ReNew Energy Global plc (NASDAQ: RNW) reported higher income and higher profit for the first quarter of its fiscal year 2027, and it did so a week after agreeing terms under which its founder and its largest institutional shareholder would take it private. The results, for the quarter ended June 30, 2026, were released on August 18, 2026 and furnished to the U.S. Securities and Exchange Commission on Form 6-K. Rupee amounts are translated at INR 94.66 to US$ 1.00.
Total income was INR 47,864 million (US$ 506 million), against INR 41,182 million (US$ 435 million) a year earlier. The company put the increase down to higher operational capacity, larger external sales from its solar module and cell manufacturing operations, and gains from asset sales, offset in part by a lower plant load factor and revenue given up on divested assets. That figure includes finance income and fair value change in share warrants of INR 1,184 million (US$ 13 million). Net profit was INR 5,953 million (US$ 63 million) against INR 5,131 million (US$ 54 million). Adjusted EBITDA, a non-IFRS measure, was INR 30,392 million (US$ 321 million) against INR 27,220 million (US$ 288 million), a rise of 12%.
Two businesses inside one result
The manufacturing arm accounts for a disproportionate share of the movement. Total income from external sales of solar modules and cells was INR 16,777 million (US$ 177 million), up from INR 13,223 million (US$ 140 million), and the net profit attributed to that activity was INR 3,914 million (US$ 41 million) against INR 3,562 million (US$ 38 million). Adjusted EBITDA from those sales was INR 5,651 million (US$ 60 million) against INR 5,292 million (US$ 56 million), an increase of 7%.
The cost lines move with it. Raw materials and consumables used rose to INR 10,338 million (US$ 109 million) from INR 6,691 million (US$ 71 million), almost entirely attributable to external manufacturing sales. Employee benefits expense rose to INR 1,990 million (US$ 21 million) from INR 1,618 million (US$ 17 million), which the company links to headcount supporting manufacturing. Other expenses fell to INR 4,332 million (US$ 46 million) from INR 4,616 million (US$ 49 million) on lower provisions. Finance costs and fair value change in derivative instruments were INR 15,529 million (US$ 164 million), up 7.4% on a larger weighted average operational capacity.
Cash generated from operating activities was INR 21,570 million (US$ 228 million) against INR 11,876 million (US$ 125 million). Cash flow to equity, another non-IFRS measure, fell to INR 12,838 million (US$ 136 million) from INR 15,325 million (US$ 162 million) on higher loan repayment and interest paid. Cash, bank balances and liquid fund investments stood at INR 88,992 million (US$ 940 million) at June 30, 2026. Net debt was INR 697,123 million (US$ 7,364 million), a figure that includes INR 25,921 million (US$ 274 million) of convertible debentures held by joint venture partners in project companies. Total receivables were INR 29,673 million (US$ 313 million), of which INR 10,314 million (US$ 109 million) was unbilled, and days sales outstanding in the independent power producer business improved to 71 days from 74 days.
Capacity, volumes and the wind and sun
Commissioned capacity was about 13.1 GW as of June 30, 2026, including 100 MW/250 MWh of battery storage, split roughly 5.6 GW wind, 7.3 GW solar and 99 MW hydro, an increase of 17% year over year net of 100 MW of assets sold under the capital recycling strategy. The total portfolio was about 20.5 GW including 1.7 GW/6.2 GWh of storage. The company commissioned 616 MW in the quarter, 596 MW of solar and 20 MW of wind, and a further 466 MW of solar after the quarter closed, taking capacity to roughly 13.5 GW. It holds 6.4 GW of solar module and 2.5 GW of solar cell manufacturing capacity and is adding another 4 GW of cell capacity expected to be operational by December 2026.
Electricity sold was 7,377 million kWh, up 8.0%, with wind at 3,896 million kWh, up 9.9%, solar at 3,412 million kWh, up 7.4%, and hydro at 69 million kWh against 111 million kWh. Weighted average plant load factor for wind was 32.0% against 32.8%, and for solar 22.4% against 24.6%.
For scale, the Ministry of New and Renewable Energy recorded cumulative installed solar capacity of 164,594.75 MW and wind capacity of 58,136.89 MW as on 31.07.2026, with 14,334.05 MW of solar and 2,042.05 MW of wind added between 1st April 2026 and 31st July 2026. Guidance for the fiscal year ending March 31, 2027 was left unchanged at adjusted EBITDA of INR 103 to INR 109 billion and cash flow to equity of INR 18 to INR 22 billion, with 1.6 to 2.4 GW of construction planned, including INR 1 to 2 billion of asset sale gains and INR 10 to 12 billion of manufacturing adjusted EBITDA inside those numbers.
The take-private and the court that has to approve it
On August 11, 2026 ReNew entered into a transaction agreement with Canada Pension Plan Investment Board and Sumant Sinha, the founder, chairman and chief executive, to acquire the entire issued and to be issued share capital not already owned by consortium members for cash of US$7.02 per share. Each non-consortium shareholder may take the cash or elect to keep its shares and remain a shareholder, and a holder who does not make a rollover election before the court hearing receives the cash.
The structure is a UK scheme of arrangement, which is governed by Part 26 of the Companies Act 2006 and is not a tender offer. Under section 899, the court may sanction the scheme only if a majority in number representing 75% in value of the members or class of members present and voting, in person or by proxy, at the meeting summoned by the court agree to it. Once sanctioned and the order delivered to the registrar, the scheme binds every member of the class, including those who voted against it or did not vote.
Analysis: what a court-sanctioned buyout does to the reading of a quarter
The two disclosures describe the company on different terms. The quarter shows an independent power producer whose regulated revenue line grew modestly and whose manufacturing arm did the heavy lifting: external module and cell sales rose by more than a quarter while power sales moved far less, and the profit attributed to manufacturing was a substantial share of group net profit. That is a different risk profile from a pure contracted-generation portfolio, and it is more exposed to module pricing and to policy on domestic content than to wind speeds.
The physics were unhelpful this quarter and the company still grew. Both plant load factors fell year over year, wind from 32.8% to 32.0% and solar from 24.6% to 22.4%, so the 8.0% rise in electricity sold came from new capacity rather than better resource. Set against a national base where solar capacity alone stands at 164,594.75 MW, ReNew’s 616 MW of commissioning in the quarter is a share of a very large build, which is the context for a company that also sells modules into that build.
The scheme changes what the numbers are for. A 75% value threshold at a court-convened meeting, with the consortium’s own shares excluded from the class being asked, means the decision sits with a comparatively small pool of holders, and the rollover election means the alternative to accepting cash is holding unlisted stock in a company the consortium controls. Guidance for a full year ending March 31, 2027 was reaffirmed on August 18, 2026, one week after the transaction agreement, so the management forecast and the US$7.02 per share cash figure went on the record within the same week. None of these documents sets the two side by side. What a careful reader would look at next is the scheme document, the court meeting date, and whether net debt of INR 697,123 million requires consents that the scheme timetable has to accommodate.
