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Dec 31, 2025
ReNew Q3 2026 Earnings Report
Estimated Revenue:$300M
+36.1% YoY
Estimated EPS:-$0.12
207.2% YoY
Key Takeaways
ReNew delivered strong revenue growth in Q3 FY26, supported by higher operating capacity, improved wind PLF, gains on asset sales, and a sharp increase in external solar module and cell manufacturing sales, while net loss narrowed substantially year over year.
Total income increased to $349000000 in Q3 FY26.
Net loss narrowed to $2000000 from $43000000 in the prior year quarter.
Adjusted EBITDA rose to $238000000.
External manufacturing sales contributed meaningfully to profitability.
Revenue by Segment
Forward Guidance
For FY26, ReNew revised guidance and expects to complete 1.8 to 2.4 GW of construction, with Adjusted EBITDA of INR 90000000000 to INR 93000000000 and Cash Flow to Equity of INR 14000000000 to INR 17000000000, supported by continued asset recycling and manufacturing sales.
Positive Outlook
- Expected completion of 1.8 to 2.4 GW by FY26 end.
- Adjusted EBITDA guidance of INR 90000000000 to INR 93000000000.
- Cash Flow to Equity guidance of INR 14000000000 to INR 17000000000.
- Continued asset sale gains anticipated.
- Manufacturing EBITDA contribution expected at INR 11000000000 to INR 13000000000.
Challenges Ahead
- Guidance subject to weather conditions.
- Resource availability may impact results.
- Higher finance costs due to increased operational assets.
- Capital intensive expansion plans.
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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