ReNew Q2 Net Profit Rises 37% as Commissioned Capacity Hits 13.7 GW

• ReNew's net profit rose to INR 6.42 billion ($67 million) in the quarter to Sept. 30, from INR 4.68 billion a year earlier.
• Solar made up 516 MW of the 628 MW it commissioned, and module and cell sales brought in INR 12.46 billion.
• ReNew kept its FY27 guidance and expects 4 GW more cell capacity to start commercial operations by March 2027.

ReNew Energy Global's net profit rose to INR 6.42 billion ($67 million) in the quarter to Sept. 30, from INR 4.68 billion a year earlier. The Nasdaq-listed Indian power producer said on Nov. 2 that its commissioned capacity grew 19.5% year on year to about 13.7 GW.

Second-quarter total income climbed to INR 49.62 billion ($518 million) from INR 38.56 billion. Adjusted EBITDA reached INR 33.59 billion ($350 million), against INR 26.24 billion, according to the results statement. More capacity, higher load factors and module and cell sales drove the gains.

Solar made up 516 MW of the 628 MW commissioned in the quarter, and wind 112 MW. The operating fleet holds about 7.8 GW of solar, 5.7 GW of wind and 99 MW of hydro. Its solar plants sold 3,327 million kWh, up 28.4% year on year, at a 19.8% plant load factor.

The quarter in numbers

• 6.4 GW of module and 2.5 GW of solar cell manufacturing capacity, with 4 GW more of cells due in Q4 FY27.
• INR 12.46 billion ($130 million) of total income from module and cell manufacturing, up 23% year on year.
• 33% Adjusted EBITDA margin on first-half external module and cell sales: INR 9.73 billion on INR 29.24 billion (list.solar calculation).
• 20.5 GW portfolio, including 1.7 GW / 6.2 GWh of battery storage, or about 3.6 hours of storage (list.solar calculation).
• INR 63.98 billion of first-half Adjusted EBITDA, 60% of the midpoint of full-year guidance (list.solar calculation).
• 162.15 GW of solar installed in India by June 30, 2026, the renewable energy ministry told parliament.

ReNew kept its guidance for the year to March 31, 2027: 1.6–2.4 GW of construction, Adjusted EBITDA of INR 105–109 billion and cash flow to equity of INR 18–22 billion. The EBITDA range includes INR 12–14 billion from external module and cell sales and INR 1–2 billion of asset-sale gains.

ReNew calls this capital recycling. It sold 100 MW of assets in the past year and in October agreed to sell its controlling stake in 3E, an asset performance software firm, to Hg. It expects about INR 8 billion in cash from that deal.

In August, CPP Investments and founder Sumant Sinha agreed to buy the shares they do not own for $7.02 each. ReNew expects that UK scheme of arrangement to take effect in the first quarter of 2027, subject to regulatory approvals.