Revenue growth accelerated to 43.3% year-over-year in 2027Q1, with operating margin expanding to 46.2% from 29.6% in 2026Q4, though net margin remains thin at 13.4% due to high financing costs.
ReNew Energy Global Plc (RNW) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 | Mar'16 | Mar'14 | Mar'13 |
|---|
| Revenue | 138.75B | 139.1B | 97.06B | 81.32B | 78.22B | 59.35B | 48.19B | 48.41B | 43.14B | 24.62B | 13.07B | 13.07B | 6.14B | 2.91B | 393.99M |
| Revenue Growth % | 22.51% | 43.31% | 19.36% | 3.96% | 31.8% | 23.16% | -0.46% | 12.21% | 75.26% | 88.3% | 113.05% | 113.05% | 110.86% | 638.59% | - |
| Cost of Revenue | 52.89B | 57.69B | 8.59B | 3.84B | 6.96B | 324M | 426M | 530M | 81M | 522M | 3.94M | 3.94M | 0 | 0 | 3.55M |
| Gross Profit | 85.86B | 81.41B | 88.47B | 77.47B | 71.27B | 59.02B | 47.76B | 47.88B | 43.06B | 24.09B | 13.07B | 13.07B | 6.14B | 2.91B | 390.44M |
| Gross Margin % | 61.88% | 58.52% | 91.15% | 95.27% | 91.11% | 99.45% | 99.12% | 98.91% | 99.81% | 97.88% | 99.97% | 99.97% | 100% | 100% | 99.1% |
| Gross Profit Growth % | - | -7.98% | 14.19% | 8.71% | 20.74% | 23.58% | -0.25% | 11.19% | 78.72% | 84.37% | 112.99% | 112.99% | 110.86% | 645.31% | - |
| Operating Expenses | 27.48B | 21.1B | 36.56B | 31.53B | 28.86B | 24.83B | 17.84B | 15.47B | 12.62B | 9.99B | 5.44B | 5.44B | 1.76B | 1.37B | 298.54M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 86.62B | 88.44B | 72.58B | 63.53B | 58.31B | 47.95B | 41.95B | 43.65B | 40.87B | 21.3B | 11.51B | 11.51B | 5.51B | 2.58B | 261.02M |
| EBITDA Margin % | 62.43% | 63.58% | 74.77% | 78.13% | 74.55% | 80.8% | 87.05% | 90.16% | 94.73% | 86.54% | 88.05% | 88.05% | 89.87% | 88.53% | 66.25% |
| EBITDA Growth % | 6.83% | 21.85% | 14.24% | 8.95% | 21.6% | 14.33% | -3.9% | 6.8% | 91.84% | 85.09% | 108.73% | 108.73% | 114.06% | 886.94% | - |
| Depreciation & Amortization | 28.24B | 28.13B | 20.67B | 17.58B | 15.9B | 13.76B | 12.03B | 11.24B | 9.5B | 7.11B | 3.82B | 3.82B | 2.07B | 1.01B | 166.4M |
| D&A / Revenue % | 20.36% | 20.23% | 21.3% | 21.62% | 20.33% | 23.19% | 24.96% | 23.22% | 22.01% | 28.87% | 29.19% | 29.19% | 33.81% | 34.6% | 42.23% |
| Operating Income (EBIT) | 58.38B | 60.3B | 51.91B | 45.95B | 42.41B | 34.19B | 29.92B | 32.41B | 31.37B | 14.2B | 7.69B | 7.69B | 3.44B | 1.57B | 94.62M |
| Operating Margin % | 42.07% | 43.35% | 53.48% | 56.5% | 54.22% | 57.61% | 62.09% | 66.95% | 72.72% | 57.67% | 58.85% | 58.85% | 56.06% | 53.93% | 24.02% |
| Operating Income Growth % | - | 16.18% | 12.97% | 8.34% | 24.04% | 14.27% | -7.68% | 3.3% | 120.99% | 84.52% | 123.67% | 123.67% | 119.19% | 1558.55% | - |
| Interest Expense | 4M | 64.98B | 598.31M | 43.03B | 546.69M | 529M | 475M | 33.44B | 26.27B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.22x | 100.96x | 1.19x | 76.00x | 45.77x | 64.43x | 0.98x | 1.19x | - | - | - | - | - | - |
| Interest / Revenue % | 0% | 46.71% | 0.62% | 52.91% | 0.7% | 0.89% | 0.99% | 69.07% | 60.88% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Pretax Income | 14.29B | 14.33B | 10.03B | 8.14B | -2.47B | -12.23B | -5.13B | -623M | 4.93B | 841M | 1.02B | 1.02B | 1.01B | 124.52M | 157.4M |
| Pretax Margin % | 10.3% | 10.3% | 10.34% | 10.01% | -3.16% | -20.61% | -10.64% | -1.29% | 11.44% | 3.42% | 7.78% | 7.78% | 16.46% | 4.28% | 39.95% |
| Income Tax | 3.04B | 3.4B | 5.44B | 4B | 2.56B | 3.9B | 2.9B | 2.16B | 1.82B | 321M | 508.31M | 508.31M | 97.01M | 124.6M | 87.75M |
| Effective Tax Rate % | 21.25% | 23.75% | 54.25% | 49.07% | -103.6% | -31.84% | -56.63% | -346.39% | 36.88% | 38.17% | 49.95% | 49.95% | 9.6% | 100.06% | 55.75% |
| Net Income | 11.25B | 10.93B | 3.81B | 3.4B | -4.82B | -16.08B | -7.82B | -2.7B | 2.65B | 300M | 338.24M | 338.24M | 816.43M | -14.09M | 71.85M |
| Net Margin % | 8.11% | 7.86% | 3.93% | 4.19% | -6.16% | -27.09% | -16.22% | -5.57% | 6.13% | 1.22% | 2.59% | 2.59% | 13.31% | -0.48% | 18.24% |
| Net Income Growth % | 31.6% | 186.5% | 12.04% | 170.67% | 70.04% | -105.64% | -189.99% | -201.89% | 782% | -11.31% | -58.57% | -58.57% | 5894.39% | -119.61% | - |
| EPS (Diluted) | 30.49 | 29.75 | 10.92 | 9.92 | -13.34 | -40.58 | -19.97 | -7.04 | 6.60 | 0.87 | 1.13 | 1.13 | 3.42 | -0.10 | 0.77 |
| EPS Growth % | 38.34% | 172.44% | 10.08% | 174.36% | 67.13% | -103.2% | -183.66% | -206.67% | 658.62% | -23.01% | -66.96% | -66.96% | 3523.42% | -112.97% | - |
| EPS (Basic) | - | 29.75 | 10.92 | 9.94 | -13.48 | -40.58 | -19.97 | -7.04 | 6.86 | 0.87 | 1.13 | 1.13 | 3.42 | -0.10 | 0.77 |
| Diluted Shares Outstanding | 369.08M | 368.52M | 366.38M | 365.51M | 376.85M | 399.18M | 400.73M | 400.73M | 400.73M | 346.07M | 300.49M | 300.49M | 238.82M | 141.09M | 93.3M |
Quick answers to the most common questions about buying RNW stock.
For fiscal year 2026, ReNew Energy Global Plc (RNW) reported total revenue of $139.10B. This represents a 35204.9% increase compared to $394.0M in 2012.
ReNew Energy Global Plc (RNW) is profitable, generating $10.93B in net income for the fiscal year ending 2026 with a net profit margin of 7.9%.
ReNew Energy Global Plc (RNW) reported an operating income of $60.30B, resulting in an operating profit margin of 43.4%. This margin reflects the operational efficiency of the business before interest and taxes.
ReNew Energy Global Plc (RNW) generated $81.41B in gross profit for the year, representing a gross profit margin of 58.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and thin net margins
Revenue Surge Driven by Capacity Additions
Revenue grew 43.3% year-over-year to $44.8B in 2027Q1, according to reported financials, reflecting strong capacity additions and favorable PPA pricing, though sustainability depends on continued project execution.
The 15% sequential revenue growth in 2027Q1, following a 71% YoY surge in 2026Q1, indicates an accelerating rate base expansion. This appears driven by new renewable assets coming online, with revenue growth outpacing operating cost growth, as evidenced by expanding operating margins. However, the reliance on project completions and tariff renewals introduces execution risk, and the lack of formal guidance limits forward visibility.
Margin Expansion Signals Operational Leverage
Operating margin reached 46.2% in 2027Q1, up from 29.6% in 2026Q4, as per financial statements, suggesting improved cost absorption and favorable regulatory recovery mechanisms, though net margin remains thin at 13.4%.
The sharp margin improvement indicates that revenue growth is translating into profitability more efficiently, likely due to fixed-cost leverage and timely cost recovery. However, the gap between operating and net margins (46.2% vs 13.4%) highlights significant interest and financing costs, which could compress if borrowing conditions worsen. The volatility in margins across quarters (from -21% to 64.6% operating margin) suggests sensitivity to project timing and one-off items.
Cost Recovery Mechanisms Appear Effective
Despite high leverage, net margin improved to 13.4% in 2027Q1 from 2.4% in 2026Q4, based on reported figures, indicating effective management of financing costs and possibly tax benefits, though interest coverage remains low at 1.33x.
The improvement in net margin suggests that operating cost recovery mechanisms are functioning, with fuel and purchased power costs likely pass-through. However, the low interest coverage ratio (1.33x) indicates that earnings are barely covering interest expenses, leaving little cushion for adverse rate movements. The absence of interest expense data in the provided figures limits deeper analysis, but the elevated debt/equity of 5.40x underscores the capital-intensive nature of the business.
Earnings Volatility Masks Core Strength
EPS swung from -$10.62 in 2025Q3 to $16.19 in 2027Q1, as reported in financial statements, indicating significant non-recurring items or timing effects, which may obscure the underlying regulated earnings power.
The extreme EPS volatility, including negative quarters, suggests that reported earnings are influenced by one-time gains, impairments, or tax adjustments rather than stable operational performance. The 2027Q1 EPS of $16.19 appears disproportionately high relative to net income of $6.0B, implying possible share count changes or extraordinary items. Investors should focus on operating income trends, which show more consistency, to gauge durable earnings quality.
CAPEX Cycle Driving Rate Base Expansion
Revenue growth of 43.3% YoY in 2027Q1, per reported figures, indicates that substantial capital expenditure is translating into rate base growth, though the high debt/equity of 5.40x suggests funding is heavily debt-dependent.
The consistent revenue growth across quarters, with 2026Q1 showing 71% YoY growth, points to a robust CAPEX program adding new renewable assets. However, the thin net margin of 7.9% (2026Q1) relative to operating margin of 51.8% implies that financing costs are absorbing a significant portion of earnings, potentially limiting EPS accretion. The lack of CWIP data prevents assessment of regulatory lag, but the margin expansion suggests timely recovery.
2026Q1 Marks Earnings Inflection
Revenue surged 71% YoY in 2026Q1, with operating margin at 51.8%, according to financial statements, representing a step-change in scale and profitability that appears durable given continued growth in subsequent quarters.
The 2026Q1 period appears to be a pivotal inflection point, with revenue and margins reaching new highs, likely driven by a major capacity addition or favorable tariff reset. This trend continued into 2027Q1, with revenue reaching $44.8B and operating margin at 46.2%, suggesting that the growth trajectory is sustainable. However, the negative quarters in 2025Q3 and 2024Q4 indicate that the company is still subject to project timing and market volatility, so the durability of this inflection warrants monitoring.
Leverage and Margin Gap Pose Risks
Despite strong revenue growth, the debt/equity of 5.40x and net margin of 7.9% (2026Q1) reveal that financing costs are eroding profitability, as per reported financials, potentially limiting earnings growth if rates rise.
The substantial gap between operating margin (46.2% in 2027Q1) and net margin (13.4%) indicates that interest expenses are consuming a large portion of operating income, a risk that could intensify in a higher-rate environment. The low interest coverage ratio of 1.33x suggests that earnings are barely sufficient to cover interest payments, leaving little buffer for adverse developments. Additionally, the lack of formal guidance and the volatility in quarterly earnings raise questions about the reliability of forward projections, and the reliance on debt funding for CAPEX may strain the balance sheet if cash flows do not improve.