ReNew Energy plc(US:RNW)2025-11-10 11:30Financial 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]