ReNew Energy plc(RNW) - 2025 Q1 - Quarterly Report

Executive Summary & Q1 FY26 Highlights 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 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][9] 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 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 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][9] - Commissioned capacity increased 15.8% YoY to ~11.1 GWs (+150 MWh BESS), net of 600 MWs of assets sold since Q1 FY25[4][9] - In Q1 FY26, 688 MWs were commissioned, including 47 MWs of wind and 641 MWs of solar capacity[5] - 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] Electricity Sold 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) 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 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 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] - 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] Expenses 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 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 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] Other Expenses 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] Finance Costs and Fair Value Change in Derivative Instruments 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] Net Profit 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] - 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] Adjusted EBITDA 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 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 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] - Cash used in investing activities primarily for the purchase of property, plant & equipment[27] - Cash used in financing activities primarily for interest payment, partially offset by proceeds (net of repayments) from interest-bearing loans[28] Capital Expenditure 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 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 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 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) 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] Business Developments & Outlook 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 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] - 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] - Expects external sales from module and cell manufacturing to contribute INR 8-10 billion of Adjusted EBITDA[24] 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] Other Matters 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 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] - Enterprise value of the sale transaction is approximately $275 million, including net current assets and excluding change-in-law proceeds[34] - 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] Final Non-Binding Offer 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] - The offer is for cash consideration of US$8.00 per share[36] - Discussions with the Consortium remain ongoing, with further public comment expected by no later than September 30, 2025[37] Non-IFRS Financial Measures 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 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] - 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] - Useful to investors for assessing ongoing financial performance and providing improved comparability by excluding items not indicative of operational profitability[40] - Limitations include not reflecting cash expenditures for capital, working capital changes, significant interest expense, income taxes, or cash requirements for asset replacements[43][49] Cash Flow to Equity (CFe) Definition & Rationale 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] - 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] - Excludes ad hoc payments, refinancing, changes in net working capital, and investing activities[45] - 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][47] - Limitations include not reflecting cash expenditures for capital, working capital changes, significant interest expense, income taxes, or cash requirements for asset replacements[49] Additional Information 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 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] - The conference call could be accessed live via webcast or phone[50] - An audio replay would be available on the investor relations website following the call[50] Notes on Currency Translation 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][51] - 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] - 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] Forward-Looking Statements 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] - 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][53] - 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] About ReNew 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] - 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] - Provides end-to-end solutions in clean energy, value-added energy offerings through digitalization, storage, and carbon markets[55] Press and Investor Enquiries 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] Consolidated Financial Statements 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 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 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 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 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][66] - 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][44] 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 |