Renew Energy Global Plc (RNW)
NASDAQ:RNW
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ReNew Energy Global
(NASDAQ:RNW)
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Rating:57Neutral
Price Target:
$6.50
▲(30.26% Upside)
Action:Reiterated
Date:05/19/26
The score is primarily constrained by financial risk: very high leverage and still-negative free cash flow despite improved profitability. Offsetting factors include a constructive earnings outlook with deleveraging focus and moderately positive technical momentum; valuation is a secondary headwind due to the negative P/E and no stated dividend.
Positive Factors
Revenue & Profitability Momentum
Sustained top-line expansion and a return to meaningful profitability indicate the business model is transitioning from growth-at-all-costs to cash-generative scale. Over 2–6 months this supports stronger internal funding capacity, improved creditor confidence, and more predictable operating cashflows as capacity and tariffs stabilize.
Negative Factors
Very High Leverage
Elevated leverage materially increases refinancing, interest‑rate and covenant sensitivity. Over the next several months this reduces financial flexibility to absorb operational shocks, constrains discretionary capex or buybacks, and forces reliance on markets or asset sales to meet maturities, raising execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Profitability Momentum
Sustained top-line expansion and a return to meaningful profitability indicate the business model is transitioning from growth-at-all-costs to cash-generative scale. Over 2–6 months this supports stronger internal funding capacity, improved creditor confidence, and more predictable operating cashflows as capacity and tariffs stabilize.
Read all positive factors
ReNew Energy Global (RNW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.27B
Dividend YieldN/A
Average Volume (3M)995.30K
Price to Earnings (P/E)21.3
Beta (1Y)0.47
Revenue Growth30.87%
EPS Growth121.64%
CountryUS
Employees3,988
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)29.07
Shares Outstanding245,833,850
10 Day Avg. Volume1,415,319
30 Day Avg. Volume995,304
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.26
Price to Sales (P/S)1.12
P/FCF Ratio-2.02
Enterprise Value/Market Cap402.05
Enterprise Value/Revenue6.88
Enterprise Value/Gross Profit9.81
Enterprise Value/Ebitda10.28
Forecast
1Y Price Target
$8.00Price Target Upside60.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)15.12
Revenue Forecast (FY)$152.38B
ReNew Energy Global Business Overview & Revenue Model
Company Description
ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through Wind Power and Solar Power segments. It develops, builds, owns, and operates utility scale wind and solar energy p...
How the Company Makes Money
ReNew primarily makes money by generating renewable electricity (mainly from wind and solar assets) and selling that power to customers under long-term power purchase agreements (PPAs) or similar contracted arrangements. These contracts typically ...
ReNew Energy Global Earnings Call Summary
Earnings Call Date:May 18, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution, record profitability, significant portfolio expansion and successful balance sheet repair (deleveraging, fundraising, asset monetization), alongside clear manufacturing and C&I growth drivers and robust ESG recognitions. Offsetting these positives are near‑term operational headwinds from grid curtailments and transmission constraints, some regulatory uncertainty (DSM/CRC), near‑term refinancing needs (~USD 1bn) and expected moderation in manufacturing margins in FY'27. On balance the positive operational and financial momentum and strengthened liquidity/receivables position outweigh the headwinds.Positive Updates
Record Profitability and Strong EBITDA Growth
Adjusted EBITDA of INR 98.5 billion for FY'26, representing ~25% year‑on‑year growth. Profit after tax of INR 10.4 billion, up 2.3x versus FY'25 (third consecutive profitable year). Interest expense to adjusted EBITDA ratio improved from 66% to 61.5%.
Negative Updates
Grid Constraints Causing Curtailment
Grid expansion has lagged behind RE additions, resulting in curtailments (notably in Rajasthan). Impact reduced in Q4 FY'26 but management expects some curtailment impact in H1 FY'27, which contributed to lower solar PLFs.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Profitability and Strong EBITDA Growth
Adjusted EBITDA of INR 98.5 billion for FY'26, representing ~25% year‑on‑year growth. Profit after tax of INR 10.4 billion, up 2.3x versus FY'25 (third consecutive profitable year). Interest expense to adjusted EBITDA ratio improved from 66% to 61.5%.
Read all positive updates
Company Guidance
For FY‑2027 management guided adjusted EBITDA of INR 103–109 billion (about a 17% increase versus last year’s guidance), with the manufacturing business contributing INR 10–12 billion and INR 1.2 billion expected from asset recycling; they plan to construct 1.6–2.4 GW of capacity, target cash flow to equity of INR 18–22 billion, and continue deleveraging toward a consolidated net‑debt/EBITDA objective of ~5.5x for the fully constructed portfolio; operationally 50% of modules are already on site, 100% of battery and turbine prices are locked, they expect the 4 GW TOPCon cell plant to start production toward year‑end (with meaningful cell/ingot‑wafer contributions in FY28–FY29), and they aim to cut DSO to under 50 days next year.ReNew Energy Global Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
38
Negative
Cash Flow
44
Neutral
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 139.10B | 97.06B | 81.32B | 78.22B | 59.35B |
| Gross Profit | 81.41B | 88.47B | 77.47B | 71.27B | 59.02B |
| EBITDA | 88.44B | 81.08B | 68.75B | 57.45B | 37.98B |
| Net Income | 10.93B | 3.81B | 3.40B | -4.82B | -16.08B |
Balance Sheet | |||||
| Total Assets | 1.04T | 959.80B | 873.93B | 746.49B | 641.34B |
| Cash, Cash Equivalents and Short-Term Investments | 75.32B | 81.34B | 79.67B | 80.63B | 79.27B |
| Total Debt | 764.75B | 732.28B | 655.66B | 536.58B | 447.71B |
| Total Liabilities | 893.64B | 828.69B | 752.24B | 628.09B | 514.97B |
| Stockholders Equity | 123.37B | 112.60B | 105.22B | 106.85B | 118.44B |
Cash Flow | |||||
| Free Cash Flow | -77.18B | -26.09B | -84.91B | -24.70B | -47.44B |
| Operating Cash Flow | 23.15B | 67.56B | 68.93B | 66.67B | 42.39B |
| Investing Cash Flow | -112.10B | -74.16B | -162.53B | -79.99B | -124.75B |
| Financing Cash Flow | 69.20B | 19.98B | 82.42B | 23.02B | 90.04B |
ReNew Energy Global Technical Analysis
Positive
4.99
Price Trends
5.21
Positive
5.30
Positive
6.33
Positive
Market Momentum
0.27
Negative
75.48
Negative
90.25
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNW, the sentiment is Positive. The current price of 4.99 is below the 20-day moving average (MA) of 5.64, below the 50-day MA of 5.21, and below the 200-day MA of 6.33, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 75.48 is Negative, neither overbought nor oversold. The STOCH value of 90.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RNW.
ReNew Energy Global Risk Analysis
ReNew Energy Global disclosed 63 risk factors in its most recent earnings report. ReNew Energy Global reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Impairment of our long-term assets may have an adverse impact on our results of operations and financial condition. Q1, 2023
2.
Material weaknesses in our internal controls over financial reporting could materially and adversely affect our financial condition and results of operations and our ability to operate our business Q1, 2023
3.
Any downgrading of our bond ratings could adversely impact our business and results of operations. Q1, 2023
ReNew Energy Global Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | $8.35B | 2,449.02 | 0.05% | 5.29% | 2.59% | -92.25% | |
59 Neutral | $3.78B | 26.33 | 5.92% | 0.99% | 39.34% | -19.07% | |
57 Neutral | $2.27B | 21.27 | 8.54% | ― | 30.87% | 121.64% | |
54 Neutral | $3.94B | -59.63 | -10.50% | ― | 10.93% | -73.80% | |
48 Neutral | $7.19B | -1.36 | 494.50% | 3.84% | -6.14% | -1632.62% |
* Utilities Sector Average
RNW
ReNew Energy Global
6.39
-0.42
-6.17%
CWEN
Clearway Energy
41.16
12.01
41.18%
BEPC
Brookfield Renewable
39.98
11.71
41.42%
FLNC
Fluence Energy
18.88
14.18
301.70%
EE
Excelerate Energy, Inc. Class A
32.94
5.11
18.37%
ReNew Energy Global Corporate Events
ReNew Energy Global Posts Strong FY26 Growth and Expands Clean Energy Manufacturing
May 18, 2026
On May 18, 2026, ReNew reported unaudited results for the fourth quarter and fiscal year ended March 31, 2026, highlighting a 16.6% year-on-year rise in commissioned capacity to about 12.6 GW despite selling 600 MW of assets as part of a capital r...
ReNew Energy Global Hits Record 2.4 GW FY2026 Commissioning, Becomes India’s Second-Largest Renewable Operator
Apr 15, 2026
On April 15, 2026, ReNew Energy Global reported that in FY2026 it commissioned around 2.4 GW of new renewable capacity in India, lifting its operating portfolio to roughly 12.6 GW and making it the country’s second-largest renewable energy o...
ReNew Energy Attracts $95 Million LeapFrog-Led Investment Into C&I Clean Power Arm
Apr 2, 2026
On April 2, 2026, ReNew Energy Global said its commercial and industrial arm, ReNew Green Energy Solutions, received about INR 8.83 billion (US$95 million) from a LeapFrog Investments-led consortium for an 11.3% stake. The CI platform controls one...
ReNew Energy Global to Sell Tamil Nadu Solar Project for $49 Million
Mar 24, 2026
On March 24, 2026, ReNew Energy Global announced it had agreed to sell its 100 MW/117.5 MWp solar project in Tamil Nadu, held via ReNew Solar Energy (Rajasthan) Private Limited, to Technique Solaire Group at an enterprise value of about $49 millio...
ReNew Energy Global’s C&I Arm Secures $95 Million Equity Investment Led by LeapFrog
Mar 16, 2026
On March 16, 2026, ReNew Energy Global announced that its commercial and industrial arm, ReNew Green Energy Solutions, secured a US$95 million equity infusion led by impact investor LeapFrog Investments, with additional capital from EMCAF and Carl...
ReNew Energy Global Nets $16 Million Cash Inflow From Transmission Asset Sale
Mar 11, 2026
On March 11, 2026, ReNew Energy Global Plc reported that it had received proceeds from the sale of its transmission project GTL, a transaction originally announced on December 2, 2025. The deal carries an enterprise value of about $40 million, exc...
ReNew Energy Global Refreshes Board Representation for CPP Investments, Notes Independent Director Exit
Mar 9, 2026
ReNew Energy Global PLC announced board changes in early March 2026, reflecting an update in representation from a major shareholder and a separate independent director departure. On March 6, 2026, the board approved Canada Pension Plan Investment...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.