ReNew Energy reports strong fiscal 2026 income growth, supported by higher adjusted EBITDA and operating cash flow.
Stock Earnings Results
May 18, 2026
Table of Contents
May 18, 2026
ReNew Energy Global plc (NASDAQ: RNW) reported fourth-quarter and fiscal 2026 results showing strong full-year income growth, higher adjusted EBITDA, stronger operating cash flow, and an expanded clean energy portfolio.
ReNew is a renewable energy company focused on utility-scale wind, solar, hybrid, and clean energy projects, with operations centered in India.
The company reported Q4 EPS of $0.02, above estimates for a loss of $0.21, representing a 109.5% earnings surprise. Revenue came in at $421.00 million, above estimates of $337.60 million, but revenue declined 62.9% year-over-year.
For fiscal 2026, ReNew reported total income of INR 150.64 billion, or about $1.61 billion.
Net profit rose to INR 10.39 billion, or about $111 million, compared with INR 4.59 billion a year earlier. Adjusted EBITDA increased to INR 98.50 billion, or about $1.05 billion.
For Q4 FY26, total income reached INR 39.55 billion, or about $421 million.
Net profit was INR 777 million, or about $8 million, down from INR 3.14 billion in the prior-year period. Adjusted EBITDA improved to INR 23.66 billion, or about $252 million.
ReNew’s total clean energy portfolio reached about 20 GW.
The company commissioned roughly 2.3 GW of new projects during FY26, supporting long-term scale but also driving higher investing cash outflows.
Cash from operating activities rose to INR 82.82 billion, or about $883 million, for FY26.
That matters because renewable energy companies are capital-intensive. Stronger operating cash flow helps support project development, debt service, and future capacity expansion.
Net debt stood at INR 687.14 billion as of March 31, 2026.
ReNew reported liquidity of INR 80.63 billion. Management also highlighted $95 million of new equity into its commercial and industrial platform and an agreed sale of a 100 MW solar project at about $49 million enterprise value.
Management guided for FY27 adjusted EBITDA of INR 103 billion to INR 109 billion.
The company also expects Cash Flow to Equity of INR 18 billion to INR 22 billion, with results depending on project execution, financing activity, and portfolio growth.
Investors are likely to watch whether ReNew can keep expanding while managing leverage and cash flow.
The key areas are:
ReNew’s full-year results showed clear scale and earnings improvement, but Q4 profitability was softer.
The stock reaction likely reflects the stronger-than-expected quarterly revenue and EPS against concerns around debt, capital intensity, and revenue volatility. The next test is whether ReNew can convert its 20 GW clean energy portfolio into stronger cash flow while keeping leverage under control.
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