ReNew Raises FY2027 Adjusted EBITDA Floor to INR 105 Billion

ReNew Energy Global Plc raised its fiscal 2027 adjusted EBITDA guidance floor by INR 2 billion after first-half adjusted EBITDA rose year over year, giving investors a higher minimum outlook for the year ending March 31.

The Nasdaq-listed company now forecasts adjusted EBITDA of INR 105 billion to INR 109 billion for fiscal 2027, compared with its previous range of INR 103 billion to INR 109 billion. The updated outlook includes INR 12 billion to INR 14 billion from external solar module and cell sales, up from the earlier estimate of INR 10 billion to INR 12 billion. It also includes INR 1 billion to INR 2 billion from asset-sale gains.

Adjusted EBITDA totaled INR 63.98 billion for the six months ended Sept. 30, 2026, up from INR 53.459 billion in the same period a year earlier. For the three months ended Sept. 30, the measure was INR 33.588 billion, compared with INR 26.240 billion a year earlier. Fiscal 2027 cash flow to equity is forecast at INR 18 billion to INR 22 billion.

The guidance assumes weather and resource availability similar to fiscal 2026. ReNew expects to finish construction of 1.6 gigawatts to 2.4 gigawatts by March 31, 2027. Adjusted EBITDA is a non-IFRS measure that modifies earnings before interest, taxes, depreciation and amortization for specified items. The company did not provide an IFRS profit-or-loss reconciliation for its forecast because some excluded items cannot be reliably predicted.

Separately, an Aug. 11 transaction agreement provides for a consortium comprising Canada Pension Plan Investment Board (CPP Investments) and ReNew founder, Chairman and CEO Sumant Sinha to acquire eligible shares. Eligible shareholders may choose to roll over their shares; others would receive a cash offer of $7.02 per share. The agreement values ReNew’s share capital at approximately $2.8 billion on a fully diluted basis and implies an enterprise value of approximately $10.2 billion.

The proposed acquisition scheme was expected to become effective in the first quarter of 2027, subject to conditions including shareholder approval, court sanction, antitrust clearance in India and foreign-investment clearances in Belgium and France. An Oct. 28 side letter left the transaction agreement in force but set no revised closing date.