RNWWW Q2 2026 Earnings Call Summary

Adjusted EBITDA: INR 53.5 billion for H1 FY '26, representing a 24% year-on-year growth.
Revenue Growth: Over 50% increase in revenue for H1 FY '26 compared to the previous year, driven by higher megawatt additions and contributions from manufacturing.
Manufacturing Contribution: Manufacturing business contributed INR 3.3 billion to adjusted EBITDA in Q2, totaling INR 8.6 billion for H1 FY '26.
Leverage Metrics: Headline leverage decreased from 8.6x in September 2024 to 7x in September 2025, with operational asset leverage below the 6x threshold.

Capacity Expansion: Commissioned over 2.1 gigawatts of renewable energy capacity since October 2025, marking a 22% growth in the portfolio.
Power Purchase Agreements (PPAs): Signed PPAs for 3.8 gigawatts of installed renewable energy capacity over the past year.
Manufacturing Facilities: Solar manufacturing facilities operating at full capacity, producing over 2 gigawatts of modules and 900 megawatts of cells in H1 FY '26.
Sustainability Recognition: Achieved an S&P Global Corporate Sustainability Assessment score of 83, the highest for any Indian Independent Power Producer (IPP).

Adjusted EBITDA Guidance: Reaffirmed guidance for FY '26 at INR 87 billion to INR 93 billion, with expectations to be at the higher end.
Capacity Construction: Guidance to complete construction of 1.6 to 2.4 gigawatts of capacity for FY '26 remains intact.
Manufacturing EBITDA Guidance: Revised upwards to INR 10 billion to INR 12 billion for FY '26.

Weather Impact: Subdued power load factors (PLFs) due to an extended sell-off of monsoons, resulting in a net negative impact of INR 1.7 billion for Q2.
Curtailment Issues: Experienced revenue curtailment of approximately INR 100 crores due to transmission line readiness issues.
Bidding Environment: A lull in the bidding environment was noted, with concerns about the potential cancellation of 42 gigawatts of renewable tenders where PPAs have not been signed.
Manufacturing Margin Decline: Manufacturing EBITDA margins decreased from 40% in Q1 to 33% in Q2 due to lower sales realizations and a higher mix of captive sales.

PPA Signings: Management expressed cautious optimism about converting 6 gigawatts of Letters of Award (LOAs) into PPAs, emphasizing the need for patience and ongoing dialogue with Distribution Companies (DISCOMs).
Transmission Status: Most transmission connectivity is secured, but some projects face delays due to external issues, such as the Great Indian Bustard case.
Manufacturing Expectations: Future normalized margins for manufacturing are expected to be lower than previous highs, with market dynamics influencing pricing.
Take-Private Offer: The consortium is expected to submit a binding offer by November 2026, with ongoing discussions with large public shareholders.

This summary encapsulates the key aspects of ReNew's Q2 2026 earnings call, highlighting both achievements and challenges faced by the company.

RNWWW — ReNew Energy Global plc