Richard Drury/DigitalVision via Getty Images Thesis This would mark my fourth time covering ReNew Energy Global ( RNW ) , a UK-incorporated, India-focused renewable power producer building a vertically integrated clean energy platform across solar, wind, and storage. The first two times I covered the company, I had a Hold rating , really not seeing the extra weight on the scale that would've tippe...
Richard Drury/DigitalVision via Getty Images Thesis This would mark my fourth time covering ReNew Energy Global ( RNW ) , a UK-incorporated, India-focused renewable power producer building a vertically integrated clean energy platform across solar, wind, and storage. The first two times I covered the company, I had a Hold rating , really not seeing the extra weight on the scale that would've tipped me to a bullish stance. But that changed last summer, and I finally saw, or at least I thought, strong enough catalysts to warrant a Buy . Seeking Alpha After accumulating, my personal position is down around 9%. Not too drastic, yet overall, broadly speaking, shares are down around 20% versus the broader market ( SP500 ), mostly after last December's hit, when Masdar withdrew from the buyout consortium. Be that as it may, after going over ReNew’s latest results , I’m still maintaining my bullish view, arguing that the long-term growth trajectory and improving operating momentum outweigh the balance sheet and execution risks. ReNew Q3 FY26: Key Positive Takeaways Seeking Alpha Q3 Revenue : INR 31,372 million (+48% YoY) 9M Revenue: INR 111,087 million (+46% YoY) 9M Net Profit: INR 9,608 million (vs. INR 1,454 million YoY) Q3 Adjusted EBITDA: INR 21,381 million (+54% YoY) 9M Adjusted EBITDA: INR 74,840 million (+31% YoY) Manufacturing External Sales (9M): INR 30,014 million (vs. INR 3,459 million YoY) Manufacturing EBITDA (9M): INR 10,771 million (vs. INR 597 million YoY) Cash from Operations (9M): INR 63,339 million (+30%) Cash Flow to Equity (9M): INR 25,150 million (+53%) FY26 EBITDA Guidance: INR 90,000–93,000 million Manufacturing EBITDA Guidance: INR 11,000–13,000 million Pressure Points Raw Materials & Consumables (9M): INR 18,832 million (vs. INR 3,225 million YoY) Employee Benefits (9M): INR 4,341 million (+27% YoY) Other Expenses (9M): INR 13,923 million (vs. INR 9,119 million YoY) Finance Costs & Derivatives (9M): INR 45,771 million (+21% YoY) Depreciation & Amor...