ReNew Narrows Q3 Loss, Lifts Guidance as Portfolio Shifts to Solar‑Plus‑Storage

Overview

• Revenue rose 48% in Q3 FY26 to Rs 3,137.2 crore and adjusted EBITDA increased 54% to Rs 2,138.1 crore, with net loss narrowing to Rs 19.8 crore.
• Full‑year guidance was raised to adjusted EBITDA of INR 90–93 billion, with projects under construction targeted at 1.8–2.4 GW and cash flow to equity guided at INR 14–17 billion.
• The total portfolio reached 19.2 GW including about 1.5 GW of BESS, and commissioned capacity stands near 11.7 GW after roughly 240 MW was added recently.
• Management cut committed wind in the pipeline from 2.5 GW to about 850 MW, reallocating toward solar‑plus‑storage to improve execution and cash‑flow predictability.
• A $600 million bond refinancing reduced the coupon to 6.5% and lowered headline debt to EBITDA to roughly 7.0x, with management targeting further deleveraging.