ReNew Energy Global plc Q4 FY2025 earnings call

• Constructed over 2 gigawatts of RE assets since April 2024, with 1.95 gigawatts receiving COD approvals and 250 MW soon to be commissioned. - Contracted portfolio stands at 18.5 gigawatts + 1.1 gigawatt hours BESS, 18% higher year-on-year. - Won 4.8 gigawatts + 800 MWh BESS in FY '25, 14% market share in participated bids. - Manufacturing facilities fully stabilized, contributing meaningfully to P&L. - Secured $100M equity for cell facility expansion to 6.5 GW. - Raised $260M in past 6 months. - ESG achievements: LSEG A rating, CII Climate Action Program award, S&P Global Sustainability Yearbook inclusion, etc.

The IPP business delivered over 14% year-on-year EBITDA growth, with EBITDA margins in the IPP business at almost 83% (up from ~80% last year). The operating portfolio reached 11.2 gigawatts, a 17% increase year-on-year (21% excluding asset sales). The manufacturing business has 6.4 gigawatts of module manufacturing and 2.5 gigawatts of cells, fully stabilized with industry-leading efficiency, contributing to the P&L. It has an external order book of 1.4 gigawatts and has supplied 1.3 gigawatts to date. The cell facility was expanded with $100 million equity funding to 6.5 gigawatts to align with module capacity.

• Expect adjusted EBITDA 87-93B INR in FY '26, including ~1-2B INR from asset sales and 5-7B INR from manufacturing. - Plan to construct 1.6-2.4 GW projects in FY '26. - Cash flow to equity holders expected 14-17B INR in next fiscal. - PLF assumed similar to FY '25 at lower end of guidance range, potentially higher if better. - Module sales mix includes DCR (1.1 GW) and non-DCR (~300 MW) over the year. - 1.4 GW order book to be fulfilled through the fiscal year.

• Geopolitical strikes, inflation, tariffs, and trade tensions could impact results. - Refinancing risks, as seen with bonds due in July 2026. - Potential rare earth supply disruptions, though not currently an issue for ReNew as of now.

Q: Could you share the plans for refinancing the bonds due in July 2026?

A: We are monitoring the market continuously; will refinance in attractive dollar bond market windows and consider opportunistic moves on operating company debt.

Q: Are you seeing rare earth supply disruptions impacting ReNew or any of our peers?

A: So far, it's not really surfaced as an issue.

Q: For the module sales, any plans to sell outside of Indian markets?

A: We are in the process of building outside sales, currently contracted largely for Indian market.

Q: How could you take advantage of declining interest rates in India with financing?

A: Will relook at debt portfolio, explore refinancing and new debt to benefit from lower rates; almost 30-40% of debt is floating rate, expecting rate transmission benefits.