ReNew Energy reported Q3 FY26 total income of INR 31,372 million (~$349M), up ~48% YoY, with net loss narrowing dramatically to INR 198 million (~$2M) from INR 3,879 million (~$43M) a year ago. GAAP EPS came in at $0.00, beating the consensus estimate of -$0.12 by 100%. Adjusted EBITDA surged 54% to INR 21,381 million (~$238M). The stock closed at $5.35 ahead of the announcement, down ~29% over the past 90 days.
About ReNew Energy Global Plc
ReNew Energy Global Plc (NASDAQ: RNW, RNWWW) is one of the world’s largest renewable energy companies and India’s leading independent power producer focused on decarbonization solutions. Headquartered in Gurugram, India, ReNew was founded by Sumant Sinha and currently operates a clean energy portfolio of approximately 19.2 GW (including 1.5 GW of Battery Energy Storage Systems, or BESS) on a gross basis as of February 12, 2026.
In addition to its power generation business, the company operates 6.5 GW of solar module manufacturing facilities and a 2.5 GW operational solar cell manufacturing facility, with a further 4 GW cell facility under construction. Listed on the NASDAQ, ReNew had a market capitalization of approximately $1.95 billion (based on ~362.8M shares outstanding at ~$5.35 per share as of February 13, 2026). The company’s trailing twelve-month P/E ratio stands at approximately 20.9x–27x depending on the source, with approximately 4,340 employees. ReNew does not currently pay a dividend.
Top Financial Highlights
- Total Income (Revenue): INR 31,372 million (~$349 million) in Q3 FY26, up ~48% from INR 21,198 million (~$236M) in Q3 FY25.
- Revenue from Power Sales: INR 18,290 million (~$204 million), up from INR 14,991 million (~$167M) in Q3 FY25.
- Solar Module & Cell Manufacturing Revenue (External): INR 6,663 million (~$74 million), double the Q3 FY25 figure.
- Net Loss: INR 198 million (~$2 million), narrowed dramatically from a loss of INR 3,879 million (~$43M) in Q3 FY25.
- Basic EPS: INR 0.16 (~$0.00) vs. loss of INR 9.47 per share in Q3 FY25.
- Adjusted EBITDA: INR 21,381 million (~$238 million), up 54% from INR 13,882 million (~$155M) in Q3 FY25.
- Adjusted EBITDA Margin (IPP): 82% in Q3 FY26.
- Cash from Operating Activities: INR 22,649 million (~$252 million) in Q3 FY26.
- Cash Flow to Equity (CFe): INR 5,240 million (~$58 million), up from INR 765 million (~$9M) in Q3 FY25.
- Cash & Cash Equivalents: INR 97,558 million (~$1,086 million) as of December 31, 2025.
- Net Debt: INR 659,377 million (~$7,339 million) as of December 31, 2025.
- Electricity Sold: 5,077 million kWh in Q3 FY26, up 23.1% YoY; wind assets contributed 2,178M kWh (+52.2%), solar 2,812M kWh (+7.9%).
- Capacity Commissioned in Q3 FY26: 288 MW (238 MW wind + 50 MW solar); post-quarter ~240 MW additional, taking total to ~11.7 GW (+100 MW BESS).
- FY26 EBITDA Guidance (Revised Up): INR 90–93 billion; Cash Flow to Equity: INR 14–17 billion; Construction target: 1.8–2.4 GW.
Beat or Miss?
ReNew Energy beat analyst expectations on EPS and revenue in Q3 FY26.
| Metric | Reported | Estimated / Consensus | Difference/ Analysis |
| EPS (GAAP, USD) | $0.00 | ($0.12) | Beat by $0.12 (100% beat) |
| Revenue (USD) | $280 million | $263 million | Beat by ~$16.96 million (+6.4%) |
| Total Income (INR) | INR 31,372 million | N/A | +48% YoY from INR 21,198 million |
| Adjusted EBITDA (INR) | INR 21,381 million | N/A (Guided INR 90–93B for full year) | +54% YoY; on track for revised guidance |
| Net Loss (INR) | INR 198 million | N/A | Narrowed 95% from INR 3,879M loss in Q3 FY25 |
| Electricity Sold | 5,077 million kWh | N/A | +23.1% YoY increase |
The company beat EPS estimates by a full 100%, reporting breakeven against a consensus expectation of a -$0.12 loss per share. Revenue of $280 million surpassed consensus by approximately $17 million, reflecting 12.9% YoY growth on a USD-reported basis. The improvement was driven by higher operational capacity, gains from asset sales (INR 4,622 million / ~$51M), increased wind PLF, and a significant ramp-up in external solar manufacturing sales.
What Leadership Is Saying?
“Last year, India added more solar capacity than the US did. We are already the second-largest solar market in the world after China. The structural shifts in global energy investments are positioning India as a major renewable energy hub.” – CEO — Sumant Sinha (Founder, Chairman & CEO)
At the World Economic Forum 2026 in Davos (January 2026), Sinha emphasized the rapidly accelerating renewable build-out in India and ReNew’s strategic positioning within this mega-trend. The company has shifted its project mix toward solar and BESS, reducing wind exposure due to execution considerations.
“We continue to deliver consistent growth in megawatts and profitability… I am a staunch believer in capital discipline. We live within our means and only deploy capital when the returns on our investments are comfortably above our cost of capital.” CFO — Kailash Vaswani
In recent quarters, Vaswani has underscored ReNew’s commitment to financial discipline, noting the company has meaningfully improved leverage metrics for operational projects and reaffirmed its EBITDA guidance, now raised to INR 90–93 billion for FY26. The manufacturing business has fully stabilized with over 2 GW of modules and 900 MW of cells produced in H1 FY26.
| Category | Q3 FY26 | Q3 FY25 | Change (%) |
| Total Income | INR 31,372M ($349M) | INR 21,198M ($236M) | +48.0% |
| Revenue from Power Sales | INR 18,290M ($204M) | INR 14,991M ($167M) | +22.0% |
| Solar Mfg. Revenue (External) | INR 6,663M ($74M) | ~INR 3,332M (~$37M) | ~+100% |
| Net Profit / (Loss) | INR (198M) ($2M) | INR (3,879M) ($43M) | +94.9% improvement |
| Adjusted EBITDA | INR 21,381M ($238M) | INR 13,882M ($155M) | +54.0% |
| Electricity Sold | 5,077M kWh | 4,124M kWh | +23.1% |
| Cash from Operations | INR 22,649M ($252M) | INR 18,486M ($206M) | +22.5% |
| Basic EPS (INR) | 0.16 | -9.47 | Turned positive |
| Commissioned Capacity | ~11.4 GW | ~10.7 GW | +7% YoY |
Historical Performance
Q3 FY26 vs Q3 FY25
| Category | Q3 FY26 | Q3 FY25 | Change (%) |
| Total Income | INR 31,372M ($349M) | INR 21,198M ($236M) | +48.0% |
| Revenue from Power Sales | INR 18,290M ($204M) | INR 14,991M ($167M) | +22.0% |
| Solar Mfg. Revenue (External) | INR 6,663M ($74M) | ~INR 3,332M (~$37M) | ~+100% |
| Net Profit / (Loss) | INR (198M) ($2M) | INR (3,879M) ($43M) | +94.9% improvement |
| Adjusted EBITDA | INR 21,381M ($238M) | INR 13,882M ($155M) | +54.0% |
| Electricity Sold | 5,077M kWh | 4,124M kWh | +23.1% |
| Cash from Operations | INR 22,649M ($252M) | INR 18,486M ($206M) | +22.5% |
| Basic EPS (INR) | 0.16 | -9.47 | Turned positive |
| Commissioned Capacity | ~11.4 GW | ~10.7 GW | +7% YoY |
ReNew’s total income growth of 48% was powered by a combination of higher operational capacity, a ~$51 million gain on asset sales as part of its capital recycling strategy, higher wind PLFs, and a doubling of external solar manufacturing revenue. The net loss narrowing from $43M to just $2M reflects the maturing profitability profile of the business. Nine-month FY26 performance shows net profit of INR 9,608 million (~$107M), a massive improvement from INR 1,454 million (~$16M) in the prior year.
Competitor Comparison
Q3 FY26 vs Q3 FY25
| Company | Metric | Q3 FY26 | Q3 FY25 | Change (%) |
| ReNew Energy | Revenue (Total Income) | ₹3,137 Cr ($349M) | ₹2,120 Cr ($236M) | +48.0% |
| ReNew Energy | Net Profit/(Loss) | ₹(19.8) Cr ($−2M) | ₹(387.9) Cr ($−43M) | +94.9% improvement |
| ReNew Energy | Adj. EBITDA | ₹2,138 Cr ($238M) | ₹1,388 Cr ($155M) | +54.0% |
| Adani Green Energy | Revenue (Power Supply) | ₹2,420 Cr | ₹1,994 Cr | +21.4% |
| Adani Green Energy | Net Profit/(Loss) | ₹5 Cr | ₹474 Cr | −98.9% |
| Adani Green Energy | EBITDA (Power) | ₹2,269 Cr | ₹1,844 Cr | +23.0% |
| JSW Energy | Revenue from Ops | ₹4,082 Cr | ₹2,438 Cr | +67.4% |
| JSW Energy | Net Profit | ₹420 Cr | ₹168 Cr | +150.2% |
| JSW Energy | EBITDA | ₹2,202 Cr | ₹1,115 Cr | +97.5% |
- ReNew Energy stands out for its dramatic net loss improvement and strong EBITDA growth, driven by its dual IPP + solar manufacturing model and capital recycling gains.
- Adani Green Energy saw a catastrophic 99% collapse in net profit to just ₹5 crore, largely due to exceptional charges and higher financial costs, despite healthy revenue and EBITDA growth at the operational level.
- JSW Energy delivered the strongest revenue growth (+67%) and profit expansion (+150%), fueled by contributions from its Mahanadi thermal plant acquisition and O2 Power portfolio, along with 65% volume growth in power sales.
How the Market Reacted?
ReNew Energy’s stock (NASDAQ: RNW) closed at $5.35 on February 13, 2026 (the last trading day before the earnings release), unchanged from the prior close. The stock has been under significant pressure heading into the results, declining approximately 29% over the prior 90 days and approximately 18% over the trailing 12 months. Despite the strong earnings beat — EPS beating estimates by 100% and revenue surpassing consensus by ~$17 million — the stock trades well below analyst price targets, with a median target of $8.67 (range: $8.00–$10.00). All three covering analysts (Mizuho and Goldman Sachs) maintain Buy ratings. The narrative around ReNew remains one of fundamental undervaluation — the stock trades at ~20.9x earnings vs. the US renewable energy peer group average of ~57.2x — but near-term sentiment has been weighed down by broader emerging market headwinds and the pending take-private proposal from Masdar, CPP Investments, ADIA, and founder Sumant Sinha.
