ReNew Energy Global plc

Good morning everyone and thank you for joining us. We put out a press release announcing results for the fiscal 2026. First quarter ended June 30th, 2025 last night. And a copy of the press release and the earnings presentation is available in the investor relations section on Renew's website at www.renew.com. With me today, our Suman Sinha, our founder, chairman, and CEO, Kailash Vaswani, our CFO, and Vaishali Nigam Sinha, co-founder and chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions. Please note that our Safe Harbor statements are contained within our press release presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or furnished or implied, I'm sorry, by such forward-looking statements. So we encourage you to review the facilities 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 reconcile to the most comparable IFRS measures. And these reconciliations are also available on our website in the press release, presentation materials, and our annual report. It's now my pleasure to hand it over to our CEO, Suman Sinha.

Yeah, thank you, Anune. Good morning, good afternoon, good evening everyone and glad to have you all on our earnings call for the first quarter of fiscal 2026. We continue to pursue excellence and our vision is to be a global leader in clean energy. We recently filed our 20F and our second integrated report highlighting our unwavering commitment to transparency and sustainability. As we look at the year ahead, we are leaving no stone unturned to outperform over previous years. While there will always be factors that are beyond our control, our focus towards improving margins and capital discipline will continue to create shareholder value. Some of the investments we have made over the past few years, such as our manufacturing business, have started bearing fruit for us. Turning to highlights for the quarter, Since July of last year, we have commissioned around two and a quarter gigawatts of renewable energy capacity, marking a 23% growth in our portfolio after adjusting for asset sales. We also continue to expand our committed portfolio and have signed PPAs for 3.7 gigawatts of installed renewable energy capacity for projects that should provide returns towards the higher end of our targeted IRR range, if not better. We reiterate our F526 megawatt guidance to remain on track to complete construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026. In fiscal 2026, we also expect several of the unsigned PPS to be signed, providing us with an even clearer path beyond the current 18.2 gigawatts of committed portfolio, along with clarity on execution timelines. We will continue to be disciplined and highly selective in our approach towards bidding for future growth, and we look to secure projects with a lower risk and higher return profile. Turning to our financial highlights, we demonstrated superior performance this quarter, delivering an adjusted EBITDA of INR 27.2 billion, which is a 43% growth year-over-year. In the first quarter of fiscal 2026, we have a profit after tax of INR 5.1 billion, higher than the profit for the full fiscal 2025. We have also meaningfully improved our leverage metrics for operational projects, and we reaffirm our F526 guidance. Our manufacturing business, comprising of an operational capacity of 6.4 gigawatts of modules, and 2.5 gigawatts of cells is fully stabilized and produced 900 megawatts of modules and 400 megawatts of cells in this quarter. Manufacturing also made a meaningful contribution of rupees 5.3 billion towards adjusted EBITDA for the quarter. And we are revising our FI26 adjusted EBITDA guidance from the manufacturing business upwards to rupees 8 to 10 billion. We are also steadfast in our ESG commitments, and the second edition of our integrated report is a testament to the standards we hold ourselves to. To name a few, during the year, we successfully reduced our scope 1 and scope 2 emissions by 18.2% from the FI22 baseline, surpassing our target of 12.6%, and saved $540 million. 1,372 cubic meters of water, marking a 51% improvement. Turning to page nine, execution is our topmost priority and a key differentiator for us. We have commissioned over two and a quarter gigawatts of capacity over the last 12 months or so, and reiterate our guidance to complete the construction of 1.6 to 2.4 gigawatts in fiscal 2026. Year-to-date, we have commissioned more than 700 megawatts, which is split into more than 650 megawatts of solar capacity and about 50 megawatts of wind. In addition, we have commissioned over 500 megawatts of wind and about 300 megawatts of solar that have already been erected and will enable us to hit our construction targets for this year. We also continue to be optimistic about signing TPAs from our current pipeline in the current fiscal year. Turning to page 10, our solar manufacturing facilities are fully ramped up and currently producing over 10 megawatts of modules and five megawatts of cells on a daily basis. In the first quarter of this year, we produced over 900 megawatts of modules operating at a high utilization and efficiency levels. We have current third party orders to sell approximately 800 megawatts more this fiscal with close to 1.9 gigawatts already delivered till date. Earlier this year, in May, we secured a marquee investment from British International Investments for over US dollar 100 million for an approximate 10% stake in the solar manufacturing business. And we expect the transaction to close by the end of the second quarter of fiscal 2026. Along with this, we are pleased to say that the construction on our new four gigawatt Topcon cell facility is well underway, with land acquisition completed and civil works already having been started. Our manufacturing business has started contributing meaningfully to the consolidated P&L by delivering an adjusted EBITDA of INR 5.3 billion this quarter at a margin of over 40%. The EBITDA contribution in this quarter was a bit higher than normal as most of the production went towards external sales, the proportion of which should decline somewhat in the next few quarters. In addition, the margins are slightly higher due to some cost advantages and some procurement ahead of time, which may normalize to some extent. Now let me hand it over to Kailash to talk more about the finance highlights.

Thanks, Sumant. Turning to page 12, we continue to deliver consistent growth across all our performance indicators. Since the same time last year, we have constructed over 2.2 gigawatts of projects, a 23% increase in operating capacity after adjusting for the 600 megawatts sold during the trailing 12 months. Our cost optimization initiatives continue to help us with EBITDA margins in the IPP business improving from 80.7% to almost 82%. Our profit after tax stands at 13 times compared to Q1 FY25, largely driven by increase in megawatts, higher PLFs that we got year-on-year, meaningful contribution from the manufacturing business, as well as our cost optimization measures. Turning to page 13 and the EBITDA walk, while we saw subdued solar PLFs this quarter due to low irradiation from the early onset of monsoons, however, higher wind PLFs made up for the loss from solar, resulting in a net positive impact of INR 1.4 billion on EBITDA year-over-year. The new projects that we commissioned over the last 12 months contributed INR 1.8 billion to our EBITDA, while the manufacturing business came in at INR 5.3 billion. Over the past year, we have sold over 600 megawatts of solar assets, as well as the transmission line, due to which we have lost close to 300 million rupees of EBITDA for this quarter. Leverage at the operating asset level continues to be well below the 6x threshold that we have set. On a trailing 12-month basis, the leverage was around 5.7 times EBITDA, excluding our under construction portfolio and the convertible debt contribution from our JV partners. The cash flow from our manufacturing business have also contributed meaningfully towards reduction in our leverage levels. As we continue to grow our portfolio, The proportion of under construction projects as a percentage of overall portfolio should come down and will improve the ratios in addition to our efforts to be disciplined in our approach towards capital deployment. Just to update on the offer from the consortium, we announced Renew had received a final revised non-binding offer at US dollar eight on 3rd of July. Discussions between the consortium and the special committee are ongoing. and the special committee has indicated an update will be provided to the shareholders no later than 30th September 2025. Let me now hand it over to Vaishali for comments on ESG.