Decarbonization solutions company ReNew reported revenue of ₹21.2 billion (~$248 million) during the third quarter (Q3) of the financial year (FY) 2025, a 10% year-over-year (YoY) increase from ₹19.3 billion (~$225 million).

The company’s revenue from power sales was ₹14.9 billion (~$175 million), down slightly from ₹15 billion (~$176 million) a year ago.

Its net loss widened to ₹3.8 billion (~$45 million) from ₹3.2 billion (~$38 million) during the same quarter the previous year.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter came in at ₹13.8 billion (~$162 million), up 10% YoY from ₹12.5 billion (~$146 million).

During the quarter and the first nine months (9M) of FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.

9M Performance

ReNew’s revenue rose 5% YoY to ₹75.9 billion (~$887 million) during 9M from ₹72.4 billion (~$846 million).

Power sales revenue also grew 5% to ₹64.3 billion (~$752 million) from ₹61.3 billion (~$717 million). The revenue also includes proceedings of ₹3.4 billion (~$40 million) from the company’s module and cell manufacturing operations.

Its net loss during 9M FY 2025 was ₹1.4 billion (~$17 million), a 143% YoY reduction from ₹3.5 billion (~$41 million).

Adjusted EBITDA for 9M rose to ₹57 billion (~$667 million) from ₹52.4 billion (~$613 million) during the same period the previous year.

The company’s adjusted EBITDA and net profit from external sales from its module and cell manufacturing operations were ₹597 million (~$ 7 million) and ₹423 million (~$5 million) respectively.

The company adjusted its expected EBITDA for FY 2025 to between ₹74 billion (~$854 million) and ₹78 billion (~$900 million), and its cash flow equity (CFe) to between ₹11 billion (~$127 million) and ₹13 billion (~$150 million). It revised the expectations mainly because of the impact of the low resource availability in 9M FY 2025.

Operational Highlights

ReNew’s committed portfolio expanded 26% YoY to approximately 17.4 GW from roughly 13.8 GW and an additional 1.1 GW since the last quarter.

Its commissioned capacity increased 25.5% YoY to about 10.7 GW. The company has commissioned 92 MW of wind capacity in Q4 FY 2025 so far, increasing its total commissioned capacity to roughly 10.8 GW.

The company also reported a year-to-date commissioning of approximately 1.3 GW capacity and an additional 150 MWh of batteries.

It secured 3.9 GW of renewable energy and 600 MWh of battery capacity in FY 2025 so far, increasing its pipeline to an approximate renewable energy capacity of 24 GW and 2 GWh of battery capacity.

ReNew expects to complete between 1,900 MW and 2,400 MW installations by the end of FY 2025. These installations also include an approximate capacity of 600 MW, subject to timely regulatory approvals and the build-out of the evacuation infrastructure.

At the earnings call with analysts, the company said it faced land acquisition challenges for wind projects over the last six to nine months. It could commission more solar capacity than wind projects during the period.

The company does not expect wind energy generation in India to exceed 5 GW annually for the next two or three years.

In Q3 FY 2025, ReNew’s wind plant load factor (PLF) stood at 13.5%, a decline from 17% over the previous year. During the first nine-month period, absolute wind PLF had fallen by almost 240 basis points.

ReNew reported revenue of ₹29.9 billion ($357 million) during Q2 FY 2025, a 4.4% YoY increase from ₹28.6 billion (~$342 million).

The company reported revenue of ₹22.81 billion (~$274 million) in Q1 FY 2025, an approximately 7% YoY increase from ₹21.25 billion (~$255 million).