ReNew Energy Global plc (RNW)

Price$6.84Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe stock looks fairly priced because it trades near a credible cash bid while operating risks limit extra upside.

The quote is roughly 2% below the consortium’s cash consideration, so much near-term value depends on deal completion rather than independent earnings. Using about 364 million shares, the market value is approximately $2.5 billion. FY2025 earnings of $54 million imply roughly 46 times reported earnings, while annualizing Q1 FY27 profit of $63 million implies about 10 times. The narrow offer gap is not enough to call the shares a bargain without certainty, supporting a Fair-priced verdict.

Big pictureGrowth is real, but the company still converts expansion into weak owner cash.

Revenue rose from $976 million in FY2024 to $1.136 billion in FY2025, while operating income improved from $100 million to $118 million. EBITDA, a measure of operating profit before financing, taxes, depreciation, and amortization, increased from $311 million to $360 million. Yet cash generated from operations fell to $791 million, while capital spending was $1.096 billion, producing roughly negative $305 million of free cash flow, meaning cash left after running and investing in the business. Repeated expansion therefore still requires outside funding.

Business strengthA larger renewable platform and profitable manufacturing arm support the bull case, though results remain weather-sensitive.

ReNew reported about 13.1 gigawatts of commissioned capacity in June 2026, up 17% year over year, within a roughly 20.5-gigawatt portfolio including storage. Q1 FY27 revenue reached $506 million, net profit $63 million, and adjusted EBITDA $321 million, all above the prior-year quarter. Manufacturing added $177 million of revenue and $41 million of profit. The bull case is credible, but solar utilization fell in the first nine months of FY26 while wind improved, showing that resource conditions can materially change results.

What could change the storyValue improves if cash generation and debt fall; it weakens if growth needs continual borrowing or deal completion fails.

The FY2025 balance sheet lists $8.57 billion of debt, $473 million of cash, and $2.30 billion of current liabilities against $1.386 billion of current assets, leaving limited liquidity protection. Shares declined from 399.2 million in FY2022 to 362.8 million in FY2025, then rose slightly to 364.4 million, so dilution has been modest. The current valuation requires FY27 cash flow to equity of INR18–22 billion without major weather misses or reliance on asset-sale gains. A failed scheme would expose shareholders to the heavily leveraged standalone business.

AI: News

Take-private agreement signedA consortium signed a recommended cash deal, making completion risk the main near-term driver of RNW.

On August 11, CPP Investments and founder Sumant Sinha signed a transaction agreement to acquire shares not already held by the consortium, subject to shareholder and court approval. The offer values equity at about $2.8 billion and enterprise value at about $10.2 billion. Eligible holders can take cash or, subject to conditions, roll shares. JERA and Platinum Cactus support collectively covered about 51.1% of voting power. The small market-to-offer gap implies some execution risk, an inference rather than a confirmed failure signal.

First-quarter profit grewFirst-quarter revenue, profit, and operating earnings rose, supporting growth but not removing balance-sheet pressure.

On August 18, ReNew reported Q1 FY27 revenue of $506 million versus $435 million, net profit of $63 million versus $54 million, and adjusted EBITDA, or operating earnings before financing and non-cash charges, of $321 million versus $288 million. Commissioned capacity reached about 13.1 gigawatts, up 17% year over year. Manufacturing contributed $177 million of revenue and $41 million of profit. FY27 guidance depends on weather and resource availability remaining similar to the prior year.

FY26 earnings resetFull-year results showed record profit and rapid capacity growth, but final-quarter profit fell sharply against the prior year.

On May 18, ReNew reported FY26 net profit of $111 million versus $49 million and adjusted operating earnings of $1.05 billion versus $844 million, while commissioned capacity rose 16.6% to about 12.6 gigawatts. However, Q4 net profit fell to $8 million from $33 million. Manufacturing supplied $447 million of FY26 revenue and $94 million of profit, making the growth story more diversified but also more exposed to equipment demand and margins. The mixed quarter makes sustained execution important.

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Revenue

2021

2022

2023

2024

Net income

2021

2022

2023

2024

Free cash flow

2021

2022

2023

2024

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

Financial statements

	2026	2024	2023	2022	2021	2020	2019	2018
Revenue	—	$1.14B	$976.0M	$1.09B	$912.0M	—	—	—
Operating expenses	—	$1.16B	$1.06B	$1.12B	$1.07B	—	—	—
Operating income	—	$118.0M	$100.0M	−$31.0M	−$161.0M	—	—	—
Operating margin	—	10.39%	10.25%	−2.85%	−17.65%	—	—	—
EBITDA	—	$360.0M	$311.0M	$162.0M	$20.0M	—	—	—
EBITDA margin	—	31.69%	31.86%	14.90%	2.19%	—	—	—
Net income	—	$54.0M	$50.0M	−$61.0M	−$213.0M	—	—	—
Net profit margin	—	4.75%	5.12%	−5.61%	−23.36%	—	—	—
Basic EPSper basic share	—	$0.13	$0.12	-$0.15	-$0.54	—	—	—
Diluted EPSper diluted share	—	$0.13	$0.12	-$0.15	-$0.54	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of RNW
Holder	Shares held
CANADA PENSION PLAN INVESTMENT BOARD	76.5M
FRANKLIN RESOURCES INC	14.96M
Rubric Capital Management LP	11M
BlackRock, Inc.	9.7M
MILLENNIUM MANAGEMENT LLC	6.22M
NORGES BANK	3.49M
Invesco Ltd.	3.3M
MSD Partners, L.P.	2.09M
Swedbank AB	1.64M
Man Group plc	1.44M
ACADIAN ASSET MANAGEMENT LLC	1.07M
FIRST TRUST ADVISORS LP	1.03M
D. E. Shaw & Co., Inc.	932.62K
Northwest & Ethical Investments L.P.	752.9K
Robeco Institutional Asset Management B.V.	741.13K
RENAISSANCE TECHNOLOGIES LLC	616.6K
Nuveen, LLC	593.72K
STATE STREET CORP	570.93K
CITIGROUP INC	561.46K
Lumbard & Kellner, LLC	518.29K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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ReNew Energy Global plc (RNW)

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