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1. India's macroeconomic situation is relatively benign with S&P upgrading India's long-term credit rating and low inflation, and expectation of an Indo-U.S. trade deal. 2. Government of India reduced GST on most renewable energy items from 12% to 5%. 3. Since October last year, ReNew has commissioned over 2.1 gigawatts of renewable energy capacity, representing a 22% growth in portfolio after adjusting for asset sales. 4. Signed PPAs for 3.8 gigawatts of installed renewable energy capacity over the past 4 quarters. 5. Manufacturing business is fully stabilized with 6.4 GW of modules and 2.5 GW of cells capacity, produced over 2 GW of modules and over 900 MW of cells in H1 FY '26, and received $100 million investment from British International Investments for cell facility expansion. 6. ESG performance: S&P Global Corporate Sustainability Assessment score of 83, highest for Indian IPP, recognized in Fortune Global Change the World list 2025 for the third time, and published inaugural climate and nature risk reports.

1. Reiterated FY '26 megawatt guidance and is on track to complete construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026. 2. Reaffirmed fiscal year 2026 adjusted EBITDA guidance of INR 87 billion to INR 93 billion. 3. Revised FY '26 adjusted EBITDA guidance for manufacturing upwards to INR 10 billion to INR 12 billion. 4. Expect to construct 1.6 to 2.4 gigawatt of projects during FY '26 and generate cash flow to equity of INR 14 billion to INR 17 billion.

For the first half of fiscal year 2026, ReNew achieved an adjusted EBITDA of INR 53.5 billion, marking a 24% year-on-year growth. The manufacturing business, with an operational capacity of 6.4 gigawatts of modules and 2.5 gigawatts of cells, contributed significantly. In the first half, manufacturing delivered an adjusted EBITDA of INR 8.6 billion. For the quarter, manufacturing contributed INR 3.3 billion to adjusted EBITDA. ReNew revised its FY '26 adjusted EBITDA guidance for manufacturing upwards to INR 10 billion to INR 12 billion. Year-to-date, the company commissioned over 1.2 gigawatts of renewable energy capacity, with approximately 750 megawatts of solar and nearly 500 megawatts of wind.

1. Climatic emissions trend with extended monsoon leading to muted power demand growth and lower solar PLFs. 2. Uncertainty around transmission projects for some PPAs, including issues like the Great Indian Bustard affecting timelines. 3. Competitive battery energy storage tenders with aggressive bids making ReNew less active in that space.

Q: Justin Clare asked about progress on contracting, expectations for additional PPA signings, transmission status for projects, and manufacturing business EBITDA margin decline.

A: Sumant Sinha and Kailash Vaswani responded that they've made progress on PPAs with ~6 GW LOAs, transmission connectivity is blocked but some DISCOMs want projects faster, and manufacturing margin decline was due to lower realizations in Q2 and strategic procurement in Q1.

Q: Nikhil Nigania inquired about solar manufacturing cell expansion timelines, manufacturing price softening, committed pipeline complexity, transmission project completion, and battery energy storage tenders.

A: Sumant Sinha and Kailash Vaswani said cell expansion pre-commissioning expected next year, price softening due to capacity increase and seasonality, committed pipeline projects to be done by FY '29, transmission projects have varying timelines, and ReNew is not active in aggressive battery tenders.

Q: Puneet Gulati asked about curtailment, connectivity for projects, and RTC peak power projects.

A: Sumant Sinha and Anunay Shahi replied there was curtailment in Rajasthan affecting ~INR 100 crores, most connectivity is ready except Great Indian Bustard issue, and RTC peak power projects are fully commissioned with good performance.

Q: Maheep Mandloi questioned manufacturing normalized margins, take-private offer timeline, and privatization bid updates.

A: Kailash Vaswani said normalized margins depend on demand-supply, take-private offer process expected in November, and only one bid received from consortium so far.

Q: Nikhil Nigania followed up on 6 GW solar LOAs and government plans to cancel renewable tenders.

A: Sumant Sinha stated government is encouraging REIAs to sign PPAs and cancellations are selective and case-by-case, not immediate.