ReNew Energy Global PLC (RNW) Q4 2025 Earnings Call Highlights: Strong Growth in Operating ...
Contracted Portfolio: 18.5 gigawatts, with an additional 1.1 gigawatts of BESS.
EBITDA Growth: Over 14% year-on-year.
EBITDA Margins (IPP Business): Approximately 83%, up from a little over 80% last year.
Profit Before Tax: INR10 billion, a 23% increase for the year.
Adjusted EBITDA (Q4): INR22.1 billion, a 32% increase year-over-year.
Profit Before Tax (Q4): INR3 billion, up from INR2.1 billion in the same quarter last year.
Profit After Tax (Q4): INR3.1 billion.
Profit After Tax (Full Year FY25): INR4.6 billion.
Debt Financing Raised: Approximately USD2 billion during the year.
DSOs: 71 days, down from 77 days one year ago.
Guidance for FY26 Adjusted EBITDA: INR87 billion to INR93 billion.
Guidance for FY26 Cash Flow to Equity Holders: INR14 billion to INR17 billion.
Warning! GuruFocus has detected 11 Warning Signs with RNW.
Release Date: June 16, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
ReNew Energy Global PLC (NASDAQ:RNW) achieved a new high in operating megawatts, reaching 11.2 gigawatts, a 17% increase year-over-year.
The company secured $100 million in equity funding to expand its solar cell facility, enhancing its supply chain security.
ReNew Energy Global PLC (NASDAQ:RNW) delivered over 14% EBITDA growth year-on-year, with improved margins in its IPP business.
The company has a robust contracted portfolio of 18.5 gigawatts, with an additional 1.1 gigawatts of BESS, reflecting strong market positioning.
ReNew Energy Global PLC (NASDAQ:RNW) achieved significant ESG milestones, including a Grade A LSEG rating and recognition in Morningstar Sustainalytics' 2025 Top-Rated ESG Companies list.
The PLF for wind and solar assets declined year-over-year, impacting overall performance.
Weather patterns negatively affected adjusted EBITDA, offsetting some financial benefits.
The company faces potential delays in project execution due to grid network build-out challenges.
ReNew Energy Global PLC (NASDAQ:RNW) has a high leverage ratio, with operating business leverage slightly above 6x.
The company is exposed to refinancing risks, with bonds due in July 2026 requiring strategic market monitoring.
Q: What are the assumptions for PLF (Plant Load Factor) for fiscal '26, given the decline in fiscal '25? A: Kailash Vaswani, CFO, stated that the PLF levels for fiscal '26 are assumed to be similar to fiscal '25 at the lower end of the guidance range. If PLF levels improve, the results could be better than currently projected.
Q: What are the expectations for module sales in fiscal '26, and what is the timeline for the 1.4 gigawatt order book? A: Kailash Vaswani explained that the 1.4 gigawatt order book is expected to be fulfilled throughout the fiscal year. The mix includes 1.1 gigawatts of DCR-based sales and around 300 megawatts of non-DCR sales, primarily through tolling arrangements.
Q: How will the $330 million to $350 million CapEx for the TOPCon cell facility be financed? A: Kailash Vaswani mentioned that the financing will follow a 70% debt and 30% equity structure, similar to previous phases. Discussions with lenders are ongoing, and capital raised from recycling will support the IPP business.
Q: Are there plans to sell modules outside of India, and what are the expected margins for FY26? A: Kailash Vaswani noted that current contracts are primarily for the Indian market, focusing on DCR sales. Margins are expected to remain stable, benefiting from industry-leading efficiency levels at their cell plant.
Q: How will declining interest rates in India impact debt financing and refinancing strategies? A: Kailash Vaswani stated that they will opportunistically refinance existing debt to benefit from lower rates and apply these rates to new debt for expansion projects. Approximately 30-40% of their debt is floating rate, which will naturally benefit from rate cuts.
Q: What are the plans for refinancing bonds due in July 2026? A: Kailash Vaswani explained that they are monitoring the market and will refinance when conditions are favorable. They may also consider moving some debt to India if it proves beneficial.
Q: Are there any rare earth supply disruptions affecting ReNew or its peers? A: Sumant Sinha, CEO, confirmed that rare earth supply disruptions have not surfaced as an issue for ReNew or its peers.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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