ReNew Energy Posts INR98.5B EBITDA, 25% Capacity Growth and $375M Raise
RNW•ReNew Energy achieved record fiscal 2026 adjusted EBITDA of INR98.5 billion and reduced its net debt-to-EBITDA ratio by 1.1x year-on-year, strengthening its balance sheet. The company expanded its operating portfolio by 25% to 12.8 GW and raised $375 million to repay debt and fund growth.
1. Record Profitability and Balance Sheet Improvement
In fiscal 2026 adjusted EBITDA reached INR98.5 billion, surpassing guidance, while the net debt-to-EBITDA ratio improved by 1.1x year-on-year, bolstering financial health.
2. Portfolio Expansion and Manufacturing Growth
Operating capacity grew by 25% to 12.8 GW year-on-year. The manufacturing segment delivered INR14.8 billion EBITDA and plans to scale with a new 4 GW solar cell facility.
3. Asset Monetization and Capital Raise
The company raised $375 million through asset monetization and fundraising, deploying proceeds to repay debt and reinforce the balance sheet.
4. Operational and Regulatory Challenges
Project curtailment due to grid expansion lag and slight drops in solar resource efficiency constrained output. Upcoming DSM regulations and transmission bottlenecks pose risks, and no India listing is planned, potentially affecting valuation.
