ReNew Energy Global PLC (Nasdaq: RNW) shares were recently trading around $5.35, within a 52-week range of about $5.05 to $8.24, reflecting a sustained period of weakness from highs last year and continued pressure amid broader market volatility in growth and renewable names.
By the numbers:
ReNew reported third quarter fiscal 2026 (Oct–Dec) revenue of ₹31,372 million ($349 million), up sharply from ₹21,198 million a year earlier, with adjusted EBITDA rising to ₹21,381 million ($238 million), a roughly 54% year-over-year increase. The company reported a net loss of ₹198 million ($2 million) for the quarter, significantly narrower than the prior year loss of ₹3,879 million ($43 million).
Total commissioned capacity climbed to about 11.4 GW, up about 7% from December 2024, contributing to electricity sold rising more than 20% in the quarter versus the year-ago period. The company cited continued contributions from external sales of solar module and cell manufacturing operations in Q3.
For the first nine months of FY26, ReNew posted ₹111,087 million ($1,236 million) in revenue, compared with ₹75,911 million ($845 million) a year earlier, and a net profit of ₹9,608 million ($107 million) versus ₹1,454 million ($16 million) in the prior period. Adjusted EBITDA for the nine-month period was ₹74,840 million ($833 million), up from ₹57,070 million ($635 million) a year earlier.
The company revised its full-year FY26 guidance, forecasting completion of 1.8 GW to 2.4 GW of new capacity by fiscal year’s end, with adjusted EBITDA expected in a ₹90 billion to ₹93 billion range and cash flow to equity of ₹14 billion to ₹17 billion, subject to weather and resource availability.
Market context:
RNW has traded well below its prior year highs, pressured partly by the exit of Masdar from a potential acquisition deal in late 2025, which coincided with a notable drop toward its 52-week lows. Broader risk-off sentiment in growth and clean-tech stocks, particularly in utilities and renewables, has also weighed on valuation multiples.
In recent broker coverage, Mizuho Securities downgraded the stock to Neutral from Outperform, adjusting targets amid headwinds, while consensus Wall Street targets remain modestly above current levels in the $7-plus area. There were no widely reported analyst upgrades or downgrades tied directly to today’s earnings release at the time of publication.
ESG and strategic signals:
Separately, ReNew announced it achieved an ‘A’ rating in the CDP climate change assessment for FY 2024–25, elevating its standing in environmental disclosure and placing it in the global leadership band on climate metrics.
Sector pressures:
Renewable and software/SaaS-adjacent stocks have faced macro headwinds from rising interest rates and rotation out of growth sectors, which has compressed valuations in high-beta names like RNW. Investors have also been sensitive to capital intensity and financing costs in asset-heavy decarbonization businesses, even amid improving operating metrics.
Summary:
ReNew’s Q3 results delivered strong top-line growth, expanded adjusted EBITDA, and a marked reduction in losses, underpinned by capacity expansion and manufacturing contributions. Despite these operational gains, the stock remains subdued relative to its 52-week peak, with mixed analyst sentiment and ongoing sector pressure tempering near-term upside.