The following is a summary of the ReNew Energy Global Plc (RNW) Q2 2025 Earnings Call Transcript:

Financial Performance:

• ReNew Energy reported a 14% growth in adjusted EBITDA this quarter, primarily driven by cost optimization.

• Profit after tax increased by 31% due to lower general and administrative costs and finance costs.

• The company's net debt to EBITDA ratio remains below 6x.

Business Progress:

• ReNew Energy has commissioned 860 megawatts to date in this fiscal year and expects to commission an additional 350 to 400 megawatts in Q3.

• The company has secured power purchase agreements (PPAs) for 2.9 gigawatts in the current fiscal year, extending their total portfolio to 16.3 gigawatts, including 900 megawatt hours of battery storage capacity.

• The 6.4 gigawatt solar module manufacturing facilities are now fully operational with the cell facility beginning trial production.

Opportunities:

• ReNew Energy is capitalizing on strategic moves into manufacturing to secure supply chains as India restricts imports of solar modules, thereby potentially increasing operational efficiency and cost-effectiveness.

Risks:

• External market conditions and US Macro factors impacting share prices, despite minimal direct influence on ReNew's operations which are linked largely to the Indian economy.

• Potential delays in transmission readiness could affect project timelines, specifically mentioned for the RTC project.

• Variability in wind PLFs (Power Load Factors) that might affect expected energy production levels, influencing overall efficiency and returns.

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