ReNew Posts Record EBITDA, Raises $375 Million and Scales Domestic Solar Manufacturing

Overview

• ReNew reported record adjusted EBITDA of INR 98.5 billion and a more than twofold rise in profit after tax in its latest results.
• The company completed a $375 million capital raise and has reduced net debt relative to EBITDA by about 1.1 times, strengthening liquidity and lowering leverage.
• Management is shifting the portfolio from wind toward solar plus battery storage and says manufacturing now funds growth and contributes roughly 15% of consolidated adjusted EBITDA.
• ReNew plans to commission a 4 GW cell plant by year-end and a 6.5 GW ingot and wafer facility for 2028 to meet ALMM-2 domestic sourcing mandates and protect margins.
• Near-term risks include grid expansion delays that have caused curtailment expected into H1 FY27, possible tightening of DSM/CRC rules, and signs of moderating manufacturing margins that could affect FY27 guidance of INR 103–109 billion in adjusted EBITDA.