ReNew Energy Global Q1 2027 Earnings Call Transcript

Quartr
Provided by Quartr
August 18, 2026

Key Takeaways

  • Positive Sentiment: Strong operating and financial performance: ReNew commissioned more than 1 GW year to date, while Q1 revenue rose 14%, adjusted EBITDA increased 12% to INR 30.4 billion, and profit after tax grew 16% to INR 6 billion.
  • Positive Sentiment: Execution and capital recycling remain on track: The committed portfolio reached 20.5 GW, including 1.7 GW of BESS, and a planned sale of more than 1 GW of assets is expected to generate approximately $190 million of equity cash inflow and support leverage reduction.
  • Negative Sentiment: Grid constraints are weighing on generation: Solar PLF declined year over year, with management attributing roughly half of the impact to curtailment and half to weaker weather; discussions with the government about compensation for certain curtailments remain unresolved.
  • Negative Sentiment: Manufacturing margins may normalize: Q1 external manufacturing EBITDA margin fell to approximately 34% from 40% a year earlier, and management expects some further pressure as additional cell capacity comes online, although full-year guidance of INR 10 billion–INR 12 billion in manufacturing EBITDA was reiterated.
  • Positive Sentiment: Take-private transaction advances: The independent committee plans to recommend the $7.02-per-share cash offer from the CPP Investments-led consortium, with the scheme expected to become effective in Q1 2027, subject to shareholder and regulatory approvals.
AI Generated. May Contain Errors.
Earnings Conference Call
ReNew Energy Global Q1 2027
00:00 / 00:00

Transcript Sections

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Operator

Thank you for standing by, and welcome to the ReNew 1Q FY 2027 earnings report. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Anunay Shahi. Thank you, and over to you.

Anunay Shahi
SVP of Corporate Finance and Head Investor Relations at ReNew

Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the first quarter of fiscal year 2027. A copy of the press release and the earnings presentation are available in the IR section of ReNew's website at www.renew.com. With me today are Sumant Sinha, our Founder, Chairman, and CEO, Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, Co-Founder and Chairperson, sustainability. After the prepared remarks, which we expect will take 20 minutes-25 minutes, we will open the call for questions. Please note that our safe harbor statements are contained within our press release, presentation materials, and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Anunay Shahi
SVP of Corporate Finance and Head Investor Relations at ReNew

Therefore, we encourage you to review the press release and the presentation on our website for a more complete description. Also contained in our press release presentation materials and annual report are certain non-IFRS measures that we reconcile to the most comparable IFRS measures, and these reconciliations are also available on our website, in the press release presentation materials, and our annual report. With that, it is now my pleasure to hand it over to our Founder, Chairman, and CEO, Sumant. Over to you, Sumant.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

Yes, thank you, Anunay. Good morning, good afternoon, and good evening, everybody. I am glad to have you all on our earnings call for the first quarter of fiscal year ended March 2027. After a terrific fiscal 2026, where we reported our highest ever EBITDA and PAT, we continue to deliver on our promise of profitable growth in spite of the uncertain global macroeconomic situation and grid-related challenges in India. We also continue to be disciplined in our approach towards judicious use of capital and allocating capital only towards the highest return opportunities. Turning to highlights for this quarter. Our focus towards executing at scale continues as we delivered a 26% growth in our operating portfolio year-over-year. We have commissioned over 1 GW to date in the current fiscal, which includes over 600 MW in Q1 itself.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

Our overall committed portfolio now stands at 20.5 GW and includes 1.7 GW of BESS, and our total pipeline is at approximately 27 GW. We also continue to execute our capital recycling plans. in June 2026, we closed the sale of 100 MW Tamil Nadu solar asset and received the proceeds. In August 2026, we also signed definitive documents for the sale of over 1 GW of assets, which is expected to generate $190 million of cash flow to equity on closing. These transactions underline the quality of our asset base and our ability to continuously find buyers and attractive valuations. Additionally, we have 6.5 GW of module and 2.5 GW of cell capacity that is currently operational, and a 4 GW cell facility of TOPCon that is expected to be fully operational by the end of the current fiscal year.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

We have also filed our Form 20-F for FY 2026 and published our third integrated report with the theme Beyond Boundaries: Decarbonising Value Chains to Deliver Climate Value at Scale, in line with international reporting standards. Coming to our financial performance, in this quarter, we have delivered adjusted EBITDA growth of around 12%, with INR 30.4 billion adjusted EBITDA, including INR 5.7 billion contribution from our manufacturing business. Our profit after tax increased by 16% year-over-year, with INR 6 billion for Q1 of fiscal 2027, along with INR 12.8 billion in CFE. Our DSO continues to reduce as we expand our portfolio and legacy issues continue to get resolved. Subsequent to the end of the quarter, we received INR 57 billion from the Andhra Pradesh DISCOM, taking our DSOs as of July end to 54 days, 17 days lower than the Q1 FY 2027 DSO number of 71 days.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

Let me now hand over to Kailash to take us through the next seven pages.

Kailash Vaswani
CFO at ReNew

Thank you, Sumant. Before turning to our operating performance, I would like to briefly address the take-private transaction announced on August 11, 2026. ReNew entered into a binding transaction agreement with the consortium comprising of CPP Investments and Sumant Sinha for the proposed take private of ReNew. The proposed acquisition is expected to be effected through a U.K. scheme of arrangement and will be voted on by the non-consortium shareholders. Non-consortium shareholders may either receive cash of $7.02 per share by transferring their shares to CPP Investments or its designated affiliates, or subject to certain conditions, elect to roll over and remain shareholders.

Kailash Vaswani
CFO at ReNew

The specialty committee, comprising of independent directors, having received Rothschild & Co's opinion that the cash offer is fair from a financial point of view to the non-consortium shareholders, considers the cash offer and transaction agreements fair and reasonable, and intends to unanimously recommend that shareholders vote in favor of the scheme. Further details on the scheme's timing will follow in due course. Turning back to presentation on slide 13 on the industry backdrop. The electricity demand increase continues to support renewable energy growth. Renewables contributed 86% of overall power capacity addition in Q1 FY 2027, with 14 GW of renewable energy capacity added. This included 12 GW of solar and 1 GW of wind and hydro each. Coming to the demand side, peak demand has already touched around 271 GW in FY 2027.

Kailash Vaswani
CFO at ReNew

Overall electricity demand in July 2026 was up 11% year-on-year and was up 9% year-on-year for April to June period. Demand is also increasing more in non-solar hours, which supports higher battery installations. Installed renewable energy capacity, including large hydro, stood at 289 GW as of June 30, 2026. This includes 162 GW of solar and 57 GW of wind. We believe this reinforces the continued structural growth of renewable energy in India. Additionally, Q1 also saw strong industrial production growth numbers fueled by higher demand in all sectors of the industry. In fact, the overall index of industrial production grew by about 7.3% in June. Additionally, the rupee appreciated slightly versus the U.S. dollar as the government's foreign currency non-resident scheme, which is the FCNR scheme, produced over $52 billion of fresh inflows.

Kailash Vaswani
CFO at ReNew

Having said all of the above, grid build-out continues to be a drag on the entire industry, with certain projects, including ours, particularly in the state of Rajasthan, having temporary connectivity, facing curtailment challenges. We are hopeful that coupled with build-out of certain lines in Rajasthan, some central government support, these issues will get resolved over the next few months. Turning to business updates on slide 14. On project execution and our delivery remains dearest and on track. We have already delivered over 1 GW of commissioned megawatts during the year and are on track to deliver the projects that are due to be commissioned during the year. For solar, in addition to the megawatts commissioned so far, more than 250 MW has been erected and is in final stages of commissioning.

Kailash Vaswani
CFO at ReNew

More than 50% of the modules required for the balance execution in rest of FY 2027 are already at site, with the balance secured through in-house production. Silver pricing exposure is also hedged for fiscal 2027. For BESS, 100% of the pricing is locked in at attractive rates, and about 25% has already reached project sites. For wind, 100% of wind turbines required for the year are locked in within budgeted levels. Land is also largely tied up or acquired for the execution requirements of the next 12 months. Turning to updates from our C&I business on slide 15. We are very excited by and continue to expand our C&I footprint across India.

Kailash Vaswani
CFO at ReNew

Our C&I portfolio currently stands at 2.9 gigawatts, including 2.6 gigawatts of commissioned capacity over five states, and we commissioned 330 MW year-to-date at the C&I segment. We are also well-placed to participate in new business opportunities such as supply to data centers. Our business is concentrated on larger projects, and we have excellent relationship with technology companies and hyperscalers. For example, Amazon, Microsoft, and Google collectively account for around half of the contracted offtake in our C&I business. As you may also recall, a LeapFrog-led consortium has invested $95 million of equity in our C&I business for 11.3% stake. Turning to our manufacturing business on slide 16. In manufacturing, we have one of the highest integrated capacities in India. Our manufacturing business has continued its profitable journey in the current fiscal year as well, with an external order book standing at approximately 1.1 GW.

Kailash Vaswani
CFO at ReNew

Do note that we sell around 40%-60% to our IPP business at an arm's length pricing, which doesn't get reflected in our overall financials because we consolidate them. In Q1 FY 2027, revenue from external sales of modules and cells was INR 16.4 billion, and the adjusted EBITDA from external sales was INR 5.7 billion, with the adjusted EBITDA margin standing at almost 34%. We expect that there may be some normalization in the latter half of the year as additional cell capacity comes online. On the 4 GW TOPCon cell plant, civil and PSC works are in final stages. ATP and clean room work are progressing well. Printing lines are installed, and the first cell is expected to be produced by the end of the current calendar year.

Kailash Vaswani
CFO at ReNew

We are also progressing well on the ingots wafer plant in the State of Andhra Pradesh that's expected to be commissioned in early calendar 2028. Turning to page 18. Our Q1 results reflect strong operating execution, continued growth in earnings and disciplined capital allocation. As of June 30, 2026, our total portfolio was approximately 20.5 GW, including 1.7 GW of BESS. Operating capacity stood at 13.5 GW, which is up 46% year-on-year, adjusted for asset sales, and 22% on a net basis. This comprises 5.6 GW of wind, 7.8 GW of solar, 99 MW of hydro, and 100 MW or 250 MW hour of BESS. We also had 6.9 GW of committed capacity, including 1.1 GW of wind, 4.2 GW of solar, and 1.6 GW of BESS.

Kailash Vaswani
CFO at ReNew

During the trailing 12 months, we have commissioned approximately 2.8 GW, comprising more than 2 GW of solar, 0.6 GW of wind, and 25 MW of BESS. In FY 2027 year-to-date, we have commissioned 1 GW of capacity between wind and solar. On consolidated operating performance, revenue was up 14% year-on-year, adjusted EBITDA was up 12% year-on-year, and profit after tax was up 16% year-on-year. For Q1 FY 2027, total income was INR 47.9 billion, our revenue was INR 44.6 and EBITDA was INR 30.4 billion, and profit before tax was almost around INR 8.3 billion. Total adjusted income was INR 46 billion, comprising of INR 29 billion from IPP business and INR 16.6 billion from external manufacturing sales. Adjusted EBITDA was INR 30 billion, including INR 24.7 from the IPP business and INR 5.7 billion from external manufacturing sales.

Kailash Vaswani
CFO at ReNew

Adjusted EBITDA margins for the IPP business were 86%, for manufacturing were 34%, and the margin was 66.1% on a consolidated basis. Turning to page 19. We remain disciplined in capital allocation with net debt trailing 12 months adjusted EBITDA for operational projects at 5.7x. The leverage levels for projects operational for more than a year, that is with full year EBITDA contribution, is further lower. We continue to be committed to reducing our overall leverage, and to this end, we have been executing consistently on capital recycling with a portion of such proceeds expected to reduce our overall leverage. For example, we recently signed definitive agreements to sell more than 1 GW of capacity, and this is expected to result in $190 million of cash inflows on closing, including some contingent amounts related to change in law proceeds.

Kailash Vaswani
CFO at ReNew

On working capital, IPP, the days outstanding were at 71 days as of June 30, 2026, which was a three-year improvement year-on-year and a 12-year improvement over two years. Further, subsequent to the end of the quarter, as Sumant mentioned earlier, we received INR 5.7 billion from Andhra Pradesh in July 2026. As a result of this, at the end of July, the DSO improved to around 54 days. Manufacturing DSO stands at around five days. Our balance sheet remains robust and well supported. Cash and cash equivalents, including bank balances and investments and short-term investments, stood at INR 89 billion as of June 30, 2026. Gross debt was INR 786 billion and net debt was around INR 671 billion as of the same date. I will now hand over the call to Vaishali for ESG and sustainability updates.

Vaishali Nigam Sinha
Co-Founder and Chairperson of Sustainability at ReNew

Thanks, Kailash. Now turning to slide 21. As ReNew continues to achieve new milestones in growth and impact, we take immense pride in the fact that sustainability remains at the core of our business and value creation model. With this, I am pleased to present to you our third annual integrated report for fiscal year 2025-2026, called Beyond Boundaries: Decarbonising Value Chains to Deliver Climate Value at Scale. Reflecting the evolution of our sustainability journey and leadership in the energy transition space, this report expands our focus beyond our operations to the broader value chain. It demonstrates how ReNew is scaling climate value through transparency, accountability and collective action. Let me begin with some key highlights from our environmental performance.

Vaishali Nigam Sinha
Co-Founder and Chairperson of Sustainability at ReNew

We reduced Scope 1 and 2 GHG emissions by 25.6% from a baseline, achieved an 84% renewable electricity mix, and maintained carbon neutrality for Scope 1 and 2 emissions for the sixth consecutive year. We continue to create meaningful value for communities, employees and our partners. Our socioeconomic programs have positively impacted more than 1.95 million lives so far. Women now represent 18% of our workforce and 15% of STEM roles. We completed ESG risk assessments from 400% of our critical suppliers for the third consecutive year and expanded the scope to include Tier 2 suppliers as well. Further strengthening our sustainable supply chain, we achieved 100% local sourcing of steel for wind tower plates. Turning to governance. Our board maintained 55% independent representation. We further strengthened our enterprise risk management framework through an independent assessment and continued embedding accountability by establishing 27 organization-wide and eight manufacturing-specific ESG targets.

Vaishali Nigam Sinha
Co-Founder and Chairperson of Sustainability at ReNew

Now moving to slide 22. Our third integrated report reflects another year of steady progress with several enhancements that strengthen transparency and align more closely with global standards. We transitioned to a hybrid reporting structure, combining pillars and capitals to deliver a more integrated sustainability narrative aligned with leading global standards. We completed a refresh of our double materiality assessment, reprioritizing material topics to reflect evolving stakeholder and business priorities. We published our inaugural ESG data book, creating a consolidated and more transparent view of ESG performance across business units. We expanded our emissions accountability by including downstream Scope 3 emissions, reflecting the growth of our solar module and cell manufacturing operations. Together, these enhancements reflect a commitment to continuous improvement, transparency, and reporting excellence. Now moving to slide 23.

Vaishali Nigam Sinha
Co-Founder and Chairperson of Sustainability at ReNew

Our ESG targets continue to translate ambition into measurable outcomes, keeping us firmly on track towards our 2030 and 2040 commitments. Let me start with environment, where our focus on climate action continues to deliver tangible results. We achieved a 25.6% reduction in Scope 1 and 2 emissions versus fiscal year 2022 baseline, exceeding our target and advancing our SBTi align net zero pathways. We delivered over 617,000 cu m of water savings in fiscal year 2025-2026, with over 5,000 cu m of water saved through robotic cleaning. Our commitment to people and communities remains unwavering as we continue to invest in talent, inclusion, and sustainable community development. Through Project Surya, which we've talked about earlier, we continue to build green skills with 166 women trained as technicians in quarter one alone, and additional cohorts progressing through advanced training programs.

Vaishali Nigam Sinha
Co-Founder and Chairperson of Sustainability at ReNew

Our commitment to excellence continues to be reflected in strong external recognition and performance. We closed the year with industry leading scores across major ESG ratings and indices, including an S&P Global CSA score of 84, a CDP A-list status for climate change and supply engagement, a triple A for MSCI, and a Sustainalytics low risk score, which is a favorable score of 11.6. While we remain proud of these achievements, we continue to recognize that the journey is important. As we look ahead, we remain focused on building on this momentum, advancing our key commitments, and continuing to embed sustainability as the core of our business. I will now turn it back to Kailash to take us through the guidance.

Kailash Vaswani
CFO at ReNew

Thank you, Vaishali. Turning to guidance on page 24. We reiterate FY 2027 consolidated adjusted EBITDA guidance of INR 103 billion-INR 109 billion. This includes INR 10 billion-INR 12 billion from manufacturing and INR 1 billion-INR 2 billion from asset sales. We continue to expect to construct between 1.6 GW-2.4 GW during FY 2027 and generate cash flow to equity of INR 18 billion-INR 22 billion. For our total committed RE portfolio, which has marginally increased in the current quarter. We expect run rate adjusted EBITDA of INR 134 billion-INR 140 billion and run rate cash flow to equity of INR 30 billion-INR 36 billion, assuming normal weather patterns and excluding contribution from our manufacturing business. For a fully constructed RE portfolio of around 20.5 GW, which includes 1.7 GW of BESS.

Kailash Vaswani
CFO at ReNew

Please note that this includes the 1 GW of assets sold, which we have signed definitive agreements for, but closing has not yet happened. Once the closing happens, then we will adjust these numbers for that. With that, we will be happy to take any questions.

Operator

Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Justin Clare with ROTH Capital Partners. Please go ahead.

Justin Clare
Justin Clare
Analyst at ROTH Capital Partners

Hi. Thanks for the time. I wanted to start out just on the take-private transaction. Wondering if you could give us a sense for the expected timeline from here to completion of the take private, and then just what do you see as the key remaining milestones? If you could share which approvals or conditions might present the most meaningful uncertainty in terms of the timing.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

Kailash?

Kailash Vaswani
CFO at ReNew

Thanks, Justin, for your question. As for the transaction agreement, we would anticipate the scheme becoming effective in Q1 2027. The scheme document will be published as soon as reasonably practicable after we've completed the SEC review process and within 10 business days following the date on which the court grants the order for convening of the court meeting. Scheme documents are typically published four weeks ahead of the court meeting date. There are some regulatory approvals which will be sought in parallel with the actions above, and that would also take around three to four months to obtain. The long stop date for the transaction is the completion, which is 95 days of the publication of the scheme circular or March 31st, 2027.

Kailash Vaswani
CFO at ReNew

We must stress that this is not a guidance, as we are not able to give the exact timelines for the regulatory. This is probably the indicative range of what the process from here on is likely to be.

Justin Clare
Justin Clare
Analyst at ROTH Capital Partners

Got it. Okay. That's helpful. Then maybe just shifting over to the performance in the quarter, the solar PLF in your fiscal Q1 declined, I think it was 220 basis points year-over-year. Just wondering how much of that decline may have been attributable to just the solar resource during the quarter versus any grid curtailment. Then if curtailment was a factor, is it an issue that might persist into Q2 or any additional quarters here?

Kailash Vaswani
CFO at ReNew

We have, Justin, been facing curtailment on the solar side. That has definitely contributed reasonable amount to the decline in the PLF. This is again, something that is an impact that we are seeing, but we are also trying to see, if through advocacy, we can get compensated for the non-availability of transmission network. That is something that we will pursue. Then obviously, then weather-related, there's been some additional impact also that we saw, given that there were more cloudy days compared to last year, and that also contributed. I would say the split between the two would be maybe half and half, between curtailment and weather patterns.

Justin Clare
Justin Clare
Analyst at ROTH Capital Partners

Got it. Okay. Then just one more on the guidance here. Manufacturing contribution was pretty strong in Q1 here. INR 5.65 billion, compared to the guidance for the full year for manufacturing of INR 10 billion-INR 12 billion. It implies a meaningful step down in the contribution and the balance of the year on a quarterly basis. Wondering if that's just conservative or are you anticipating a meaningful step down in the profitability there?

Kailash Vaswani
CFO at ReNew

We're not expecting a meaningful step down, but margins have been coming down a little bit. There were extensions also, which were granted as far as implementing ALMM on cells was concerned, which happened after the completion of quarter one. So there is a little bit of uncertainty in the market at this point in time with respect to margins, and given that there's additional production capacity also, which is coming online. As a combination of these factors, we've decided to err on the side of caution and not really change the guidance numbers. Obviously, as we see a stronger performance continuing into next quarter, then we could look to take a relook at the numbers again, when we announce our Q2 results. As far as margins are concerned, so last year Q1 was at 40%, this year it's at 34%.

Kailash Vaswani
CFO at ReNew

So there has been some contraction, which you have seen already in the margins playing out. Then as more supply comes in, that is likely to continue a little bit also. So we will have to see how the trends play out in the backdrop of this ALMM for sales extension till December 31st.

Justin Clare
Justin Clare
Analyst at ROTH Capital Partners

Got it. Okay. Thank you very much.

Kailash Vaswani
CFO at ReNew

Thank you.

Operator

The next question comes from Puneet Gulati with HSBC. Please go ahead.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Yeah. Thank you so much, and congrats on performance. My first question is on your comment on compensation with respect to curtailment. Is there a scope for confusion whether you should get compensated or not? I thought it was a straightforward trans down versus TG&E, if you can clarify a bit here.

Kailash Vaswani
CFO at ReNew

Yeah. I am happy to.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

Sorry, Kailash. You want to take that?

Kailash Vaswani
CFO at ReNew

No, go ahead, Sumant.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

No, I was only saying, Puneet, that for trans down curtailment, we get compensated, as you know. For any other-

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Yeah.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

TG&E curtailment, there is no specific mechanism to get compensated. Having said that, we are having discussions with Ministry of Power right now about whether something can be made to work. Those discussions are ongoing, so they haven't come to any form of conclusion right now. So one can't say what form, if any, that compensation will take. We're certainly trying because this curtailment is happening through no fault of ours, and that's the point that we've made and acknowledged, and it's acknowledged by the government as well. But we'll have to wait and see where those discussions end up at. I don't think there'll be a full compensation-

Puneet Gulati
Puneet Gulati
Analyst at HSBC

But there's no confusion on trans down curtailment.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

but we are trying to see how much we can get. There is no confusion.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Yeah. But there is no-

Sumant Sinha
Founder, Chairman, and CEO at ReNew

The trans down part is also a much smaller number. It is a much smaller number compared to the TG&E curtailment that is happening.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Understood. Secondly, what are your thoughts on the BESS side? How much is installed capacity today, and is there a plan to build something on the merchant side as well?

Sumant Sinha
Founder, Chairman, and CEO at ReNew

We have maybe a couple of hundred megawatt hours right now that are commissioned. Building long-term merchant BESS is a little bit difficult because we do not know how things are going to evolve in the market over the five to seven year time period, which is a minimum required to figure out what the returns should be. What we are going to be doing is that in some of the projects that we are doing to the extent that those projects are getting commissioned, let us say two years or three years from now, some of those BESS projects will commission earlier, run them as merchant plants for a shorter period of time. Because we know that in the near term, perhaps in the next one to two years, there is likely to be a reasonable arbitrage between daytime and evening prices.

Sumant Sinha
Founder, Chairman, and CEO at ReNew

We will hope to create that value over a one to two year period, and then look to drop those BESS projects into existing PPAs that we have. As those get commissioned, then we move these BESS projects into those.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Is there a target for this commissioning for FY 2027 or FY 2028?

Sumant Sinha
Founder, Chairman, and CEO at ReNew

We have not specified a target. This year it is looking unlikely because obviously this year we are not at a point where we will be able to commission anything for this year. But certainly by next year, we are hoping to commission some amount. Once those plans get finalized, we will let you guys know.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Understood. That is a help. Lastly, if I may, on your recent sale of 1,000 MW assets to Purvah, can you talk about what sort of EBITDA multiple you managed to get from that?

Kailash Vaswani
CFO at ReNew

Puneet, on that, once the closing happens, we will agree with the buyer what disclosures we would like to jointly make, and then speak about it. Right now, we are under NDA.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Understood. Just one more. There was also a chatter about you trying to sell hydro plant. Is that something one should think about as a potential sellable asset as well?

Kailash Vaswani
CFO at ReNew

Again, as part of our assets recycling, we do evaluate sales of various assets. It could be part of such discussions that you may have heard about it.

Puneet Gulati
Puneet Gulati
Analyst at HSBC

Okay. That's all from my side. Thank you so much, and all the best.

Kailash Vaswani
CFO at ReNew

Thank you.

Operator

Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. That does conclude our conference for today. Thank you for participating, and you may now disconnect.

Analysts
    • Anunay Shahi
      SVP of Corporate Finance and Head Investor Relations at ReNew
    • Sumant Sinha
      Founder, Chairman, and CEO at ReNew
    • Kailash Vaswani
      CFO at ReNew
    • Vaishali Nigam Sinha
      Co-Founder and Chairperson of Sustainability at ReNew
    • Justin Clare
      Analyst at ROTH Capital Partners
    • Puneet Gulati
      Analyst at HSBC
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