ReNew Energy FY profit doubles as solar manufacturing offsets Q4 slip

ReNew Energy Global (NASDAQ:RNW) reported a substantial increase in full-year profitability for the fiscal year ended March 31, 2026, driven by an expansion of its operational footprint and strong performance in its solar manufacturing segment.

The Gurugram, India-based decarbonization solutions provider posted a full-year net profit of INR 10,385 million ($111 million), more than doubling the INR 4,591 million recorded in the previous fiscal year.

Total income for the year climbed to INR 150,635 million ($1,605 million) from INR 109,070 million, while adjusted EBITDA rose to INR 98,503 million ($1,050 million).

The annual growth countered a deceleration in the final three months of the fiscal year.

For the fourth quarter, total income rose sequentially to INR 39,548 million ($421 million) compared to INR 34,391 million in the prior-year period.

However, fourth-quarter net profit experienced a sharp decline, dropping to INR 777 million ($8 million) from INR 3,137 million in the final quarter of fiscal 2025.

Fourth-quarter adjusted EBITDA edged higher to INR 23,663 million ($252 million) from INR 22,118 million.

The firm's strategic pivot toward domestic supply chain independence anchored the annual performance.

Total income from external sales of solar modules and cell manufacturing operations reached INR 41,944 million ($447 million) for the full year, a significant jump from INR 13,253 million in the prior year, generating an adjusted EBITDA of INR 14,782 million ($158 million).

Revenue from the core power-generation division remained steady, bringing in INR 88,196 million ($940 million) for the full year.

Operational capacity expanded in line with the commercial scaling.

ReNew's total clean energy portfolio grew to approximately 20 GW as of March 31, 2026, including 1.7 GW of battery energy storage systems (BESS), up from 17.3 GW the year prior.

Total commissioned infrastructure reached roughly 12.6 GW by the close of the fiscal year, and subsequent grid connections have since raised that figure to approximately 12.8 GW.

To feed further construction demands, the company is on track to bring an additional 4 GW of internal solar cell manufacturing capacity online by December 2026.