ReNew Announces Results for the Third Quarter of Fiscal 2026 (Q3 FY26) and Nine Months of Fiscal 2026, both ended December 31, 2025

GURUGRAM, India--(BUSINESS WIRE)--Feb. 16, 2026-- ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for Q3 FY26 and nine months ended December 31, 2025. Operating Highlights: As of December 31, 2025, the Company’s portfolio consisted of ~19.2 GWs (including 1.5 GW of BESS), compared to ~17.4 GWs as of December 31, 2024. In addition, the Company has 6.5 GW of solar module manufacturing facilities, a 2.5 GW solar cell manufacturing facility which is operational and a 4 GW solar cell manufacturing facility which is in the process of being built. The Company’s commissioned capacity has increased 7% year-over-year to ~11.4 GWs (+100 MW BESS) as of December 31, 2025. Subsequently, the Company commissioned ~240 MWs, taking the total capacity as on date to ~11.7 GWs (+100 MW BESS). Total Income (or total revenue) for Q3 FY26 was INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. Net loss for Q3 FY26 was INR 198 million (US$ 2 million) compared to loss of INR 3,879 million (US$ 43 million) for Q3 FY25. Adjusted EBITDA for Q3 FY26 was INR 21,381 million (US$ 238 million), as against INR 13,882 million (US$ 155 million) in Q3 FY25. Total Income (or total revenue) for the first nine months of FY26 was INR 111,087 million (US$ 1,236 million), compared to INR 75,911 million (US$ 845 million) for the first nine months of FY25. Net profit for first nine months of FY26 was INR 9,608 million (US$ 107 million) compared to INR 1,454 million (US$ 16 million) for the first nine months of FY25. Adjusted EBITDA for the first nine months of FY26 was INR 74,840 million (US$ 833 million), against INR 57,070 million (US$ 635 million) for the first nine months of FY25. Revenue from the sale of power for Q3 FY26 was INR 18,290 million (US$ 204 million), compared to INR 14,991 million (US$ 167 million) for Q3 FY25. Revenue from the sale of power for the first nine months of FY26 was INR 69,838 million (US$ 777 million) compared to INR 64,375 million (US$ 717 million) for the first nine months of FY25. Total Income (or total revenue) for Q3 FY26 from external sales of our solar module and cell manufacturing operations was INR 6,663 million (US$ 74 million). Net profit and Adjusted EBITDA for Q3 FY26 from external sales of our solar module and cell manufacturing operations was INR 1,080 million (US$ 12 million) and INR 2,151 million (US$ 24 million) respectively. Total Income (or total revenue) for the first nine months of FY26 includes external sales from our solar module and cell manufacturing operations amounting to INR 30,014 million (US$ 334 million), compared to INR 3,459 million (US$39 million) for the first nine months of FY25. Net profit and Adjusted EBITDA for the first nine months of FY26 from external sales from our solar module and cell manufacturing operations was INR 6,847 million (US$ 76 million) and INR 10,771 million (US$ 120 million) respectively, compared to INR 423 (US$ 5 million) and INR 597 (US$ 7 million) respectively for the first nine months of FY25. Note: the translation of Indian rupee amounts into U.S. dollars has been made at INR 89.84 to US$ 1.00. See note below for more information. Key Operating Metrics In Q3 FY26, we commissioned 288 MWs, which included 238 MWs of wind and 50 MWs of solar capacity. In the first nine months of FY26, we commissioned 1.3 GWs, of which 578 MWs was wind and 751 MWs was solar. Subsequent to the end of the quarter, the Company commissioned ~240 MWs, taking the total commissioned capacity as on date to ~11.7 GWs (+100 MW BESS). As of December 31, 2025, our total portfolio consisted of ~19.2 GWs (including 1.5 GW of BESS) and commissioned capacity was ~11.4 GWs (+100 MW BESS), of which ~5.5 GWs were wind, ~5.8 GWs were solar and 99 MWs were hydro. Our commissioned capacity increased by 7% year over year, net of the 600 MWs of assets sold in the first nine months of FY26 and 300 MWs sold in Q4 FY25 as part of our capital recycling strategy. Electricity Sold Total electricity sold in Q3 FY26 was 5,077 million kWh, an increase of 23.1% over Q3 FY25. Electricity sold in Q3 FY26 from wind assets was 2,178 million kWh, an increase of 52.2% from Q3 FY25. Electricity sold in Q3 FY26 from solar assets was 2,812 million kWh, an increase of 7.9% over Q3 FY25. Electricity sold for Q3 FY26 from hydro assets was 87 million kWh, an increase of 1.2% over Q3 FY25. Total electricity sold in the first nine months of FY26 was 18,874 million kWh, an increase of 14.0% over the first nine months of FY26. Electricity sold in the first nine months of FY26 from wind assets was 9,901 million kWh, an increase of 17.5% over the first nine months of FY25. Electricity sold in the first nine months of FY26 from solar assets was 8,579 million kWh, an increase of 10.8% over the first nine months of FY25. Electricity sold in the first nine months of FY26 from hydro assets was 394 million kWh, a marginal decrease of 0.3% from the first nine months of FY25. Plant Load Factor Our weighted average Plant Load Factor (“PLF”) for Q3 FY26 for wind assets was 18.1%, compared to 13.5% for Q3 FY25. The PLF for Q3 FY26 for solar assets was 20.9%, compared to 21.9% for Q3 FY25. Our weighted average PLF for the first nine months of FY26 for wind assets was 29.1%, compared to 26.7% for the first nine months of FY25. The PLF for the first nine months of FY26 for solar assets was 21.6%, compared to 23.5% for the first nine months of FY25. Total Income Total Income for Q3 FY26 was INR 31,372 million (US$ 349 million), compared to INR 21,198 million (US$ 236 million) for Q3 FY25. Total income benefited from higher revenue driven by an increase in operational capacity, gain on sale of assets, higher wind PLF and increase in external sales from our solar module and cell manufacturing operations, partially offset by revenue loss from sale of assets as part of our capital recycling strategy and lower solar PLF. Total Income includes finance income and fair value change in warrants of INR 1,205 million (US$ 14 million) and gain on sale of assets amounting to INR 4,622 million (US$ 51 million). Total Income (or total revenue) for Q3 FY26 from external sales of our solar module and cell manufacturing operations was INR 6,663 million (US$ 74 million), which was double the total income from Q3 FY25. Total Income for the first nine months of FY26 was INR 111,087 million (US$ 1,236 million), compared to INR 75,911 million (US$ 845 million) for the first nine months of FY25. Total income benefited from higher revenue driven by an increase in operational capacity, gain on sale of assets, higher wind PLF and increase in external sales from our solar module and cell manufacturing operations, partially offset by revenue loss from sale of assets as part of our capital recycling strategy and lower solar PLF. Total Income for the first nine months of FY26 includes finance income and fair value change in warrants of INR 3,623 million (US$ 40 million). Total Income (or total revenue) for the first nine months of FY26 includes external income from our solar module and cell manufacturing operations amounting to INR 30,014 million (US$ 334 million), compared to INR 3,459 million (US$39 million) for the first nine months of FY25. Raw Materials and Consumables Used (net of change in inventory) Raw materials and consumables used for Q3 FY26 were INR 3,150 million (US$ 35 million) compared to INR 2,575 million (US$ 29 million) for Q3 FY25. Raw materials and consumables used are primarily attributable to external sales from our solar module and cell manufacturing operations. Raw materials and consumables used for the first nine months of FY26 were INR 15,448 million (US$ 172 million), compared to INR 3,225 million (US$ 36 million) for the first nine months of FY25. Raw materials and consumables used are primarily attributable to external sales from our solar module and cell manufacturing operations. Employee Benefits Expense Employee benefits expense for Q3 FY26 was INR 1,303 million (US$ 15 million), compared to INR 816 million (US$ 9 million) due to an increase in headcount primarily attributable to external sales of our solar module and cell manufacturing operations. Employee benefits expense for Q3 FY26 includes expense attributable to external sales of our solar module and cell manufacturing operations amounting to INR 400 million (US$ 4 million). Employee benefits expense for the first nine months of FY26 was INR 4,341 million (US$ 48 million), compared to 3,409 million (US$ 38 million) for the first nine months of FY25, an increase of 27.3%, due to an increase in headcount primarily attributable to external sales from our solar module and cell manufacturing operations. Employee benefits expense attributable to external sales from our solar module and cell manufacturing operations for the first nine months of FY26 was INR 1,275 million (US$ 14 million), compared to INR 44 million (US$ 0.5 million) for the first nine months of FY25. Other Expenses Other Expenses for Q3 FY26 were INR 4,976 million (US$ 55 million), compared to INR 2,612 million (US$ 29 million) for Q3 FY25. The increase was primarily due to expenses related to external sales from our solar module and cell manufacturing operations, higher professional fees, and higher operations and maintenance costs related to MWs commissioned since Q3 FY25. Other Expenses for Q3 FY26 include expenses attributable to external sales from our solar module and cell manufacturing operations amounting to INR 1,007 million (US$ 11 million). Other Expenses for the first nine months of FY26 were INR 13,923 million (US$ 155 million), compared to INR 9,119 (US$ 102 million) for the first nine months of FY25. The increase was primarily due to external sales from our solar module and cell manufacturing operations, higher professional fees, and higher operations and maintenance costs in line with increased capacity. Other Expenses for the first nine months of FY26 include expense attributable to external sales of our solar module and cell manufacturing operations amounting to INR 2,339 million (US$ 26 million), compared to INR 157 million (US$ 2 million) for the first nine months of FY25. Finance Costs and Fair Value Change in Derivative Instruments Finance costs and fair value change in derivative instruments for Q3 FY26 were INR 15,992 million (US$ 178 million), an increase of 24.2% over Q3 FY25. The increase in finance costs was primarily due to an increase in operational assets from Q3 FY25, and finance costs associated with manufacturing operations. Finance costs and fair value change in derivative instruments for Q3 FY26 includes expense attributable to external sales from our solar module and cell manufacturing operations amounting to INR 398 million (US$ 4 million). Finance costs and fair value change in derivative instruments for the first nine months of FY26 were INR 45,771 million (US$ 509 million), an increase of 21.4% over the first nine months of FY25. The increase in finance costs was primarily due to an increase in operational assets from Q3 FY25. Finance costs for our solar module and cell manufacturing operations for the first nine months of FY26 were INR 1,273 million (US$ 14 million) compared to INR 50 million (US$ 0.6 million) for first nine months of FY25. Net Profit The net loss for Q3 FY26 was INR 198 million (US$ 2 million) compared to net loss of INR 3,879 million (US$ 43 million) for Q3 FY25. The decrease in loss is primarily driven by contribution from external sales from external sales of our solar module and cell manufacturing operations, gain on sale of assets amounting to INR 4,622 million (US$ 51 million), lower tax incidence, partially offset by an increase in finance costs and higher depreciation. Net profit for Q3 FY26 attributable to external sales from our solar module and cell manufacturing operations amounted to INR 1,080 million (US$ 12 million). The net profit for the first nine months of FY26 was INR 9,608 million (US$ 107 million) compared to net profit of INR 1,454 million (US$ 16 million) for the first nine months of FY25, with the increase primarily driven by higher operating revenues, external sales from our solar module and cell manufacturing operations, gain on sale of assets, and lower tax incidence, partially offset by higher scale linked financing costs and depreciation related to projects commissioned from Q3 FY25. Net profit for the first nine months of FY26 attributable to external sales from our module and cell manufacturing operations amounted to INR 6,847 million (US$ 76 million), compared to INR 423 million (US$ 5 million) for the first nine months of FY25. Adjusted EBITDA Adjusted EBITDA for Q3 FY26 was INR 21,381 million (US$ 238 million), compared to INR 13,882 million (US$ 155 million) in Q3 FY25. Adjusted EBITDA for Q3 FY26 attributable to external sales from our solar module and cell manufacturing operations amounted to INR 2,151 million (US$ 24 million). Adjusted EBITDA for the first nine months of FY26 was INR 74,840 million (US$ 833 million) compared to INR 57,070 million (US$ 635 million) for the first nine months of FY25. Adjusted EBIDTA for the first nine months of FY26 attributable to external sales from our solar module and cell manufacturing operations amounted to INR 10,771 million (US$ 120 million), compared to INR 597 (US$ 7 million) for the first nine months of FY25. Adjusted EBITDA is a non-IFRS measure. For more information, see “Use of Non-IFRS Measures” elsewhere in this release. IFRS refers to International Financial Reporting Standards as issued by the International Accounting Standards Board. In addition, reconciliations of non-IFRS measures to IFRS financial measures, and operating results are included at the end of this release. FY 26 Guidance The Company revises its FY26 guidance and expects to complete the construction of 1.8 to 2.4 GWs by the end of FY26. The Company’s Adjusted EBITDA and Cash Flow to Equity guidance for FY26 are subject to weather and resource availability. The Company continues to anticipate net gains in sales of assets, which is part of ReNew’s capital recycling strategy. The Company now expects external sales from our solar module and cell manufacturing to contribute INR 11-13 billion of Adjusted EBITDA in this guidance. Financial Year Adjusted EBITDA Cash Flow to equity (CFe) FY26 INR 90 – INR 93 billion INR 14 – INR 17 billion Cash Flow Cash generated from operating activities for Q3 FY26 was INR 22,649 million (US$ 252 million), compared to INR 18,486 million (US$ 206 million) for Q3 FY25. The increase was primarily driven by higher operating profit and lower working capital due to decrease in trade receivables, and increase in trade payables, partially offset by increase in inventories and other non-financial liabilities. Cash generated from operating activities for the first nine months of FY26 was INR 63,339 million (US$ 705 million), compared to INR 48,557 million (US$ 540 million) for the first nine months of FY26. The increase was driven primarily by higher operating profit, lower working capital deployment due to increase in trade payables, and decrease in trade receivables, partially offset by increase in inventories and increase in other non-financial assets. Cash used in investing activities for Q3 FY26 was INR 19,822 million (US$ 221 million), compared to cash used amounting to INR 21,132 million (US$ 235 million) for Q3 FY25. The decrease in cash used was primarily on account of proceeds from disposal of subsidiaries, redemption of deposits and mutual funds having residual maturity of more than 3 months (net of investments), partially offset by higher investment in property, plant and equipment. Cash used in investing activities for the first nine months of FY26 was INR 79,406 million (US$ 884 million), compared to INR 81,572 million (US$ 908 million) used in the first nine months of FY25. The decrease in cash used was mainly on account of lower investment in property, plant and equipment, proceeds from disposal of subsidiaries, partially offset by higher investment in deposits having residual maturity of more than three months and mutual funds (net of redemption). Cash generated from financing activities for Q3 FY26 was INR 2,325 million (US$ 26 million), compared to cash generated from financing activities of INR 6,143 million (US$ 68 million) in Q3 FY25. The decrease in cash generated was primarily on account of lower proceeds from interest bearing loans and borrowings (net of repayments) partially offset by lower interest paid. Cash generated from financing activities for the first nine months of FY26 was INR 20,118 million (US$ 224 million), compared to INR 27,476 million (US$ 306 million) generated in the first nine months of FY25. The decrease was primarily due to lower proceeds (net of repayments) from interest bearing loans and higher interest paid, partially offset by higher proceeds from issue of shares and instruments issued by subsidiaries. Capital Expenditure In Q3 FY26, we commissioned 50 MWs of solar and 238 MWs of wind projects for which our capex was INR 24,957 million (US$ 278 million). In the first nine months of FY26, we commissioned 751 MWs of solar and 578 MWs of wind projects for which our capex was INR 78,882 million (US$ 878 million). Liquidity Position As of December 31, 2025, we had INR 97,558 million (US$ 1,086 million) of cash and cash equivalents, bank balances and investments in liquid funds. This included an aggregate of cash and cash equivalents of INR 44,495 million (US$ 495 million), bank balances other than cash and cash equivalents of INR 38,762 million (US$ 431 million), deposits with maturities of more than 12 months (forming part of other financial assets) of INR 2,248 (US$ 26 million), and investments in liquid funds amounting to INR 12,053 (US$ 134 million). Net Debt Net debt as of December 31, 2025, was INR 659,377 million (US$ 7,339 million). Net debt as of December 31, 2025, also includes investment from the joint venture partners for renewable energy projects in the form of convertible debentures amounting to INR 24,795 (US$ 276 million). Receivables Total receivables as of December 31, 2025, were INR 23,119 million (US$ 257 million), of which INR 6,240 million (US$ 69 million) was unbilled and others including receivables against external sales from our solar module and cell manufacturing operations. The Daily Sales Outstanding (“DSO”) from our Independent Power Producer ("IPP") business was 66 days as on December 31, 2025, as compared to 72 days as of December 31, 2024, an improvement of 6 days year on year. Receivables from external sales of our solar module and cell manufacturing operations was INR 2,550 (US$ 28 million). The DSO from our manufacturing operations was 23 days as on December 31, 2025. Cash Flow to Equity (CFe) CFe for Q3 FY26 was INR 5,240 million (US$ 58 million) compared to INR 765 million (US$ 9 million) for Q3 FY25 due to higher Adjusted EBITDA partially offset by higher interest and tax paid. CFe for the first nine months of FY26 was INR 25,150 million (US$ 280 million) compared to INR 16,448 million (US$ 183 million) for the first nine months of FY25 due to higher Adjusted EBITDA partially offset by higher loan repayments and higher interest and tax paid. Webcast and Conference call information A conference call has been scheduled to discuss the earnings results at 8:30 AM EST (7:00 PM IST) on February 16, 2026. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/m9tykowh or by phone (toll-free) by dialing: US/Canada: (+1) 855 881 1339 France: (+33) 0800 981 498 Germany: (+49) 0800 182 7617 Hong Kong: (+852) 800 966 806 India: (+91) 0008 0010 08443 Japan: (+81) 005 3116 1281 Singapore: (+65) 800 101 2785 Sweden: (+46) 020 791 959 UK: (+44) 0800 051 8245 Rest of the world: (+61) 7 3145 4010 (toll) An audio replay will be available following the call on our investor relations website at https://investor.renew.com/news-events/events. Notes: This press release contains translations of certain Indian rupee amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise stated, the translation of Indian rupees into U.S. dollars has been made at INR 89.84 to US$ 1.00, which was the noon buying rate in New York City for cable transfer in non-U.S. currencies as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. We make no representation that the Indian rupee or U.S. dollar amounts referred to in this press release could have been converted into U.S. dollars or Indian rupees, as the case may be, at any particular rate or at all. Forward Looking Statements This release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “objective,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “milestone,” “designed to,” “proposed” or other similar expressions that predict or imply future events, trends, terms and/or conditions or that are not statements of historical matters. Such forward-looking statements are based on current expectations and projections about future events and various assumptions. The Company cautions readers of this release that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control, that could cause the actual results to differ materially from the expected results. The Company’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) or Form 6-Ks furnished to the SEC by the Company outline certain of these risks and uncertainties which may cause actual results to differ. Forward-looking statements should be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking (except as required by applicable law) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. About ReNew Unless the context otherwise requires, all references in this press release to “we,” “us,” or “our” refers to ReNew and its subsidiaries. ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew’s clean energy portfolio of ~19.2 GW (including 1.5 GW of BESS) on a gross basis as of February 12, 2026, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that are increasingly integral to addressing climate change. In addition, ReNew has 6.5 GW of solar module and 2.5 GW of Solar Cell manufacturing capacity and is expanding its solar cells manufacturing by 4 GW. For more information, visit www.renew.com and follow us on LinkedIn, Facebook, X, and Instagram. RENEW ENERGY GLOBAL PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION (INR and US$ amounts in millions) As at March 31, As at December 31, 2025 2025 2025 (Audited) (Unaudited) (Unaudited) (INR) (INR) (USD) Assets Non-current assets Property, plant and equipment 747,066 777,146 8,650 Intangible assets 36,217 34,920 389 Right of use assets 14,506 15,995 178 Investment in jointly controlled entities 381 377 4 Trade receivables 7,528 8,167 91 Investments 1,078 1,338 15 Other financial assets 6,497 5,139 57 Deferred tax assets (net) 7,073 8,595 96 Tax assets 8,770 8,207 91 Contract assets 2,724 3,115 35 Other non-financial assets 9,578 11,730 131 Total non-current assets 841,418 874,729 9,737 Current assets Inventories 4,164 13,422 149 Trade receivables 16,740 14,952 166 Investments 264 12,053 134 Cash and cash equivalents 40,419 44,495 495 Bank balances other than cash and cash equivalents 40,099 38,762 431 Other financial assets 7,148 21,064 234 Contract assets 108 162 2 Other non-financial assets 5,476 10,497 117 114,418 155,407 1,730 Assets held for sale 3,963 4,212 47 Total current assets 118,381 159,619 1,777 Total assets 959,799 1,034,348 11,514 Equity and liabilities Equity Issued capital 4,808 4,808 54 Share premium 154,204 155,310 1,729 Retained losses (53,755 ) (46,226 ) (515 ) Other components of equity 7,345 9,723 108 Equity attributable to equity holders of the parent 112,602 123,615 1,375 Non-controlling interests 18,510 18,584 207 Total equity 131,112 142,199 1,582 Non-current liabilities Interest-bearing loans and borrowings - Principal portion 582,307 545,229 6,069 Lease liabilities 8,282 9,477 105 Other financial liabilities 6,576 17,070 190 Provisions 9,484 10,818 120 Deferred tax liabilities (net) 24,481 25,961 289 Other non-financial liabilities 1,122 1,352 15 Total non-current liabilities 632,252 609,907 6,789 Current liabilities Interest-bearing loans and borrowings - Principal portion 140,711 211,706 2,356 - Interest accrued 5,405 8,825 98 Lease liabilities 977 1,037 12 Trade payables 8,173 13,788 153 Other financial liabilities 34,754 44,383 494 Tax liabilities (net) 378 1,253 14 Other non-financial liabilities 5,996 1,250 14 196,394 282,242 3,141 Liabilities directly associated with the assets held for sale 41 — — Total current liabilities 196,435 282,242 3,141 Total liabilities 828,687 892,149 9,930 Total equity and liabilities 959,799 1,034,348 11,512 RENEW ENERGY GLOBAL PLC CONSOLIDATED STATEMENT OF PROFIT OR LOSS (INR and US$ amounts in millions, except share and par value data) For the three months ended December 31, For the nine months ended December 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (USD) (INR) (INR) (USD) Income Revenue 18,472 25,140 280 68,018 100,404 1,118 Other operating income 73 311 3 530 659 7 Late payment surcharge from customers — — — 7 — — Finance income 1,243 1,141 13 3,567 3,440 38 Other income 1,145 4,716 52 3,265 6,401 71 Change in fair value of warrants 265 64 1 524 183 2 Total income 21,198 31,372 349 75,911 111,087 1,236 Expenses Raw materials and consumables used 2,575 6,197 69 3,225 18,832 210 Change in inventories of finished goods — (3,047 ) (34 ) — (3,384 ) (38 ) Employee benefits expense 816 1,303 15 3,409 4,341 48 Depreciation and amortisation 5,233 6,456 71 15,296 18,787 209 Other expenses 2,612 4,976 55 9,119 13,923 155 Finance costs and fair value change in derivative instruments 12,877 15,992 178 37,689 45,771 509 Total expenses 24,113 31,877 354 68,738 98,270 1,093 Profit / (loss) before share of loss of jointly controlled entities and tax (2,915 ) (505 ) (5 ) 7,173 12,817 143 Share of loss of jointly controlled entities (31 ) — (0 ) (154 ) (4 ) (0 ) Profit / (loss) before tax (2,946 ) (505 ) (5 ) 7,019 12,813 143 Income tax expense Current tax (137 ) 1,311 15 1,220 2,856 32 Deferred tax 1,070 (1,618 ) (18 ) 4,345 349 5 Profit / (loss) for the period (3,879 ) (198 ) (2 ) 1,454 9,608 107 Weighted average number of equity shares in calculating basic earnings per share 362,679,847 364,224,048 364,224,048 362,653,572 363,446,452 363,446,452 Weighted average number of equity shares in calculating diluted earnings per share 365,332,726 370,634,617 370,634,617 366,417,975 372,913,643 372,913,643 Earnings per share Basic earnings attributable to ordinary equity holders of the Parent (9.47 ) 0.16 0.00 2.71 26.00 0.29 Diluted earnings attributable to ordinary equity holders of the Parent (9.40 ) 0.16 0.00 2.69 25.34 0.28 RENEW ENERGY GLOBAL PLC CONSOLIDATED STATEMENTS OF CASH FLOWS (INR and US$ amounts in millions) For the three months ended December 31, For the nine months ended December 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (USD) (INR) (INR) (USD) Cash flows from operating activities Profit / (loss) before tax (2,946 ) (505 ) (6 ) 7,019 12,813 143 Adjustments to reconcile profit before tax to net cash flows: Finance costs 12,609 16,040 179 37,103 45,316 504 Depreciation and amortisation 5,233 6,456 72 15,296 18,787 209 Change in fair value of warrants (265 ) (64 ) (1 ) (524 ) (183 ) (2 ) Share based payments 195 296 3 1,003 741 8 Interest income (1,205 ) (936 ) (10 ) (3,512 ) (3,198 ) (36 ) Others (657 ) (3,825 ) (43 ) (1,071 ) (2,995 ) (33 ) Working capital adjustments: (Increase) / decrease in trade receivables 4,261 6,794 76 (1,356 ) 862 10 (Increase) / decrease in inventories (749 ) (7,024 ) (78 ) (828 ) (9,308 ) (104 ) (Increase) / decrease in other financial assets 474 (220 ) (2 ) (210 ) (1,963 ) (22 ) (Increase) / decrease in other non-financial assets (52 ) (2,788 ) (31 ) (2,017 ) (5,337 ) (59 ) (Increase) / decrease in contract assets (134 ) (108 ) (1 ) (421 ) (336 ) (4 ) Increase / (decrease) in other financial liabilities 2 (3 ) (0 ) — — — Decrease / (increase) in other non-financial liabilities 696 (607 ) (7 ) (1,409 ) (4,668 ) (52 ) Decrease / (increase) in in trade payables 1,516 10,714 119 (979 ) 14,333 160 Cash generated from operations 18,978 24,220 269 48,094 64,864 722 Income tax refund / (paid) (net) (492 ) (1,571 ) (17 ) 463 (1,525 ) (17 ) Net cash generated from operating activities (a) 18,486 22,649 252 48,557 63,339 705 Cash flows from investing activities Purchase of property, plant and equipment, intangible assets and right of use assets (18,886 ) (29,667 ) (330 ) (75,800 ) (74,190 ) (826 ) Sale of property, plant and equipment (4 ) 4 — — 9 0 Investment in deposits having residual maturity more than 3 months and mutual funds (92,834 ) (136,360 ) (1,518 ) (269,734 ) (379,197 ) (4,221 ) Redemption of deposits having residual maturity more than 3 months and mutual funds 89,768 138,312 1,540 262,226 366,793 4,083 Deferred consideration received — — — 643 — — Disposal of subsidiaries, net of cash disposed — 7,055 79 4 5,648 63 Interest received 842 861 10 2,558 2,179 24 Investment in energy funds (55 ) — — (132 ) (73 ) (1 ) Investment in optionally convertible debentures — — — — (158 ) (2 ) Loans given (24 ) (27 ) (0 ) (148 ) (417 ) (5 ) Investment in jointly controlled entities 61 — — (1,189 ) — — Net cash used in investing activities (b) (21,132 ) (19,822 ) (221 ) (81,572 ) (79,406 ) (884 ) Cash flows from financing activities Shares issued during the period 5 112 1 9 516 6 Payment of lease liabilities (including payment of interest expense) (166 ) (314 ) (3 ) (510 ) (603 ) (7 ) Proceeds from shares issued by subsidiaries 977 — — 1,116 9,724 108 Dividend paid to non-controlling interest — — — — (613 ) (7 ) Proceeds from interest-bearing loans and borrowings 87,480 94,262 1,049 287,240 289,770 3,225 Repayment of interest-bearing loans and borrowings (69,088 ) (78,806 ) (877 ) (220,503 ) (236,483 ) (2,632 ) Interest paid (including settlement gain / loss on derivative instruments) (13,065 ) (12,929 ) (144 ) (39,876 ) (42,193 ) (470 ) Net cash generated from financing activities (c) 6,143 2,325 26 27,476 20,118 224 Net increase/ (decrease) in cash and cash equivalents (a) + (b) + (c) 3,497 5,152 57 (5,539 ) 4,051 45 Cash and cash equivalents at the beginning of the period 17,985 39,337 438 27,021 40,419 450 Effects of exchange rate changes on cash and cash equivalents 0 6 0 0 25 0 Cash and cash equivalents at the end of the period 21,482 44,495 495 21,482 44,495 495 Components of cash and cash equivalents Cash and cheque on hand 1 2 0 1 2 0 Balances with banks: - On current accounts (net of bank overdrafts) 12,516 24,470 273 12,516 24,470 273 - Deposits with original maturity of less than 3 months 8,965 20,023 222 8,965 20,023 222 Total cash and cash equivalents 21,482 44,495 495 21,482 44,495 495 RENEW ENERGY GLOBAL PLC Unaudited Non-IFRS metrices (INR and US$ amounts in millions) Reconciliation of Net profit to Adjusted EBITDA for the periods indicated: For the three months ended December 31, For the nine months ended December 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (USD) (INR) (INR) (USD) Profit for the period (3,879 ) (198 ) (2 ) 1,454 9,608 107 Less: Finance income (1,243 ) (1,141 ) (13 ) (3,567 ) (3,440 ) (38 ) Add: Share in loss of jointly controlled entities 31 - 0 154 4 0 Add: Depreciation and amortisation 5,233 6,456 71 15,296 18,787 209 Add: Finance costs and fair value change in derivative instruments 12,877 15,992 178 37,689 45,771 509 Less: Change in fair value of warrants (265 ) (64 ) (1 ) (524 ) (183 ) (2 ) Add: Income tax expense 933 (307 ) (3 ) 5,565 3,205 37 Add: Share based payment expense and others related to listing 195 643 7 1,003 1,088 12 Adjusted EBITDA 13,882 21,381 238 57,070 74,840 833 Reconciliation of Cash flow to equity (CFe) to Adjusted EBITDA: For the three months ended December 31, For the nine months ended December 31, 2024 2025 2025 2024 2025 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (INR) (INR) (USD) Adjusted EBITDA 13,882 21,381 238 57,070 74,840 833 Add: Finance income 1,243 1,141 13 3,567 3,440 38 Less: Interest paid in cash (9,085 ) (10,686 ) (119 ) (29,396 ) (35,473 ) (395 ) Add: Tax refund/ (paid) (492 ) (1,571 ) (17 ) 463 (1,525 ) (17 ) Less: Normalised loan repayment (5,116 ) (5,861 ) (65 ) (15,080 ) (17,556 ) (195 ) Add/ less: Other non-cash items 333 836 9 (176 ) 1,424 16 Total CFe 765 5,240 58 16,448 25,150 280 View source version on businesswire.com: https://www.businesswire.com/news/home/20260215983137/en/ Press Enquiries [email protected] Investor Enquiries ReNew | Anunay Shahi, Nitin Vaid | [email protected] Source: ReNew Energy Global Plc