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.
As of December 31, 2025, ReNew’s total portfolio grew to 19.2 GW, including 1.5 GW of Battery Energy Storage Systems (BESS), up from 17.4 GW the previous year.
The results highlight ReNew's transition from a pure-play power producer into a diversified "decarbonization solutions" provider.
By pairing its 11.7 GW of commissioned capacity with large-scale storage and domestic manufacturing, the company is positioning itself to capture a larger share of India’s aggressive 500 GW non-fossil fuel energy target for 2030.