The Company registered its second consecutive year of profit since listing
4X jump in Q4 net profit on the back of strong growth in the manufacturing business
Portfolio grows to ~18.5 GW, with manufacturing capacity set to rise to 6.5 GW of modules and 6.5 GW of cells
Total operating capacity increased ~17% since April 2024
Agreements of ~US$260 million signed to recycle capital
Renew Energy Global Plc (“ReNew” or “the Company”) leading decarbonization solutions company, announced its unaudited consolidated IFRS results for Q4 FY25 and the fiscal year ended March 31, 2025.
Operating Highlights:
As of March 31, 2025, the Company’s portfolio consisted of ~17.3 GWs, compared to ~13.5 GWs as of March 31, 2024. Subsequent to the fiscal year-end, the Company has signed ~1.2 GW of PPAs, taking the total portfolio to ~18.5 GW (+1.1 GWh Battery Energy Storage System or “BESS”). In addition, the Company has 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing.
The Company’s commissioned capacity has increased 12.4% year-over-year to ~10.7 GWs (net of 300 MWs of assets sold during FY25) as of March 31, 2025. Subsequent to the fiscal year-end, the Company has commissioned 466 MWs of which 436 MWs is solar and 30 MWs is wind, taking the total commissioned capacity to ~11.2 GWs.
Total Income (or total revenue) for Q4 FY25 was INR 34,391 million (US$ 403 million), compared to INR 24,776 million (US$ 290 million) for Q4 FY24. Revenue from the sale of power for Q4 FY25 was INR 18,294 million (US$ 214 million), compared to INR 16,908 million (US$ 198 million) for Q4 FY24. Net profit for Q4 FY25 was INR 3,137 million (US$ 37 million) compared to INR 609 million (US$ 7 million) for Q4 FY24. Adjusted EBITDA for Q4 FY25 was INR 22,118 million (US$ 259 million), as against INR 16,810 million (US$ 197 million) in Q4 FY24.
Total Income (or total revenue) for FY25 was INR 109,070 million (US$ 1,277 million), compared to INR 96,531 million (US$ 1,130 million) for FY24. Revenue from the sale of power for FY25 was INR 81,486 million (US$ 954 million) compared to INR 76,624 million (US$ 896 million) for FY24. Net profit for FY25 was INR 4,591 million (US$ 54 million) compared to INR 4,147 million (US$ 49 million) for FY24. Adjusted EBITDA for FY25 was INR 79,188 million (US$ 927 million), as against INR 69,216 million (US$ 810 million) for FY24.
Total income (or total revenue) for Q4 FY25 includes external sales from our module and cell manufacturing operations, amounting to INR 9,914 million (US$ 116 million). Net profit and Adjusted EBITDA for Q4 FY25 from external sales from our module and cell manufacturing operations were INR 2,200 million (US$ 26 million) and INR 3,615 million (US$ 42 million), respectively.
Total income (or total revenue) for FY25 includes external sales from our module and cell manufacturing operations, amounting to INR 13,373 million (US$ 157 million). Net profit and Adjusted EBITDA for FY25 from external sales from our module and cell manufacturing operations were INR 2,623 million (US$ 31 million) and INR 4,212 million (US$ 49 million), respectively.
FY 26 Guidance
The Company expects to complete construction of 1.6 to 2.4 GW by the end of Fiscal Year 2026. The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY26 are subject to weather and resource availability being similar to FY25. The Company anticipates continued net gains in sales of assets, which is part of ReNew’s capital recycling strategy, and has included INR 1-2 billion related to asset sales in the Adjusted EBITDA. The Company also expects external sales from our module and cell manufacturing operations and has included INR 5-7 billion of Adjusted EBITDA against such sales in this guidance.
Webcast and Conference call information
A conference call has been scheduled to discuss the earnings results at 8:30 AM EST (6:00 PM IST) on June 16, 2025. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/ggsz3xjw or by phone (toll-free) by dialing:
US/Canada: (+1) 855 881 1339
France: (+33) 0800 981 498
Germany: (+49) 0800 182 7617
Hong Kong: (+852) 800 966 806
India: (+91) 0008 0010 08443
Japan: (+81) 005 3116 1281
Singapore: (+65) 800 101 2785
Sweden: (+46) 020 791 959
UK: (+44) 0800 051 8245
Rest of the world: (+61) 7 3145 4010 (toll)
An audio replay will be available following the call on our investor relations website at https://investor.renew.com/news-events/events.
