RNW Utilities

ReNew Energy Global Plc

$6.89+0.58%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Utilities
Industry: Utilities - Renewable
Country: United Kingdom
Market cap: 2.5B USD
Enterprise value: 10.3B USD
Full-time employees: 4,720

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.46), less short-term liquidity (current ratio 0.43 vs a peer median of 1.03) and more debt relative to equity (6.10× vs a peer median of 1.19×)higher risk: bigger price swings (beta 1.14 vs peers 0.46), less liquidity (current ratio 0.43 vs peers 1.03) and more debt vs equity (6.10× vs peers 1.19×)
About average: valuation

Ranks #248 of 348 utilities companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
ReNew Energy Global reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Much more borrowing than peers. Debt is 6.1× equity vs a peer median of 1.2×.Debt is 6.1× equity vs peers 1.2×.
Debt is 6.1× shareholders' equity, against a peer median of 1.2×, among the highest 10% of its peer group.Debt is 6.1× shareholders' equity, vs peers 1.2×, among the highest 10% of its peer group.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from INR 54.5B in FY Mar 2021 to INR 132.2B in FY Mar 2026.
ReNew Energy Global's fiscal-year revenue rose in each of the five years to FY Mar 2026, from INR 54.5B to INR 132.2B.
Fast revenue growth. Revenue grew 36% in the 12 months to March 2026 vs the 12 months before, faster than 95% of peers.
Revenue grew 36% in the 12 months to March 2026 vs the 12 months before, faster than 95% of its peers.

StockQuotient Score

41/ 100

Oct 5 41 → Nov 4 41

Valuation

Is the price right?

49/100

Moderate

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Held back by:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.1%

SEC filings (IFRS mapped) · 12 months to Mar 2026 · INR→USD at the current rateReported value30% base weight · Z-score -0.23Sector median: 0.0485 · MAD: 0.0319

EBITDA yield9.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · INR→USD convertedReported value50% base weight · Z-score 0.31Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-5.3%

SEC filings (IFRS mapped) · 12 months to Mar 2026 · INR→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield52.8%

SEC filings (IFRS mapped) · latest balance sheet · INR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

99/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 36.2%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth156.9%

SEC filings (IFRS mapped) · 12 months to Mar 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.68Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth19.1%

SEC filings (IFRS mapped) · 3 years to Mar 2026Reported value33% base weight · Z-score 3.28Sector median: 0.0196 · MAD: 0.0523

Revenue growth36.2%

SEC filings (IFRS mapped) · 12 months to Mar 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.65Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

15/100

Weak

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin10.6%

SEC filings (IFRS mapped) · 12 months to Mar 2026Reported value33% base weight · Z-score -0.93Sector median: 0.1864 · MAD: 0.0865

Return on assets0.9%

SEC filings (IFRS mapped) · 12 months to Mar 2026Reported value33% base weight · Z-score -1.39Sector median: 0.0266 · MAD: 0.0124

Return on invested capital1.3%

SEC filings (IFRS mapped) · 12 months to Mar 2026Reported value33% base weight · Z-score -1.67Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin81.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity7.8%

SEC filings (IFRS mapped) · 12 months to Mar 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.14

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.60Sector median: 0.4590 · MAD: 0.1730

Current ratio0.43×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.60Sector median: 1.0330 · MAD: 0.3620

Debt / equity6.10×

SEC filings (IFRS mapped) · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.40Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ReNew Energy Global

Is ReNew Energy Global getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.
How is ReNew Energy Global valued vs its peers?: Priced about in line with its peers. Valuation scores 49/100 against 360 utilities peers. Earnings yield 4.1% vs a peer median of 4.8% (weaker than 61% of peers).Earnings yield 4.1% vs peers 4.8% (weaker than 61% of peers).
Is ReNew Energy Global growing?: Yes, faster than most of its peers. Growth scores 99/100 against 360 utilities peers. Earnings per share growth 156.9% vs a peer median of 1.7% (stronger than 95% of peers).Earnings per share growth 156.9% vs peers 1.7% (stronger than 95% of peers).
How profitable is ReNew Energy Global?: Less profitable than most of its peers. Profitability scores 15/100 against 360 utilities peers. Return on assets 0.9% vs a peer median of 2.7% (weaker than 85% of peers).Return on assets 0.9% vs peers 2.7% (weaker than 85% of peers).
How risky is ReNew Energy Global?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 1.14 vs a peer median of 0.46 (weaker than 100% of peers).Beta 1.14 vs peers 0.46 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Mar 31, 2026 · filed Jul 30, 2026 · compared with the year ended Mar 31, 2025

No major changes

Worth watching: ReNew Energy Global is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous year	Latest year	Change
Revenue (12 months)	97.1B INR	132.2B INR	+36.2%
Net income (12 months)	3.8B INR	9.8B INR	+158.0%
Operating margin	10.4%	10.6%	+0.2 pts
Free cash flow (12 months)	−26.1B INR	−12.5B INR	−52.0%
Debt	723.0B INR	767.8B INR	+6.2%
Cash	40.4B INR	22.8B INR	−43.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in INR, as reported

Key ratios	FY Mar 2022	FY Mar 2023	FY Mar 2024	FY Mar 2025	FY Mar 2026	Change
Operating margin	-20.6%	-3.3%	10.2%	10.4%	10.6%	▲ 0.2 pts
Net margin	-27.1%	-6.2%	4.2%	3.9%	7.4%	▲ 3.5 pts
Return on assets (ROA)	-2.5%	-0.6%	0.4%	0.4%	0.9%	▲ 0.5 pts
Return on equity (ROE)	-13.6%	-4.5%	3.2%	3.4%	7.8%	▲ 4.4 pts
Free cash flow margin	-79.9%	-26.6%	-104.4%	-26.9%	-9.5%	▲ 17 pts
Current ratio	1.34×	0.95×	0.74×	0.58×	0.43×	▼ 27%
Quick ratio	1.33×	0.94×	0.72×	0.56×	0.38×	▼ 32%
Debt to equity	3.28×	4.96×	6.15×	6.42×	6.10×	▼ 5.0%
Interest coverage	-0.34×	-0.06×	0.20×	0.20×	0.24×	▲ 20%

RNW price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.46), less short-term liquidity (current ratio 0.43 vs a peer median of 1.03) and more debt relative to equity (6.10× vs a peer median of 1.19×)higher risk: bigger price swings (beta 1.14 vs peers 0.46), less liquidity (current ratio 0.43 vs peers 1.03) and more debt vs equity (6.10× vs peers 1.19×)

About average: valuation

Ranks #248 of 348 utilities companies (bottom 30%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

ReNew Energy Global reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Much more borrowing than peers. Debt is 6.1× equity vs a peer median of 1.2×.Debt is 6.1× equity vs peers 1.2×.

Debt is 6.1× shareholders' equity, against a peer median of 1.2×, among the highest 10% of its peer group.Debt is 6.1× shareholders' equity, vs peers 1.2×, among the highest 10% of its peer group.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from INR 54.5B in FY Mar 2021 to INR 132.2B in FY Mar 2026.

ReNew Energy Global's fiscal-year revenue rose in each of the five years to FY Mar 2026, from INR 54.5B to INR 132.2B.

Fast revenue growth. Revenue grew 36% in the 12 months to March 2026 vs the 12 months before, faster than 95% of peers.

Revenue grew 36% in the 12 months to March 2026 vs the 12 months before, faster than 95% of its peers.

Questions investors ask about ReNew Energy Global

Is ReNew Energy Global getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 41/100 since Oct 28, 2026.

How is ReNew Energy Global valued vs its peers?

Priced about in line with its peers. Valuation scores 49/100 against 360 utilities peers. Earnings yield 4.1% vs a peer median of 4.8% (weaker than 61% of peers).Earnings yield 4.1% vs peers 4.8% (weaker than 61% of peers).

Is ReNew Energy Global growing?

Yes, faster than most of its peers. Growth scores 99/100 against 360 utilities peers. Earnings per share growth 156.9% vs a peer median of 1.7% (stronger than 95% of peers).Earnings per share growth 156.9% vs peers 1.7% (stronger than 95% of peers).

How profitable is ReNew Energy Global?

Less profitable than most of its peers. Profitability scores 15/100 against 360 utilities peers. Return on assets 0.9% vs a peer median of 2.7% (weaker than 85% of peers).Return on assets 0.9% vs peers 2.7% (weaker than 85% of peers).

How risky is ReNew Energy Global?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Beta 1.14 vs a peer median of 0.46 (weaker than 100% of peers).Beta 1.14 vs peers 0.46 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

97.1B INR

132.2B INR

+36.2%

Net income (12 months)

3.8B INR

9.8B INR

+158.0%

Operating margin

10.4%

10.6%

+0.2 pts

Free cash flow (12 months)

−26.1B INR

−12.5B INR

−52.0%

Debt

723.0B INR

767.8B INR

+6.2%

Cash

40.4B INR

22.8B INR

−43.5%

Key ratios

FY Mar 2022

FY Mar 2023

FY Mar 2024

FY Mar 2025

FY Mar 2026

Change

Operating margin

-20.6%

-3.3%

10.2%

10.4%

10.6%

▲ 0.2 pts

Net margin

-27.1%

-6.2%

4.2%

3.9%

7.4%

▲ 3.5 pts

Return on assets (ROA)

-2.5%

-0.6%

0.4%

0.9%

▲ 0.5 pts

Return on equity (ROE)

-13.6%

-4.5%

3.2%

3.4%

7.8%

▲ 4.4 pts

Free cash flow margin

-79.9%

-26.6%

-104.4%

-26.9%

-9.5%

▲ 17 pts

Current ratio

1.34×

0.95×

0.74×

0.58×

0.43×

▼ 27%

Quick ratio

1.33×

0.94×

0.72×

0.56×

0.38×

▼ 32%

Debt to equity

3.28×

4.96×

6.15×

6.42×

6.10×

▼ 5.0%

Interest coverage

-0.34×

-0.06×

0.20×

0.24×

▲ 20%