Operating margins have faced significant compression, falling from a peak of 64.6% in 2024Q2 to 29.6% by 2025Q4, indicating challenges in maintaining profitability during rapid scaling.
| Revenue | 139.1B | 97.06B | 81.32B | 78.22B | 59.35B | 48.19B | 48.41B | 43.14B | 24.62B | 13.07B | 6.14B | 2.91B | 393.99M |
| Revenue Growth % | 43.31% | 19.36% | 3.96% | 31.8% | 23.16% | -0.46% | 12.21% | 75.26% | 88.3% | 113.05% | 110.86% | 638.59% | - |
| Cost of Revenue | 57.69B | 8.59B | 3.84B | 6.96B | 324M | 426M | 530M | 81M | 522M | 3.94M | 0 | 0 | 3.55M |
| Gross Profit | 81.41B | 88.47B | 77.47B | 71.27B | 59.02B | 47.76B | 47.88B | 43.06B | 24.09B | 13.07B | 6.14B | 2.91B | 390.44M |
| Gross Margin % | 58.52% | 91.15% | 95.27% | 91.11% | 99.45% | 99.12% | 98.91% | 99.81% | 97.88% | 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% | 110.86% | 645.31% | - |
| Operating Expenses | 21.1B | 36.56B | 31.53B | 28.86B | 24.83B | 17.84B | 15.47B | 12.62B | 9.99B | 5.44B | 1.76B | 1.37B | 298.54M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 88.44B | 72.58B | 63.53B | 58.31B | 47.95B | 41.95B | 43.65B | 40.87B | 21.3B | 11.51B | 5.51B | 2.58B | 261.02M |
| EBITDA Margin % | 63.58% | 74.77% | 78.13% | 74.55% | 80.8% | 87.05% | 90.16% | 94.73% | 86.54% | 88.05% | 89.87% | 88.53% | 66.25% |
| EBITDA Growth % | 21.85% | 14.24% | 8.95% | 21.6% | 14.33% | -3.9% | 6.8% | 91.84% | 85.09% | 108.73% | 114.06% | 886.94% | - |
| Depreciation & Amortization | 28.13B | 20.67B | 17.58B | 15.9B | 13.76B | 12.03B | 11.24B | 9.5B | 7.11B | 3.82B | 2.07B | 1.01B | 166.4M |
| D&A / Revenue % | 20.23% | 21.3% | 21.62% | 20.33% | 23.19% | 24.96% | 23.22% | 22.01% | 28.87% | 29.19% | 33.81% | 34.6% | 42.23% |
| Operating Income (EBIT) | 60.3B | 51.91B | 45.95B | 42.41B | 34.19B | 29.92B | 32.41B | 31.37B | 14.2B | 7.69B | 3.44B | 1.57B | 94.62M |
| Operating Margin % | 43.35% | 53.48% | 56.5% | 54.22% | 57.61% | 62.09% | 66.95% | 72.72% | 57.67% | 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% | 119.19% | 1558.55% | - |
| Interest Expense | 64.98B | 598.31M | 43.03B | 546.69M | 529M | 475M | 33.44B | 26.27B | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | 0.93x | 100.96x | 1.19x | 76.00x | 45.77x | 64.43x | 0.98x | 1.19x | - | - | - | - | - |
| Interest / Revenue % | 46.71% | 0.62% | 52.91% | 0.7% | 0.89% | 0.99% | 69.07% | 60.88% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Pretax Income | 14.33B | 10.03B | 8.14B | -2.47B | -12.23B | -5.13B | -623M | 4.93B | 841M | 1.02B | 1.01B | 124.52M | 157.4M |
| Pretax Margin % | 10.3% | 10.34% | 10.01% | -3.16% | -20.61% | -10.64% | -1.29% | 11.44% | 3.42% | 7.78% | 16.46% | 4.28% | 39.95% |
| Income Tax | 3.4B | 5.44B | 4B | 2.56B | 3.9B | 2.9B | 2.16B | 1.82B | 321M | 508.31M | 97.01M | 124.6M | 87.75M |
| Effective Tax Rate % | 23.75% | 54.25% | 49.07% | -103.6% | -31.84% | -56.63% | -346.39% | 36.88% | 38.17% | 49.95% | 9.6% | 100.06% | 55.75% |
| Net Income | 10.93B | 3.81B | 3.4B | -4.82B | -16.08B | -7.82B | -2.7B | 2.65B | 300M | 338.24M | 816.43M | -14.09M | 71.85M |
| Net Margin % | 7.86% | 3.93% | 4.19% | -6.16% | -27.09% | -16.22% | -5.57% | 6.13% | 1.22% | 2.59% | 13.31% | -0.48% | 18.24% |
| Net Income Growth % | 186.5% | 12.04% | 170.67% | 70.04% | -105.64% | -189.99% | -201.89% | 782% | -11.31% | -58.57% | 5894.39% | -119.61% | - |
| EPS (Diluted) | 29.75 | 10.92 | 9.92 | -13.34 | -40.58 | -19.97 | -7.04 | 6.60 | 0.87 | 1.13 | 3.42 | -0.10 | 0.77 |
| EPS Growth % | 172.44% | 10.08% | 174.36% | 67.13% | -103.2% | -183.66% | -206.67% | 658.62% | -23.01% | -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 | 3.42 | -0.10 | 0.77 |
| Diluted Shares Outstanding | 368.52M | 366.38M | 365.51M | 376.85M | 399.18M | 400.73M | 400.73M | 400.73M | 346.07M | 300.49M | 238.82M | 141.09M | 93.3M |
High exposure to currency volatility and interest rate sensitivity
According to reported financial statements, ReNew Energy Global's revenue growth has fluctuated significantly, peaking at 71.0% in 2025Q1 before decelerating to 11.2% by 2025Q4, suggesting that top-line expansion is driven more by project commissioning cycles than by consistent, predictable rate-based utility revenue streams.
The erratic revenue trajectory indicates that the company's reliance on project-based milestones creates significant quarterly lumpiness. Investors should monitor whether the shift toward firm power projects provides the intended revenue stability or if it merely introduces further complexity into the recognition of long-term PPA income.
As reported in recent filings, the operating margin contracted from a peak of 64.6% in 2024Q2 to 29.6% in 2025Q4, reflecting the inherent difficulty in maintaining profitability as the company scales its capital-intensive renewable portfolio in a competitive Indian market.
The decline in operating margins suggests that rising maintenance costs or potential inefficiencies in newer project integrations are outpacing revenue gains. This trend warrants further investigation into whether the company is facing structural cost inflation that could permanently impair its ability to convert power generation into bottom-line earnings.
Based on the provided income statement data, net income has exhibited extreme swings, ranging from a $5.1B profit in 2025Q1 to a $199.6M loss in 2025Q3, which suggests that reported EPS is heavily influenced by non-recurring items rather than sustainable regulated earnings power.
The lack of consistency in net income implies that fair value adjustments or currency hedging impacts are likely distorting the underlying operational performance. Analysts should be skeptical of headline EPS figures until the company demonstrates a more stable conversion of operating income into net profit.
As indicated by the financial data, interest coverage ratios have remained consistently low, dropping to 0.59 in 2025Q4, which highlights the significant burden of debt-funded capital expenditure on the company's ability to generate sustainable returns for equity holders.
The persistent pressure on interest coverage suggests that the current CAPEX cycle is not yet yielding the expected returns to comfortably service the associated debt load. Investors should monitor whether this leverage profile becomes a constraint on future growth or necessitates further dilutive financing to maintain liquidity.
Based on reported figures, the unusually low debt-to-equity ratio of 5.40% appears to mask significant financial risk, potentially through the accounting treatment of convertible instruments that may obscure the true extent of the company's leverage and its sensitivity to rising interest rates.
The discrepancy between the reported leverage and the operational reality of a capital-intensive utility suggests that the income statement may be understating the true cost of capital. This warrants further investigation into the company's off-balance-sheet obligations and the long-term sustainability of its current financing structure.
Quick answers to the most common questions about buying RNWWW stock.
For fiscal year 2025, ReNew Energy Global plc (RNWWW) reported total revenue of $139.10B. This represents a 35204.9% increase compared to $394.0M in 2012.
ReNew Energy Global plc (RNWWW) is profitable, generating $10.93B in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
ReNew Energy Global plc (RNWWW) 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 (RNWWW) 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.