Q3 2026 Renew Energy Global PLC Earnings Call Transcript
Key Points
- ReNew Energy Global PLC (RNW) increased its operating capacity from 10.7 gigawatts to 11.8 gigawatts, marking a 19% increase over the last 12 months.
- The company reported a 31% increase in adjusted EBITDA to INR74.8 billion for the nine months ending December 31, 2026.
- ReNew Energy Global PLC successfully raised $600 million through a bond offering, reducing the interest rate from 7.95% to 6.5%, saving approximately $9 million in annual interest expenses.
- The company has received high ESG ratings, including an A grade from LSEG and a score of 90.41, placing it in the top quartile globally.
- ReNew Energy Global PLC's manufacturing business contributed INR10.8 billion to adjusted EBITDA for the first nine months, with an increased guidance for the year.
- The company faces challenges with transmission project delays and curtailment, impacting the industry and requiring government intervention.
- There is a significant reliance on asset recycling and capital recycling to manage leverage and fund growth, which may not be sustainable long-term.
- ReNew Energy Global PLC has reduced its wind capacity due to variability and execution challenges, which could impact diversification.
- The company is dealing with curtailment issues, with approximately 30-35% of losses being compensated, indicating ongoing operational risks.
- Despite improvements, the company's headline leverage remains high at approximately 6.7x, with a target to reduce it to 5.5x by 2028-2030.
Thank you for standing by, and welcome to ReNew's third quarter FY26 Earnings Report. (Operator Instructions). I would now like to hand the conference over for opening remarks. Please go ahead.
Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 third quarter ended December 31, 2025. A copy of the press release and the earnings presentation are available on the Investor Relations section of our website at www.renew.com. With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions.
Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These
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