FY26, marginally higher than ₹26,008 million in Q2 FY25.
Solar Manufacturing: A Rising Contributor
ReNew’s solar manufacturing division emerged as a major contributor to its revenue mix. The business generated ₹23,351 million (US$263 million) in external sales during H1 FY26, contributing ₹5,767 million (US$65 million) in net profit and ₹8,621 million (US$97 million) in Adjusted EBITDA.
In Q2 FY26 alone, the solar manufacturing arm contributed ₹10,128 million (US$114 million) in revenue, with a net profit of ₹2,206 million (US$25 million) and Adjusted EBITDA of ₹3,329 million (US$37 million) — highlighting ReNew’s successful diversification beyond generation.
FY26 Outlook and Guidance
ReNew reaffirmed its FY26 guidance, projecting the completion of 1.6 to 2.4 GW of new capacity by the fiscal year-end. The company expects Adjusted EBITDA between ₹87–₹93 billion (US$980 million–US$1.05 billion) and Cash Flow to Equity (CFe) between ₹14–₹17 billion (US$158–US$191 million), depending on weather and resource conditions.
The company also anticipates ₹1–2 billion in net gains from asset sales under its capital recycling strategy and expects solar manufacturing to contribute ₹10–₹12 billion to its Adjusted EBITDA for FY26.
Sustaining Leadership in India’s Energy Transition
ReNew’s latest results highlight its growing influence in India’s renewable energy landscape. With a diversified portfolio spanning solar, wind, storage, and manufacturing, the company continues to play a pivotal role in helping India achieve its 500 GW renewable energy target by 2030.
As the country’s largest renewable IPP by capacity, ReNew’s integrated model — combining power generation with module and cell production — positions it advantageously amid rising demand for domestic clean energy solutions and global decarbonization efforts.