The Q4 profit miss and modest FY27 guidance cap near-term upside for the common stock (RNW). For the warrants (RNWWW), the deep out-of-the-money status and tiny market cap mean fundamental improvements have limited price impact — monitor for any capital structure events (redemption, restructuring) that could affect warrant value. The ReNew Green investment and asset-sale pipeline provide potential catalysts but are not yet reflected in guidance.
Price Chart
Executive Summary
ReNew Energy Global plc reported Q4 FY26 and full-year FY26 results. Full-year total revenue grew 38% YoY to INR 150,635M (US$1,605M) and net profit more than doubled to INR 10,385M (US$111M), driven by strong growth in solar module/cell manufacturing and higher commissioned capacity. However, Q4 net profit fell sharply to INR 777M (US$8M) from INR 3,137M a year ago, missing the prior-year quarter due to the absence of asset-sale gains and higher finance costs. The company guided FY27 Adjusted EBITDA of INR 103-109 billion and CFe of INR 18-22 billion, implying modest growth. The warrants (RNWWW) are deeply out-of-the-money with a $2M market cap, making this a high-risk, low-liquidity security where fundamental improvements have limited near-term price impact.
Key Facts
- Full-year FY26 total revenue INR 150,635M (US$1,605M), +38% YoY from INR 109,070M (US$1,162M)
- Full-year FY26 net profit INR 10,385M (US$111M), +126% YoY from INR 4,591M (US$49M)
- Q4 FY26 net profit INR 777M (US$8M), -75% YoY from INR 3,137M (US$33M)
- FY26 Adjusted EBITDA INR 98,503M (US$1,050M), +24% YoY from INR 79,188M (US$844M)
- FY27 guidance: Adjusted EBITDA INR 103-109 billion, CFe INR 18-22 billion
- Commissioned capacity grew 16.6% YoY to ~12.6 GW as of March 31, 2026
- Solar module/cell manufacturing external revenue surged to INR 41,944M (US$447M) in FY26 from INR 13,253M (US$141M) in FY25
- Net debt INR 687,138M (US$7,323M) as of March 31, 2026
- Cash and equivalents INR 22,845M (US$243M) as of March 31, 2026
- ReNew Green secured US$95M equity investment from LeapFrog, EMCAF, and Carlyle AlpInvest on March 16, 2026
Financial Impact
Full-year revenue +38% YoY, net profit +126% YoY; Q4 net profit -75% YoY; FY27 guidance implies Adjusted EBITDA growth of 5-11% YoY
Risk Factors
- Q4 net profit declined 75% YoY due to absence of asset-sale gains and higher finance costs
- Net debt remains high at US$7.3B, with current liabilities exceeding cash by a wide margin
- FY27 guidance is modest and subject to weather/resource availability and asset-sale execution
- Warrant (RNWWW) is deeply out-of-the-money with minimal intrinsic value and low liquidity
- Solar PLF declined YoY, indicating potential operational headwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-227847 |
| Document: 0001193125-26-227847-index.html | 0001193125-26-227847 |
| Document: 0001193125-26-227847.txt | 0001193125-26-227847 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 29, 2026 21w ago | 6-K | $0.005000 $0.001000 | ▼ −80.00% | ▼ −81.18% | — |
May 18, 2026 23w ago | 6-K | $0.005000 $0.001500 | ▼ −70.00% | ▼ −74.85% | — |
Apr 15, 2026 27w ago | 6-K | $0.008000 $0.002400 | ▼ −70.00% | ▼ −78.14% | — |
US Market Status
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