Nasdaq-listed decarbonization company ReNew Energy Global reported total income of INR 31.37 billion for the three-month period ended Dec. 31, 2025 (Q3 FY26), up 48% from INR 21.20 billion in Q3 FY25. Net loss narrowed to INR 198 million from INR 3.88 billion a year earlier.
Revenue from the sale of power in Q3 FY26 rose to INR 18.29 billion, compared with INR 14.99 billion in the same quarter of the previous fiscal year. Solar module and cell manufacturing operations contributed INR 6.66 billion in total income during the quarter. External sales from these operations generated net profit of INR 1.08 billion.
9M FY26 performance
Total Income (or total revenue) for the first nine months of FY26 reached INR 111.09 billion, compared to INR 75.91 billion for 9M FY25. Net profit jumped to INR 9.6 billion—around 6.6 times higher than INR 1.45 billion for 9M FY25.
Revenue from the sale of power was INR 69.84 billion compared to INR 64.37 billion for 9M FY25. External sales from solar module and cell manufacturing operations increased to INR 30.01 billion from INR 3.46 billion for 9M FY25. Net profit from these operations surged to INR 6.85 billion, compared to INR 423 million for 9M FY25.
Operating highlights
As of Dec. 31, 2025, ReNew’s total portfolio stood at 19.2 GW (including 1.5 GW of battery energy storage systems (BESS). Commissioned capacity increased 7% year-over-year to 11.4 GW plus 100 MW BESS as of Dec. 31, 2025. Subsequently, commissioning of additional 240 MW took the total operational capacity as on date to 11.7 GW plus 100 MW BESS.
ReNew also operates 6.5 GW solar module manufacturing facilities and a 2.5 GW solar cell manufacturing facility, with an additional 4 GW solar cell line under construction.
FY26 Guidance
ReNew reiterates its FY26 guidance and expects to complete the construction of 1.8 to 2.4 GW by the end of FY26. It continues to anticipate net gains in sales of assets, which is part of ReNew’s capital recycling strategy. The company now expects external sales from its solar module and cell manufacturing operations to contribute INR 11-13 billion in adjusted EBITDA.
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