ReNew Energy Global Plc Q4 FY2025 earnings call

• Operating megawatts reached 11.2 GW, a new high, 17% higher than last year (21% on like-for-likes excluding asset sales).
• Contracted portfolio stands at 18.5 GW along with 1.1 GW hours BESS, 18% higher than last year. Added 1.3 GW of PPAs since Q3 FY '25 and 5.3 GW since April 2024.
• Won 4.8 GW + 800-MWh BESS in FY '25, capturing 14% market share in participated bids.
• Manufacturing facilities with 6.4 GW module and 2.5 GW cell manufacturing fully stabilized, industry-leading efficiency, current external order book 1.4 GW, supplied 1.3 GW till date.
• Secured $100M equity funding to expand cell facility by 4 GW to 6.5 GW.
• Raised $260M in last 6 months, EBITDA growth despite weaker wind, cost-saving initiatives improving IPP business margins to ~83%, ESG achievements including LSEG ESG rating A, CII Climate Action Program award, etc.

In terms of segment performance, ReNew Power delivered over 14% year-on-year EBITDA growth in FY '25 despite a weaker wind resource. The IPP business saw EBITDA margins at almost 83% (up from ~80% last year). The manufacturing business has existing facilities with 6.4 GW of module manufacturing and 2.5 GW of cells, fully stabilized and contributing to the P&L. External sales from manufacturing contributed INR 4.2 billion to consolidated FY '25 EBITDA and INR 3.6 billion in Q4 FY '25. The current external order book in manufacturing is 1.4 GW, with 1.3 GW already supplied till date.

• Expect adjusted EBITDA in FY '26 between INR 87 billion to INR 93 billion, including INR 1 billion to INR 2 billion from asset sales and INR 5 billion to INR 7 billion from manufacturing operations.
• Expect to construct around 1.6 to 2.4 gigawatt of projects in FY '26.
• Expect cash flow to equity holders of INR 14 billion to INR 17 billion in next fiscal year.

Q: Fiscal '26 guidance, PLF trend, module sales expectation, CapEx financing A: Kailash Vaswani mentioned PLF levels in FY '26 to be similar to FY '25 at lower end of guidance range, module sales mix includes DCR and non-DCR with 1.4 GW order book, CapEx for TOPCon facility to be financed with 70% debt and 30% equity Q: Module sales outside India, margin expectation, booking timing A: Kailash stated current order book largely for Indian market, margins cautiously optimistic to remain in same range, bookings to occur throughout FY '26 Q: Refinancing bonds due July 2026 A: Kailash Vaswani said monitoring market continuously, will refinance U.S. dollar bonds when attractive, and be opportunistic with operating company debt Q: Rare earth supply disruptions impacting ReNew A: Sumant Sinha responded that so far, rare earth supply disruptions have not surfaced as an issue for ReNew or peers