RNW: Q2 adjusted EBITDA grew 28%, and the FY27 guidance floor rose to INR 105bn

What happened

Q2 adjusted EBITDA rose 28% year over year to INR 33.6bn, and profit after tax increased 37% to INR 6.4bn, helped by growth in operating capacity. The FY27 EBITDA guidance floor rose to INR 105bn, with 1.3 GW commissioned year to date.

Confirmed

Global impact / market context

Higher profit and a raised guidance floor suggest ReNew Energy Global is expanding its operating base and expects steadier earnings, which matters because clearer expected cash earnings can support planning for debt repayment and future capital spending.

Analyst inference

Power producers like ReNew earn revenue from operating renewable plants, so newly commissioned capacity, 1.3 GW year to date, converts into sales over time. Investors often compare repeated adjusted EBITDA, a proxy for operating cash profit, against guidance to judge delivery.

Analyst inference

What to watch

1. Watch whether ReNew meets FY27 EBITDA guidance of at least INR 105bn, with 1.3 GW commissioned year to date, since more operating plants can add revenue and EBITDA. Confirmed
2. Track whether the company converts rising EBITDA and profit after tax into cash available for debt repayment and new capital spending, which would reduce borrowing needs. Proposed
3. Watch quarterly growth in adjusted EBITDA and profit after tax against operating capacity additions, because slower commissioning could weaken future revenue and pressure the guidance floor. Analyst inference

Evidence

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