ReNew Energy Global plc

that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release we furnish in our Form 6-K and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconciled to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials, and on annual report. It is now my pleasure to hand it over to Sumanth. Sumanth, please take it away.

Yeah, thank you, Anand. Good morning, good afternoon, and good evening, everyone. and glad to have all of you on our earnings call for the fourth quarter of fiscal 2025. We have concluded fiscal year 2025 with significant achievements, and the outlook for the renewable energy sector in India looks extremely promising. In our 15th year, we constructed more megawatts than we have done in the past, taking our total operating megawatts to 11.2 gigawatts, which is a new high for us. This is 17% higher than at the same time last year, and 21% if we compare on a for-like basis after excluding asset sales. Since April 2024, we have constructed over 2 gigawatts of RE assets, of which 1.95 gigawatts have already received COD approvals, and another 250 megawatts should receive them shortly. Not only this, but we also continue to extend our contracted portfolio by adding new bids and signing new PPAs. Our contracted portfolio now stands at 18.5 gigawatts, along with 1.1 gigawatt hours of BES, which is additional to the 18.5. This is 18% higher than at the same time last year. We have added 1.3 gigawatts of PPAs since Q3 fiscal 2025, and have signed PPAs for a healthy 5.3 gigawatts since April 2024, i.e., in the last 12 months of the financial year. In addition, once we include other projects where we have won and not yet signed PPAs, we have a pipeline of over 25 gigawatts of renewable energy and an additional about 3 gigawatt hours of batteries. The macro environment in India remains robust, and with the supply of auctions continuing to be more than 50 gigawatts plus a year, the IRRs remain quite attractive. In fiscal year 2025, we won 4.8 gigawatts plus 800 megawatt hours of BES, giving us a 14% market share in the bids that we participated in. Further, our existing solar manufacturing facilities comprising of 6.4 gigawatts of modules manufacturing and 2.5 gigawatts of cells, are now fully stabilized and at industry-leading efficiency levels and have started contributing to our P&L in a meaningful way. We also have a current external order book of 1.4 gigawatts, in addition to having already supplied 1.3 gigawatts till date in the manufacturing business. I am also pleased to announce that we have secured $100 million in equity funding to expand the existing cell facility by four gigawatts more to take it up to six and a half gigawatts to be in line with our module manufacturing capacity. This enables us to fully secure our supply chain for solar cells and modules, which is imperative given the ALMM for cells on the import of cells that has been announced. Our broader capital recycling engine is also chugging along, and we have raised $260 million in the last six months, including deals that yet have to close. Turning to our financials, we delivered more than 14% EBITDA growth year on year, in spite of a weaker-than-anticipated wind resource. In addition, our cost-saving initiatives are helping us improve margins with EBITDA margins in our IPP business at almost 83% from a little over 80% last year. Finally, the interest rate environment remains benign, while with the RBI having announced rate cuts in the last few months, which are now beginning to be reflected in new greenfield financing. Our profit before tax for the year is at Rs. 10 billion, up 23% for the year. We have also delivered a second consecutive year of profit after tax. While the whole world has been in flux due to geopolitical strife, inflation, tariffs and trade tensions, our business and our outlook have only become stronger. We will continue to work on our strengths and expand our renewable energy footprint in India. On page nine, I want you to take a minute to highlight our key strengths. As you know, we are a pan-India renewable energy company, and we pride ourselves on executing projects year after year, consistently for the past 15 years. We are also present in multiple market segments, therefore reducing our concentration risk, and have a fully integrated business model with project development, EPC, and O&M all in-house, thus reducing costs and giving us better control of our projects. We also have connectivity for all of our pipeline projects, which is a critical differentiator, and are also judicious with our capital allocation, striving to continuously improve our IRRs. Before jumping into updates from our businesses, let me brief you on some industry updates on page 11 of our presentation. The regulatory and macro environment in India continues to be very supportive as renewable energy continues to see the highest capacity additions amongst all power sources in India and is also the cheapest source of energy as of late. While there has been some softening of demand driven by weather patterns of late, most analysts continue to forecast a sustained increase in energy demand as well as peak demand. The push for indigenization in the supply chain also has continued and While we already had ALMM for modules, this year we also saw ALMM for cells being announced by the government. This helped firm up our decision to expand the cell capacity by another four gigawatts, and the requirement for domestic cells and modules would also help with third-party sales from our manufacturing business. On page 12, as you can see, we continue to see high amounts of renewable energy auctions. The major update this year has been the increasing use of BESS in both complex projects as well as the introduction of Scandadon Solar Plus BESS auctions. With the decline in battery prices, we are now seeing a greater percentage of BESS and a lower percentage of wind in the project configuration of complex projects. The percentage of plain Manila projects was only around 25%, which has been the lowest ever. We also saw a few more hybrid auctions this year as grid operators tried to create a balance between various sources of renewable energy. I expect this to be a temporary phenomenon, however. We will continue to see the use of more auctions where BEST plays a significant role. During the year, we have won around 5 gigawatts in auctions, bringing our total pipeline to over 25 gigawatts, which additionally increases will also have another three gigawatt hours of base. As you will recall, we were the first IPP to have commissioned a utility scale battery energy storage system in India when we executed 150 megawatt hours in our peak power project. PPA execution also remains healthy, where we signed more than five gigawatts of PPAs in the last financial year of FY 2025. Turning to page 13, last year we laid emphasis on execution by commissioning about 1.9 gigawatts. This year we have tried to build on that performance by constructing approximately 2.2 gigawatts of capacity. While more than 1.9 gigawatts, and when I say this year, I meant FI25. While more than 1.9 gigawatts have received COD approvals, another 250 megawatts should soon be commissioned. and 18% growth rate over the past five years showcases our consistent performance as well as a strong in-house EPC capacity built over the years. During the year, we also commissioned one of the largest best sites in India with 150 megawatt hours. And I'm pleased to inform you that our peak power project is performing in line with the monthly compliance requirements, further solidifying our belief in complex projects. Moving to page 14, we have been disciplined in our capital allocation strategies and have made investment decisions only where the returns are materially above our cost of capital. We have also recycled a certain portion of our portfolio to further improve returns, as well as provide growth capital for our greenfield projects. As part of this, we have sold a 300-megawatt-secchi solar asset and have signed definitive agreements to sell another 300 megawatts Secchi solar asset. In our manufacturing business, we recently secured a multi-investment from British International Investments for US dollar 100 million for an approximate 10% stake. This investment will provide the necessary equity for expanding our cell facility by another 4 gigawatts. The transaction closure is pending customary approvals from lenders and regulatory authorities. Overall, we have been able to sign agreements for over $260 million in the past six months, taking advantage of the strong investor interest in our projects and our business. Turning to page 15, our manufacturing facilities are now running at full tilt, producing around a little bit more than 10 megawatts of modules and about 5 megawatts of cells per day. We have supplied total orders of 1.3 gigawatts to date and our current order book stands at an additional 1.4 gigawatts. External sales contributed around 4.2 billion rupees to our consolidated fiscal FI25 EBITDA and around rupees 3.6 billion in the last quarter of FI25. With the expansion of the new cell facility, we will be able to fully secure our supply chain up to cells once it starts production in fiscal 2027. Turning to page 16, transmission and land are the critical differentiators to ensure that the projects are delivered on time and the country's renewable energy targets are met. Beyond our operating portfolio, we have connectivity for an additional 17 plus gigawatts, which fully covers our 25 gigawatt plus pipeline and beyond. Of this, 7.5 gigawatts plus of our interconnection approvals are land-based, which allows us to use them for any projects that we want. We are actively securing land parcels around the highest radiation and strong wind regions. During the year, we added 7.5 gigawatts of new connectivity and have been able to largely secure land for our projects getting executed this year. We will look to further drive home this advantage over the next two to three years by building large land banks along with connectivity. Now, let me turn to Kailash for financing and other highlights. Kailash, over to you.

Thanks, Samant. Now, let me turn to the highlights of the quarter on page 18. During the fourth quarter, we delivered Rs. 22.1 billion of adjusted EBITDA. which is 32% higher than last year, driven primarily by cost optimization initiatives, gain on sale of assets, as well as contributions from third-party sales from our manufacturing business. We bid our margins for our IPP business improved by more than 250 basis points, driven by tighter cost control. We also continue to deliver profitable growth with our profit before tax for Q4 FY25 at Rs. 3 billion, up from Rs. 2.1 billion in the same quarter last year. We also delivered Rs. 3.1 billion of Q4 profit after tax and Rs. 4.6 billion profit after tax for the full year at 2025. We continue to grow our business responsibly and by living within our means by managing growth with internal accruals and asset recycling. We have signed agreements of over US$260 million during the past six months by raising equity through capital recycling at returns higher than our base case. We are focused on tapping only the cheapest sources of capital, not only for equity, but also debt, where we have raised around US dollars 2 billion debt financing this year from a variety of debt providers. With respect to the non-binding offer received from the consortium comprising of CPP Investments, Masdar, Adia, and Suman Sinha, active discussions between the special committee comprising of the news independent directors and the consortium are ongoing. and we will provide an update on the outcome as soon as possible, reasonably practical. While we understand that our stakeholders are eager to know what's going on, however, you will appreciate that currently we cannot comment further on the timing or the status of the process. Turning to page 19, we remain committed to growing profitably. We have seen 17% growth and 21% fund adjust for the assets sold. in our operating capacity portfolio by commissioning 1.95 gigawatt of capacity. Our adjusted EBITDA margins have expanded, driven by cost control measures as well as reduction in O&M costs. Our profitability also continues to grow year on year. We will continue to take these initiatives to ensure that costs continue to remain in check. Our DSOs also continue to trend lower and are now at 71 days as compared to 138 days two years ago and 77 days one year ago. Turning to page 20, our financial performance is now being driven by our IPP business as well as our manufacturing business. While our manufacturing business is a relatively lower margin, high volume business, our IPP business is a large scale and high EBITDA margin business. While we saw slightly higher EBITDA margins for our manufacturing business, primarily driven by low volumes, as volumes increase, we expect that they will normalize in fiscal FY26. Additionally, we expect that it will contribute about Rs. 5 to 7 billion of our consolidated EBITDA in fiscal year 2026. On slide 21, we continue to take measures to ensure our leverage is in check and have ensured that leverage for the operating portion of the business is under 6X. While our portfolio continues to scale up and the percentage of our under construction portfolio goes down, however, this year, However, this year weather has some impact on our adjusted EBITDA offsetting some of the benefits due to which the overall leverage is marginally higher than last year. In future, ramp up of our manufacturing business along with continuous asset sales and increase in our operating portfolio, this should help our leverage levels normalize further. Turning to slide 22, we are now in an environment of rate cuts in India. The Reserve Bank of India, India's central bank, has cut repo rates by 100 basis points in the last six months or so. Inflation has also fallen to a 75-month low in May 2025, signaling there may be room for further rate cuts. While we have seen some benefit of the rate cuts in our green tree financing, we should see further transmission on existing floating rate debt going forward as well. During the year, we raised around US dollars 2 billion at competitive rates, as well as negotiated and refinanced better rates for $600 million of debt saving around 40 to 70 basis points on the interest costs on some of that debt. Turning to slide 23, our stable assets continue to demonstrate healthy returns on capital deployed, which has improved compared to last year. If you recall, last year we showed these figures on 7.6 gigawatts of stable operating assets. This year, we have extended these to over 9 gigawatts of assets, which were commissioned on or before 1st April 2024. Also, we have included our manufacturing operations that started contributing to the bottom line. Let me now hand it over to Vaishali for comments on ESG.