The company maintains a vulnerable capital structure with a debt-to-equity ratio consistently above 5.34 and an equity-to-asset ratio that has remained stagnant at 14% since 2023Q3.
| Total Assets | 1.04T | 959.8B | 873.93B | 746.49B | 641.34B | 492.05B | 479.56B | 398.02B | 345.77B | 201.27B | 107.12B | 41.32B | 27.68B |
| Asset Growth % | 7.85% | 9.83% | 17.07% | 16.4% | 30.34% | 2.61% | 20.48% | 15.11% | 71.8% | 87.88% | 159.28% | 49.28% | - |
| PP&E (Net) | 811.8B | 769.57B | 696.6B | 559.96B | 455.06B | 353.8B | 345.3B | 282.51B | 245.89B | 146.67B | 75.24B | 31.5B | 20.59B |
| PP&E / Total Assets % | 78.42% | 80.18% | 79.71% | 75.01% | 70.95% | 71.9% | 72% | 70.98% | 71.11% | 72.88% | 70.24% | 76.24% | 74.39% |
| Total Current Assets | 132.6B | 118.38B | 104.44B | 109.87B | 135.21B | 92.32B | 84.92B | 51.17B | 49.23B | 41.39B | 18.57B | 8.25B | 3.37B |
| Cash & Equivalents | 68.17B | 40.42B | 27.02B | 38.18B | 28.38B | 20.68B | 13.09B | 10.12B | 13.91B | 27.14B | 3.63B | 6.27B | 3B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 13.27B | 4.16B | 1.69B | 1.19B | 815M | 833M | 609M | 719M | 153M | 13.64M | 0 | 67.33M | 55.93M |
| Other Current Assets | 23.8B | 8.06B | 977M | 2.22B | 3.69B | 2.78B | 13.23B | 5.01B | 5.4B | 2.79B | 1.1B | 333.14M | 148.63M |
| Long-Term Investments | 15.81B | 3.89B | 6.57B | 4.48B | 1.32B | 3B | 1.29B | 989M | 4.18B | 30.73M | 2.39B | 380K | 5.36M |
| Goodwill | 40.27B | 11.6B | 11.6B | 11.6B | 11.6B | 11.6B | 11.38B | 11.38B | 10.95B | 292.72M | 22.66M | 22.66M | 0 |
| Intangible Assets | 0 | 24.62B | 26.29B | 27B | 28.13B | 24.81B | 24.59B | 25.68B | 26.63B | 1.17B | 41.85M | 2.32M | 1.38M |
| Other Assets | 24.57B | 24.67B | 22.89B | 28.95B | 8.97B | 4.92B | 12.08B | 26.29B | 8.89B | 11.7B | 10.85B | 1.54B | 3.71B |
| Total Liabilities | 893.64B | 828.69B | 752.24B | 628.09B | 514.97B | 427.31B | 400.71B | 321.69B | 271.09B | 144.42B | 70.57B | 23.65B | 16.57B |
| Total Debt | 764.75B | 732.28B | 655.66B | 536.58B | 447.71B | 351.65B | 357.07B | 289.98B | 238.45B | 120.77B | 58.06B | 21.79B | 12.39B |
| Net Debt | 696.58B | 691.86B | 628.64B | 498.39B | 419.33B | 330.97B | 343.98B | 279.87B | 224.54B | 93.63B | 54.43B | 15.52B | 9.38B |
| Long-Term Debt | 509.89B | 582.31B | 565.86B | 467.29B | 373.73B | 308.44B | 320.61B | 253.78B | 209.29B | 102.45B | 51.9B | 20.21B | 10.44B |
| Short-Term Borrowings | 243.74B | 140.71B | 81.45B | 63.11B | 70.53B | 41.1B | 35.07B | 36.2B | 29.16B | 18.32B | 6.16B | 1.57B | 1.94B |
| Capital Lease Obligations | 11.12B | 9.26B | 8.35B | 6.17B | 3.45B | 2.11B | 1.65B | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 318.83B | 196.44B | 142.04B | 115.93B | 101.28B | 60.79B | 52.73B | 58.06B | 53.29B | 40.61B | 17.89B | 3.43B | 6.12B |
| Accounts Payable | 18.83B | 8.17B | 9.09B | 6.12B | 5.61B | 3.25B | 3.73B | 3.03B | 2.73B | 2.4B | 330.33M | 195.7M | 219.79M |
| Accrued Expenses | 0 | 5.41B | 2.96B | 3.21B | 3.86B | 2.9B | 2.5B | 2.31B | 1.81B | 1.35B | 213.19M | 136.89M | 0 |
| Deferred Revenue | 0 | 1.25B | 11M | 11M | 11M | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 55.98B | 35.07B | 42.86B | 38.44B | 5.98B | 1.89B | 11.16B | 16.52B | 19.58B | 18.54B | 11.19B | 1.52B | 3.96B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 27.22B | 17B | 17.96B | 23.75B | 24.28B | 43.41B | 25.98B | 9.84B | 8.52B | 1.36B | 779.35M | 3.91M | 1.78M |
| Total Equity | 141.54B | 131.11B | 121.7B | 118.4B | 126.37B | 64.75B | 78.85B | 76.33B | 74.68B | 56.84B | 36.55B | 17.67B | 11.11B |
| Equity Growth % | 7.95% | 7.74% | 2.78% | -6.31% | 95.19% | -17.89% | 3.29% | 2.22% | 31.38% | 55.5% | 106.88% | 59.03% | - |
| Shareholders Equity | 123.37B | 112.6B | 105.22B | 106.85B | 118.44B | 62.08B | 74.53B | 72.71B | 71.27B | 53.72B | 34.89B | 17.64B | 11.11B |
| Minority Interest | 18.17B | 18.51B | 16.48B | 11.55B | 7.93B | 2.67B | 4.32B | 3.63B | 3.41B | 3.13B | 1.67B | 25.4M | 4.9M |
| Common Stock | 4.71B | 4.81B | 4.81B | 4.81B | 4.81B | 3.8B | 3.8B | 3.8B | 3.77B | 3.38B | 2.61B | 1.7B | 1.13B |
| Additional Paid-in Capital | 152.29B | 154.2B | 154.15B | 154.14B | 154.05B | 67.17B | 67.17B | 67.17B | 66.38B | 50.71B | 31.24B | 15.9B | 0 |
| Retained Earnings | -42.37B | -53.76B | -56.43B | -53.61B | -38.42B | -6.49B | 3.49B | -3.12B | -2.17B | -1.12B | -747.61M | 38.63M | 52.72M |
| Accumulated OCI | 8.73B | 0 | 0 | -618M | -1.33B | -5.22B | 75M | 4.86B | 3.29B | 737.27M | 1.78B | 8.06M | 0 |
| Return on Assets (ROA) | 1.1% | 0.42% | 0.42% | -0.69% | -2.84% | -1.61% | -0.61% | 0.71% | 0.11% | 0.22% | 1.1% | -0.04% | 0.26% |
| Return on Equity (ROE) | 8.02% | 3.02% | 2.84% | -3.94% | -16.82% | -10.89% | -3.47% | 3.5% | 0.46% | 0.72% | 3.01% | -0.1% | 0.65% |
| Debt / Equity | 5.40x | 5.59x | 5.39x | 4.53x | 3.54x | 5.43x | 4.53x | 3.80x | 3.19x | 2.12x | 1.59x | 1.23x | 1.11x |
| Debt / Assets | 73.88% | 76.29% | 75.02% | 71.88% | 69.81% | 71.47% | 74.46% | 72.86% | 68.96% | 60% | 54.2% | 52.73% | 44.75% |
| Net Debt / EBITDA | 7.88x | 9.53x | 9.90x | 8.55x | 8.74x | 7.89x | 7.88x | 6.85x | 10.54x | 8.13x | 9.87x | 6.02x | 35.95x |
| Book Value per Share | 384.07 | 357.86 | 332.95 | 314.19 | 316.58 | 161.57 | 196.76 | 190.49 | 215.79 | 189.16 | 153.06 | 125.23 | 119.08 |
High leverage and liquidity
As reported in financial statements, ReNew Energy Global's net PPE has grown from $656.5 billion in 2023Q3 to $811.8 billion by 2025Q4, indicating an aggressive capital deployment strategy that has yet to translate into consistent, positive returns on equity for the utility's stakeholders.
The consistent expansion of the asset base suggests a heavy reliance on capital-intensive project development. Investors should monitor whether this rapid growth in PPE will eventually yield stable regulated returns or if it represents an over-extension of the balance sheet in a high-interest environment.
Based on the company's reported figures, the debt-to-equity ratio has remained stubbornly high, fluctuating between 5.34 and 5.82 over the last ten quarters, which suggests that the utility is operating with minimal regulatory headroom to absorb potential shocks to its capital structure.
A debt-to-equity ratio consistently exceeding 5.0 indicates a highly leveraged financial profile that may limit the company's flexibility in future rate cases. This structure appears to prioritize aggressive growth over the maintenance of a conservative, investment-grade balance sheet profile.
According to recent quarterly filings, the current ratio has deteriorated from 0.85 in 2023Q3 to 0.42 by 2025Q4, highlighting a significant tightening of short-term liquidity that may complicate the company's ability to manage its ongoing, massive capital expenditure requirements.
The decline in the current ratio suggests that current assets are increasingly insufficient to cover short-term obligations, which may force the company to rely more heavily on external financing. This trend warrants further investigation into the maturity profile of existing debt and the availability of revolving credit facilities.
As indicated by the provided balance sheet data, equity as a percentage of total assets has remained flat at approximately 14% since 2023Q3, suggesting that the company is not successfully retaining sufficient earnings to organically support its massive asset growth trajectory.
The lack of meaningful growth in the equity-to-asset ratio implies that the company's expansion is almost entirely debt-funded rather than supported by internal capital generation. This reliance on external funding sources may dilute long-term shareholder value and increase the sensitivity of the company to credit market volatility.
Quick answers to the most common questions about buying RNW stock.
As of 2025, ReNew Energy Global Plc (RNW) had total assets of $1.04T including $132.60B in current assets.
ReNew Energy Global Plc (RNW) carries total debt of $764.75B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ReNew Energy Global Plc (RNW) has total shareholders' equity (book value) of $123.37B ($384.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ReNew Energy Global Plc (RNW) reported a current ratio of 0.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.