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ReNew Energy raises its Q1 operating pace amid take-private plans
The company reported 26% year-over-year growth in its operating portfolio to 13.5 GW and reiterated FY 2027 adjusted EBITDA guidance of INR 103 billion to INR 109 billion.
ReNew Energy Global Plc reported results from its Q1 2027 earnings call, highlighting continued expansion in its operating portfolio and a stronger contribution from its manufacturing business. The company said its operating portfolio grew 26% year over year to 13.5 GW, supported by more than 1 GW of new commissions year to date, and it posted a 12% increase in adjusted EBITDA.
ReNew Energy attributed part of the EBITDA improvement to an INR 5.7 billion manufacturing contribution, while noting manufacturing margins contracted from 40% in the prior year to 34%. It also described asset-quality and capital recycling progress, including the sale of a 100 MW solar asset and definitive agreements for an additional 1 GW of capacity, alongside liquidity improvements with DSOs falling to 54 days by July 2026.
On operational challenges, the company pointed to grid-related issues in Rajasthan, where temporary connectivity problems contributed to curtailment and affected solar plant load factors, alongside unfavorable weather. It said it maintained a disciplined capital allocation approach, targeting high-return opportunities while managing net debt to EBITDA leverage of 5.7x for operational projects.
For its outlook, ReNew Energy reiterated FY 2027 adjusted EBITDA guidance of INR 103 billion to INR 109 billion, assuming normal weather patterns. It also said it expects completion of its 4 GW TOPCon cell facility by the end of the current fiscal year, with first cell production expected by calendar year-end, and it anticipates the proposed take-private transaction by CPPIB and Sumant Sinha to become effective in Q1 2027, pending SEC review and regulatory approvals.