ReNew Energy Global (RNW)
NASDAQ:RNW
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ReNew Energy Global
(NASDAQ:RNW)
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Rating:55Neutral
Price Target:
$5.00
▲(2.04% Upside)
Action:ReiteratedDate:02/18/26
The score is driven by improving operations and a constructive earnings update (raised guidance, refinancing progress, and capital recycling), but tempered by high leverage and negative free cash flow that increase funding risk. Technicals add pressure due to a clear downtrend, while valuation is moderately supportive based on the P/E.
Positive Factors
Capacity growth and portfolio scale
A sustained increase in operating MW and a large total portfolio (including ~1.5 GW BESS) strengthens long-term revenue base and operational scale. BESS inclusion reduces intermittency, improves dispatchability and supports higher utilization and contracted sales over multiple years.
Negative Factors
Elevated consolidated leverage
Very high debt relative to equity leaves limited buffer for shocks and increases refinancing and interest-rate sensitivity. Multi-year deleveraging is required; until headline leverage meaningfully falls, funding risk and constraints on strategic optionality remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Capacity growth and portfolio scale
A sustained increase in operating MW and a large total portfolio (including ~1.5 GW BESS) strengthens long-term revenue base and operational scale. BESS inclusion reduces intermittency, improves dispatchability and supports higher utilization and contracted sales over multiple years.
Read all positive factors
ReNew Energy Global (RNW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.78B
Dividend YieldN/A
Average Volume (3M)788.27K
Price to Earnings (P/E)―
Beta (1Y)0.39
Revenue Growth42.09%
EPS Growth219.69%
CountryUS
Employees3,988
SectorUtilities
Sector Strength65
IndustryRenewable Utilities
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding245,833,850
10 Day Avg. Volume822,461
30 Day Avg. Volume788,268
Financial Highlights & Ratios
PEG Ratio4.86
Price to Book (P/B)1.62
Price to Sales (P/S)1.88
P/FCF Ratio-7.00
Enterprise Value/Market Cap481.31
Enterprise Value/Revenue6.62
Enterprise Value/Gross Profit8.50
Enterprise Value/Ebitda9.30
Forecast
1Y Price Target
$8.00Price Target Upside63.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)14.22
Revenue Forecast (FY)$151.67B
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 electricity from its wind, solar, and hybrid renewable energy plants and selling that power under contracted arrangements. Its key revenue streams typically include: (1) long-term power sales: revenue earn...
ReNew Energy Global Earnings Call Summary
Earnings Call Date:Feb 16, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 10, 2026
Earnings Call Sentiment Positive
Overall the call was constructive: the company showed strong top-line and EBITDA growth, meaningful improvements in financing cost and capital recycling, manufacturing outperformance, upgraded guidance and clear de-risking actions (solar + BESS pivot). Key risks remain transmission/curtailment exposure, wind underperformance and elevated consolidated leverage that management intends to reduce over multiple years. ESG leadership and large C&I customer relationships are additional positives offsetting the sector execution challenges.Positive Updates
Operating Capacity and Portfolio Growth
Operating capacity increased from 10.7 GW to 11.8 GW (a 19% or ~2 GW increase over the last 12 months). Overall portfolio stands at 19.2 GW inclusive of ~1.5 GW of BESS.
Negative Updates
Transmission Delays and Curtailment Risk
Industry-wide transmission build-out delays and curtailment remain material headwinds. Some assets experienced curtailment; when on temporary GNA (T-GNA) projects can face partial curtailment (typical observed range ~10–20% on affected days).
Read all updates
Q3-2026 Updates
Positive
Negative
Operating Capacity and Portfolio Growth
Operating capacity increased from 10.7 GW to 11.8 GW (a 19% or ~2 GW increase over the last 12 months). Overall portfolio stands at 19.2 GW inclusive of ~1.5 GW of BESS.
Read all positive updates
Company Guidance
ReNew raised its FY2026 guidance, now targeting adjusted EBITDA of INR 90–93 billion (lower end up ~3%) with the manufacturing business expected to contribute INR 11–13 billion (manufacturing delivered INR 10.8 billion in the first 9 months and has a 900 MW external order book); project execution guidance was increased to 1.8–2.4 GW to be constructed this fiscal (up from a 1.6 GW lower-end), with operating capacity at 11.8 GW and a total portfolio of 19.2 GW (including ~1.5 GW of BESS); projected cash flow to equity is INR 14–17 billion; the company is targeting meaningful deleveraging (headline leverage ~6.7–7x today, operating-portfolio leverage ~5.5–5.6x) to under 5.5x via asset recycling (selling ~1.6 GW) and capital recycling — which has already generated $275 million from 600 MW sold YTD and $100 million from BII — alongside a $600 million bond at 6.5% (down from 7.95%), saving ~ $9 million of annual interest.ReNew Energy Global Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
28
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 129.66B | 97.06B | 81.32B | 78.22B | 59.35B | 48.19B |
| Gross Profit | 100.99B | 88.47B | 77.47B | 71.27B | 59.02B | 47.76B |
| EBITDA | 92.34B | 81.08B | 68.75B | 57.45B | 37.98B | 42.63B |
| Net Income | 11.97B | 3.81B | 3.40B | -4.82B | -16.08B | -7.82B |
Balance Sheet | ||||||
| Total Assets | 1.03T | 959.80B | 873.93B | 746.49B | 641.34B | 492.05B |
| Cash, Cash Equivalents and Short-Term Investments | 95.26B | 81.34B | 79.67B | 80.63B | 79.27B | 47.24B |
| Total Debt | 776.52B | 732.28B | 655.66B | 536.58B | 447.71B | 351.65B |
| Total Liabilities | 891.68B | 828.69B | 752.24B | 628.09B | 514.97B | 427.31B |
| Stockholders Equity | 123.55B | 112.60B | 105.22B | 106.85B | 118.44B | 62.08B |
Cash Flow | ||||||
| Free Cash Flow | -14.17B | -26.09B | -84.91B | -24.70B | -47.44B | 7.60B |
| Operating Cash Flow | 70.45B | 67.56B | 68.93B | 66.67B | 42.39B | 32.08B |
| Investing Cash Flow | -65.62B | -74.16B | -162.53B | -79.99B | -124.75B | -17.41B |
| Financing Cash Flow | 18.31B | 19.98B | 82.42B | 23.02B | 90.04B | -7.08B |
ReNew Energy Global Technical Analysis
Neutral
4.90
Price Trends
5.18
Negative
5.75
Negative
6.67
Negative
Market Momentum
-0.14
Negative
47.22
Neutral
79.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RNW, the sentiment is Neutral. The current price of 4.9 is above the 20-day moving average (MA) of 4.88, below the 50-day MA of 5.18, and below the 200-day MA of 6.67, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 47.22 is Neutral, neither overbought nor oversold. The STOCH value of 79.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $8.42B | 23.42 | 5.91% | 5.60% | 2.54% | 124.89% | |
67 Neutral | $3.92B | 21.38 | 12.18% | 0.99% | 45.09% | 50.54% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | $8.42B | 23.42 | 5.91% | 5.29% | 2.54% | 124.89% | |
55 Neutral | $1.78B | -231.49 | 10.05% | ― | 42.09% | 219.69% | |
55 Neutral | $7.67B | -2.94 | -1196.72% | 3.84% | 5.93% | -39.88% | |
46 Neutral | $2.53B | -14.43 | -12.87% | ― | -16.15% | -324.40% |
* Utilities Sector Average
RNW
ReNew Energy Global
4.90
-1.16
-19.14%
CWEN
Clearway Energy
41.07
13.67
49.89%
CWEN.A
Clearway Energy
40.95
15.44
60.52%
BEPC
Brookfield Renewable
42.56
16.75
64.90%
FLNC
Fluence Energy
13.78
9.72
239.41%
EE
Excelerate Energy, Inc. Class A
34.38
8.10
30.83%
ReNew Energy Global Corporate Events
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...
ReNew Energy Global Announces Leadership Transition in Asset Management
Feb 24, 2026
ReNew Energy Global Plc announced on February 24, 2026, that Executive Officer and Group President, Asset Management, Balram Mehta has requested to separate from the company. His role as an executive officer will end on March 31, 2026, though he w...
ReNew Energy Global Cuts Funding Costs With Landmark $600 Million GIFT City Green Bond
Jan 26, 2026
On January 22, 2026, ReNew Energy Global raised USD 600 million via an oversubscribed offering of 6.5% senior secured green bonds due 2031, issued out of its GIFT City-based subsidiary ReNew Treasury IFSC Private Limited and guaranteed by ReNew an...
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.