Financial Performance - Adjusted EBITDA for Q4 FY25 reached INR 22.1 billion, a 32% year-over-year increase[51] - Adjusted EBITDA grew by 14+% year-over-year in FY25 to INR 79.2 billion[21] - Profit Before Tax (PBT) for FY25 increased by 23% year-over-year to INR 10.0 billion[21] - Profit After Tax (PAT) for FY25 increased by 11% year-over-year to INR 4.6 billion[21] Portfolio and Capacity - The company has a total committed portfolio of 18.5 GW (+1.1 GWh BESS)[9, 22] - Operational capacity reached 11.2 GW (+150 MWh BESS), with approximately 1.95 GW added since April 2024[9, 16] - The company has a pipeline of 25 GW+ of projects (+2.8 GWh BESS)[16] Manufacturing - The company's module manufacturing capacity is 6.4 GW, and cell manufacturing capacity is 2.5 GW[8] - The company's manufacturing business contributed INR 4.2 billion in adjusted EBITDA for FY25[42] - The company's manufacturing business contributed INR 3.6 billion in Q4 FY25[42] Capital and Debt - The company raised $900 million through capital recycling to date[21] - The company raised $260 million in the last six months through monetizing operational solar and transmission assets, plus a fund raise in the manufacturing business[21] - Net debt/adjusted LTM EBITDA for the operational portfolio is approximately 6.0x[65]

[Financial & Operating Highlights](index=1&type=section&id=Financial%20%26%20Operating%20Highlights) ReNew achieved substantial portfolio and commissioned capacity growth by March 31, 2025, with significant increases in Q4 and full-year FY25 total income and net profit [Key Metrics Summary](index=1&type=section&id=Key%20Metrics%20Summary) ReNew reported significant growth in its portfolio to ~17.3 GW and commissioned capacity to ~10.7 GW as of March 31, 2025. Both Q4 and full-year FY25 saw substantial increases in Total Income and Net Profit, driven by expanded operational capacity and initial contributions from the new module and cell manufacturing business. The company's commissioned capacity grew by 12.4% year-over-year - As of March 31, 2025, the total portfolio grew to **~17.3 GW** from ~13.5 GW a year prior. Commissioned capacity increased by **12.4% YoY to ~10.7 GW**[4](index=4&type=chunk)[7](index=7&type=chunk) - The new module and cell manufacturing operations contributed significantly, with external sales of **INR 9,914 million** in Q4 FY25 and **INR 13,373 million** for the full fiscal year FY25[7](index=7&type=chunk) Q4 FY25 vs Q4 FY24 Financial Performance (in INR million) | Metric | Q4 FY25 | Q4 FY24 | Change | | :--- | :--- | :--- | :--- | | Total Income | 34,391 | 24,776 | +38.8% | | Net Profit | 3,137 | 609 | +415.1% | | Adjusted EBITDA | 22,118 | 16,810 | +31.6% | FY25 vs FY24 Financial Performance (in INR million) | Metric | FY25 | FY24 | Change | | :--- | :--- | :--- | :--- | | Total Income | 109,070 | 96,531 | +13.0% | | Net Profit | 4,591 | 4,147 | +10.7% | | Adjusted EBITDA | 79,188 | 69,216 | +14.4% | [Detailed Performance Analysis](index=2&type=section&id=Detailed%20Performance%20Analysis) This section analyzes operational and financial performance, including electricity sold, plant load factors, income statement details, and liquidity [Operating Performance](index=2&type=section&id=Operating%20Performance) Electricity sold increased by 18.3% in Q4 and 13.1% for the full year FY25, driven primarily by a significant 24.1% YoY increase in generation from solar assets due to expanded capacity. However, Plant Load Factors (PLF) for both wind and solar assets experienced a slight decline compared to the previous year Electricity Sold (in million kWh) | Period | Wind | Solar | Hydro | Total | YoY Change (Total) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q4 FY25** | 1,830 | 3,134 | 40 | 5,004 | +18.3% | | **FY25** | 10,255 | 10,875 | 435 | 21,565 | +13.1% | Weighted Average Plant Load Factor (PLF) | Period | Wind PLF | Solar PLF | | :--- | :--- | :--- | | **Q4 FY25** | 17.4% | 24.8% | | **Q4 FY24** | 18.4% | 25.5% | | **FY25** | 24.4% | 23.6% | | **FY24** | 26.4% | 24.6% | [Financial Performance (P&L Analysis)](index=3&type=section&id=Financial%20Performance%20(P%26L%20Analysis)) Total income grew 38.8% in Q4 and 13.0% in FY25, boosted by increased operational capacity and new manufacturing sales, though partially offset by lower merchant tariffs. Net profit also saw a significant rise, particularly in Q4, due to higher revenues and manufacturing contributions. Key expenses like raw materials and finance costs increased in line with business expansion, with manufacturing operations being a primary driver for the rise in raw material and employee costs - Total Income for Q4 FY25 increased by **38.8% to INR 34,391 million**, and for FY25, it rose by **~13.0% to INR 109,070 million**. Growth was driven by increased operational capacity and manufacturing sales, partially offset by lower merchant tariffs and asset sales[12](index=12&type=chunk)[14](index=14&type=chunk) - Raw materials and consumables costs surged in FY25 to **INR 10,468 million** from INR 3,844 million in FY24, primarily due to consumption of **INR 9,397 million** attributable to the new module and cell manufacturing operations[16](index=16&type=chunk)[17](index=17&type=chunk) - Finance costs for FY25 increased by **10.2% to INR 52,352 million**, mainly due to borrowings for increased operational assets and manufacturing operations[24](index=24&type=chunk) - Net profit for Q4 FY25 was **INR 3,137 million**, a substantial increase from INR 609 million in Q4 FY24. For the full year FY25, net profit was **INR 4,591 million** compared to INR 4,147 million in FY24, with manufacturing operations contributing **INR 2,623 million** to the FY25 net profit[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) [Financial Position & Liquidity](index=7&type=section&id=Financial%20Position%20%26%20Liquidity) The company maintained a strong liquidity position with INR 82,951 million in cash and bank balances as of March 31, 2025. Net debt stood at INR 640,067 million. Cash from operations remained stable year-over-year, while cash used in investing activities decreased significantly due to lower capital expenditure. Days Sales Outstanding (DSO) improved by 6 days to 71, indicating better receivables management Cash Flow Summary (in INR million) | Cash Flow from | FY25 | FY24 | | :--- | :--- | :--- | | Operating Activities | 69,223 | 68,931 | | Investing Activities | (75,822) | (162,535) | | Financing Activities | 19,984 | 82,417 | - Capital expenditure for renewable energy projects in FY25 was **INR 78,188 million (US$ 915 million)** for commissioning 1,287 MW of solar, 193 MW of wind, and 150 MWh of battery storage[37](index=37&type=chunk) - As of March 31, 2025, the company had a strong liquidity position with **INR 82,951 million (US$ 971 million)** in cash and bank balances[38](index=38&type=chunk) - Net debt as of March 31, 2025, was **INR 640,067 million (US$ 7,492 million)**[39](index=39&type=chunk) - Days Sales Outstanding (DSO) improved to **71 days** as of March 31, 2025, from 77 days a year earlier[40](index=40&type=chunk) [FY26 Guidance](index=7&type=section&id=FY%2026%20Guidance) This section outlines the company's financial and operational projections for the upcoming fiscal year [Financial Outlook](index=7&type=section&id=Financial%20Outlook) For Fiscal Year 2026, ReNew expects to add 1.6 to 2.4 GW of new capacity. The company projects an Adjusted EBITDA between INR 87-93 billion and Cash Flow to Equity (CFe) of INR 14-17 billion. This guidance incorporates anticipated gains from asset sales (INR 1-2 billion) and significant contributions from the manufacturing business (INR 5-7 billion of Adjusted EBITDA) - The company expects to complete the construction of **1.6 to 2.4 GWs** by the end of Fiscal Year 2026[32](index=32&type=chunk) - Guidance includes **INR 1-2 billion** in Adjusted EBITDA from asset sales and **INR 5-7 billion** from external sales from module and cell manufacturing operations[32](index=32&type=chunk) FY26 Financial Guidance (in INR billion) | Metric | Guidance Range | | :--- | :--- | | Adjusted EBITDA | 87 - 93 | | Cash Flow to Equity (CFe) | 14 - 17 | [Significant Corporate Developments](index=9&type=section&id=Significant%20Corporate%20Developments) This section details recent strategic transactions, including asset sales, manufacturing stake sales, and a non-binding acquisition proposal [Strategic Transactions and Proposals](index=9&type=section&id=Strategic%20Transactions%20and%20Proposals) ReNew has engaged in several key strategic activities, including an agreement to sell a minority stake in its manufacturing business to British International Investment (BII) for US$100 million and the completed sale of a 300 MW solar asset. A major development is the receipt of a non-binding offer from a consortium including Masdar and CPP Investments to acquire all outstanding shares of the company for US$7.07 per share. A Special Committee of the Board has been formed to evaluate this proposal - Signed an agreement to sell a minority stake in its manufacturing business to British International Investment PLC ("BII") for **INR 8,700 million (US$100 million)**[42](index=42&type=chunk) - Concluded the sale of a **300 MW** operating solar asset to Anzen India Energy Yield Plus Trust in March 2025, receiving proceeds of **~US$ 56 million**[43](index=43&type=chunk) - Received a non-binding proposal from a consortium (including Masdar, CPP Investments, ADIA, and Sumant Sinha) to acquire the company's entire issued share capital not already owned by them for **US$7.07 per share**[44](index=44&type=chunk) - The Board of Directors formed a Special Committee of independent directors to consider the non-binding proposal and evaluate all strategic opportunities[45](index=45&type=chunk)[46](index=46&type=chunk) [Non-IFRS Financial Measures](index=11&type=section&id=Use%20of%20Non-IFRS%20Financial%20Measures) This section defines and explains the rationale behind the company's use of non-IFRS financial measures [Definition and Rationale](index=11&type=section&id=Definition%20and%20Rationale) The company utilizes Adjusted EBITDA and Cash Flow to Equity (CFe) as key non-IFRS measures to provide supplemental insight into its performance. Adjusted EBITDA is defined as Profit/(loss) adjusted for taxes, finance costs/income, depreciation, and other specific non-operational items, aiming to reflect ongoing operational profitability. CFe is defined as Adjusted EBITDA adjusted for non-cash items, interest paid, taxes paid, and normalized loan repayments, intended to show cash generation from operating assets in a capital-intensive business - Adjusted EBITDA is a non-IFRS measure defined as Profit/(loss) for the period adjusted for items such as tax, finance costs, depreciation, and share-based payments. It is used to assess ongoing financial performance and improve comparability[49](index=49&type=chunk)[50](index=50&type=chunk) - Cash Flow to Equity (CFe) is a non-IFRS measure defined as Adjusted EBITDA plus non-cash expenses and finance income, less interest paid, tax paid, and normalized loan repayments. It is used to assess cash generation from operating assets[53](index=53&type=chunk)[54](index=54&type=chunk) - Management believes these non-IFRS measures are useful for investors and analysts to compare operating performance, make management decisions, and evaluate the company, as they exclude items that can vary widely across industries or due to capital structure[51](index=51&type=chunk)[57](index=57&type=chunk) [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, covering the balance sheet, income statement, cash flows, and non-IFRS measure reconciliations [Consolidated Statement of Financial Position](index=15&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, ReNew's total assets grew to INR 959,724 million from INR 873,935 million a year prior, primarily driven by an increase in Property, Plant and Equipment. Total equity rose to INR 131,113 million from INR 121,697 million, while total liabilities increased to INR 828,611 million, reflecting higher borrowings to fund expansion Key Balance Sheet Items (in INR million) | Item | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **959,724** | **873,935** | | Total Non-current assets | 841,625 | 769,498 | | Total Current assets | 118,099 | 104,437 | | **Total Equity** | **131,113** | **121,697** | | **Total Liabilities** | **828,611** | **752,238** | | Total Non-current liabilities | 632,252 | 610,194 | | Total Current liabilities | 196,359 | 142,044 | [Consolidated Statement of Profit or Loss](index=17&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the fiscal year ended March 31, 2025, Total Income increased to INR 109,070 million from INR 96,531 million in FY24. Despite a rise in total expenses to INR 99,014 million, driven by higher raw material and finance costs, the company's Profit for the period grew to INR 4,591 million from INR 4,147 million in the prior year Key Profit or Loss Items (in INR million) | Item | For the year ended March 31, 2025 | For the year ended March 31, 2024 | | :--- | :--- | :--- | | Total Income | 109,070 | 96,531 | | Total Expenses | 99,014 | 88,234 | | Profit before tax | 10,034 | 8,142 | | **Profit for the period** | **4,591** | **4,147** | [Consolidated Statement of Cash Flows](index=18&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For fiscal year 2025, net cash generated from operating activities remained stable at INR 69,223 million. Net cash used in investing activities saw a significant decrease to INR 75,822 million from INR 162,535 million in FY24, primarily due to lower capital expenditure. Net cash from financing activities was INR 19,984 million, a decrease from the prior year Consolidated Cash Flow Summary (in INR million) | Item | For the year ended March 31, 2025 | For the year ended March 31, 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 69,223 | 68,931 | | Net cash used in investing activities | (75,822) | (162,535) | | Net cash generated from financing activities | 19,984 | 82,417 | | **Net increase/(decrease) in cash** | **13,385** | **(11,187)** | [Reconciliation of Non-IFRS Measures](index=19&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) The company provides a detailed reconciliation of its non-IFRS measures to the nearest IFRS figures. For FY25, a Profit for the period of INR 4,591 million was reconciled to an Adjusted EBITDA of INR 79,188 million by adjusting for items like finance costs, taxes, and depreciation. This Adjusted EBITDA was further reconciled to a Cash Flow to Equity (CFe) of INR 14,869 million after accounting for cash interest, taxes, and loan repayments Reconciliation of Net Profit to Adjusted EBITDA for FY25 (in INR million) | Description | Amount | | :--- | :--- | | Profit for the period | 4,591 | | Less: Finance income | (4,572) | | Add: Share in loss of JCE | 22 | | Add: Depreciation and amortisation | 20,670 | | Add: Finance costs and FV change | 52,352 | | Less: Change in fair value of warrants | (595) | | Add: Income tax expense | 5,443 | | Add: Share based payment expense | 1,277 | | **Adjusted EBITDA** | **79,188** | Reconciliation of Adjusted EBITDA to CFe for FY25 (in INR million) | Description | Amount | | :--- | :--- | | Adjusted EBITDA | 79,188 | | Add: Finance income | 4,572 | | Less: Interest paid in cash | (43,493) | | Less: Tax paid | (2,222) | | Less: Normalised loan repayment | (23,614) | | Add/ less: Other non-cash items | 438 | | **Total CFe** | **14,869** |

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for ReNew Energy Global PLC despite lower revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.07 per share, reflecting a significant year-over-year increase of +250% [3]. - Revenues are projected to be $291.8 million, which is a decrease of 1.8% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - A positive Earnings ESP of +100% suggests that analysts have recently become more optimistic about the company's earnings prospects [12]. Historical Performance - In the last reported quarter, ReNew Energy Global was expected to post a loss of $0.04 per share but instead reported a loss of $0.11, resulting in a surprise of -175% [13]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [14]. Predictive Indicators - A positive Earnings ESP combined with a Zacks Rank of 2 indicates a high likelihood of beating the consensus EPS estimate [12]. - Stocks with a positive Earnings ESP and a solid Zacks Rank have historically produced a positive surprise nearly 70% of the time [10].

Financial Data and Key Metrics Changes - The company reported a 500 basis points improvement in margins due to cost optimization initiatives and lower provisioning compared to the previous quarter [19] - Adjusted EBITDA rose by 11% year-on-year, although impacted by weaker than expected wind performance [31] - The company revised its FY25 EBITDA guidance to INR 74 million to INR 78 million, and cash flow to equity guidance to INR 11 billion to INR 13 billion due to lower wind PLFs [19][34] Business Line Data and Key Metrics Changes - The operational portfolio increased by 26% year-on-year, now standing at 10.8 gigawatts, with 2.6 gigawatts commissioned in the last 12 months [12][22] - The total committed portfolio grew by 27% year-on-year to 17.4 gigawatts, with an additional 1.1 gigawatts secured since the last earnings call [13][22] - The manufacturing facility is producing about 10 megawatts per day of modules, with an aggregate order book of about 2 gigawatts [16][28] Market Data and Key Metrics Changes - The renewable energy environment in India remains robust, with over 50 gigawatts of renewable energy capacity auctioned during the year [10] - Wind PLFs for the portfolio stood at 13.5%, a decline from 17% over the previous year, impacting revenue [35] - The company has secured 3.9 gigawatts of renewable energy capacity and 600 megawatt hours of battery energy storage systems (BESS) through auctions this fiscal year [13][23] Company Strategy and Development Direction - The company is adopting a disciplined approach to bidding, focusing on auctions that offer attractive return profiles [14] - There is a strategic shift towards more complex projects, with a focus on solar plus battery energy storage systems [14][24] - The company aims to meet its targeted megawatt installations by the end of the year, including 600 megawatts subject to regulatory approvals [15][46] Management's Comments on Operating Environment and Future Outlook - Management noted that while the US equity markets for renewable energy companies remain challenging, the fundamentals in India are strong [10] - The company anticipates further reductions in borrowing costs due to recent rate cuts by the RBI, which should benefit infrastructure companies [8][9] - Management expressed confidence in meeting targeted installations and highlighted the importance of battery solutions for future growth [24][60] Other Important Information - The company was recognized as India's highest-rated pure play renewable energy company by S&P [17][38] - The manufacturing facility achieved an industry-leading efficiency of 23.2% for its cells [30] - A consortium has made a non-binding offer to acquire the company, which is under evaluation by a special committee of independent directors [20][21] Q&A Session Summary Question: What caused the lower wind PLF in Q3? - Management indicated that the reduction was entirely due to significantly lower wind speeds in Q3, with expectations for Q4 to trend closer to normal [50][51] Question: What is the outlook for project finance rates? - Management noted that while some benefits from lower rates are being seen, significant reductions have not yet been fully realized across the portfolio [53][54] Question: How do battery plus solar solutions compare in returns to traditional solar projects? - Management stated that battery plus solar solutions are expected to yield attractive returns, especially as battery prices continue to decline [58][60] Question: What is the current production rate for solar cells and modules? - The company is producing between 10 and 11 megawatts per day of modules and 3.5% to 4 megawatts per day of cells [63][64] Question: Are there concerns regarding patent issues with solar technology? - Management indicated that there are no expected impacts from patent issues as the company does not export to the US market [69] Question: What is the status of the 300 megawatt asset sale? - Management confirmed that the sale is in line with past capital recycling initiatives [71] Question: How is the company addressing land and transmission challenges? - Management stated that connectivity issues are minimal for their projects, and while land remains a challenge for wind projects, they have secured sufficient connectivity for their pipeline [77][81] Question: What is the company's approach to O&M costs? - Management explained that they are increasingly internalizing O&M for solar projects and renegotiating contracts for wind projects to reduce costs [128][130]

分组1 - ReNew Energy Global PLC reported a quarterly loss of $0.11 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.04, and compared to a loss of $0.10 per share a year ago, indicating an earnings surprise of -175% [1] - The company posted revenues of $248 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.34%, but showing an increase from year-ago revenues of $232 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once, while it has topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 4.4% since the beginning of the year, while the S&P 500 gained 4% [3] - The current consensus EPS estimate for the coming quarter is $0.03 on revenues of $311.35 million, and for the current fiscal year, it is $0.15 on revenues of $1.22 billion [7] - The Zacks Industry Rank for Alternative Energy - Other is currently in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Total Income for Q3 FY25 was INR 21,198 million (US$ 248 million), an increase of 9.9% year-over-year[11] - Total Income for the first nine months of FY25 was INR 75,911 million (US$ 887 million), an increase of 4.8% year-over-year[13] - Adjusted EBITDA for Q3 FY25 was INR 13,882 million (US$ 162 million), an increase of 11% year-over-year[30] - Adjusted EBITDA for the first nine months of FY25 was INR 57,070 million (US$ 667 million), an increase of 8.9% year-over-year[30] - Net loss for Q3 FY25 was INR 3,879 million (US$ 45 million), compared to a net loss of INR 3,216 million (US$ 38 million) for Q3 FY24[27] - Net profit for the first nine months of FY25 was INR 1,454 million (US$ 17 million), compared to INR 3,538 million (US$ 41 million) for the first nine months of FY24[28] Electricity Sales - Total electricity sold in Q3 FY25 was 4,125 million kWh, an increase of 12.6% over Q3 FY24[8] - Total electricity sold in the first nine months of FY25 was 16,561 million kWh, an increase of 11.7% over the first nine months of FY24[9] Cash Flow and Liquidity - Cash generated from operating activities for Q3 FY25 was INR 18,485 million (US$ 216 million), a decrease of 1.9% from INR 18,850 million (US$ 220 million) in Q3 FY24[35] - Cash used in investing activities for Q3 FY25 was INR 21,132 million (US$ 247 million), significantly lower than INR 40,400 million (US$ 472 million) in Q3 FY24, primarily for renewable energy projects[36] - Cash generated from financing activities for Q3 FY25 was INR 6,143 million (US$ 72 million), down from INR 53,028 million (US$ 620 million) in Q3 FY24 due to lower project financing proceeds[37] - Total receivables as of December 31, 2024, were INR 23,669 million (US$ 277 million), with Days Sales Outstanding (DSO) improving to 72 days from 86 days year-on-year[43] - Cash Flow to Equity (CFe) for Q3 FY25 was INR 765 million (US$ 9 million), a decrease of 68.1% from INR 2,392 million (US$ 28 million) in Q3 FY24[44] - As of December 31, 2024, the liquidity position included cash and bank balances of INR 84,070 million (US$ 983 million)[41] Debt and Capital Expenditure - Net debt as of December 31, 2024, was INR 639,279 million (US$ 7,473 million), which includes convertible debentures from joint venture partners[42] - Capital expenditure for Q3 FY25 was INR 26,496 million (US$ 310 million), with a total of 7 MWs of wind and 552 MWs of solar projects commissioned[39] Strategic Developments - A non-binding proposal was received from a consortium for the acquisition of the entire issued share capital of the company at US$ 7.07 per share[58] - The company is exploring strategic capitalization opportunities, including the proposal from the consortium, with discussions ongoing[59] - ReNew's clean energy portfolio reached approximately 17.4 GWs as of February 18, 2025, making it one of the largest globally[67] Year-over-Year Comparisons - Total revenue for the three months ended December 31, 2024, was INR 18,472 million (USD 216), representing a year-over-year increase from INR 15,993 million[73] - Total income for the nine months ended December 31, 2024, was INR 75,911 million (USD 887), up from INR 72,414 million in the previous year[73] - The company reported a loss of INR 3,879 million (USD 45) for the three months ended December 31, 2024, compared to a loss of INR 3,216 million in the same period last year[73] Financial Position - Cash and cash equivalents increased to INR 27,021 million (USD 251) as of March 31, 2024, from INR 21,482 million[70] - Total assets decreased to INR 873,935 million (USD 11,212) as of March 31, 2024, from INR 959,175 million[71] - Total liabilities amounted to INR 752,238 million (USD 9,740) as of March 31, 2024, down from INR 833,245 million[71] - The company’s interest-bearing loans and borrowings (principal portion) were INR 647,316 million (USD 7,455) as of March 31, 2024[70] - ReNew's equity attributable to equity holders of the parent was INR 105,217 million (USD 1,260) as of March 31, 2024[70] Operational Performance - The company is focused on expanding its market presence and enhancing its clean energy solutions through digitalization and storage technologies[67] - For the three months ended December 31, 2024, the company reported a profit before tax loss of INR 3,879 million, compared to a loss of INR 3,216 million in the same period of 2023[75] - Adjusted EBITDA for the nine months ended December 31, 2024, was INR 57,070 million, an increase from INR 52,406 million in the same period of 2023, reflecting a growth of approximately 8.5%[77] - Cash generated from operations for the nine months ended December 31, 2024, was INR 48,094 million, down from INR 51,714 million in 2023, indicating a decrease of about 7.5%[75] - The company experienced a net cash used in investing activities of INR 81,572 million for the nine months ended December 31, 2024, compared to INR 133,272 million in the same period of 2023, showing a reduction of approximately 38.9%[75] - Net cash generated from financing activities for the three months ended December 31, 2024, was INR 6,143 million, a significant decrease from INR 53,028 million in the same period of 2023[75] - The total cash and cash equivalents at the end of the period for December 31, 2024, stood at INR 21,482 million, down from INR 55,911 million at the end of December 31, 2023[75] - The company reported finance costs of INR 12,609 million for the three months ended December 31, 2024, compared to INR 11,509 million in the same period of 2023, reflecting an increase of approximately 9.5%[75] - The company’s interest income for the nine months ended December 31, 2024, was INR 3,512 million, a decrease from INR 4,240 million in the same period of 2023, indicating a decline of about 17.2%[75] - The company reported a decrease in trade receivables by INR 1,356 million for the nine months ended December 31, 2024, compared to an increase of INR 6,837 million in the same period of 2023[75] - The company’s cash flows from operating activities for the three months ended December 31, 2024, were INR 18,486 million, a slight decrease from INR 18,850 million in the same period of 2023[75]

Core Viewpoint - ReNew Energy Global PLC (RNW) is showing potential for a bullish breakout due to a recent "golden cross" in its moving averages, indicating a positive trend reversal [1]. Technical Analysis - RNW's 50-day simple moving average has crossed above its 200-day simple moving average, a pattern known as a "golden cross," which is a significant bullish indicator [1]. - The golden cross event consists of three stages: a price bottom, the shorter moving average crossing above the longer one, and the maintenance of upward momentum [1]. - RNW's shares have increased by 26.4% over the past four weeks, suggesting strong upward movement [2]. Earnings Expectations - There have been two upward revisions in RNW's earnings expectations over the past 60 days, with no downward changes, indicating positive sentiment among analysts [3]. - The Zacks Consensus Estimate for RNW has also moved up, further supporting the bullish outlook [3]. Investment Consideration - Given the technical indicators and positive earnings revisions, RNW is recommended for investors to consider adding to their watchlist [3].

Group 1 - ReNew Energy Global PLC (RNW) closed at $6.05, with a 5.2% gain over the past four weeks, and a mean price target of $8.61 suggests a 42.3% upside potential [1] - The mean estimate includes six short-term price targets with a standard deviation of $1.06, indicating variability among analysts; the lowest estimate is $7.31 (20.8% increase), while the highest is $10 (65.3% increase) [2] - Analysts show strong agreement on RNW's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock upside [4][9] Group 2 - The Zacks Consensus Estimate for RNW's current year has increased by 26.1% over the past month, with no negative revisions [10] - RNW holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for near-term upside [11] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for price movement [12]

Financial Performance - Total Income for Q2 FY25 was INR 29,887 million (US$ 357 million), an increase of 4.4% over Q2 FY24[10] - Net profit for Q2 FY25 was INR 4,939 million (US$ 59 million), compared to INR 3,771 million (US$ 45 million) for Q2 FY24[17] - Adjusted EBITDA for Q2 FY25 was INR 24,209 million (US$ 289 million), an increase of 13.7% year on year[19] - Revenue for the three months ended September 30, 2024, increased to INR 26,735 million, up from INR 25,956 million in the same period of 2023, representing a growth of 3%[50] - Profit for the period for the three months ended September 30, 2024, was INR 4,939 million, a 31% increase compared to INR 3,771 million in the same period of 2023[50] - Adjusted EBITDA for the three months ended September 30, 2024, reached INR 24,209 million, up from INR 21,298 million in the same period of 2023, reflecting a growth of 9%[54] - Total income for the six months ended September 30, 2024, was INR 54,713 million, compared to INR 53,291 million for the same period in 2023, indicating a growth of 3%[50] - The company reported a decrease in total expenses for the three months ended September 30, 2024, to INR 22,334 million, down from INR 23,864 million in the same period of 2023, a reduction of 6%[50] Cash Flow and Investments - Cash generated from operating activities for Q2 FY25 was INR 20,158 million (US$ 241 million), compared to INR 18,926 million (US$ 226 million) for Q2 FY24[22] - Cash used in investing activities for Q2 FY25 was INR 19,985 million (US$ 239 million), compared to INR 47,516 million (US$ 567 million) for Q2 FY24[23] - Cash generated from operations for the three months ended September 30, 2024, was INR 20,713 million, an increase from INR 19,155 million in the same period of 2023[52] - Net cash generated from operating activities for the six months ended September 30, 2024, was INR 30,071 million, compared to INR 32,399 million in the same period of 2023[52] - Total Cash flow to equity (CFe) for the first half of 2024 decreased to INR 15,683 million from INR 19,364 million in the same period of 2023, representing a decline of 19.5%[55] - Total CFe for Q3 2024 was INR 5,980 million, down from INR 9,780 million in Q3 2023, indicating a decrease of 38.4%[55] Assets and Liabilities - Total assets increased from INR 873,935 million as of March 31, 2024, to INR 930,728 million as of September 30, 2024[47][48] - Non-current assets rose from INR 769,498 million to INR 821,856 million during the same period[47] - Current assets increased from INR 104,437 million to INR 108,872 million, with cash and cash equivalents decreasing from INR 27,021 million to INR 17,985 million[47] - Total liabilities increased from INR 752,238 million to INR 800,998 million, with current liabilities rising significantly from INR 142,044 million to INR 168,294 million[48] - Total equity grew from INR 121,697 million to INR 129,730 million, reflecting an increase in equity attributable to equity holders of the parent[47] Debt and Financing - Net debt as of September 30, 2024, was INR 621,624 million (US$ 7,421 million)[27] - The company reported a significant increase in finance costs for the three months ended September 30, 2024, amounting to INR 12,597 million, compared to INR 12,953 million in the same period of 2023, a decrease of 3%[50] - Interest paid in cash increased to INR 11,866 million in Q3 2024, up from INR 9,484 million in Q3 2023, reflecting a rise of 25.3%[55] - Normalised loan repayment for Q3 2024 rose to INR 6,414 million, compared to INR 3,974 million in Q3 2023, marking an increase of 61.3%[55] Future Outlook - The company anticipates construction of between 1,900 to 2,400 MWs by the end of Fiscal Year 2025[21] - Forward-looking statements indicate potential risks including financing availability and regulatory changes that could impact future performance[42] Clean Energy Portfolio - The company’s clean energy portfolio stands at approximately 16.3 GW as of November 19, 2024, making it one of the largest globally[44]

Company Overview - ReNew Energy Global Plc (NASDAQ:RNW) is a UK-based firm established in 2011, focusing on renewable energy sources in India, primarily in wind and solar power, along with ancillary services like engineering and consultancy [2] - The company has a total operational capacity of approximately 9.5 GW, with 4.7 GW each in wind and solar, and 0.1 GW in hydro, generating an expected total income of USD $1,158 million for FY24 [4] Financial Performance - ReNew Energy's 1-year price return is down 6%, but it is performing better than peers like MNTK and NEP, which are down around 50% [3] - The company reported Q1 2025 earnings with an EPS of $0.00, missing expectations by $0.06, and revenue of $271.69 million, which was down 9.42% year-over-year and missed by $34.28 million [6] - Despite strong growth potential, the company faces challenges such as high debt levels, with a debt-to-capital ratio of 73.40%, and a high blended P/E ratio of 48.85x, indicating potential overvaluation [10][11] Growth Prospects - ReNew Energy aims to double its operating portfolio by 2029 and has secured over 8 GW of capacity in recent auctions, with 2.2 GW already under Power Purchase Agreements (PPAs) [8] - The company is benefiting from India's aggressive push for renewable energy, with plans to reach 500 GW of renewable energy by 2030 and an expected investment increase of 83% to $16.5 billion by the end of 2024 [7] Market Position and Strategy - ReNew Energy is positioned as a leading independent producer of clean energy in India, with a focus on solar and wind energy, and is beginning to expand internationally [7] - The company has made significant investments in manufacturing, including a facility in Jaipur expected to produce over 2 GW of modules this year, enhancing its competitive edge [9] Risks and Challenges - The company faces execution risks associated with high leverage and reliance on weather conditions, which have impacted performance, particularly in wind energy projects [12][13] - The competitive auction market may squeeze margins over time, and uncertainties regarding pricing and margins on external module sales could affect market perceptions of financial stability [13] Analyst Ratings - Analysts maintain an average weighted 'Buy' rating for ReNew Energy, with a price target consensus approximately 50% higher than the current price [3] - The stock is currently rated as "Hold," reflecting a strong growth outlook tempered by concerns over leverage, weather dependency, and potential overvaluation [14]