ReNew Energy Global Plc Q3 FY2026 earnings call

• Macro front: India-US trade deal benefits economy, rupee recovery, benign financing environment. - Sector: Electricity demand recovery, operating capacity increased, portfolio optimized with reduction in wind capacity and increase in BESS and solar. - Financial: Adjusted EBITDA growth, successful bond offering, asset sales, manufacturing business performance. - ESG: High ESG ratings, water positive certification for sites, CSR initiatives. - Key strengths: In-house O&M and EPC capabilities, secured connectivity for portfolio, consistent EBITDA growth without new equity issuance

Adjusted EBITDA increased by 31% to INR 74.8 billion for the 9 months ending December 31, 2026. Manufacturing business contributed INR 10.8 billion to adjusted EBITDA for the first 9 months. Operating capacity increased from 10.7 gigawatts to 11.8 gigawatts, with portfolio increasing by 19% or 2 gigawatts over 12 months. C&I business portfolio expanded by ~30% over past year. Operating portfolio debt-to-EBITDA at ~5.5x levels

• Increased lower end of adjusted EBITDA guidance range to INR 90 billion to INR 93 billion. - Expect to construct 1.8 to 2.4 gigawatts in fiscal year ending March 31, 2026. - Increased guidance for adjusted EBITDA contribution from manufacturing business to INR 11 billion to INR 13 billion. - Expect cash flow to equity of INR 14 billion to INR 17 billion

• Risks and uncertainties in forward-looking statements. - Transmission project delays and curtailment issues impacting the industry, which are outside control but affect results

Q: On revised strategy of more solar and BESS, what drove decision and plans for BESS manufacturing?

A: Decrease in wind due to BESS price drop, wind variability, easier solar execution; no active plan for BESS manufacturing due to import cost, technology speed, and EV industry focus.

Q: On industry issues like transmission delays and curtailment, directional improvement?

A: Discussions in ministries, joint committee on curtailment, efforts to improve transmission build-out.

Q: On change in configuration, IRRs better than wind?

A: Solar has tended to give higher returns than wind on account of CapEx reductions.

Q: On leverage, how much more to bring down and target date?

A: Intention to bring headline leverage down to ~5.5x, aiming for between '28 to '30 time