ReNew Energy Global plc

Thank you for standing by and welcome to the renewed second quarter fiscal year 26 earnings report. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Anune Shahi, head of IR. Please go ahead.

Thank you. Thank you. Good morning, everyone. And thank you for joining us today. We have put out a press release announcing results for fiscal 2026 second quarter and the half year ended September 30th, 2025. 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 again are Suman Sinha, our founder, chairman and CEO, Kailash Vaswani, the CFO, and Vaishali Nigam Sinha, co-founder Renew and chairperson, Sustainability. After the prepared remarks, which we expect will take close to half an hour, we will open the call for questions. As per usual, 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 implied by such forward-looking statements. So we encourage you to review the press release we furnish in our form 6K 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. With that being said, it's now my pleasure to hand it over to our CEO, Suman Sinha. Yeah, hi. Thank you, Anuna. Good morning, good evening to everybody. I'm glad to have you all on our earnings call for the second quarter and for the first half of fiscal 2026. While we continue to see global macroeconomic and trade-related volatility, the situation in India remains relatively benign. S&P has upgraded India's long-term credit rating and the inflation remains low, providing scope for further rate cuts by the Reserve Bank of India. There is also expectation of a Indo-US trade deal being concluded and announced in the near future. Coming to the energy sector, we also have seen an unusual trend in climatic conditions this year in India. There has been an extended spell of the monsoons, resulting in more muted power demand growth as well as lower solar PLS compared to last year. On the policy front, in a welcome move, the government of India took a significant step and reduced the goods and services tax on most items in the renewable energy sector from 12% to 5%. This should further increase the affordability of clean energy, which was anyway the cheapest source of electricity in India. As a company, we continue to deliver profitable growth. deliver on project execution as well as demonstrate capital discipline in delivering returns significantly above our cost of capital. Turning to our highlights for the quarter, since October of last year, we have commissioned over 2.1 gigawatts of renewable energy capacity, marking a 22% growth in our portfolio after adjusting for the asset sales over the period. We continue to expand our committed portfolio and have signed PPS for 3.8 gigawatts of installed renewable energy capacity over the past four quarters for projects that should provide returns towards the higher end of our targeted IRR range, if not better. We therefore reiterate our FI26 megawatt guidance and are on track to complete construction of 1.6 to 2.4 gigawatts of capacity in fiscal 2026. Turning to our financial highlights, We continue to demonstrate strong financial performance, delivering adjusted EBITDA of INR 53.5 billion, which is a 24% growth year-on-year for the first half of the fiscal year, ended March 31, 2026. We have also meaningfully improved our leverage metrics for operational projects, and we reaffirm our fiscal year 2026 adjusted EBITDA guidance of INR 87 to 93 billion. Our manufacturing business, comprising of an operational capacity of 6.4 GW of modules and 2.5 GW of cells, is fully stabilized and produced over 2 GW of modules and over 900 MW of cells in H1-FI26. Manufacturing also made a meaningful contribution of INR 3.3 billion towards adjusted EBITDA for the quarter, which adds up to INR 8.6 billion for the first six months of fiscal year 2026. As a result, we are revising our FI26 adjusted EBITDA guidance for manufacturing, upwards to INR 10 to 12 billion. We are also steadfast in our ESG commitments, as showcased by the rating of 83 out of 100 in the S&P Global Corporate Sustainability Assessment, which we received recently. This is the highest ever by any Indian IPP. We were also recognized in the Fortune Global Change the World List 2025 for the third time. We have also published our inaugural Climate Risk and Biodiversity Risk Reports aligned with the TCFD and TNFD frameworks, indicating our continued push towards transparency and governance. Turning to page 9, execution is our topmost priority and a key differentiator for us. We have commissioned over 2.1 GW of capacity over the last 12 months or so and reiterate our guidance to complete the construction of 1.6 to 2.4 GW for fiscal year 2026. Year to date, we have commissioned more than 1.2 GW which are split into approximately 750 MW of solar capacity and nearly 500 MW of wind. In addition, We have over 500 megawatts of solar capacity that has already been erected and will enable us to meet our construction targets. While there has been some lull in the bidding environment, we believe that this is cyclical as most IPP players have already been able to build pipelines that will be executed in the next four or five years. Turning to page 10, our solar manufacturing facilities are now operating at full tilt. They are currently producing over 12 megawatts of modules and 5 megawatts of cells on a daily basis. In the first half of this year, we produced close to 2 gigawatts of modules operating at high utilization and efficiency levels. We currently have third-party orders to sell approximately 650 megawatts with Cisco with close to 1.5 gigawatts already delivered this year. In September 2025, We also closed the $100 million investment from British International Investments, which will primarily be used for expansion of the cell facility. We are pleased to say that the construction of our new 4 gigawatt top-form cell facility is on track, with the land acquisition, engineering and machinery orders completed and the civil works well underway. Our manufacturing business has started contributing meaningfully to the consolidated P&L by delivering an adjusted EBITDA of INR 3.3 billion this quarter at a margin of over 30%. The EBITDA contribution in this quarter has moderated as compared to the previous quarter due to a higher percentage of captive sales. In addition, the margins are slightly higher due to some cost savings and procurements ahead of time, which may normalize as this year progresses. Now let me hand it over to Kailash to talk more about the financial highlights. Thank you, Sumanth. Turning to page 12, we continue to deliver consistent profitable growth. Since the same time last year, we have constructed over 2.1 gigawatts of projects, representing a 22% increase in operating capacity after adjusting for the 600 megawatts sold during the trailing 12 months. This year, so far we have commissioned over 1.2 gigawatts of renewable energy capacity. Our revenue increased by over 50% for H1 of this fiscal compared to last year due to increase in megawatts and a meaningful contribution from third-party sales in our manufacturing business. Turning to page 12 and the EBITDA walk, we saw subdued PLFs this quarter due to lower irradiation from an extended spell of monsoon, resulting in a net negative impact of INR 1.7 billion for the quarter compared to last year. The new projects that we commissioned over the last 12 months contributed INR 2.5 billion to our adjusted EBITDA, while the manufacturing business provided INR 3.3 billion. Over the past year, we have sold 600 megawatt of solar assets as well as a transmission project, contribution from which was also absent in the adjusted EBITDA for this quarter. Turning to leverage, The headline leverage continues to decline significantly and consistently, having reduced from 8.6 in September 24 to 7 in September 25. Leverage at the operating asset level also continues to be below the 6x threshold that we have set. On a trailing 12-month basis, the leverage was around 5.5x, excluding our under-construction portfolio and the contribution from our JV partners. Do note that our trailing 12-month EBITDA is not reflective of the run rate EBITDA for these assets, as many of these assets have less than one year of operation. We continue to pursue all options that will improve our leverage ratio at the consolidated levels, such as asset recycling, cost optimization, and reduction in the corporate debt. During the quarter, there was also favorable macro news with S&P upgrading India's long-term ratings to BBB from BBB-, which was the first upgrade in almost 18 years. There was also a reduction in GST rates by the government of India. There are also further expectations of rate cuts by RBI, which should also get transmitted to our future borrowing costs. Let me now hand it over to Vishali for comment on ESG.

Thanks, Kailash. Turning to page 15, let's look at the advancement in renewable sustainability initiatives and targets. The global landscape is shifting quickly towards mandatory regulations as climate impacts intensify. In India, recent reports highlight extreme heat challenges while events such as the August 2025 floods in Uttarakhand and Punjab along with severe AQI levels in Delhi, underscore the urgent need for action and resilience. At Renew, we remain steadfast in our mission to lead with purpose and resilience. Our continued commitment to purpose-driven sustainability continues to deliver results, reflected most recently in our standout performance in the prestigious S&P Global CSA assessment, which is one of the key highlights of this quarter. We achieved a score of 83, our highest ever, marking a 14% year-on-year improvement and more than doubling our score since our fiscal year 22 debut. This makes Renew the highest-rated India-based energy company and places us among the top 10% of energy companies globally. This milestone reflects the depth and breadth of our overall climate strategy, human rights, and our continued commitment to transparency and ethical governance. In terms of awards and recognitions, as was mentioned earlier, Fortune changed the world list 2035 in that Renew has been recognized in this prestigious list for the third time. This marks our second consecutive recognition for a community water-related initiative in Rajasthan. Forbes Sustainability Leaders, Renew's Chairman and CEO, Suman Sinha was named amongst the top 50 climate leaders globally, reinforcing renewable leadership in the sustainability movement. On the reporting front, we published our inaugural climate risk report aligned with IFRS S2 and TCFD, outlining key climate-related risks and opportunities. We also released our first nature risk report aligned with TNFD, identify nature-related risks and opportunities critical to our long-term resilience. Now turning to page 16 to see the progress made across our AHE targets, we remain fully committed to our sustainability roadmap and have made meaningful progress across overall sustainability goals. We have achieved an 18.2% reduction in our scope 1 into emissions from the baseline, and as part of our pilot study, two of our sites have become water positive. Social responsibility remains at the heart of our work. We strongly believe that a just energy transition must empower those at the grassroots, and we continue to upskill and train women and coal mine workers in green technologies. Diversity forms a core aspect of our overall sustainability strategy and our full-time employee diversity now stands at approximately 16.2%. Our S&P Global CSA score of 83 continues to reflect our leadership in sustainability. We are currently awaiting results from other ESG ratings and will disclose progress across all ratings in our upcoming meetings. As we move forward, we remain committed to delivering sustainable growth and driving positive change across the world. I will now turn it back to Kailash.