ReNew Energy reported robust third-quarter results, with adjusted Ebitda increasing 54% year-over-year to 21.38 billion rupees, comfortably above analyst expectations of 17.05 billion rupees. The company also posted revenue of 25.14 billion rupees for the quarter, a 36% rise from the comparable period a year earlier.
The quarterly performance prompted management to update its fiscal 2026 outlook for adjusted Ebitda. The revised guidance now ranges from 90 billion to 93 billion rupees, an upward change to the lower end from the prior guidance of 87 billion to 93 billion rupees. Current analyst consensus sits at 92.62 billion rupees.
Management left its forecast for cash flow to equity unchanged. The company continues to project cash flow to equity in a band of 14 billion to 17 billion rupees for the fiscal year. That projection remains part of the companys publicly stated financial plan for fiscal 2026.
On capacity expansion, ReNew Energy reiterated its expectation to finish construction of between 1.8 and 2.4 gigawatts of generation capacity by the close of fiscal year 2026. The companys published target for capacity completion remains a defined range rather than a single figure.
The quarters outperformance on adjusted Ebitda and the resulting guidance tweak were the central takeaways from the release. Revenue growth of 36% and a significantly higher adjusted Ebitda year-on-year underline the operating progress reported for the period. At the same time, the company preserved its cash flow to equity outlook and reiterated its capacity completion plan for fiscal 2026.
Investors and market participants now have an updated adjusted Ebitda range for fiscal 2026 to compare with the analyst estimate of 92.62 billion rupees, while cash flow and capacity targets provide additional points of reference for assessing the company's near-term operational trajectory.
Financial snapshot (quarter)
- Adjusted Ebitda: 21.38 billion rupees (up 54% year-over-year)
- Analyst expectation for adjusted Ebitda: 17.05 billion rupees
- Revenue: 25.14 billion rupees (up 36% year-over-year)
Updated fiscal 2026 outlook
- Adjusted Ebitda guidance: 90 billion to 93 billion rupees (previously 87 billion to 93 billion rupees)
- Analyst estimate for fiscal 2026 adjusted Ebitda: 92.62 billion rupees
- Cash flow to equity guidance: 14 billion to 17 billion rupees (unchanged)
- Expected capacity completion by end of fiscal 2026: 1.8 to 2.4 gigawatts