ReNew Energy Global (RNW) AI Stock Analysis

• Market Cap: $2.01B
• Dividend Yield: N/A
• Average Volume (3M): 758.88K
• Price to Earnings (P/E): 13.6
• Beta (1Y): 0.27
• Revenue Growth: 42.09%
• EPS Growth: 219.69%
• Country: US
• Employees: 3,988
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): >-0.01
• Shares Outstanding: 245,833,850
• 10 Day Avg. Volume: 708,840
• 30 Day Avg. Volume: 758,881
• PEG Ratio: 4.86
• Price to Book (P/B): 1.62
• Price to Sales (P/S): 1.88
• P/FCF Ratio: -7.00
• Enterprise Value/Market Cap: 435.51
• Enterprise Value/Revenue: 6.75
• Enterprise Value/Gross Profit: 8.67
• Enterprise Value/Ebitda: 9.48
• 1Y Price Target: $7.67
• Price Target Upside: 39.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $5.50 ▲(0.18% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 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

Portfolio scale & BESS inclusion

A near-term ~2 GW increase in operating capacity and a 19.2 GW portfolio including ~1.5 GW of BESS meaningfully raise stable generation and dispatch flexibility. Scale plus storage reduces variability, improves contracted energy delivery and strengthens long-term contracted cash flows and project economics.

Lower-cost, longer-dated financing

Securing an oversubscribed $600m bond at materially lower coupon and longer tenor reduces near-term refinancing pressure and interest expense. This structurally improves funding flexibility, extends maturities, and broadens access to global institutional capital to support multi-year deleveraging plans.

Manufacturing outperformance & vertical integration

A strong manufacturing arm that produced ~3 GW and contributed meaningful EBITDA diversifies earnings, shortens equipment supply chains, and lowers build costs for new projects. Durable internal module/cell capacity supports execution, margin resilience and internalisation of key inputs over coming years.

Negative Factors

Very elevated consolidated leverage

Sustained high leverage materially narrows financial flexibility and increases sensitivity to rate rises, project delays, or asset underperformance. Multi-year deleveraging is required to normalize risk; until achieved, refinancing needs and covenant stress remain a persistent structural overhang on returns and strategy.

Negative free cash flow & funding reliance

Persistent negative free cash flow despite positive operating cash generation indicates heavy capex and reinvestment. The business structurally depends on asset sales, external bonds and partner funding to service holding-company obligations, raising execution and refinancing risk until FCF sustainably turns positive.

Transmission curtailment and wind underperformance

Grid transmission delays, partial curtailment and underperforming wind PLFs directly reduce realized generation and contracted revenues. These structural grid and resource risks increase volatility of asset cash flows, complicate planning, and require portfolio rebalancing (toward solar+BESS) to restore predictable long-term returns.

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 projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers. The company also provides engineering, procurement, and construction services; operation and maintenance services; consultancy services; and sells renewable energy certificates. As of March 31, 2022, its portfolio consisted of 10.69 GW of wind and solar energy projects, hydro, firm power projects, and distributed solar energy projects, of which 7.57 GW projects were commissioned and 3.12 GW were committed. ReNew Energy Global Plc was founded in 2011 and is based in London, the United Kingdom.

How the Company Makes Money

ReNew Energy Global generates revenue primarily through the sale of electricity produced from its renewable energy projects. The company signs long-term power purchase agreements (PPAs) with various customers, including state-owned utilities, private corporations, and large industrial clients, which provide a stable and predictable income. Additionally, RNW benefits from government incentives, such as renewable energy certificates and tax benefits, which enhance its profitability. The company may also engage in project financing and partnerships with other energy companies or financial institutions, further diversifying its revenue streams and supporting capital-intensive projects.

ReNew Energy Global Financial Statement Overview

Summary

Profitability and operating cash flow have improved, supported by exceptionally high gross/EBITDA margins and a return to positive net income. However, very high leverage (debt-to-equity ~6.2x), negative free cash flow, and modest cash coverage of debt elevate refinancing/funding risk and cap financial flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue growth is strong (+5.6%) and profitability has improved materially versus prior loss years, with positive net income and solid operating profitability. Gross and EBITDA margins are exceptionally high, supporting earnings resilience. The main weakness is that net profit margin remains relatively modest (about 6.7%) versus the elevated operating margins, suggesting material below-the-line costs (e.g., financing/depreciation) that can limit bottom-line scalability.

Balance Sheet

Leverage is the key constraint: total debt is very large relative to equity, with debt-to-equity around 6.2x in TTM (Trailing-Twelve-Months) and consistently high across the annual periods shown. While equity has grown and return on equity is now positive (~7.2% TTM), the capital structure leaves limited room for shocks (rate increases, refinancing, project delays) and makes shareholder returns more sensitive to funding conditions.

Cash Flow

Operating cash flow is consistently positive and sizable, indicating the core business is generating cash. However, free cash flow is negative in TTM (Trailing-Twelve-Months) and most recent years, and it swung sharply lower (TTM free cash flow growth deeply negative), pointing to heavy ongoing investment needs. Cash generation also covers only a modest portion of debt levels (coverage ratio below 0.40 in TTM), which elevates reliance on external funding.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 5.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 5.49 is above the 20-day moving average (MA) of 5.39, below the 50-day MA of 5.53, and below the 200-day MA of 6.95, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.64 is Neutral, neither overbought nor oversold. The STOCH value of 66.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for RNW.

ReNew Energy Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EE	71 Outperform	$4.84B	37.35	6.96%	0.99%	45.09%	50.54%
CWEN	69 Neutral	$7.80B	28.12	13.20%	5.29%	2.54%	124.89%
CWEN.A	69 Neutral	$7.80B	26.40	13.20%	5.60%	2.54%	124.89%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
RNW	55 Neutral	$2.01B	13.58	11.20%	―	42.09%	219.69%
BEPC	55 Neutral	$7.81B	-6.50	-38.17%	3.84%	5.93%	-39.88%
FLNC	46 Neutral	$3.03B	-36.61	-13.02%	―	-16.15%	-324.40%

ReNew Energy Global Corporate Events

ReNew Energy Global Cuts Funding Costs With Landmark $600 Million GIFT City Green Bond

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 and ReNew Private Limited. The transaction, placed with institutional investors across Asia, the UK and the US and attracting peak demand of more than USD 2 billion, is notable as the first international bond issuance from a GIFT City issuer and is structured with a security package similar to ReNew’s 7.95% green bonds due 2026. Proceeds will primarily be used to redeem USD 525 million of those higher‑coupon Diamond II bonds, making the deal broadly debt-neutral while cutting the interest rate from 7.95% to 6.5% and extending maturity from 2026 to 2031, thereby lowering funding costs and strengthening ReNew’s long-term financial profile and access to diversified global capital pools.

The most recent analyst rating on (RNW) stock is a Hold with a $6.00 price target. To see the full list of analyst forecasts on ReNew Energy Global stock, see the RNW Stock Forecast page.

ReNew Energy Global Receives Proceeds From $191 Million Solar Project Sale

On December 29, 2025, ReNew Energy Global Plc said it had received most of the cash proceeds from the previously announced sale of a solar project first disclosed on October 8, 2025, a transaction with an enterprise value of about $191 million including net current assets. The deal will bring in roughly $97 million of cash to ReNew, of which about $82 million has already been collected and the remaining $15 million is expected within around two weeks following prepayment of existing project finance lenders, with the company planning to use the funds to repay existing holding-company debt and strengthen its balance sheet.

The most recent analyst rating on (RNW) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on ReNew Energy Global stock, see the RNW Stock Forecast page.

ReNew Energy Global Faces Setback as Masdar Withdraws from Acquisition Consortium

On December 15, 2025, ReNew Energy Global announced that the Abu Dhabi Future Energy Company PJSC-Masdar has withdrawn from a consortium that was planning to acquire ReNew’s share capital not already owned by the consortium members. This withdrawal has led to the termination of discussions regarding the proposed transaction, despite previous progress and increased offer prices. The company’s leadership, including CEO Sumant Sinha, remains optimistic about ReNew’s future, emphasizing strong business performance and growth prospects. The company reported a 22% increase in commissioned capacity and a 24% rise in Adjusted EBITDA year-over-year, with revised guidance for FY26. ReNew continues to focus on capitalizing on opportunities in the Indian market and plans to provide further updates in February 2026.

The most recent analyst rating on (RNW) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on ReNew Energy Global stock, see the RNW Stock Forecast page.

ReNew Energy Global Sells Gadag Transmission Project to IndiGrid

On December 2, 2025, ReNew Energy Global Plc announced the sale of its Gadag Transmission Limited project to IndiGrid Infrastructure Trust for approximately US$ 41 million, excluding cash and working capital adjustments. This transaction, which includes an earn-out related to Change-In-Law provisions, will result in a cash inflow of about US$ 15 million after debt transfer, subject to regulatory approvals, and marks a strategic move in ReNew’s asset management and industry positioning.

The most recent analyst rating on (RNW) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on ReNew Energy Global stock, see the RNW Stock Forecast page.

ReNew Energy Global Nears Acquisition Deal with Consortium

ReNew Energy Global Plc has announced significant progress in negotiations for a potential acquisition by a consortium including Masdar, CPP Investments, ADIA, and its CEO Sumant Sinha. The consortium aims to acquire all shares not already owned by its members for $8.15 per share. The transaction agreement is nearing finalization, with an expected completion by mid-December. However, there is no guarantee that a binding offer will be issued as planned, and further updates will be provided in the coming weeks.

The most recent analyst rating on (RNW) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on ReNew Energy Global stock, see the RNW Stock Forecast page.