실적분석 2026년 8월 18일

Renew Energy Global ($RNW) FY2027 Q1 Earnings Analysis — Revenue Miss, Guidance Maintained, Flat After-Hours

Earnings Scorecard

Revenue: $506 million (+16% YoY, vs. expectation of {{MARKET_CAP}}) ❌ Miss

EPS: $0.17 basic under IFRS (not directly comparable to adjusted consensus of $11.62 due to differing basis)

Guidance: Reiterated — FY2027 adjusted EBITDA {{EMPLOYEES}}, cash flow to equity holders {{EMPLOYEES}} (1.6–2.4 GW construction)

Stock Reaction: After-hours -0.21% ($6.81) — as of 20:15 Korea time, 08-18

What Went Well

Total income growth: Total income of $506 million, +16% versus $435 million in the prior-year period

Operating capacity expansion: Operating capacity at quarter-end reached approximately 13.1 GW, +17% YoY

Manufacturing third-party sales: Module and cell third-party sales of $177 million, +26% YoY

Operating capacity and module/cell third-party sales grew in tandem, meaning top-line growth is no longer dependent solely on power sales. During the quarter, the company commissioned an additional 616 MW, and a further 466 MW of solar capacity was brought online after quarter-end.

What Fell Short

Revenue miss: Total income of $506 million versus expectation of {{MARKET_CAP}}

Lower plant load factor: Solar plant load factor of 22.4%, down from 24.6% in the prior year

Decline in cash flow to equity holders: Cash flow to equity holders of $136 million, down from $162 million in the prior year

Plant load factors for both solar and wind came in below the prior year, so the increase in power sales did not keep pace with capacity additions. Higher interest and principal repayments weighed on cash flow to equity holders, and the gap between the consensus and reported total income prompts a recalibration of expectations.

What Management Said

Management stated that it will carry its FY2027 adjusted EBITDA and cash flow to equity holders guidance forward, after completing 1.6–2.4 GW of construction. Assuming weather and resource conditions are similar to the previous fiscal year, asset-sale gains and module/cell third-party sales contributions are already baked into the outlook.

Market Reaction and Key Things to Watch

With the stock trading in the range of the $7.02 per-share takeover offer, transaction progress appears to be anchoring the share price more than the quarterly numbers.

Track the pace of completion of the 1.6–2.4 GW construction target for FY2027.

Watch whether the module/cell manufacturing contribution to adjusted EBITDA ({{EMPLOYEES}} reflected in guidance) stays on track.

Monitor the shareholder-meeting timeline for deal approval and the proportion electing the $7.02 cash consideration.