Detailed financial statements for ReNew Energy Global Plc (RNW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
ReNew Energy Global Plc specializes in generating clean, renewable power across India. Its core business segments are wind power and solar power. The company adopts an integrated approach, overseeing the development, construction, ownership, and operation of both large-scale utility wind and solar farms, alongside localized distributed solar projects designed for commercial and industrial clients.
Analysis Summary
ReNew Energy Global Plc reported revenue of 139.10B INR in the most recent fiscal year, growing at a 5-year CAGR of 23.6%.
Trailing-twelve-month margins: gross margin 61.9%, operating margin 42.1%, net margin 8.1%.
At the current price of $6.88, RNW trades at a P/E of 21.29 and an ROE of 9.00%. Market capitalisation stands at $2.5B.
Balance sheet quality for RNW: current ratio of 0.4, net debt of 689.44B INR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -77.18B INR represents -706% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13.07B INR | 24.62B INR | 43.14B INR | 48.41B INR | 48.19B INR | 59.35B INR | 78.22B INR | 81.32B INR | 97.06B INR | 139.10B INR |
| Cost of Revenue | 3.9M INR | 522.0M INR | 81.0M INR | 530.0M INR | 426.0M INR | 324.0M INR | 6.96B INR | 3.84B INR | 8.59B INR | 57.69B INR |
| Gross Profit | 13.07B INR | 24.09B INR | 43.06B INR | 47.88B INR | 47.76B INR | 59.02B INR | 71.27B INR | 77.47B INR | 88.47B INR | 81.41B INR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 548.8M INR | 938.0M INR | 2.76B INR | 2.17B INR | 2.98B INR | 7.81B INR | 8.57B INR | 8.60B INR | 8.50B INR | 21.10B INR |
| Operating Expenses | 5.44B INR | 9.99B INR | 12.62B INR | 15.47B INR | 17.84B INR | 24.83B INR | 28.86B INR | 31.53B INR | 36.56B INR | 21.10B INR |
| Operating Income | 7.69B INR | 14.20B INR | 31.37B INR | 32.41B INR | 29.92B INR | 34.19B INR | 42.41B INR | 45.95B INR | 51.91B INR | 60.30B INR |
| EBITDA | 11.51B INR | 21.30B INR | 40.70B INR | 44.05B INR | 42.63B INR | 37.98B INR | 57.45B INR | 68.75B INR | 81.08B INR | 107.44B INR |
| Interest Expense | 0 | 0 | 26.27B INR | 33.44B INR | 475.0M INR | 529.0M INR | 546.7M INR | 43.03B INR | 598.3M INR | 64.98B INR |
| Pre-tax Income | 1.02B INR | 841.0M INR | 4.93B INR | -623.0M INR | -5.13B INR | -12.23B INR | -2.47B INR | 8.14B INR | 10.03B INR | 14.33B INR |
| Income Tax | 508.3M INR | 321.0M INR | 1.82B INR | 2.16B INR | 2.90B INR | 3.90B INR | 2.56B INR | 4.00B INR | 5.44B INR | 3.40B INR |
| Net Income | 338.2M INR | 300.0M INR | 2.65B INR | -2.70B INR | -7.82B INR | -16.08B INR | -4.82B INR | 3.40B INR | 3.81B INR | 10.93B INR |
| EPS | $1.13 | $0.87 | $6.86 | $-7.04 | $-19.97 | $-40.58 | $-13.48 | $9.94 | $10.92 | $29.75 |
| EPS (Diluted) | $1.13 | $0.87 | $6.60 | $-7.04 | $-19.97 | $-40.58 | $-13.34 | $9.92 | $10.92 | $29.75 |
| Shares Outstanding (Diluted) | 300.5M INR | 346.1M INR | 400.7M INR | 400.7M INR | 400.7M INR | 399.2M INR | 376.8M INR | 365.5M INR | 366.4M INR | 368.5M INR |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 36.27B INR | 25.35B INR | 32.29B INR | 44.85B INR |
| Gross Profit | 30.66B INR | 14.35B INR | 15.78B INR | 25.07B INR |
| Operating Income | 18.78B INR | 9.33B INR | 9.55B INR | 20.71B INR |
| EBITDA | 27.20B INR | 22.13B INR | 25.13B INR | 28.09B INR |
| Net Income | 4.67B INR | -199.6M INR | 789.1M INR | 5.99B INR |
| EPS | $13.31 | $-0.55 | $2.17 | $16.19 |
| EPS (Diluted) | $12.43 | $-0.55 | $2.13 | $16.19 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 27.14B INR | 13.91B INR | 10.12B INR | 13.09B INR | 20.68B INR | 28.38B INR | 38.18B INR | 27.02B INR | 40.42B INR | 68.17B INR |
| Short-term Investments | 4.51B INR | 10.35B INR | 15.38B INR | 31.20B INR | 26.56B INR | 50.89B INR | 42.45B INR | 52.65B INR | 40.92B INR | 7.14B INR |
| Receivables | 6.72B INR | 9.65B INR | 19.28B INR | 25.94B INR | 40.01B INR | 48.92B INR | 23.66B INR | 18.73B INR | 20.42B INR | 20.22B INR |
| Inventory | 13.6M INR | 153.0M INR | 719.0M INR | 609.0M INR | 833.0M INR | 815.0M INR | 1.19B INR | 1.69B INR | 4.16B INR | 13.27B INR |
| Total Current Assets | 41.39B INR | 49.23B INR | 51.17B INR | 84.92B INR | 92.32B INR | 135.21B INR | 109.87B INR | 104.44B INR | 118.38B INR | 132.60B INR |
| Property, Plant & Equipment | 146.67B INR | 245.89B INR | 282.51B INR | 345.30B INR | 353.80B INR | 455.06B INR | 559.96B INR | 696.60B INR | 769.57B INR | 811.80B INR |
| Goodwill | 292.7M INR | 10.95B INR | 11.38B INR | 11.38B INR | 11.60B INR | 11.60B INR | 11.60B INR | 11.60B INR | 11.60B INR | 40.27B INR |
| Intangible Assets | 1.17B INR | 26.63B INR | 25.68B INR | 24.59B INR | 24.81B INR | 28.13B INR | 27.00B INR | 26.29B INR | 24.62B INR | 0 |
| Total Assets | 201.27B INR | 345.77B INR | 398.02B INR | 479.56B INR | 492.05B INR | 641.34B INR | 746.49B INR | 873.93B INR | 959.80B INR | 1.04T INR |
| Accounts Payable | 2.40B INR | 2.73B INR | 3.03B INR | 3.73B INR | 3.25B INR | 5.61B INR | 6.12B INR | 9.09B INR | 8.17B INR | 18.83B INR |
| Short-term Debt | 18.32B INR | 29.16B INR | 36.20B INR | 35.07B INR | 41.10B INR | 70.53B INR | 63.11B INR | 81.45B INR | 140.71B INR | 243.74B INR |
| Total Current Liabilities | 40.61B INR | 53.29B INR | 58.06B INR | 52.73B INR | 60.79B INR | 101.28B INR | 115.93B INR | 142.04B INR | 196.44B INR | 318.83B INR |
| Long-term Debt | 102.45B INR | 209.29B INR | 253.78B INR | 320.61B INR | 308.44B INR | 373.73B INR | 467.29B INR | 565.86B INR | 582.31B INR | 509.89B INR |
| Total Liabilities | 144.42B INR | 271.09B INR | 321.69B INR | 400.71B INR | 427.31B INR | 514.97B INR | 628.09B INR | 752.24B INR | 828.69B INR | 893.64B INR |
| Retained Earnings | -1.12B INR | -2.17B INR | -3.12B INR | 3.49B INR | -6.49B INR | -38.42B INR | -53.61B INR | -56.43B INR | -53.76B INR | -42.37B INR |
| Total Equity | 53.72B INR | 71.27B INR | 72.71B INR | 74.53B INR | 62.08B INR | 118.44B INR | 106.85B INR | 105.22B INR | 112.60B INR | 123.37B INR |
| Total Debt | 120.77B INR | 238.45B INR | 289.98B INR | 357.07B INR | 351.65B INR | 447.71B INR | 536.58B INR | 655.66B INR | 732.28B INR | 764.75B INR |
| Net Debt | 89.11B INR | 204.91B INR | 264.48B INR | 312.78B INR | 304.41B INR | 368.45B INR | 455.95B INR | 575.99B INR | 650.94B INR | 689.44B INR |
| Working Capital | 776.6M INR | -4.06B INR | -6.89B INR | 32.19B INR | 31.53B INR | 33.93B INR | -6.06B INR | -37.61B INR | -78.05B INR | -186.22B INR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 40.81B INR | 83.21B INR | 68.17B INR | 77.31B INR |
| Total Assets | 1.01T INR | 1.03T INR | 1.04T INR | 1.09T INR |
| Total Liabilities | 873.97B INR | 891.68B INR | 893.64B INR | 937.67B INR |
| Total Equity | 122.13B INR | 123.55B INR | 123.37B INR | 131.23B INR |
| Total Debt | 760.30B INR | 776.52B INR | 764.75B INR | 806.95B INR |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 338.2M INR | 300.0M INR | 4.93B INR | -623.0M INR | -5.13B INR | -12.23B INR | -2.47B INR | 8.14B INR | 10.03B INR | 10.93B INR |
| Depreciation & Amortization | 3.82B INR | 7.11B INR | 9.50B INR | 11.24B INR | 12.03B INR | 13.76B INR | 15.90B INR | 17.58B INR | 20.67B INR | 28.13B INR |
| Stock-based Compensation | 294.8M INR | 403.0M INR | 183.0M INR | 72.0M INR | 203.0M INR | 2.41B INR | 1.97B INR | 1.65B INR | 1.28B INR | 0 |
| Change in Working Capital | -4.72B INR | -1.44B INR | -9.32B INR | -6.65B INR | -10.57B INR | -5.32B INR | 6.87B INR | 5.16B INR | -5.65B INR | -6.43B INR |
| Operating Cash Flow | 8.99B INR | 19.91B INR | 30.00B INR | 35.09B INR | 32.08B INR | 42.39B INR | 66.67B INR | 68.93B INR | 67.56B INR | 23.15B INR |
| Capital Expenditure | -67.84B INR | -52.30B INR | -61.20B INR | -39.30B INR | -24.48B INR | -89.83B INR | -91.38B INR | -153.84B INR | -93.66B INR | -100.33B INR |
| Acquisitions | -1.24B INR | -43.13B INR | -941.0M INR | -762.0M INR | 3.61B INR | -11.16B INR | -3.13B INR | 4.09B INR | 3.59B INR | 3.05B INR |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -1.31B INR | -13.28B INR | -4.82B INR | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -19.61B INR | 0 | 0 | 0 | 0 |
| Free Cash Flow | -58.84B INR | -32.39B INR | -31.20B INR | -4.21B INR | 7.60B INR | -47.44B INR | -24.70B INR | -84.91B INR | -26.09B INR | -77.18B INR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 28.81B INR | 22.65B INR | -1.68B INR | 5.61B INR |
| Capital Expenditure | -31.61B INR | -29.67B INR | -21.35B INR | -27.72B INR |
| Free Cash Flow | -2.79B INR | -7.02B INR | -23.03B INR | -22.12B INR |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 229.0M INR | 296.0M INR | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +88.3% | +75.3% | +12.2% | -0.5% | +23.2% | +31.8% | +4.0% | +19.4% | +43.3% | |
| Net Income Growth (YoY) | -11.3% | +782.0% | -201.9% | -190.0% | -105.6% | +70.0% | +170.7% | +12.0% | +186.5% | |
| EPS Growth (YoY) | -23.0% | +688.5% | -202.6% | -183.7% | -103.2% | +66.8% | +173.7% | +9.9% | +172.4% | |
| Shares Change (YoY) | +15.2% | +15.8% | +0.0% | +0.0% | -0.4% | -5.6% | -3.0% | +0.2% | +0.6% | |
| FCF Growth (YoY) | +45.0% | +3.7% | +86.5% | +280.5% | -724.3% | +47.9% | -243.7% | +69.3% | -195.8% | |
| Gross Margin | 100.0% | 97.9% | 99.8% | 98.9% | 99.1% | 99.5% | 91.1% | 95.3% | 91.1% | 58.5% |
| Operating Margin | 58.9% | 57.7% | 72.7% | 66.9% | 62.1% | 57.6% | 54.2% | 56.5% | 53.5% | 43.4% |
| EBITDA Margin | 88.0% | 86.5% | 94.3% | 91.0% | 88.5% | 64.0% | 73.4% | 84.5% | 83.5% | 77.2% |
| Net Margin | 2.6% | 1.2% | 6.1% | -5.6% | -16.2% | -27.1% | -6.2% | 4.2% | 3.9% | 7.9% |
| FCF Margin | -450.1% | -131.6% | -72.3% | -8.7% | 15.8% | -79.9% | -31.6% | -104.4% | -26.9% | -55.5% |
| Effective Tax Rate | 49.9% | 38.2% | 36.9% | -346.4% | -56.6% | -31.8% | -103.6% | 49.1% | 54.2% | 23.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-195.83 | $-93.58 | $-77.86 | $-10.51 | $18.96 | $-118.84 | $-65.55 | $-232.30 | $-71.22 | $-209.42 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $49.12 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 299.3M INR | 344.8M INR | 385.7M INR | 400.7M INR | 400.7M INR | 399.2M INR | 373.0M INR | 365.5M INR | 362.7M INR | 363.7M INR |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 9.00% |
| Return on Invested Capital | 4.47% |
| Return on Assets | 1.03% |
| Gross Margin | 61.88% |
| Operating Margin | 42.07% |
| Net Margin | 8.11% |
Financial Health
| Debt / Equity | 6.15 |
| Current Ratio | 0.43 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.16 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 626.21 | 816.57 | 110.47 | -117.85 | -36.85 | -15.41 | -34.25 | 50.30 | 46.14 | 14.38 |
| P/B | 3.94 | 3.44 | 4.02 | 4.46 | 4.75 | 2.11 | 1.61 | 1.74 | 1.62 | 1.26 |
| P/S | 16.20 | 9.95 | 6.78 | 6.87 | 6.12 | 4.21 | 2.20 | 2.25 | 1.88 | 1.12 |
| Gross Margin | 100.0% | 97.9% | 99.8% | 98.9% | 99.1% | 99.5% | 91.1% | 95.3% | 91.1% | 58.5% |
| Operating Margin | 58.9% | 57.7% | 72.7% | 66.9% | 62.1% | 57.6% | 54.2% | 56.5% | 53.5% | 43.4% |
| Net Margin | 2.6% | 1.2% | 6.1% | -5.6% | -16.2% | -27.1% | -6.2% | 4.2% | 3.9% | 7.9% |
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Explore sector: Utilities · Renewable Utilities
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