Core Viewpoint - ReNew Energy Global Plc (NASDAQ:RNW) experienced a significant decline of 27.15% in its stock price, closing at $5.50, following the withdrawal of Masdar from a $1 billion acquisition plan [1][3]. Group 1: Acquisition Details - Masdar officially withdrew from a consortium aimed at taking ReNew Energy Global Plc private [2]. - The acquisition proposal was initially set at $7.07 per share and was raised to $8.15 per share after a year of negotiations [3]. - The consortium included CPP Investments, ADIA (through Platinum Hawk), and ReNew's founder and CEO, Sumant Sinha [3]. Group 2: Market Reaction - The withdrawal of Masdar led to a complete halt of the merger proposal, resulting in a sharp sell-off of ReNew Energy's shares [3]. - The market response indicates a loss of investor confidence in ReNew Energy following the failed acquisition attempt [1][3]. Group 3: Future Outlook - ReNew Energy Global Plc has not yet announced its next steps following the withdrawal of the acquisition transaction [4].

Summary of ReNew Energy Global Conference Call Company Overview - **Company**: ReNew Energy Global (NasdaqGS:RNW) - **Date of Call**: December 16, 2025 Key Points Industry Context - The call addressed the recent developments regarding a consortium involving ReNew Energy and its potential acquisition discussions, particularly focusing on the withdrawal of Masdar from the consortium [4][5]. Core Insights - **Masdar's Withdrawal**: Masdar has officially withdrawn from the consortium, leading to the termination of discussions regarding the proposed transaction. This decision was unexpected and disappointing for ReNew, especially after a year of negotiations and due diligence [4][5][12]. - **Shareholder Confidence**: Despite Masdar's exit, major shareholders CPPIB and ADIA have reaffirmed their confidence in ReNew's business and growth prospects. The company remains committed to delivering value for all shareholders [5][6]. - **Financial Position**: ReNew maintains a robust liquidity position with over $1 billion in cash. The company’s portfolio is fully funded through internal cash flows and capital recycling [6][7]. - **Growth Guidance**: ReNew has reaffirmed its megawatt and EBITDA guidance for the year, indicating continued business growth and a decline in leverage [7][8]. Strategic Considerations - **Future Plans**: The board is evaluating options for realizing value from various parts of the business and will develop a plan moving forward. The leadership team is prepared for alternative strategies following the consortium's dissolution [15][16]. - **Capital Allocation**: The management is considering various strategic options, including potential share repurchases, although no immediate discussions are underway regarding new offers from other shareholders [14][22]. - **Funding and Growth Strategy**: ReNew plans to continue its growth trajectory, targeting an annual capacity of 2 to 3 GW. Funding will come from internal growth and capital recycling, with no reliance on external capital infusion from the failed transaction [32][41]. Market Reaction - Following the announcement of Masdar's withdrawal, there was a notable decline in ReNew's share price. Management expressed confidence that the market will eventually recognize the company's true value [18][52]. Additional Insights - **Operational Performance**: The company is meeting all operational deliverables for the year and does not foresee issues in raising external funding for its current pipeline [16][46]. - **Long-term Strategy**: The board emphasizes the importance of execution in a rapidly growing market and maintains confidence in the management team to deliver long-term shareholder value [51][52]. Conclusion ReNew Energy Global is navigating a challenging situation following the withdrawal of a key consortium member. However, the company remains financially strong and committed to its growth strategy, with plans to communicate further updates to shareholders in the coming months.

Core Insights - ReNew Energy Global Plc has signed a long-term agreement with Google to develop a 150 MW solar project in Rajasthan, which is expected to generate approximately 425,000 MWh of clean electricity annually, enough to power over 360,000 Indian households [1][2] - This partnership enhances ReNew's commercial and industrial portfolio to 2.7 GW, solidifying its position as a leading provider of corporate clean energy solutions in India [1] - The agreement is part of India's broader goal to achieve 500 GW of non-fossil fuel energy capacity by 2030, highlighting the importance of private sector investment in the clean energy transition [2] Company Overview - ReNew is a leading decarbonization solutions company listed on Nasdaq, with a clean energy portfolio of approximately 18.5 GW, including 1.1 GWh of battery energy storage systems [3] - The company is a major independent power producer in India, providing comprehensive solutions in clean energy, digitalization, storage, and carbon markets [3] - ReNew is expanding its solar cell manufacturing capacity by 4 GW, in addition to its existing 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capabilities [3]

Core Insights - Rumble has announced three transformational milestones that will significantly redefine its identity and future direction [5]. Group 1: Company Developments - The first milestone is an exchange offer for Northern Data, positioning Rumble as an instant leader in AI infrastructure with substantial resources including land, power, and data centers [6].

Core Insights - ReNew Energy Global PLC reported quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.17 per share, representing an earnings surprise of -23.53% [1] - The company posted revenues of $408 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.17% and showing an increase from $356 million year-over-year [2] - The stock has gained approximately 10.5% since the beginning of the year, underperforming compared to the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $318 million, while for the current fiscal year, the estimate is $0.23 on revenues of $1.59 billion [7] - The estimate revisions trend for ReNew Energy Global was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Alternative Energy - Other industry, to which ReNew Energy Global belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 53.5 billion for the first half of fiscal year 2026, representing a 24% year-on-year growth [7] - Revenue increased by over 50% for the first half of the fiscal year compared to the previous year, driven by an increase in MW and significant contributions from third-party sales in the manufacturing business [12] - The company reaffirmed its fiscal year 2026 adjusted EBITDA guidance of INR 87 billion to INR 93 billion [20] Business Line Data and Key Metrics Changes - The manufacturing business, with an operational capacity of 6.4 GW of modules and 2.5 GW of cells, produced over 2 GW of modules and over 900 MW of cells in the first half of fiscal year 2026, contributing INR 3.3 billion to adjusted EBITDA for the quarter [8][12] - The company revised its FY 2026 adjusted EBITDA guidance for manufacturing upwards to INR 10 billion to INR 12 billion [8] Market Data and Key Metrics Changes - The company has signed Power Purchase Agreements (PPAs) for 3.8 GW of installed renewable energy capacity over the past four quarters, indicating strong market demand [7] - The government of India reduced the goods and services tax on renewable energy sector items from 12% to 5%, enhancing the affordability of clean energy [5] Company Strategy and Development Direction - The company aims to complete the construction of 1.6-2.4 GW of capacity in fiscal 2026, maintaining a focus on profitable growth and capital discipline [7][20] - The company is expanding its committed portfolio and expects to see a substantial chunk of its 6 GW of Letters of Award (LOAs) convert into PPAs over the next six months [24] Management's Comments on Operating Environment and Future Outlook - The management noted that while global macroeconomic conditions remain volatile, the situation in India is relatively stable, with low inflation and an upgraded credit rating [4] - The management expressed optimism about the energy sector despite subdued power demand growth due to climatic conditions, indicating a focus on execution and project delivery [4][9] Other Important Information - The company achieved a score of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, marking a 14% year-on-year improvement [16][17] - The company published its inaugural climate risk and biodiversity risk reports, aligning with TCFD and TNFD frameworks, showcasing its commitment to transparency and governance [18] Q&A Session Summary Question: Progress on contracting side and expectations for additional PPA signings - The company has made good progress on PPA signings and expects a reasonable chunk of the 6 GW of LOAs to convert into PPAs over the next six months, but specific timelines are hard to predict [24][25] Question: Update on transmission status for projects in the pipeline - Most transmission connectivity has been secured, but some DISCOMs are requesting faster project delivery, which the company is working to accommodate [27][28] Question: Decline in solar manufacturing margins - The decline in margins was attributed to a leaner sales month and strategic procurement decisions made in the previous quarter [30][31] Question: Timelines for cell expansion and plans for wafer ingot - The company expects pre-commissioning of the cell expansion by the same time next year, with full commissioning by the end of fiscal 2027 [39] Question: Status of curtailment during the last quarter - The company experienced curtailment amounting to about INR 100 crore in the first half, linked to projects where backend lines were not ready [51] Question: Plans for refinancing upcoming bonds - The company is exploring refinancing options in markets that offer the lowest cost of capital, with no major challenges anticipated [76] Question: Status of the TIC private offer - The consortium is expected to provide a binding offer by November, with ongoing discussions with public shareholders [78]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of INR 53.5 billion for the first half of fiscal year 2026, representing a 24% year-on-year growth [6] - Revenue increased by over 50% for the first half of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from third-party sales in the manufacturing business [12] - The company reaffirmed its fiscal year 2026 adjusted EBITDA guidance of INR 87-93 billion [20] Business Line Data and Key Metrics Changes - The manufacturing business produced over 2 GW of modules and over 900 MW of cells in the first half of fiscal year 2026, contributing INR 3.3 billion to adjusted EBITDA for the quarter [7][8] - The manufacturing EBITDA guidance for fiscal year 2026 was revised upwards to INR 10-12 billion [8] - The company commissioned over 2.1 GW of renewable energy capacity since October of the previous year, marking a 22% growth in its portfolio after adjusting for asset sales [5][12] Market Data and Key Metrics Changes - The Indian government reduced the goods and services tax on renewable energy sector items from 12% to 5%, enhancing the affordability of clean energy [5] - The S&P upgraded India's long-term credit rating, which is expected to positively impact the company's borrowing costs [14] Company Strategy and Development Direction - The company continues to focus on profitable growth, project execution, and capital discipline, aiming to deliver returns significantly above its cost of capital [5] - The company is on track to complete the construction of 1.6-2.4 GW of capacity in fiscal year 2026 [6] - The company is expanding its committed portfolio with signed PPAs for 3.8 GW of installed renewable energy capacity over the past four quarters [6] Management's Comments on Operating Environment and Future Outlook - The management noted that while global macroeconomic conditions remain volatile, the situation in India is relatively stable, with low inflation and expectations of further rate cuts by the Reserve Bank of India [4] - The management expressed confidence in the execution of projects and the potential for future growth despite some cyclical lulls in the bidding environment [10][20] Other Important Information - The company achieved a score of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, marking a 14% year-on-year improvement [16][19] - The company published its inaugural climate risk and biodiversity risk reports aligned with TCFD and TNFD frameworks [18] Q&A Session Summary Question: Progress on contracting side and expectations for additional PPA signings - The company has made good progress on PPA signings, with approximately 6 GW of LOAs expected to convert into PPAs over the next six months [24][25] Question: Update on transmission status for projects in the pipeline - Most transmission connectivity is in place, with efforts ongoing to convert existing connectivity to expedite project timelines [27][28] Question: Decline in solar manufacturing margins - The decline in margins was attributed to a higher mix of captive sales and lower realizations in Q2 compared to Q1 [30] Question: Timelines for cell expansion and plans for wafer ingot - The company expects pre-commissioning of the cell expansion by the same time next year, with full commissioning by the end of fiscal 2027 [38] Question: Experience of curtailment during the last quarter - The company experienced curtailment amounting to about INR 100 crore in the first half, linked to projects where backend lines were not ready [51] Question: Plans for refinancing upcoming bonds - The company is working on refinancing plans and will pursue the market offering the lowest cost of capital [74]

Core Insights - ReNew Energy Global Plc reported an 84% year-over-year increase in net profit for the first half of fiscal year 2026, with total income reaching INR 79,715 million (US$ 898 million) compared to INR 54,713 million (US$ 616 million) in the same period last year [1][5]. Financial Performance - Total income for Q2 FY26 was INR 38,557 million (US$ 434 million), up from INR 29,887 million (US$ 337 million) in Q2 FY25 [5]. - Net profit for Q2 FY26 was INR 4,675 million (US$ 53 million), slightly down from INR 4,939 million (US$ 56 million) in Q2 FY25 [5]. - Adjusted EBITDA for H1 FY26 was INR 53,459 million (US$ 602 million), compared to INR 43,188 million (US$ 486 million) for H1 FY25 [5]. - Revenue from power sales for H1 FY26 was INR 51,548 million (US$ 581 million), compared to INR 48,342 million (US$ 545 million) for H1 FY25 [5]. Operational Highlights - The company's portfolio consisted of approximately 18.5 GW (+1.1 GW BESS) as of September 30, 2025, an increase from ~15.6 GW a year earlier [5]. - Commissioned capacity increased by 12.8% year-over-year to ~11.4 GW (+150 MWh BESS) as of September 30, 2025, with an additional 212 MW commissioned in October 2025 [5]. - The company expects to complete the construction of 1.6 to 2.4 GW by the end of fiscal year 2026 [4]. Manufacturing and Sales - External sales from solar module and cell manufacturing contributed INR 23,351 million (US$ 263 million) to total income for H1 FY26 [5]. - The company anticipates that external sales from solar module and cell manufacturing will contribute INR 10-12 billion to Adjusted EBITDA for FY26 [4]. Future Outlook - The company continues to expect net gains in asset sales as part of its capital recycling strategy, including INR 1-2 billion related to asset sales in the Adjusted EBITDA guidance [4].

Financial Highlights - Adjusted EBITDA reached INR 535 billion in H1 FY26, a 24% year-over-year increase[16] - Profit After Tax (PAT) increased by 84% year-over-year to INR 98 billion in H1 FY26[16] - Manufacturing Adjusted EBITDA for H1 FY26 was INR 86 billion[16] - Q2 FY26 Adjusted EBITDA margin for IPP business was 84%[34] - Revenue increased by 52% year-over-year for H1 FY26[34] - Revenue increased by 36% year-over-year for Q2 FY26[34] Operational Performance - Operating portfolio reached over 116 GW, including 150 MWh BESS[9, 16] - 21 GW commissioned since October 2024, with over 12 GW commissioned YTD FY26[16] - Committed portfolio stands at 185 GW, including 11 GWh BESS[9, 16] - Total pipeline exceeds 25 GW, including 3 GWh BESS[16] - Approximately 2 GW of modules and over 900 MW of cells were produced in H1 FY26[16] Manufacturing Updates - Module plants are producing over 12 MW per day[28] - Cell plant is producing over 5 MW per day[28] - External order book for modules is approximately 650 MW[28] ESG and Sustainability - S&P Global CSA rating reached 83/100, the highest ever by an Indian IPP[16, 45]

Financial Performance - Total Income for H1 FY26 was INR 79,715 million (US$ 898 million), an increase of 45.7% over H1 FY25[13] - Net profit for H1 FY26 was INR 9,806 million (US$ 110 million), compared to INR 5,333 million (US$ 60 million) for H1 FY25[28] - Adjusted EBITDA for H1 FY26 was INR 53,459 million (US$ 602 million), compared to INR 43,188 million (US$ 486 million) for H1 FY25[31] - Total income for Q2 FY26 was INR 38,557 million (US$ 434 million), an increase of 29.0% over Q2 FY25[11] - For the three months ended September 30, 2025, ReNew reported revenue of INR 36,266 million (USD 408 million), a 35.5% increase from INR 26,735 million in the same period of 2024[67] - Total income for the six months ended September 30, 2025, was INR 79,715 million (USD 898 million), up from INR 54,713 million in the previous year[67] - Profit for the period for the three months ended September 30, 2025, was INR 4,675 million (USD 53 million), compared to INR 4,939 million in the same period of 2024[67] - Profit before tax for the three months ended September 30, 2025, was INR 5,587 million, a decrease of 25.2% compared to INR 7,475 million in the same period of 2024[69] - The company reported a profit for the period of INR 4,675 million for the three months ended September 30, 2025, compared to INR 4,939 million in the same period of 2024, indicating a decline of 5.3%[71] Operational Metrics - Total electricity sold in H1 FY26 was 13,797 million kWh, an increase of 10.9% over H1 FY25[9] - The company's commissioned capacity increased 12.8% year-over-year to ~11.4 GWs as of September 30, 2025[7] - The company expects to complete the construction of 1.6 to 2.4 GWs by the end of Fiscal Year 2026[34] - Revenue from sale of power for H1 FY26 was INR 51,548 million (US$ 581 million), compared to INR 48,342 million (US$ 545 million) for H1 FY25[7] - Adjusted EBITDA for the three months ended September 30, 2025, was INR 26,240 million, reflecting a growth of 8.5% from INR 24,209 million in the same period of 2024[71] Cash Flow and Liquidity - Cash generated from operating activities for H1 FY26 was INR 40,690 million (US$ 458 million), compared to INR 30,072 million (US$ 339 million) for H1 FY25[36] - Cash Flow to Equity (CFe) for H1 FY26 was INR 19,910 million (US$ 224 million), an increase from INR 15,683 million (US$ 177 million) in H1 FY25[43] - Cash generated from financing activities for Q2 FY26 was INR 14,858 million (US$ 167 million), compared to INR 1,254 million (US$ 14 million) in Q2 FY25[38] - Total cash and cash equivalents at the end of the period for September 30, 2025, reached INR 39,337 million, up from INR 17,985 million at the beginning of the period[69] - Net cash generated from operating activities for the six months ended September 30, 2025, was INR 40,690 million, an increase of 35.3% from INR 30,072 million in 2024[69] - Cash used in investing activities for Q2 FY26 was INR 37,626 million (US$ 424 million), an increase from INR 19,986 million (US$ 225 million) in Q2 FY25[37] - Net cash used in investing activities for the six months ended September 30, 2025, was INR 59,584 million, a slight decrease from INR 60,441 million in 2024[69] Debt and Equity - Net debt as of September 30, 2025, was INR 652,768 million (US$ 7,353 million), including convertible debentures from JV partners amounting to INR 24,078 million (US$ 271 million)[41] - Total receivables as of September 30, 2025, were INR 30,086 million (US$ 339 million), with a Days Sales Outstanding (DSO) of 84 days for the IPP business, improved from 94 days year on year[42] - Total assets increased from INR 959,799 million as of March 31, 2025, to INR 1,014,713 million as of September 30, 2025[64][65] - Total equity rose from INR 131,112 million to INR 140,746 million during the same period[64][65] - Non-current liabilities increased from INR 632,252 million to INR 677,019 million as of September 30, 2025[64][65] - Current liabilities remained relatively stable, increasing slightly from INR 196,394 million to INR 196,948 million[65] Strategic Initiatives - The company anticipates external sales from solar module and cell manufacturing to contribute INR 10-12 billion of Adjusted EBITDA in FY26 guidance[34] - The company is focused on providing end-to-end solutions in clean energy and expanding its market presence through digitalization and carbon markets[61] - ReNew announced the sale of a 300 MW solar project in Rajasthan for an enterprise value of approximately $191 million, expected to generate about $98 million in cash inflow[44] - A non-binding proposal was received from a consortium for the acquisition of the entire issued share capital of the company at a cash consideration of US$ 8.15 per share[45] - The company has 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity, with plans to expand solar cell manufacturing by an additional 4 GW in 2026[61] Cost and Expenses - Capital expenditure in Q2 FY26 amounted to INR 28,677 million (US$ 323 million) for commissioning 50 MWs of solar and 284 MWs of wind projects[39] - Finance costs for the three months ended September 30, 2025, were INR 15,070 million, an increase of 20.9% from INR 12,473 million in 2024[69] - Interest paid for the six months ended September 30, 2025, was INR 29,264 million, an increase from INR 26,811 million in 2024[72]