ReNew Energy Global reported a 12% year-over-year increase in adjusted EBITDA to INR 30.4 billion for the first quarter of fiscal 2027, driven by growth in both its independent power producer (IPP) and manufacturing businesses.
Total income for the quarter reached INR 47.9 billion, with revenue of INR 44.6 billion. Profit after tax rose 16% to INR 6 billion, while cash flow to equity totaled INR 12.8 billion. The company’s consolidated adjusted EBITDA margin stood at 66.1%, with the IPP segment contributing 86% and manufacturing at 34%, down from 40% in the prior-year period.
ReNew’s operating portfolio expanded by 26% year-over-year to approximately 13.5 GW, including over 600 MW commissioned in the quarter alone. The total portfolio, including committed and pipeline capacity, now exceeds 54 GW. Manufacturing operations reached 6.5 GW of module capacity and 2.5 GW of cell capacity, with an external order book of 1.1 GW. The commercial and industrial segment grew to 2.9 GW, including 330 MW commissioned year-to-date across five states.
Cash and cash equivalents stood at INR 89 billion as of June 30, 2026, while gross debt was INR 786 billion and net debt INR 671 billion. Net debt to trailing 12-month adjusted EBITDA for operational projects was 5.7x. Days sales outstanding for the IPP business improved from 71 days to 54 days following a INR 57 billion receipt from the Andhra Pradesh DISCOM.
Management raised full-year adjusted EBITDA guidance to INR 103-109 billion and cash flow to equity to INR 18-22 billion. Construction guidance for the year was set at 1.6-2.4 GW, with manufacturing expected to contribute INR 10-12 billion in adjusted EBITDA. Long-term run-rate projections, assuming a fully built 20.5 GW portfolio including 1.7 GW of battery energy storage systems, anticipate adjusted EBITDA of INR 134-140 billion and cash flow to equity of INR 30-36 billion.
The company also announced the sale of over 1 GW of assets in August 2026, expected to generate $190 million in cash flow to equity upon closing. Earlier in June, ReNew completed the sale of a 100 MW solar asset in Tamil Nadu.
ReNew’s shares traded marginally lower in premarket at $6.81, near the midpoint of its 52-week range of $4.385 to $8.24. The board has entered a binding take-private agreement with a consortium led by CPP Investments and founder Sumant Sinha, offering non-consortium shareholders $7.02 per share or a share rollover option, subject to conditions.
