ReNew Energy Global (NASDAQ:RNW) reported a sharp turnaround in its nine-month profitability, bolstered by a significant expansion in its operational capacity and the rapid scaling of its solar manufacturing business.
The Gurugram, India-based company announced Monday that total income for the third quarter of fiscal 2026 reached INR 31,372 million ($349 million), a 48% increase over the same period last year.
While the company recorded a narrow net loss of INR 198 million ($2 million) for the quarter, it represented a dramatic improvement from the INR 3,879 million loss seen a year ago.
The company’s nine-month performance painted a picture of robust growth, with net profit soaring to INR 9,608 million ($107 million), compared to just INR 1,454 million in the prior year.
Adjusted EBITDA for the nine-month period rose 31% to INR 74,840 million ($833 million).
A key driver of the top-line growth was the company's entry into solar component production.
External sales from solar module and cell manufacturing contributed INR 6,663 million ($74 million) in revenue for the quarter.
ReNew is currently operating a 2.5 GW solar cell facility and is in the process of constructing an additional 4 GW plant to further vertically integrate its supply chain.