ReNew Power has reported a 16.23% year-on-year increase in total revenue for the first quarter of FY27, supported by strong growth in its solar module and cell manufacturing business, while the company advances plans to delist from NASDAQ and potentially pursue an Indian listing.
ReNew Power reported total income of INR 47,864 million (US$506 million) for the quarter ended June 30, 2026, compared with INR 41,182 million (US$435 million) in Q1 FY26. Net profit rose 16.03% year-on-year to INR 5,953 million (US$63 million), while adjusted EBITDA increased 11.65% to INR 30,392 million (US$321 million).
Revenue from the sale of power grew 5.01% year-on-year to INR 26,749 million (US$283 million), compared with INR 25,473 million (US$269 million) in the corresponding quarter last year.
Solar Manufacturing Drives Revenue Growth
ReNew’s solar module and cell manufacturing operations delivered particularly strong growth during the quarter. External sales generated total income of INR 16,777 million (US$177 million), up 26.88% from INR 13,223 million (US$140 million) in Q1 FY26.
Net profit from external manufacturing sales increased 9.88% to INR 3,914 million (US$41 million), while adjusted EBITDA rose 6.78% to INR 5,651 million (US$60 million), compared with INR 5,292 million (US$56 million) a year earlier.
The company is awaiting the next phase of its manufacturing expansion, which it expects to progress by the end of the fiscal year.
During the investor call, ReNew CFO Kailash Vaswani said the company has an external order book of approximately 1.1 GW.
As of June 30, 2026, ReNew’s total portfolio stood at approximately 20.5 GW, including 1.7 GW of battery energy storage systems (BESS). Its operating capacity reached approximately 13.5 GW, representing a 46% year-on-year increase on an adjusted basis following asset sales and a 22% increase on a net basis.
The company said a 220-basis-point decline in solar capacity utilisation factor (CUF) was primarily due to curtailment and extended periods of cloudy weather in certain regions.
ReNew Maintains FY27 Growth Guidance
ReNew continues to expect to complete construction of 1.6 GW to 2.4 GW of projects during FY27, ending March 31, 2027.
Its FY27 adjusted EBITDA and cash flow to equity guidance remains subject to weather and renewable resource availability being broadly comparable with FY26.
The company also expects continued gains from asset sales as part of its capital-recycling strategy. Its guidance incorporates INR 1–2 billion of adjusted EBITDA from asset sales.
In addition, ReNew expects further external sales from its module and cell manufacturing operations and has factored INR 10–12 billion of adjusted EBITDA from these sales into its FY27 guidance.
Cautious Approach to Merchant BESS
ReNew is taking a measured approach to developing merchant battery storage projects amid uncertainty around long-term market economics.
Founder, Chairman and CEO Sumant Sinha said the company currently has a couple of hundred MWh of BESS commissioned but remains cautious about building long-duration merchant storage projects. According to Sinha, determining the appropriate returns for such projects requires visibility over a five- to seven-year period.
However, ReNew sees an opportunity to operate some upcoming BESS projects as merchant assets for a shorter period before incorporating them into existing power purchase agreements (PPAs).
Sinha said the company expects a reasonable arbitrage opportunity between daytime and evening electricity prices over the next one to two years. ReNew could therefore capture this value initially through merchant operations before moving the projects into contracted PPAs.
No new BESS commissioning is expected during the current fiscal year, although some projects are expected to come online over the next two to three years.
ReNew Moves Toward NASDAQ Delisting
Separately, ReNew has initiated the process to delist from NASDAQ, with completion expected in early 2027. The company is considering an Indian listing as part of the transition.
Sinha and other investors have offered to purchase shares from existing shareholders at US$7.02 per share. ReNew’s stock was trading at approximately US$6.80 following the release of its Q1 results.
The planned delisting marks a significant potential shift in ReNew’s capital-market strategy as the company continues expanding its renewable generation, battery storage and domestic solar manufacturing businesses.
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