Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 27.2 billion, representing a 43% year-over-year growth [6] - Profit after tax for the quarter was INR 5.1 billion, exceeding the profit for the entire fiscal year 2025 [6] - The leverage at the operating asset level was around 5.7 times EBITDA, which is below the six times threshold set by the company [12][13] Business Line Data and Key Metrics Changes - The manufacturing business produced 900 megawatts of modules and 400 megawatts of cells in the quarter, contributing INR 5.3 billion to adjusted EBITDA [7][9] - The operational capacity of the manufacturing business is 6.4 gigawatts for modules and 2.5 gigawatts for cells [7] - The company has revised its FY 2026 adjusted EBITDA guidance from the manufacturing business upwards to INR 8 billion to 10 billion [9][24] Market Data and Key Metrics Changes - The company commissioned around 2.25 gigawatts of renewable energy capacity, marking a 23% growth in its portfolio after adjusting for asset sales [5] - Year-to-date, the company has commissioned more than 700 megawatts, with over 650 megawatts of solar capacity and about 50 megawatts of wind [8] Company Strategy and Development Direction - The company aims to be a global leader in clean energy and is focused on improving margins and capital discipline to create shareholder value [4][5] - The company plans to complete the construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026 and is selective in bidding for future growth [6][24] - The company is committed to its ESG initiatives, having reduced Scope 1 and Scope 2 emissions by 18.2% from the FY 2022 baseline [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about signing Power Purchase Agreements (PPAs) from the current pipeline in the fiscal year [8] - The bidding environment remains steady, with the government targeting 500 gigawatts by 2030, although competition has become more aggressive [31][32] - Management noted that execution is not significantly hindered by transformer shortages, but land acquisition remains a challenge [40][41] Other Important Information - The company received a final, revised non-binding offer at USD 8 on July 3, with ongoing discussions expected to update shareholders by September 30, 2025 [14] - The company has secured a significant investment from British International Investments for over USD 100 million for a 10% stake in the solar manufacturing business [9] Q&A Session Summary Question: Inquiry about manufacturing business production volumes - The company sold almost 700 megawatts of modules to third parties in fiscal Q1, with the balance used for internal consumption [28] Question: Expectations for the back half of the year regarding sales - The company anticipates continued contribution from third-party sales throughout the year, with visibility on guidance [30] Question: Update on the bidding environment - The bidding environment is steady, with the government looking to auction 50 to 70 gigawatts annually, though competition has become more aggressive [31][32] Question: Key issues facing renewable execution - Management noted occasional delays in transmission infrastructure and land acquisition as primary challenges, rather than transformer shortages [40][41] Question: Participation in recent ammonia tenders - The company did not participate in the ammonia tenders due to concerns over contract structures and the short duration of PPAs [48][49]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 27.2 billion, representing a 43% year-over-year growth [6] - Profit after tax for the quarter was INR 5.1 billion, exceeding the profit for the entire fiscal year 2025 [6] - The leverage at the operating asset level was around 5.7 times EBITDA, which is below the six times threshold set by the company [14] Business Line Data and Key Metrics Changes - The manufacturing business produced 900 megawatts of modules and 400 megawatts of cells in the quarter, contributing INR 5.3 billion to adjusted EBITDA [7][10] - The operational capacity of the manufacturing business is 6.4 gigawatts for modules and 2.5 gigawatts for cells [7] - The company revised its FY 2026 adjusted EBITDA guidance from the manufacturing business upwards to INR 8 billion to 10 billion [8] Market Data and Key Metrics Changes - The company commissioned around 2.25 gigawatts of renewable energy capacity, marking a 23% growth in its portfolio after adjusting for asset sales [5] - Year-to-date, the company has commissioned more than 700 megawatts, with over 650 megawatts of solar capacity and about 50 megawatts of wind [9] Company Strategy and Development Direction - The company aims to be a global leader in clean energy and is focused on improving margins and capital discipline to create shareholder value [4][5] - The company plans to complete the construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026 and is selective in bidding for future growth [6][23] - The company is committed to its ESG initiatives, having reduced Scope one and Scope two emissions by 18.2% from the FY 2022 baseline [8][17] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are factors beyond their control, they remain focused on executing their strategy and improving operational efficiency [5] - The bidding environment is steady, with the government aiming for 500 gigawatts by 2030, but competition has become more irrational, affecting win ratios [32][33] - Management expressed optimism about signing PPAs from the current pipeline in the fiscal year [9] Other Important Information - The company received a final, revised non-binding offer at USD 8 on July 3, with ongoing discussions expected to update shareholders by September 30, 2025 [14] - The company secured a significant investment from British International Investments for over USD 100 million for a 10% stake in the solar manufacturing business [10] Q&A Session Summary Question: Inquiry about manufacturing business production volumes - The company sold almost 700 megawatts of modules to third parties in Q1 FY 2026, with a balance used for internal consumption [28] Question: Expectations for the back half of the year regarding sales - The company anticipates continued contribution from third-party sales throughout the year, with visibility on guidance provided [31] Question: Update on the bidding environment - The bidding environment remains steady, with the government auctioning 50 to 70 gigawatts annually, but competition has become more aggressive [32][33] Question: Key issues facing the renewable sector - Management noted occasional delays in transmission infrastructure and land acquisition as key issues, but overall capacity addition is proceeding at a reasonable pace [43][44] Question: Participation in recent ammonia tenders - The company did not participate in the ammonia tenders due to concerns over contract structures and the need for selective bidding [51][52]

Q1 FY26 Highlights - Operating portfolio increased by 23% year-over-year (YoY) due to the commissioning of 2.2 GW since July 2024[19, 21] - Committed portfolio stands at 18.2 GW (+1.1 GWh BESS), with 3.7 GW of PPAs signed in the trailing twelve months (TTM) and a pipeline of 25 GW+ (+~3 GWh BESS)[19] - Adjusted EBITDA for Q1 FY26 reached INR 27.2 billion, a 43% increase YoY[19] - Profit After Tax (PAT) for Q1 FY26 was INR 5.1 billion, a ~13x increase YoY[19] Manufacturing Performance - Over 900 MW of modules and 400 MW of cells were produced in Q1 FY26[19] - Adjusted EBITDA from manufacturing was INR 5.3 billion[19] - FY26 Adjusted EBITDA guidance from manufacturing revised from INR 5-7 billion to INR 8-10 billion[19] ESG and Sustainability - Scope 1 and 2 GHG emissions reduced by 18.2% from the baseline, exceeding the target of 12.6%[19] - Water saved amounted to 540,372 cubic meters, a 51% YoY increase[19] Financial Guidance - FY26 Adjusted EBITDA guidance is INR 87-93 billion (includes INR 8-10 billion from manufacturing + INR 1-2 billion gain from asset sales)[54] - Total committed portfolio is expected to reach 18.2 GW[54]

分组1 - ReNew Energy Global PLC (RNW) reported quarterly earnings of $0.16 per share, exceeding the Zacks Consensus Estimate of $0.11 per share, and showing a significant improvement from break-even earnings per share a year ago, resulting in an earnings surprise of +45.45% [1] - The company achieved revenues of $480 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 16.90%, and compared to year-ago revenues of $299 million, indicating strong revenue growth [2] - ReNew Energy Global shares have increased approximately 10.1% since the beginning of the year, outperforming the S&P 500's gain of 9.6% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $465.9 million, and for the current fiscal year, it is $0.26 on revenues of $1.59 billion [7] - The Alternative Energy - Other industry, to which ReNew Energy Global belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

[Executive Summary & Q1 FY26 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q1%20FY26%20Highlights) ReNew reported strong Q1 FY26 unaudited IFRS results, showcasing significant growth in operational capacity, total income, and net profit, bolstered by its manufacturing segment [Q1 FY26 Overview](index=1&type=section&id=Executive%20Summary%20%26%20Q1%20FY26%20Overview) ReNew announced strong unaudited consolidated IFRS results for Q1 FY26, driven by significant increases in operational capacity, total income, and net profit, alongside the growing contribution from its module and cell manufacturing operations - ReNew reported strong Q1 FY26 results with significant growth in operational capacity, total income, and net profit, bolstered by its manufacturing segment[2](index=2&type=chunk)[9](index=9&type=chunk) Q1 FY26 Key Financial & Operational Highlights | Metric | Q1 FY26 | Q1 FY25 | Change YoY | | :-------------------------------- | :-------------------- | :-------------------- | :--------- | | Total Portfolio | ~18.2 GWs (+1.1 GWh BESS) | ~15.6 GWs | +2.6 GWs | | Commissioned Capacity | ~11.1 GWs (+150 MWh BESS) | N/A | +15.8% | | Total Income (INR million) | 41,182 | 24,903 | +65.4% | | Total Income (US$ million) | 480 | 290 | +65.5% | | Net Profit (INR million) | 5,131 | 394 | +1202.3% | | Net Profit (US$ million) | 60 | 5 | +1100.0% | | Adjusted EBITDA (INR million) | 27,220 | 18,979 | +43.4% | | Adjusted EBITDA (US$ million) | 317 | 221 | +43.4% | | Electricity Sold (million kWh) | 6,831 | N/A | +17.5% | | DSO (days) | 74 | 83 | -9 days | | Cash & Cash Equivalents (INR million) | 33,272 | 40,419 | -17.7% | | Cash & Cash Equivalents (US$ million) | 388 | 471 | -17.7% | | Net Debt (INR million) | 632,670 | N/A | N/A | | Net Debt (US$ million) | 7,379 | N/A | N/A | [Operating Performance](index=1&type=section&id=Operating%20Performance) ReNew's operational capacity expanded significantly in Q1 FY26, with increased electricity sold across wind, solar, and hydro assets, and improved wind plant load factors [Key Operating Metrics](index=1&type=section&id=Operating%20Performance%20-%20Key%20Operating%20Metrics) As of June 30, 2025, ReNew's total portfolio expanded to ~18.2 GWs, with commissioned capacity increasing by 15.8% year-over-year to ~11.1 GWs, despite asset sales as part of its capital recycling strategy. The company also significantly expanded its manufacturing capabilities - Total portfolio grew to **~18.2 GWs (+1.1 GWh BESS)** as of June 30, 2025, up from **~15.6 GWs** as of June 30, 2024[4](index=4&type=chunk)[9](index=9&type=chunk) - Commissioned capacity increased **15.8% YoY** to **~11.1 GWs (+150 MWh BESS)**, net of **600 MWs** of assets sold since Q1 FY25[4](index=4&type=chunk)[9](index=9&type=chunk) - In Q1 FY26, **688 MWs** were commissioned, including **47 MWs** of wind and **641 MWs** of solar capacity[5](index=5&type=chunk) - Manufacturing capacity includes **6.5 GW** solar module and **2.5 GW** cell manufacturing operational, with a **4 GW** cell manufacturing facility under construction[9](index=9&type=chunk) [Electricity Sold](index=1&type=section&id=Operating%20Performance%20-%20Electricity%20Sold) Total electricity sold in Q1 FY26 increased by 17.5% year-over-year, with significant growth across wind, solar, and hydro assets Electricity Sold (Q1 FY26 vs. Q1 FY25) | Asset Type | Q1 FY26 (million kWh) | Q1 FY25 (million kWh) | YoY Change | | :--------- | :-------------------- | :-------------------- | :--------- | | Total | 6,831 | N/A | +17.5% | | Wind | 3,544 | N/A | +19.9% | | Solar | 3,176 | N/A | +14.9% | | Hydro | 111 | N/A | +16.5% | [Plant Load Factor (PLF)](index=1&type=section&id=Operating%20Performance%20-%20Plant%20Load%20Factor%20%28PLF%29) Wind assets saw a notable improvement in PLF for Q1 FY26, while solar assets experienced a slight decline compared to the previous year Plant Load Factor (PLF) (Q1 FY26 vs. Q1 FY25) | Asset Type | Q1 FY26 PLF | Q1 FY25 PLF | Change | | :--------- | :---------- | :---------- | :----- | | Wind | 32.8% | 28.4% | +4.4 pp | | Solar | 24.6% | 27.2% | -2.6 pp | [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) ReNew achieved substantial growth in total income, net profit, and Adjusted EBITDA in Q1 FY26, primarily driven by increased operational capacity and manufacturing contributions [Total Income](index=1&type=section&id=Financial%20Performance%20Analysis%20-%20Total%20Income) Total income for Q1 FY26 surged by 65.4% to INR 41,182 million (US$ 480 million), primarily driven by increased operational capacity, external sales from module and cell manufacturing, and higher wind PLF, partially offset by asset sales and lower solar PLF Total Income (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change (INR) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------------- | | Total Income | 41,182 | 480 | 24,903 | 290 | +65.4% | | Revenue from Sale of Power | 25,473 | 297 | 22,335 | 260 | +14.0% | | Income from Manufacturing Operations | 13,223 | 154 | 0 | 0 | N/A | - Total income benefited from higher revenue due to an increase in operational capacity, external sales from module and cell manufacturing operations, and higher wind PLF[8](index=8&type=chunk) - Partially offset by revenue loss from **600 MWs** of assets sold (**300 MWs** in FY25 and **300 MWs** in June 2025) and a decline in solar PLFs[8](index=8&type=chunk) [Expenses](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Expenses) Overall expenses increased significantly in Q1 FY26, largely due to the ramp-up of module and cell manufacturing operations, which contributed to higher raw material costs, employee benefits, and other operating expenses, as well as increased finance costs linked to operational assets [Raw Materials and Consumables Used](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Expenses%20-%20Raw%20Materials%20and%20Consumables%20Used) Raw materials and consumables used significantly increased in Q1 FY26, primarily driven by the ramp-up of module and cell manufacturing operations Raw Materials and Consumables Used (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Raw Materials and Consumables Used | 6,691 | 78 | 237 | 3 | | Attributable to Manufacturing | 6,624 | 77 | N/A | N/A | [Employee Benefits Expense](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Expenses%20-%20Employee%20Benefits%20Expense) Employee benefits expense rose in Q1 FY26 due to increased headcount, largely attributed to the expansion of manufacturing operations Employee Benefits Expense (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | Employee Benefits Expense | 1,618 | 19 | 1,437 | 17 | +12.6% | | Attributable to Manufacturing | 446 | 5 | N/A | N/A | - Increase due to an increase in headcount, primarily attributable to external sales from module and cell manufacturing operations[13](index=13&type=chunk) [Other Expenses](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Expenses%20-%20Other%20Expenses) Other expenses increased in Q1 FY26, mainly due to expanded manufacturing operations and operating activities, partially offset by cost optimization efforts Other Expenses (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :----------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | Other Expenses | 4,616 | 54 | 3,559 | N/A | +29.7% | | Attributable to Manufacturing | 755 | 9 | N/A | N/A | - Increase primarily due to external sales from module and cell manufacturing operations, an increase in operating activities, and non-cash provisions, partially offset by lower overheads from cost optimization[14](index=14&type=chunk) [Finance Costs and Fair Value Change in Derivative Instruments](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Expenses%20-%20Finance%20Costs%20and%20Fair%20Value%20Change%20in%20Derivative%20Instruments) Finance costs and fair value changes in derivative instruments increased in Q1 FY26, reflecting growth in operational assets and manufacturing-related financing Finance Costs and Fair Value Change in Derivative Instruments (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :-------------------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | Finance Costs and Fair Value Change in Derivative Instruments | 14,453 | 169 | 12,215 | N/A | +18.3% | | Attributable to Manufacturing | 542 | 6 | N/A | N/A | - Increase primarily in line with an increase in operational assets from the previous year and finance costs associated with manufacturing operations[16](index=16&type=chunk) [Net Profit](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Net%20Profit) Net profit for Q1 FY26 significantly increased to INR 5,131 million (US$ 60 million) from INR 394 million (US$ 5 million) in Q1 FY25, primarily driven by higher operating revenues and external sales from manufacturing, despite increased raw material costs, financing costs, and depreciation Net Profit (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :--------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | Net Profit | 5,131 | 60 | 394 | 5 | +1202.3% | | Attributable to Manufacturing | 3,562 | 42 | N/A | N/A | - Increase primarily driven by higher operating revenues and external sales from module and cell manufacturing operations[18](index=18&type=chunk) - Partially offset by higher raw materials and consumables used, scale-linked increase in financing costs & depreciation, including costs attributable to external sales from manufacturing operations, and lower resource availability[18](index=18&type=chunk) [Adjusted EBITDA](index=3&type=section&id=Financial%20Performance%20Analysis%20-%20Adjusted%20EBITDA) Adjusted EBITDA for Q1 FY26 grew by 43.4% to INR 27,220 million (US$ 317 million), with a significant portion attributable to external sales from the module and cell manufacturing operations Adjusted EBITDA (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | Adjusted EBITDA | 27,220 | 317 | 18,979 | 221 | +43.4% | | Attributable to Manufacturing | 5,292 | 62 | N/A | N/A | [Financial Position & Cash Flow](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow) ReNew demonstrated improved operating cash flow and a strong liquidity position in Q1 FY26, despite increased net debt and a shift in financing activities [Cash Flow Analysis](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Cash%20Flow%20Analysis) Cash generated from operating activities increased by 19.8% in Q1 FY26, while cash used in investing activities significantly decreased. Cash flow from financing activities shifted from a generation to a usage, primarily due to interest payments Cash Flow Summary (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change (INR) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------------- | | Net cash generated from operating activities | 11,876 | 139 | 9,913 | 116 | +19.8% | | Net cash used in investing activities | (14,761) | (172) | (40,455) | (472) | -63.5% | | Net cash (used in) / generated from financing activities | (4,262) | (50) | 20,079 | 234 | N/A (shift) | - Increase in operating cash flow due to higher operating profit, partially offset by higher working capital deployment driven by increased trade receivables, inventories, and other non-financial assets[26](index=26&type=chunk) - Cash used in investing activities primarily for the purchase of property, plant & equipment[27](index=27&type=chunk) - Cash used in financing activities primarily for interest payment, partially offset by proceeds (net of repayments) from interest-bearing loans[28](index=28&type=chunk) [Capital Expenditure](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Capital%20Expenditure) Capital expenditure for commissioned solar and wind projects in Q1 FY26 amounted to INR 25,248 million (US$ 294 million) Capital Expenditure (Q1 FY26) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | | :-------------------------------- | :-------------------- | :-------------------- | | Capex for 641 MW solar & 47 MW wind | 25,248 | 294 | [Liquidity Position](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Liquidity%20Position) As of June 30, 2025, ReNew maintained a strong liquidity position with INR 83,837 million (US$ 978 million) in cash, cash equivalents, bank balances, and investments Liquidity Position (As of June 30, 2025) | Metric | Amount (INR million) | Amount (US$ million) | | :-------------------------------- | :------------------- | :------------------- | | Cash and cash equivalents | 33,272 | 388 | | Bank balances (other than C&CE) | 42,795 | 499 | | Deposits (>12 months maturity) | 2,250 | 26 | | Investments in liquid funds | 5,520 | 64 | | **Total Liquidity** | **83,837** | **978** | [Net Debt](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Net%20Debt) Net debt as of June 30, 2025, was INR 632,670 million (US$ 7,379 million), including investments from JV partners and debt for solar module manufacturing Net Debt (As of June 30, 2025) | Metric | Amount (INR million) | Amount (US$ million) | | :-------------------------------- | :------------------- | :------------------- | | Total Net Debt | 632,670 | 7,379 | | JV partner investments (convertible debentures) | 23,376 | 273 | | Net debt for solar module manufacturing | 3,474 | 41 | [Receivables](index=5&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Receivables) Total receivables as of June 30, 2025, were INR 29,444 million (US$ 343 million), with a notable improvement in Days Sales Outstanding (DSO) by 9 days year-over-year Receivables (As of June 30, 2025) | Metric | Amount (INR million) | Amount (US$ million) | | :-------------------------------- | :------------------- | :------------------- | | Total Receivables | 29,444 | 343 | | Unbilled and others (incl. manufacturing) | 10,517 | 123 | | DSO (June 30, 2025) | 74 days | N/A | | DSO (June 30, 2024) | 83 days | N/A | | DSO Improvement YoY | 9 days | N/A | [Cash Flow to Equity (CFe)](index=7&type=section&id=Financial%20Position%20%26%20Cash%20Flow%20-%20Cash%20Flow%20to%20Equity%20%28CFe%29) CFe for Q1 FY26 increased by 57.9% to INR 15,325 million (US$ 179 million), driven by higher Adjusted EBITDA, partially offset by increased loan repayment and interest costs Cash Flow to Equity (CFe) (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | YoY Change | | :--- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | :--------- | | CFe | 15,325 | 179 | 9,703 | 113 | +57.9% | - Increase due to higher Adjusted EBITDA, partially offset by higher loan repayment and interest cost[33](index=33&type=chunk) [Business Developments & Outlook](index=5&type=section&id=Business%20Developments%20%26%20Outlook) ReNew reiterates its FY26 guidance, completed a significant asset sale, and is evaluating a non-binding offer for remaining shares, signaling strategic growth and potential ownership changes [FY26 Guidance](index=5&type=section&id=Business%20Developments%20%26%20Outlook%20-%20FY26%20Guidance) ReNew reiterates its FY26 guidance, targeting 1.6 to 2.4 GWs of construction completion and expecting module and cell manufacturing to contribute INR 8-10 billion to Adjusted EBITDA, alongside anticipated net gains from asset sales - Reaffirms FY26 guidance to complete the construction of **1.6 to 2.4 GWs** by the end of Fiscal Year 2026[24](index=24&type=chunk) - Anticipates continued net gains in sales of assets, including **INR 1-2 billion** related to asset sales in Adjusted EBITDA, as part of capital recycling strategy[24](index=24&type=chunk) - Expects external sales from module and cell manufacturing to contribute **INR 8-10 billion** of Adjusted EBITDA[24](index=24&type=chunk) FY26 Financial Guidance | Metric | Guidance (INR billion) | | :------------- | :--------------------- | | Adjusted EBITDA | 87 - 93 | | Cash Flow to Equity (CFe) | 14 - 17 | - Adjusted EBITDA and Cash Flow to Equity guidance for FY26 are subject to weather and resource availability[24](index=24&type=chunk) [Other Matters](index=7&type=section&id=Business%20Developments%20%26%20Outlook%20-%20Other%20Matters) ReNew completed a solar and transmission project sale, generating approximately $80 million in cash inflow, and is currently engaged in ongoing discussions regarding a final non-binding offer from a consortium to acquire the remaining shares for US$8.00 per share [Solar and Transmission Project Sale](index=7&type=section&id=Business%20Developments%20%26%20Outlook%20-%20Other%20Matters%20-%20Solar%20and%20Transmission%20Project%20Sale) ReNew completed a solar and transmission project sale, generating approximately $80 million in cash inflow after debt transfer - Received proceeds from the solar and transmission project sale announced on June 9, 2025[34](index=34&type=chunk) - Enterprise value of the sale transaction is approximately **$275 million**, including net current assets and excluding change-in-law proceeds[34](index=34&type=chunk) - The transaction will result in a cash inflow of approximately **$80 million** for ReNew, including change-in-law proceeds, after the transfer of outstanding debt to the buyer[35](index=35&type=chunk) [Final Non-Binding Offer](index=7&type=section&id=Business%20Developments%20%26%20Outlook%20-%20Other%20Matters%20-%20Final%20Non-Binding%20Offer) A consortium submitted a final non-binding offer to acquire ReNew's remaining shares for US$8.00 per share, with ongoing discussions - Received a final non-binding offer dated July 2, 2025, from a Consortium (Masdar, CPP Investments, Platinum Hawk, and Sumant Sinha) to acquire the entire issued and to be issued share capital not already owned by members of the Consortium[36](index=36&type=chunk) - The offer is for cash consideration of **US$8.00 per share**[36](index=36&type=chunk) - Discussions with the Consortium remain ongoing, with further public comment expected by no later than September 30, 2025[37](index=37&type=chunk) [Non-IFRS Financial Measures](index=7&type=section&id=Non-IFRS%20Financial%20Measures) This section defines and explains the rationale and limitations of non-IFRS financial measures, Adjusted EBITDA and Cash Flow to Equity (CFe), used for performance assessment [Adjusted EBITDA Definition & Rationale](index=7&type=section&id=Non-IFRS%20Financial%20Measures%20-%20Adjusted%20EBITDA%20Definition%20%26%20Rationale) Adjusted EBITDA is a non-IFRS measure presented as a supplemental performance indicator, defined as profit/(loss) for the period adjusted for various non-operating and non-cash items. It aims to provide better comparability of operational profitability but has limitations as an analytical tool - Adjusted EBITDA is a non-IFRS financial measure presented as a supplemental measure of performance, not recognized in accordance with IFRS[39](index=39&type=chunk) - Defined as Profit/(loss) for the period plus current and deferred tax, finance costs and FV changes on derivative instruments, change in fair value of warrants, depreciation and amortization, listing expenses, share-based payment, less share in profit/(loss) of jointly controlled entities, finance income and FV change in derivative instruments, and change in fair value of warrants (if recorded as income)[40](index=40&type=chunk) - Useful to investors for assessing ongoing financial performance and providing improved comparability by excluding items not indicative of operational profitability[40](index=40&type=chunk) - Limitations include not reflecting cash expenditures for capital, working capital changes, significant interest expense, income taxes, or cash requirements for asset replacements[43](index=43&type=chunk)[49](index=49&type=chunk) [Cash Flow to Equity (CFe) Definition & Rationale](index=9&type=section&id=Non-IFRS%20Financial%20Measures%20-%20Cash%20Flow%20to%20Equity%20%28CFe%29%20Definition%20%26%20Rationale) CFe is a non-IFRS measure defined as Adjusted EBITDA adjusted for non-cash expenses, finance income, interest paid, tax paid/refund, and normalized loan repayments, excluding ad hoc payments, refinancing, and changes in working capital/investing activities. It provides visibility into the performance of the long-term capital-intensive business - CFe is a non-IFRS financial measure presented as a supplemental measure of performance, not recognized in accordance with IFRS[44](index=44&type=chunk) - Defined as Adjusted EBITDA add non-cash expense and finance income and fair value change in derivative, less interest expense paid, tax paid/(refund) and normalized loan repayments[45](index=45&type=chunk) - Excludes ad hoc payments, refinancing, changes in net working capital, and investing activities[45](index=45&type=chunk) - Believed to be useful for assessing ReNew's performance and cash generation from operating assets, especially given the long-term capital-intensive nature of the business[46](index=46&type=chunk)[47](index=47&type=chunk) - Limitations include not reflecting cash expenditures for capital, working capital changes, significant interest expense, income taxes, or cash requirements for asset replacements[49](index=49&type=chunk) [Additional Information](index=10&type=section&id=Additional%20Information) This section provides details on the Q1 FY26 earnings call, currency translation notes, forward-looking statements, company overview, and contact information [Webcast and Conference Call Information](index=10&type=section&id=Additional%20Information%20-%20Webcast%20and%20Conference%20Call%20Information) A conference call to discuss Q1 FY26 earnings results was scheduled for August 14, 2025, with live access via webcast and phone, and an audio replay available online - A conference call was scheduled for August 14, 2025, at **8:30 AM EST (6:00 PM IST)** to discuss the earnings results[50](index=50&type=chunk) - The conference call could be accessed live via webcast or phone[50](index=50&type=chunk) - An audio replay would be available on the investor relations website following the call[50](index=50&type=chunk) [Notes on Currency Translation](index=10&type=section&id=Additional%20Information%20-%20Notes%20on%20Currency%20Translation) The press release provides translations of Indian rupee amounts into U.S. dollars at a rate of INR 85.74 to US$ 1.00 as of June 30, 2025, solely for convenience, without representation of actual convertibility - Indian rupee amounts are translated into U.S. dollars at **INR 85.74 to US$ 1.00**[4](index=4&type=chunk)[51](index=51&type=chunk) - The translation rate was the noon buying rate in New York City for cable transfer as certified by the Federal Reserve Bank of New York on June 30, 2025[51](index=51&type=chunk) - Translations are solely for the convenience of the reader and do not represent that amounts could have been converted at any particular rate or at all[51](index=51&type=chunk) [Forward-Looking Statements](index=11&type=section&id=Additional%20Information%20-%20Forward-Looking%20Statements) The press release contains forward-looking statements regarding future financial and operating guidance, operational results, and potential transactions, which are subject to various risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements regarding future financial and operating guidance, operational and financial results, and expectations regarding any proposal from the Consortium[52](index=52&type=chunk) - These statements are subject to risks and uncertainties, many of which are difficult to predict and beyond control, that could cause actual results to differ materially from expected results[52](index=52&type=chunk)[53](index=53&type=chunk) - Risks include availability of financing, changes in prices/tariffs/policies, availability of raw materials, limited operating history, ability to attract/retain third parties, debt covenants, meteorological conditions, and supply disruptions[53](index=53&type=chunk) [About ReNew](index=11&type=section&id=Additional%20Information%20-%20About%20ReNew) ReNew Energy Global Plc is a leading decarbonization solutions company listed on Nasdaq, with one of the largest clean energy portfolios globally (~18.2 GWs), providing end-to-end solutions in clean energy, digitalization, storage, and carbon markets - ReNew is a leading decarbonization solutions company listed on Nasdaq (RNW, RNWWW)[55](index=55&type=chunk) - Possesses one of the largest clean energy portfolios globally, approximately **~18.2 GWs (+1.1 GWh BESS)** on a gross basis as of August 11, 2025[55](index=55&type=chunk) - Provides end-to-end solutions in clean energy, value-added energy offerings through digitalization, storage, and carbon markets[55](index=55&type=chunk) [Press and Investor Enquiries](index=11&type=section&id=Additional%20Information%20-%20Press%20and%20Investor%20Enquiries) Contact information for press and investor inquiries is provided - Contact details for press (pr@renew.com) and investor inquiries (Anunay Shahi, Nitin Vaid, ir@renew.com) are available[56](index=56&type=chunk) [Consolidated Financial Statements](index=12&type=section&id=Consolidated%20Financial%20Statements) This section presents ReNew's unaudited consolidated financial statements for Q1 FY26, including the statement of financial position, profit or loss, cash flows, and non-IFRS metric reconciliations [Consolidated Statement of Financial Position](index=12&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Statement%20of%20Financial%20Position) The consolidated statement of financial position provides a snapshot of ReNew's assets, liabilities, and equity as of June 30, 2025, compared to March 31, 2025, showing total assets of INR 961,557 million (US$ 11,215 million) Key Financial Position Metrics (As of June 30, 2025 vs. March 31, 2025) | Metric | June 30, 2025 (INR million) | June 30, 2025 (US$ million) | March 31, 2025 (INR million) | | :-------------------------------- | :-------------------------- | :-------------------------- | :--------------------------- | | Total Assets | 961,557 | 11,215 | 959,799 | | Total Equity | 135,951 | 1,586 | 131,112 | | Total Liabilities | 825,606 | 9,629 | 828,687 | | Property, plant and equipment | 735,679 | 8,580 | 747,066 | | Interest-bearing loans and borrowings (Non-current) | 601,255 | 7,013 | 582,307 | | Interest-bearing loans and borrowings (Current) | 115,252 | 1,344 | 140,711 | [Consolidated Statement of Profit or Loss](index=14&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The consolidated statement of profit or loss details ReNew's income and expenses for Q1 FY26, reporting a profit for the period of INR 5,131 million (US$ 60 million) and basic earnings per share of INR 13.95 (US$ 0.16) Key Profit or Loss Metrics (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Revenue | 38,998 | 455 | 22,811 | | Other operating income | 191 | 2 | 177 | | Total Income | 41,182 | 480 | 24,903 | | Total Expenses | 33,449 | 390 | 22,368 | | Profit for the period | 5,131 | 60 | 394 | | Basic earnings per share (INR) | 13.95 | 0.16 | 0.24 | | Diluted earnings per share (INR) | 13.74 | 0.16 | 0.24 | [Consolidated Statements of Cash Flows](index=15&type=section&id=Consolidated%20Financial%20Statements%20-%20Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows show net cash generated from operating activities of INR 11,876 million (US$ 139 million) in Q1 FY26, with net cash used in investing and financing activities, resulting in a net decrease in cash and cash equivalents Key Cash Flow Metrics (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Net cash generated from operating activities | 11,876 | 139 | 9,913 | | Net cash used in investing activities | (14,761) | (172) | (40,455) | | Net cash (used in) / generated from financing activities | (4,262) | (50) | 20,079 | | Net decrease in cash and cash equivalents | (7,147) | (83) | (10,463) | | Cash and cash equivalents at end of period | 33,272 | 388 | 16,558 | [Unaudited Non-IFRS Metrics Reconciliations](index=16&type=section&id=Consolidated%20Financial%20Statements%20-%20Unaudited%20Non-IFRS%20Metrics%20Reconciliations) This section provides detailed reconciliations for non-IFRS measures, specifically Adjusted EBITDA and Cash Flow to Equity (CFe), to their closest IFRS equivalents, offering transparency on how these metrics are derived - Provides detailed reconciliations of Net profit to Adjusted EBITDA and Adjusted EBITDA to Cash Flow to Equity (CFe)[65](index=65&type=chunk)[66](index=66&type=chunk) - These reconciliations are crucial for understanding the adjustments made to IFRS figures to arrive at the non-IFRS metrics, as discussed in the 'Use of Non-IFRS Financial Measures' section[39](index=39&type=chunk)[44](index=44&type=chunk) Reconciliation of Net Profit to Adjusted EBITDA (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | | :-------------------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Profit for the period | 5,131 | 60 | 394 | 5 | | Less: Finance income | (1,253) | (15) | (1,154) | N/A | | Add: Share in loss of jointly controlled entities | 2 | 0 | 45 | N/A | | Add: Depreciation and amortisation | 6,047 | 71 | 4,843 | N/A | | Add: Finance costs and fair value change in derivative instruments | 14,453 | 169 | 12,215 | N/A | | Add: Change in fair value of warrants | 24 | 0 | 77 | N/A | | Add: Income tax expense | 2,600 | 30 | 2,096 | N/A | | Add: Share based payment expense and others related to listing | 216 | 3 | 463 | N/A | | **Adjusted EBITDA** | **27,220** | **317** | **18,979** | **221** | Reconciliation of Cash Flow to Equity (CFe) to Adjusted EBITDA (Q1 FY26 vs. Q1 FY25) | Metric | Q1 FY26 (INR million) | Q1 FY26 (US$ million) | Q1 FY25 (INR million) | Q1 FY25 (US$ million) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Adjusted EBITDA | 27,220 | 317 | 18,979 | 221 | | Add: Finance income | 1,253 | 15 | 1,154 | N/A | | Less: Interest paid in cash | (9,841) | (115) | (8,445) | N/A | | Add: Tax refund | 1,268 | 15 | 1,510 | N/A | | Less: Normalised loan repayment | (4,692) | (55) | (3,550) | N/A | | Add: Other non-cash items | 117 | 1 | 55 | N/A | | **Total CFe** | **15,325** | **179** | **9,703** | **113** |

[Key Information](index=14&type=section&id=ITEM%203.%20KEY%20INFORMATION) [Risk Factors](index=14&type=section&id=D.%20Risk%20Factors) The company's business is subject to a wide range of risks, categorized into those affecting its direct business operations, those specific to operating in India, and those related to its securities - Key business risks include challenges in project development, unfavorable environmental conditions affecting production, reliance on a limited number of electricity purchasers, and potential for counterparties to default on Power Purchase Agreements (PPAs)[31](index=31&type=chunk) - Significant risks related to operating in India include dependency on the Indian power grid's reliability, regulatory and policy uncertainties in the renewable energy sector, and potential downgrades of India's sovereign debt rating[33](index=33&type=chunk) - Risks related to the company's securities include potential price drops due to sales by existing security holders, dilution from future share issuances, and reduced SEC reporting requirements as a "foreign private issuer"[34](index=34&type=chunk) - A non-binding proposal from a consortium, including major shareholders and the CEO, to acquire the company's outstanding share capital introduces transaction-related risks, such as the possibility of the deal not being completed, which could adversely affect business relationships and share price[230](index=230&type=chunk)[233](index=233&type=chunk) [Information on the Company](index=74&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) [History and Development of the Company](index=74&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) ReNew Energy Global Plc, founded in 2011, is a leading Indian decarbonization solutions company with approximately **18.46 GW** total capacity as of May 31, 2025, and recently received a non-binding acquisition offer - As of May 31, 2025, the company's clean energy portfolio reached approximately **18.46 GW** of total capacity, including **11.17 GW** commissioned and **7.29 GW** committed, alongside **6.4 GW** of solar module and **2.5 GW** of solar cell manufacturing facilities[265](index=265&type=chunk) Total Income Growth (FY2023-FY2025) | Fiscal Year Ended | Total Income (Rs. in millions) | | :--- | :--- | | March 31, 2023 | 89,309 | | March 31, 2025 | 109,070 | - On July 2, 2025, a consortium including major shareholders submitted a final non-binding offer to acquire all outstanding company shares for **US$ 8.00 per share** in cash, which a Special Committee of the Board is currently evaluating[268](index=268&type=chunk)[269](index=269&type=chunk) [Business Overview](index=76&type=section&id=B.%20Business%20Overview) ReNew is a leading decarbonization solutions provider in India with a gross portfolio of **18.46 GW** as of May 31, 2025, operating diversified wind, solar, and hydro projects supported by long-term PPAs and strong competitive strengths - The company's operational capacity has grown **5.4 times** from FY2017 to FY2025, supported by a strong track record of both organic and inorganic growth[274](index=274&type=chunk) - India's renewable energy market is driven by policy reforms, growing power demand, and a government target of **500 GW** of clean energy by 2030, creating a significant market opportunity for ReNew[277](index=277&type=chunk)[279](index=279&type=chunk) - The company's portfolio is diversified across resources (wind, solar, hydro), geography (eight states in India), and offtakers, with central government agencies constituting approximately **53%** of offtakers by total capacity as of March 31, 2025[287](index=287&type=chunk) - ReNew is committed to sustainability, aiming for **net-zero emissions by 2040** with targets validated by the Science-Based Targets initiative (SBTi), and has achieved high ESG ratings from S&P, Refinitiv, and Sustainalytics[417](index=417&type=chunk)[420](index=420&type=chunk) [Our Projects](index=86&type=section&id=Our%20Projects) As of March 31, 2025, the company's total portfolio stood at **17,333 MW**, comprising **10,702 MW** of commissioned capacity and **6,631 MW** of committed capacity, diversified across various project types Project Portfolio Breakdown (as of March 31, 2025) | Project Type | Commissioned Capacity (MW) | Committed Capacity (MW) | | :--- | :--- | :--- | | Utility-scale wind energy | 3,680 | - | | Utility-scale solar energy | 3,971 | 1,850 | | Corporate wind energy | 401 | 614 | | Corporate solar energy | 1,074 | 441 | | Utility-scale firm power | 1,226 | 3,516 | | Other projects | 350 | 210 | | **Total** | **10,702** | **6,631** | [Government Regulations](index=113&type=section&id=Government%20Regulations) The company's operations are governed by a complex framework of Indian central and state-level regulations, including the Electricity Act, 2003, and evolving national policies promoting competitive bidding and new energy technologies - The Electricity Act, 2003 is the central legislation governing the power sector, promoting renewable energy through open access and Renewable Purchase Obligations (RPOs) for distribution companies[427](index=427&type=chunk)[429](index=429&type=chunk) - The National Tariff Policy, 2016 and various competitive bidding guidelines have shifted the industry from a feed-in tariff (FiT) model to a more competitive auction-based system for determining power tariffs[437](index=437&type=chunk)[446](index=446&type=chunk) - The government is actively promoting new technologies through policies for wind-solar hybrid projects, battery storage, and a National Green Hydrogen Mission, which aims to produce **5 MMT** of green hydrogen per annum by 2030[447](index=447&type=chunk)[507](index=507&type=chunk)[562](index=562&type=chunk) - State-level policies in key operational states like Rajasthan, Karnataka, Gujarat, and others provide specific incentives, RPO targets, and frameworks for project development, which are critical to the company's business[515](index=515&type=chunk)[518](index=518&type=chunk)[526](index=526&type=chunk)[540](index=540&type=chunk) [Operating and Financial Review and Prospects](index=148&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) [Operating Results](index=148&type=section&id=A.%20Operating%20Results) For the fiscal year ended March 31, 2025, total income increased by **13%** to **Rs. 109,070 million**, with profit growing to **Rs. 4,591 million**, driven by higher operational capacity despite lower merchant tariffs and resource availability Consolidated Financial Performance (FY2024 vs. FY2025) | Metric (Rs. in millions) | FY ended Mar 31, 2024 | FY ended Mar 31, 2025 | Change | | :--- | :--- | :--- | :--- | | Total Income | 96,531 | 109,070 | +13.0% | | Total Expenses | 88,234 | 99,014 | +12.2% | | Profit for the year | 4,147 | 4,591 | +10.7% | Key Operating Metrics (FY2024 vs. FY2025) | Metric | Wind FY2024 | Solar FY2024 | Wind FY2025 | Solar FY2025 | | :--- | :--- | :--- | :--- | :--- | | Commissioned Capacity (GW) | 4.46 | 4.31 | 4.93 | 5.67 | | Plant Load Factor (%) | 27.6% | 24.7% | 25.6% | 23.9% | | Electricity Generated (kWh millions) | 10,243 | 8,794 | 10,749 | 10,986 | Non-IFRS Financial Measures Reconciliation (FY2023-FY2025) | Metric (Rs. in millions) | FY 2023 | FY 2024 | FY 2025 | | :--- | :--- | :--- | :--- | | **Profit / (Loss) for the year** | **(5,029)** | **4,147** | **4,591** | | Add: Finance costs, Depreciation, Tax, etc. | 67,033 | 69,067 | 74,597 | | **Adjusted EBITDA** | **62,004** | **69,216** | **79,188** | | Less: Interest, Tax, Loan Repayments | (50,255) | (63,082) | (69,329) | | Add: Other non-cash items & Finance Income | 3,488 | 7,531 | 5,010 | | **Cash Flow to Equity (CFe)** | **15,237** | **13,665** | **14,869** | [Liquidity and Capital Resources](index=168&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's primary liquidity sources are cash from operations, equity investments, capital markets, and borrowings, with cash and cash equivalents at **Rs. 40,419 million** and total borrowings of **Rs. 723,018 million** as of March 31, 2025 Consolidated Cash Flow Summary (FY2025) | Cash Flow Activity (Rs. in millions) | FY ended Mar 31, 2025 | | :--- | :--- | | Net cash generated from operating activities | 67,565 | | Net cash used in investing activities | (74,164) | | Net cash generated from financing activities | 19,984 | | **Net (decrease) in cash and cash equivalents** | **(13,385)** | Indebtedness Summary (as of March 31, 2025) | Category (Rs. in millions) | Amount Outstanding | | :--- | :--- | | Non-convertible debentures | 72,974 | | Compulsorily convertible debentures | 20,245 | | Term loans from banks | 163,817 | | Term loans from financial institutions | 231,407 | | Senior secured notes | 151,711 | | Optionally convertible debentures | 2,537 | | **Total Long-Term Borrowings** | **642,691** | - Capital expenditures for the purchase of property, plant, and equipment totaled **Rs. 93,659 million** for the fiscal year ended March 31, 2025, a decrease from **Rs. 153,839 million** in the prior year[696](index=696&type=chunk) - As of March 31, 2025, the company had capital commitments of **Rs. 56,528 million** for the commissioning of wind and solar energy projects[697](index=697&type=chunk) [Directors, Senior Management and Employees](index=176&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) [Directors and Senior Management](index=176&type=section&id=A.%20Directors%20and%20Senior%20Management) The company is led by Founder, Chairman, and CEO Sumant Sinha, with a Board of Directors comprising ten members, including six independent and four investor nominee directors, supported by an experienced senior management team Board of Directors and Executive Officers | Name | Position / Title | | :--- | :--- | | **Directors** | | | Mr. Sumant Sinha | Director and Chief Executive Officer | | Mr. Manoj Singh | Lead Independent Director | | Sir Sumantra Chakrabarti | Independent Director | | Ms. Vanitha Narayanan | Independent Director | | Ms. Paula Gold-Williams | Independent Director | | Mr. Philip New | Independent Director | | Ms. Nicoletta Giadrossi | Independent Director | | Mr. William Bowen Shephard Rogers | Investor Nominee Director | | Ms. Kavita Saha | Investor Nominee Director | | Mr. Yuzhi Wang | Investor Nominee Director | | **Executive Officers** | | | Mr. Kailash Vaswani | Chief Financial Officer | | Mr. Sanjay Varghese | Group President, Projects & Solar Manufacturing | | Mr. Balram Mehta | Group President, Services Business & Wind Projects | [Compensation](index=182&type=section&id=B.%20Compensation) For the fiscal year ended March 31, 2025, aggregate compensation for executive director and officers was **US$10.66 million**, with CEO Sumant Sinha receiving **US$6.59 million**, and non-executive independent directors receiving annual cash retainers and RSU awards - Aggregate compensation paid to the executive director and executive officers for FY2025 was **US$10,662,715**, excluding equity grants[739](index=739&type=chunk) - CEO Sumant Sinha's total remuneration for FY2025 was **US$6,585,470**, which included a fixed salary, a performance-based bonus, and a discretionary special bonus of **US$3,914,402**[740](index=740&type=chunk) - Non-executive independent directors receive an annual cash retainer of **US$109,200**, plus additional retainers for committee roles, and were granted RSUs valued at **US$172,751** each for their service in FY2025[734](index=734&type=chunk)[735](index=735&type=chunk)[736](index=736&type=chunk) - The company utilizes an Employee 2021 Incentive Award Plan and a Non-Employee 2021 Incentive Award Plan to grant equity-based awards, with options to purchase **42,694,198 Class A Ordinary Shares** outstanding for the executive team as of March 31, 2025[741](index=741&type=chunk)[761](index=761&type=chunk)[783](index=783&type=chunk) [Board Practices](index=201&type=section&id=C.%20Board%20Practices) As a foreign private issuer, the company follows its home country (England and Wales) governance practices, exempting it from certain Nasdaq rules, and operates with a ten-member Board, including a majority of independent directors, and five standing committees - The company follows home country (England and Wales) governance practices, exempting it from certain Nasdaq rules regarding compensation committee independence, director nominations, and shareholder approval for security issuances[799](index=799&type=chunk)[801](index=801&type=chunk) - The Board has five standing committees: Audit, Remuneration, Nomination and Board Governance, Finance and Operations, and Environment, Social and Governance (ESG)[810](index=810&type=chunk) - A Special Committee, comprising all six independent directors, was established to evaluate strategic opportunities, including the acquisition proposal from the Consortium[811](index=811&type=chunk)[821](index=821&type=chunk) [Employees](index=208&type=section&id=D.%20Employees) The company's workforce has grown to **4,336** full-time employees as of March 31, 2025, with the largest increase in the Module and Cell Manufacturing function, and none of the employees are represented by a labor union Employee Headcount by Function | Function | As of Mar 31, 2023 | As of Mar 31, 2024 | As of Mar 31, 2025 | | :--- | :--- | :--- | :--- | | Business support | 477 | 619 | 601 | | Business development | 134 | 120 | 135 | | Module and Cell Manufacturing | 160 | 1,373 | 1,832 | | Project execution | 537 | 640 | 608 | | O&M | 667 | 730 | 716 | | Other | 476 | 506 | 444 | | **Total** | **2,481** | **3,988** | **4,336** | [Major Shareholders and Related Party Transactions](index=209&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) [Major Shareholders](index=209&type=section&id=A.%20Major%20Shareholders) As of March 31, 2025, CPP Investments is the largest shareholder with **34.6%** beneficial ownership of Class A Ordinary Shares and **100%** of Class C and Class D shares, alongside other significant investors like Platinum Cactus and JERA Beneficial Ownership of Major Shareholders (as of March 31, 2025) | Beneficial Owner | Class A Shares (%) | Class B Shares (%) | Class C Shares (%) | Class D Shares (%) | | :--- | :--- | :--- | :--- | :--- | | CPP Investments | 34.6% | - | 100% | 100% | | Platinum Cactus | 23.8% | - | - | - | | JERA | 11.7% | - | - | - | | Mr. Sumant Sinha | 13.8% | 100% | - | - | [Related Party Transactions](index=213&type=section&id=B.%20Related%20Party%20Transactions) The company has several key agreements with its major shareholders, including the ReNew Global Shareholders Agreement governing board composition and voting rights, and the Registration Rights, Coordination and Put Option Agreement providing put options for Founder Investors - The ReNew Global Shareholders Agreement dictates board composition, giving major investors like CPP Investments and the Founder Investors rights to appoint directors[836](index=836&type=chunk)[839](index=839&type=chunk) - The company's share structure includes multiple classes with different voting rights: Class A shares have one vote per share, while Class B and D shares have variable voting rights linked to holdings in ReNew India, and Class C shares are non-voting[862](index=862&type=chunk) - The Registration Rights, Coordination and Put Option Agreement provides Founder Investors with put options to require the company to purchase their shares in ReNew India, including a 'De-Minimis Put Option' for up to **$12 million** annually and an 'Ordinary Put Option' for larger amounts, subject to financing[868](index=868&type=chunk)[877](index=877&type=chunk) [Financial Information](index=229&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) [Consolidated Statements and Other Financial Information](index=229&type=section&id=A.%20Consolidated%20Statements%20and%20Other%20Financial%20Information) The company is involved in various legal and regulatory proceedings, including tariff and payment disputes with state distribution companies in Andhra Pradesh and Karnataka, and challenges related to the Supreme Court's order on undergrounding transmission lines - Disputes with AP DISCOMs involve tariff redetermination and the treatment of Generation Based Incentives (GBI), with receivables related to these matters totaling **Rs. 3,110 million** and **Rs. 5,237 million**, respectively, as of March 31, 2025[896](index=896&type=chunk)[899](index=899&type=chunk) - In Karnataka, the company is challenging the levy of cross-subsidy surcharges on its captive power projects, with the matter pending before the Appellate Tribunal for Electricity (APTEL) following a Supreme Court ruling[893](index=893&type=chunk)[894](index=894&type=chunk) - The company is addressing the Supreme Court's directive regarding the undergrounding of transmission lines in habitats of the Great Indian Bustard, believing any additional costs will be recoverable from customers under 'change in law' provisions in its PPAs[901](index=901&type=chunk) [Additional Information](index=241&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) [Memorandum and Articles of Association](index=241&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) ReNew Energy Global Plc, incorporated under England and Wales law, has a share capital consisting of four classes of ordinary shares with distinct voting and dividend rights, and its governance is subject to the U.K. Companies Act - The company has four classes of ordinary shares with different rights: **Class A** (one vote per share), **Class B** (variable voting rights linked to Founder Investors' holdings in ReNew India), **Class C** (non-voting), and **Class D** (variable voting rights linked to CPP Investments' holdings in ReNew India)[928](index=928&type=chunk)[929](index=929&type=chunk)[930](index=930&type=chunk)[931](index=931&type=chunk) - Under the U.K. Companies Act, the Board requires shareholder authorization to allot new shares, and existing shareholders generally have pre-emption rights for cash issues, though these have been disapplied by shareholder resolution until 2026/2028[923](index=923&type=chunk)[924](index=924&type=chunk)[925](index=925&type=chunk) - The company may repurchase its own shares, subject to shareholder approval, and as of March 31, 2025, it held **38,698,288 Class A Ordinary Shares** in its treasury account under its **$250 million** share repurchase program[958](index=958&type=chunk)[961](index=961&type=chunk) [Material Contracts](index=255&type=section&id=C.%20Material%20Contracts) The company and its subsidiaries have entered into several material debt financing agreements, including senior secured notes and non-convertible debentures, to fund projects and operations, secured primarily by project assets and subject to various covenants - The company has issued several series of senior secured notes, including the **7.95% 2026 Notes**, **5.875% 2027 Notes**, and **4.50% 2028 Notes**, primarily to repay existing debt and fund capital expenditures for green projects[1007](index=1007&type=chunk)[1020](index=1020&type=chunk)[1041](index=1041&type=chunk) - ReNew India and its subsidiaries have extensive fund-based facilities from institutions like Power Finance Corporation Ltd. and State Bank of India, secured by project assets, to finance specific wind, solar, and transmission projects[990](index=990&type=chunk) - The company utilizes a wide range of non-fund-based facilities (e.g., letters of credit) from banks such as IndusInd Bank, Yes Bank, and HSBC for working capital and project execution needs, typically on a revolving basis[1002](index=1002&type=chunk) [Taxation](index=284&type=section&id=E.%20Taxation) This section outlines the material U.S. federal, U.K., and Indian tax considerations for holders of the company's shares and warrants, covering potential PFIC status for U.S. Holders, U.K. dividend and stamp duty rules, and Indian capital gains and withholding taxes - **U.S. Tax:** U.S. Holders face potential adverse tax consequences under Passive Foreign Investment Company (PFIC) rules, although the company does not believe it will be treated as a PFIC for the current taxable year, a determination made annually and subject to uncertainty[1065](index=1065&type=chunk)[1066](index=1066&type=chunk) - **U.K. Tax:** Non-U.K. Holders will not be subject to U.K. withholding tax on dividends, and while the issue of shares will not attract U.K. stamp duty or SDRT, subsequent transfers may be subject to a **0.5%** charge, though transfers within a clearance service like DTC are generally exempt[1090](index=1090&type=chunk)[1096](index=1096&type=chunk)[1100](index=1100&type=chunk) - **Indian Tax:** Non-resident shareholders may be subject to Indian capital gains tax on the sale of ReNew Global shares if the company is deemed to derive substantial value from Indian assets, and dividends paid by the Indian subsidiary (ReNew India) to the parent company (ReNew Global) are subject to a **20%** withholding tax, potentially reduced to **10%** under the India-U.K. tax treaty[1107](index=1107&type=chunk)[1109](index=1109&type=chunk) [Controls and Procedures](index=307&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) [(a) Disclosure Controls and Procedures](index=307&type=section&id=(a)%20Disclosure%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, ensuring timely and accurate reporting of required information - The Group's Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[1135](index=1135&type=chunk) [(b) Management's Annual Report on Internal Control over Financial Reporting](index=307&type=section&id=(b)%20Management's%20Annual%20Report%20on%20Internal%20Control%20over%20Financial%20Reporting) Management concluded that the company's internal control over financial reporting was effective as of March 31, 2025, based on the COSO framework (2013), a conclusion affirmed by an unqualified audit opinion from S.R. Batliboi & Co. LLP - Management assessed the effectiveness of internal control over financial reporting based on the COSO 2013 framework and concluded that it was **effective** as of March 31, 2025[1139](index=1139&type=chunk) - The independent registered public accounting firm, S.R. Batliboi & Co. LLP, audited the company's internal control over financial reporting and issued an **unqualified opinion** on its effectiveness as of March 31, 2025[1140](index=1140&type=chunk)[1142](index=1142&type=chunk) [Corporate Governance and Other Disclosures](index=310&type=section&id=ITEM%2016.%20Corporate%20Governance%20and%20Other%20Disclosures) [Principal Accountant Fees and Services](index=311&type=section&id=ITEM%2016C.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) S.R. Batliboi & Co. LLP (SRB) audited the company's financial statements, with total fees paid to SRB and its member firms amounting to **Rs. 153 million** for FY2025, primarily for audit services, all pre-approved by the Audit Committee Accountant Fees (FY2024 vs. FY2025) | Fee Category (Rs. in millions) | FY 2024 | FY 2025 | | :--- | :--- | :--- | | Audit fees | 142 | 145 | | Audit-related fees | 22 | 8 | | Tax fees | 1 | - | | All other fees | 3 | - | | **Total** | **168** | **153** | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](index=311&type=section&id=ITEM%2016E.%20PURCHASES%20OF%20EQUITY%20SECURITIES%20BY%20THE%20ISSUER%20AND%20AFFILIATED%20PURCHASERS) The company has a **$250 million** share repurchase program for Class A Ordinary Shares, under which **38,698,288 shares** have been repurchased for approximately **$239.2 million** as of March 31, 2025, with no repurchases made in FY2025 - The Board approved a **$250 million** share repurchase program for Class A Ordinary Shares[1159](index=1159&type=chunk) - As of March 31, 2025, the company has repurchased **38,698,288 Class A Ordinary Shares** for approximately **$239.2 million**, with no repurchases made in the fiscal year ended March 31, 2025[1160](index=1160&type=chunk) [Cybersecurity](index=314&type=section&id=ITEM%2016K.%20CYBERSECURITY) The company has implemented a cybersecurity risk management program, overseen by the Board and managed by a dedicated team, employing a defense-in-depth approach and continuous monitoring, with no material threats identified as of the report date - The Board of Directors is responsible for overseeing the cybersecurity risk management program, with periodic updates from senior management[1181](index=1181&type=chunk) - The cybersecurity team, led by the Head of Cybersecurity and overseen by the Head of Digital, manages material risks from cyber threats[1182](index=1182&type=chunk) - Key cybersecurity measures include continuous monitoring with advanced security tools, leveraging threat intelligence, maintaining an incident response plan, and employing a layered defense strategy with controls like firewalls and multi-factor authentication[1183](index=1183&type=chunk) - The company has not identified any cybersecurity risks that have materially affected or are reasonably likely to materially affect its operations, strategy, or financial condition[1180](index=1180&type=chunk) [Financial Statements](index=317&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) [Consolidated Statement of Financial Position](index=326&type=section&id=Consolidated%20statement%20of%20financial%20position) As of March 31, 2025, the company's total assets increased to **Rs. 959,799 million**, primarily driven by a rise in Property, Plant, and Equipment, while total liabilities grew to **Rs. 828,687 million** due to increased borrowings Consolidated Statement of Financial Position Highlights (as of March 31) | (Rs. in millions) | 2024 | 2025 | | :--- | :--- | :--- | | **Total Assets** | **873,935** | **959,799** | | Property, plant and equipment | 678,600 | 747,066 | | Cash and cash equivalents | 27,021 | 40,419 | | **Total Liabilities** | **752,238** | **828,687** | | Interest-bearing loans and borrowings (Non-current) | 565,861 | 582,307 | | Interest-bearing loans and borrowings (Current) | 81,455 | 140,711 | | **Total Equity** | **121,697** | **131,112** | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=328&type=section&id=Consolidated%20statement%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) For the fiscal year ended March 31, 2025, the company reported a profit of **Rs. 4,591 million**, an increase from the prior year, driven by higher total income of **Rs. 109,070 million**, despite increased total expenses Consolidated Profit or Loss Summary (for the year ended March 31) | (Rs. in millions) | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | | Total Income | 89,309 | 96,531 | 109,070 | | Total Expenses | 91,872 | 88,234 | 99,014 | | **Profit / (Loss) for the year** | **(5,029)** | **4,147** | **4,591** | | Total comprehensive income / (loss) | (3,821) | 1,860 | 4,621 | | Basic EPS (Rs.) | (12.32) | 9.94 | 10.92 | [Consolidated Statement of Cash Flows](index=332&type=section&id=Consolidated%20statement%20of%20cash%20flows) For the fiscal year ended March 31, 2025, net cash generated from operating activities was **Rs. 67,565 million**, while net cash used in investing activities was **Rs. 74,164 million**, resulting in a net decrease in cash and cash equivalents of **Rs. 13,385 million** Consolidated Cash Flow Summary (for the year ended March 31) | (Rs. in millions) | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 65,572 | 68,931 | 67,565 | | Net cash used in investing activities | (74,978) | (162,535) | (74,164) | | Net cash from financing activities | 19,113 | 82,417 | 19,984 | | **Net change in cash** | **9,707** | **(11,187)** | **13,385** |

Financial Data and Key Metrics Changes - The company reported a profit before tax of INR 10 billion, representing a 23% increase year-on-year [11] - Adjusted EBITDA for Q4 FY 2025 was INR 22.1 billion, a 32% increase compared to the previous year [21] - The profit after tax for Q4 was INR 3.1 billion, with a full-year profit after tax of INR 4.6 billion [22] Business Line Data and Key Metrics Changes - The total operating megawatts reached 11.2 gigawatts, a 17% increase year-on-year, and 21% when excluding asset sales [6] - The contracted portfolio now stands at 18.5 gigawatts, an 18% increase from the previous year [7] - The manufacturing business contributed approximately INR 4.2 billion to the consolidated EBITDA for FY 2025 [19] Market Data and Key Metrics Changes - The company secured a 14% market share in the bids participated in, winning 4.8 gigawatts plus 800 megawatt hours of BEST [9] - The macro environment in India remains robust, with over 50 gigawatts of auctions available annually [8] Company Strategy and Development Direction - The company aims to expand its renewable energy footprint in India, focusing on project development, EPC, and O&M in-house to reduce costs [12] - Plans to expand the cell facility by an additional 4 gigawatts to align with module manufacturing capacity [9] - The company is actively securing land parcels in high radiation and strong wind regions to support future projects [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewable energy sector's growth in India, despite geopolitical and economic challenges [11] - The company anticipates continued growth in energy demand and plans to leverage the supportive regulatory environment [13] Other Important Information - The company achieved a top ESG rating, scoring 84.35 in the LSEG ESG rating [30] - The company has raised $260 million in the past six months through capital recycling [23] Q&A Session Summary Question: What are the assumptions for PLF in fiscal 2026? - Management expects PLF levels to be similar to fiscal year 2025 at the lower end of the guidance range [40] Question: What are the expectations for module sales in fiscal 2026? - The company anticipates a mix of DCR and non-DCR sales, with a significant portion of the 1.4 gigawatt order book expected to be fulfilled throughout the fiscal year [41][50] Question: How will the $330 million CapEx for the Topcon facility be financed? - The financing will follow a 70% debt and 30% equity model, similar to previous expansions [43] Question: Are there plans to sell modules outside of India? - Currently, the contracted sales are primarily for the Indian market, but the company is building plans for international sales [49] Question: How will the company take advantage of declining interest rates? - The company plans to refinance existing debt opportunistically and will benefit from lower rates on new debt [52][53] Question: What are the refinancing plans for bonds due in July 2026? - The company is continuously monitoring the market for attractive refinancing opportunities [56]

Financial Data and Key Metrics Changes - The company reported a profit before tax of INR 10 billion, representing a 23% increase year-on-year [10] - Adjusted EBITDA for Q4 FY 2025 was INR 22.1 billion, a 32% increase compared to the previous year, driven by cost optimization and asset sales [21] - The EBITDA margin for the IPP business improved to almost 83%, up from just over 80% last year [9] Business Line Data and Key Metrics Changes - The total operating megawatts reached 11.2 gigawatts, a 17% increase year-on-year, and a 21% increase on a like-for-like basis after excluding asset sales [6] - The contracted portfolio now stands at 18.5 gigawatts, an 18% increase from the previous year [7] - The manufacturing business contributed around INR 4.2 billion to the consolidated EBITDA for FY 2025 [19] Market Data and Key Metrics Changes - The company secured a 14% market share in the bids participated in, winning 4.8 gigawatts plus 800 megawatt hours of BEST [8] - The macro environment in India remains robust, with over 50 gigawatts of auctions expected annually, maintaining attractive IRRs [7] Company Strategy and Development Direction - The company plans to expand its cell facility by an additional 4 gigawatts, aligning with its module manufacturing capacity [8] - The focus remains on capital recycling and judicious capital allocation to improve returns and support growth [16][27] - The company aims to build large land banks along with connectivity to enhance project delivery [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the renewable energy sector's growth in India, despite geopolitical and economic challenges [10] - The company anticipates continued growth in energy demand and a supportive regulatory environment for renewable energy [11][12] - The guidance for FY 2026 expects adjusted EBITDA between INR 87 billion to INR 93 billion, assuming similar weather patterns to FY 2025 [36] Other Important Information - The company achieved a top ESG rating, scoring 84.35 in the LSEG ESG rating, and was recognized in the Sustainalytics top-rated ESG companies list [31] - The company has impacted 1.7 million lives through its social responsibility initiatives, aiming for 2.5 million by 2030 [34] Q&A Session Summary Question: What are the assumptions for PLF in fiscal 2026? - Management expects PLF levels to be similar to those in FY 2025, at the lower end of the guidance range [42] Question: What are the expectations for module sales in FY 2026? - The company anticipates a mix of DCR and non-DCR sales, with a significant portion of the 1.4 gigawatt order book expected to be fulfilled throughout the fiscal year [44] Question: How will the Topcon facility be financed? - The financing plan includes 70% debt and 30% equity, similar to previous expansions, with ongoing discussions with lenders [46] Question: Are there plans to sell modules outside of India? - Currently, the contracted sales are primarily for the Indian market, with plans to build a presence in international markets [51] Question: How will the company take advantage of declining interest rates? - The company plans to refinance existing debt opportunistically and will benefit from lower rates on new debt for expansion projects [56]

Core Viewpoint - ReNew Energy Global PLC reported quarterly earnings of $0.10 per share, exceeding the Zacks Consensus Estimate of $0.07 per share, and showing significant improvement from $0.02 per share a year ago, indicating a 42.86% earnings surprise [1] Financial Performance - The company posted revenues of $340 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 16.52%, compared to $297 million in the same quarter last year [2] - Over the last four quarters, ReNew Energy Global has exceeded consensus EPS estimates only once, while it has topped consensus revenue estimates two times [2] Stock Performance and Outlook - ReNew Energy Global shares have declined approximately 0.6% since the beginning of the year, contrasting with the S&P 500's gain of 1.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Earnings Estimate Revisions - The trend for earnings estimate revisions for ReNew Energy Global is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $418.26 million, and for the current fiscal year, it is $0.27 on revenues of $1.59 billion [7] Industry Context - The Alternative Energy - Other industry, to which ReNew Energy Global belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [8]