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Utilities - Regulated electric · Utilities · Fiscal year ends Mar 31 · Reports in INR
ReNew Energy Global reported revenue of INR 132B in the fiscal year ended Mar 2026, up 36.2% from the year before. Operating income was INR 14B, an operating margin of 10.6%, and net income was INR 10.4B. Operating cash flow of INR 81.4B less capital expenditure of INR 94B left free cash flow of −INR 12.5B. Net debt was INR 745B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue | 59,349 | 78,223 | 81,319 | 97,063 | 132,196 |
| Operating income | −12,233 | −2,563 | 8,297 | 10,056 | 13,997 |
| Interest expense | 35,667 | 43,066 | 42,051 | 49,601 | 57,706 |
| Pre-tax income | −12,233 | −2,470 | 8,142 | 10,034 | 13,620 |
| Income tax | 3,895 | 2,559 | 3,995 | 5,443 | 3,235 |
| Net income | −16,128 | −5,029 | 4,147 | 4,591 | 10,385 |
| Diluted EPS | −40.82 | −12.32 | 9.92 | 10.81 | 27.24 |
| Diluted shares | 127 | – | – | – | – |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 28,379 | 38,182 | 27,021 | 40,419 | 22,845 |
| Receivables | 44,819 | 21,615 | 13,769 | 16,740 | 20,207 |
| Inventory | 815 | 1,194 | 1,689 | 4,164 | 13,538 |
| Current assets | 135,212 | 109,867 | 104,437 | 114,512 | 135,283 |
| Net PP&E | 437,593 | 538,355 | 678,600 | 747,066 | 809,882 |
| Total assets | 641,343 | 746,494 | 873,935 | 959,799 | 1,056,088 |
| Payables | 5,609 | 6,118 | 9,094 | 8,173 | 17,820 |
| Current liabilities | 101,279 | 115,926 | 142,044 | 196,435 | 317,836 |
| Short-term debt | 14,485 | 63,114 | 81,455 | 140,711 | 240,145 |
| Long-term debt | 373,729 | 467,293 | 565,861 | 582,307 | 527,621 |
| Total liabilities | 514,970 | 628,094 | 752,238 | 828,687 | 911,692 |
| Shareholders' equity | 118,439 | 106,852 | 105,217 | 112,602 | 125,860 |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 42,390 | 65,572 | 68,931 | 67,565 | 81,438 |
| Capital expenditure | 89,830 | 86,364 | 153,838 | 93,659 | 93,966 |
| Free cash flow | −47,440 | −20,792 | −84,907 | −26,094 | −12,528 |
| Depreciation & amortisation | 13,764 | 15,901 | 17,583 | 20,670 | 26,738 |
| Stock-based compensation | 2,410 | 1,966 | 1,653 | 1,277 | 897 |
| Acquisitions | 15,929 | 90.0 | – | – | – |
| Fiscal year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.8% | 4.0% | 19.4% | 36.2% |
| Operating income growth (YoY) | – | – | – | 21.2% | 39.2% |
| EPS growth (YoY) | – | – | – | 9.0% | 152.0% |
| Operating margin | −20.6% | −3.3% | 10.2% | 10.4% | 10.6% |
| Net margin | −27.2% | −6.4% | 5.1% | 4.7% | 7.9% |
| Return on equityBlank when equity is negative | −13.6% | −4.7% | 3.9% | 4.1% | 8.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.3% | −0.4% | 1.1% | 1.3% | 1.9% |
| Free cash flow margin | −79.9% | −26.6% | −104.4% | −26.9% | −9.5% |
| Cash conversion (CFO ÷ net income) | −2.63x | −13.0x | 16.6x | 14.7x | 7.84x |
| Receivable days | 276 | 101 | 62 | 63 | 56 |
| Interest cover | −0.34x | −0.06x | 0.20x | 0.20x | 0.24x |
| Debt ÷ equity | 3.28x | 4.96x | 6.15x | 6.42x | 6.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 359,835 | 492,225 | 620,295 | 682,599 | 744,921 |
| Current ratio | 1.34x | 0.95x | 0.74x | 0.58x | 0.43x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.