ReNew Energy Global’s manufacturing business generated approximately $59 million of adjusted EBITDA in Q1 FY27, representing approximately 18.6% of consolidated adjusted EBITDA of $317.6 million and highlighting the increasing importance of solar manufacturing alongside the company’s renewable-power portfolio.
Manufacturing generated approximately $171.2 million in quarterly revenue, representing nearly 37% of consolidated revenue of about $465.8 million from customer contracts. The segment produced a 34% adjusted EBITDA margin, compared with an 86% margin for ReNew’s core independent-power-producer business.
The manufacturing business also expanded year over year. Revenue increased from approximately $136.7 million to $171.2 million, while adjusted EBITDA rose from about $55.3 million to $59 million. Consolidated adjusted EBITDA increased 12% to approximately $317.6 million.
Manufacturing has grown large enough that ReNew now highlights it separately alongside its core energy operations. The company describes its manufacturing footprint as one of India’s largest integrated capacities, with 6.5GW of cell capacity, including 2.5GW operational, and another 6.5GW wafer facility under development.
Expansion is continuing. ReNew has a 4GW cell expansion underway, with production expected to begin in the second half of FY27 and make a more meaningful earnings contribution beginning in FY28. It has also announced a 6.5GW wafer facility that is expected to be funded through internal accruals and additional fundraising.
The manufacturing platform has attracted outside capital. ReNew’s presentation highlights a $100 million investment from British International Investment, while management is pursuing greater backward integration across the solar supply chain.
The manufacturing growth sits alongside a large renewable-power platform. ReNew had 13.5GW of operating capacity, up 22% year over year on a reported basis and 26% after adjusting for asset sales. Its committed portfolio totaled 20.5GW, including 1.7GW of battery storage, with a total development pipeline of approximately 27GW.
The company is simultaneously recycling capital from mature projects. ReNew closed the sale of a 100MW Tamil Nadu solar asset in June and subsequently signed definitive agreements to sell more than 1GW of additional assets, with approximately $190 million of cash flow expected at closing.
Working-capital conditions also improved after quarter-end. IPP days sales outstanding stood at 71 days at June 30, but ReNew subsequently collected approximately $59.6 million from Andhra Pradesh, reducing current DSO to approximately 54 days. The manufacturing business itself carried a DSO of just five days.
For FY27, ReNew continues to guide to approximately $1.08 billion to $1.14 billion of adjusted EBITDA, including about $104.5 million to $125.4 million expected from manufacturing and approximately $10.4 million to $20.9 million from asset-sale gains. The manufacturing contribution therefore appears positioned to remain a material component of group earnings rather than a temporary quarterly effect.
