ReNew is evolving from an Indian renewable power producer into a vertically integrated clean-energy platform, with record profits, stronger balance sheet discipline, and major upside if grid and leverage risks are managed.
Overview
ReNew Energy Global has entered a stronger strategic phase, delivering record FY26 profitability, rapid capacity additions, meaningful deleveraging, and a fast-scaling solar manufacturing business. Total income rose 38%, net profit more than doubled, and the portfolio exceeded 20 GW including committed projects. The company is well positioned for India’s renewable buildout, supported by C&I demand, RTC projects, storage, and domestic manufacturing policy. However, market valuation remains depressed after the failed takeover bid and ongoing concerns over leverage, curtailment, and execution risk.