ebitda
103000–109000 $million
FY 2027
official guidance
RENEW ENERGY GLOBAL PLC
Last · NASDAQ$6.88-0.0000001144 (-0.00%)close · yahoo · 10h ago
Market cap$2.51B246.2M sh
P/E · TTM20.8fwd 9.8 · eps 0.33
Beta1.18vs S&P 500
Div yield0.00%annual · TTM
52w range
$4.385$7.83
Volume1.2Msession
| Revenue | ₹132.2B |
|---|---|
| Operating income | ₹14.0B |
| Net income | ₹9.8B |
| Operating margin | 10.6% |
| Net margin | 7.4% |
| Return on equity | 7.8% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Avoid buying for operating upside at or near the $7.02-per-share take-private offer:
Q1 execution was solid, with adjusted EBITDA up 12% to INR 30.4 billion and operating capacity up 26% year over year to 13.5 GW, but net debt remains INR 697.1 billion, or 5.7x adjusted EBITDA. The core tensions are Rajasthan curtailment, manufacturing margin compression from 40% to 34%, weak cash-flow conversion, and limited visibility on whether the deal closes on schedule.
Themes
- Take Private
- Curtailment
- Manufacturing Margins
- Asset Recycling
- Leverage
- C And I
Near term
The take-private scheme is expected to become effective in Q1 2027, with regulatory approvals estimated at 3–4 months and a long-stop date of March 31, 2027; timing and approval risk remain material.
Rajasthan solar curtailment and weaker weather each accounted for roughly half of the solar PLF decline, according to management. Transmission upgrades may help over the next several months, but compensation discussions with the Ministry of Power have no concluded mechanism.
Manufacturing generated INR 5.7 billion of Q1 adjusted EBITDA at a 34% margin, already below last year’s 40%. Management retained full-year manufacturing guidance of INR 10–12 billion because of added industry supply, ALMM uncertainty and potential further margin normalization.
The proposed $7.02 cash consideration caps near-term equity upside unless investors are willing to bear scheme, regulatory and completion risk.
Longer term
The 20.5 GW committed portfolio, including 1.7 GW of BESS, supports structural growth, while the 2.9 GW C&I portfolio provides exposure to data-center and hyperscaler demand.
Leverage reduction depends heavily on asset recycling: the proposed sale of more than 1 GW is expected to generate about $190 million of cash inflow, but the buyer has not disclosed the transaction EBITDA multiple and proceeds are only received at closing.
Manufacturing could become a strategic capability through the 4 GW TOPCon cell plant, expected to produce its first cells by December 2026, but the economics are exposed to global oversupply and pricing pressure.
BESS is not yet a fully defined growth engine: management cited only a couple hundred MWh commissioned, no FY27 commissioning target, and a preference for short-term merchant operation before moving projects into PPAs.
Red flags
The company has not quantified the earnings or cash-flow impact of Rajasthan curtailment and acknowledged that non-transmission curtailment currently lacks a specific compensation mechanism.
Q1 cash flow to equity was only INR 12.8 billion despite INR 30.4 billion of adjusted EBITDA, declining from INR 15.3 billion year over year as interest payments and scheduled repayments increased.
The take-private process has several unresolved timing and regulatory dependencies; management explicitly said its Q1 2027 effectiveness expectation is not guidance.
Management declined to disclose the valuation multiple on the 1 GW asset sale because of an NDA, limiting assessment of whether capital recycling is genuinely value-accretive.
C&I contracted offtake is concentrated: Amazon, Microsoft and Google collectively account for about half, increasing exposure to a small group of large technology customers.
Forward outlook
ebitda
10000–12000 $million
FY 2027
official guidance
revenue
—
FY 2027
official guidance
ebitda
134000–140000 $million
FY 2027
management framework
ebitda
18000–22000 $million
FY 2027
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$15.25
Est. revenue
44.3B
Earnings transcripts
- Motley Fool
ReNew Energy (RNW) Q1 2027 Earnings Call Transcript
RENEW ENERGY GLOBAL PLC
- Issuer webcastAudio
Q4 2023 Earnings Call
RENEW ENERGY GLOBAL PLC
- Issuer webcastAudio
Q3 2023 Earnings Call
RENEW ENERGY GLOBAL PLC
- Issuer webcastAudio
Q1 2023 Earnings Call
RENEW ENERGY GLOBAL PLC
- Issuer webcastAudio
Q4 2022 Earnings Call
RENEW ENERGY GLOBAL PLC
- Issuer webcastAudio
Q3 2022 Earnings Call
RENEW ENERGY GLOBAL PLC
Documents
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