Beyond Boundaries

Dear Stakeholders,

I am pleased to present ReNew’s Annual Integrated Report for FY 2025-26, a year that saw meaningful progress in our business, deeper integration across the clean energy value chain, and a deliberate execution of our strategic diversification as we advance our purpose of building a carbon-free world.

The year unfolded against a complex and evolving global backdrop, shaped by shifting geopolitical dynamics, emerging economic pressures, supply chain vulnerabilities and the rapid integration of digital technologies, including artificial intelligence. Together, these developments redefined resilience and brought self-su!ciency to the forefront of economic strategy.

Clean Energy as a Driver of Economic Strategy

In this evolving landscape, while overall energy demand grew modestly, electricity demand continued to expand at a significantly faster pace, driven by accelerating electrification and the growing power requirements of a fast-growing digital economy. Clean energy, in turn, has moved decisively beyond being a climate imperative, becoming central to economic growth, with energy security increasingly anchored in domestic, diversified, and low-carbon systems. Global investment in clean energy reached record levels, accounting for more than 65% of the total investment in the energy sector in 2025. India is already emerging as a leading example of this transition, ranking among the top three globally in renewable energy capacity. With over 283 GW of installed non-fossil capacity and renewables meeting ~50% of peak electricity demand, the scale and speed of progress are clear.

Building India’s Green Capacity for the Next Decade

While India’s progress toward its 2030 clean energy goal of 500 GW is significant, the more defining chapter lies beyond this decade. As the country moves towards its Viksit Bharat (Developed India) vision for 2047, the scale of ambition is expected to expand dramatically. The rapidly growing digital economy, led by advancements in artificial intelligence and data centre infrastructure, is expected to further strengthen the long-term outlook for clean energy. With India poised to emerge as a key destination for global data centre investments - leading hyperscalers such as Google, Microsoft, and Amazon are already expanding their presence, attracted by robust demand fundamentals and a stable policy regime.

Realising a transformation of this scale will of course be shaped by more than capacity alone, it will depend on the strength of domestic supply chains, the coherence of policy and market frameworks and continued innovation in battery storage, green fuels, nuclear energy and other lowcarbon solutions that can support a more reliable, e!cient and self-sustaining energy system.

In a world historically shaped by petro-states, India has the opportunity to redefine energy leadership as an “electro-state” - a nation whose energy strength is built not on conventional resource ownership, but on its ability to generate, store and scale clean electricity. We see this shift as one of the defining opportunities of our time. At ReNew, we have long aligned our strategy with this evolving reality, and this year’s performance reflects the depth and consistency of that vision and our disciplined execution across the business.

From Scale to Diversified Strength

Today, we are India’s leading provider of integrated clean energy solutions, contributing ~8% of the nation’s overall renewable energy generation. Our investments across the clean energy value chain, spanning manufacturing, generation, storage, and other decarbonisation solutions, were guided by an early recognition that the energy transition would extend beyond capacity creation to flexibility and round-the-clock supply. This foresight positions us not just to participate in the next phase of the transition but infact, enables us to shape it.

As of March 31, 2026, our total portfolio expanded to ~20 GW, including 1.7 GW/6.2 GWh of battery energy storage. Our commissioned capacity grew 18% YoY to 12.6 GW, with a record addition of capacity during the year. We have also established a significant presence in solar manufacturing, with facilities in Rajasthan and Gujarat comprising 6.4 GW of module capacity and 2.5 GW of cell capacity, with a 4 GW TOPCon cell facility and 6.5 GW Ingot-Wafer facility currently under construction.

We are proud to be a trusted decarboniation partner to some of the world’s leading companies including Amazon, Google and Microsoft, providing nearly 2.7 GW of clean energy capacity dedicated to our Commercial and Industrial clients.

Our operational progress is matched by strong financial delivery, with total income growing 38% YoY to INR 150.6 billion, Adjusted EBITDA increasing 24% YoY reaching INR 98.5 billion, and profit after tax more than doubling to INR 10.4 billion, driven by a steadily expanding power business, a manufacturing platform that reached commercial scale, a sharper solar-and-storage-led portfolio mix, and disciplined capital recycling.

Resilient Supply Chains for India’s Clean Energy Future

As the global energy transition scales, resilient and diversified supply chains have become a strategic priority for nations. With solar manufacturing still highly concentrated, India is positioning itself as a reliable and competitive manufacturing base, supported by strong policy frameworks such as the PLI, BCD, ALMM and broader Make in India initiatives.

At ReNew, our strategy is closely aligned with bold vision of Atmanirbharta (self-reliance) outlined by the Hon’ble Prime Minister, Shri Narendra Modi. In FY 2025–26, ReNew’s portfolio of solar manufacturing grew robustly, with over 4.1 GW of modules and nearly 1.86 GW of cells produced. A pivotal milestone in this journey is a 6.5 GW solar Ingot-Wafer manufacturing facility which is being established in Andhra Pradesh, underpinned by an investment of INR 42 billion. Among the first of its kind in India, this facility will further enable backward integration by producing critical upstream components such as ingots and wafers, complementing our existing solar module and cell manufacturing capacities.

What began as a strategic step to strengthen supply chain resilience is now developing into a broader growth engine. In FY 2025–26, our manufacturing business expanded beyond captive demand to serve external customers, generating INR 40.8 billion in revenue and contributing 31% of total revenue from operations.

Climate Leadership Through Action, Accountability and Collaboration

At ReNew, we recognise that leadership in the energy transition begins with aligning our own operations and value chain with the ambition we advocate for the world. Advancing our commitment to achieve net zero emissions by 2040, we continued to make measurable progress in FY 2025–26: remained carbon neutral for the sixth consecutive year, sourced 84% of our electricity from renewables and strengthened value chain climate action by engaging 100% critical suppliers through our Sustainable Supply Chain Assessments. ReNew’s sustainable excellence is also reflected in our exemplary presence across leading ESG and sustainability rating platforms. Our consistent high rankings and recognition on indices underscore our transparency, robust governance, and impactful climate action.

At the heart of this progress are our people, whose expertise, commitment, and shared purpose power everything we do. We continue to build an inclusive, high-performing organisation anchored in well-being, safety, and engagement, with women representing ~18% of our workforce. Safety remains foundational to how we operate, with zero fatalities across operations and global recognition for excellence in safety. Our Jaipur manufacturing facility, is the first solar manufacturing facility globally to receive a five-star rating from the British Safety Council and Sword of Honour, reinforcing our commitment to world-class standards.

As the global energy landscape evolves, our financial strategy remains anchored on disciplined capital allocation and sustainable growth. FY 2025-26 marked another year of strong execution, delivering our third consecutive year of profitability and the highest Profit After Tax in the company's history. More importantly, it reinforced that clean energy leadership and financial resilience can compound together.

Structural Value Creation: Profitability as a Core Capability

Over the years, we have focused on building a business capable of delivering consistent and sustainable profitability. The results of FY 2025-26 reflect the continued progress of that journey, our profit after tax more than doubled to INR 10.4 billion, from INR 4.6 billion a year earlier, while Adjusted EBITDA rose 24% to INR 98.5 billion. These are not the results of a single strong year; they are the dividend of a decade of patient platformbuilding, now visible as our generation portfolio matures and our manufacturing business reaches commercial scale. In FY 2025-26, our manufacturing business completed its second year at commercial scale, generating INR 40.8 billion in revenue from external sales and contributing 31% of total revenue from operations.

What began as a strategic investment to enhance supplychain resilience has evolved into a significant revenue stream, broadening our earnings base and complementing our core renewable energy portfolio. We are increasingly seeing the benefits reflected in the quality and resilience of our earnings. While profitability remains important, strong cash generation provides a clear measure of the underlying strength and sustainability of the business. This year, our cash from operations rose 21% to INR 81.4 billion, and the economic value we retained climbed nearly four-fold, to INR 12.3 billion from INR 3.15 billion a year earlier. Encouragingly, our Cash ROE strengthened to 27%, around 200 basis points higher than the prior year.

To me, these are among the most telling numbers in our accounts, because they signal strengthening unit economics and a growing ability to fund our own expansion. It is the quiet inflection point we have been working towards: the moment a capital-intensive business begins to generate the means of its own growth.

Capital Discipline Driving Long Term Value

A Net Zero by 2040 commitment, and the gigawatts of capacity it implies, can only be sustained by a business that manages its capital with prudence and discipline. During the year, we continued to focus on strengthening the overall financial profile of the business while supporting long-term growth and we continued to refinance legacy borrowings at better terms. The growing contribution from our manufacturing business, together with our capital recycling e"orts, helped improve our Net Debt to EBITDA by 1.1x over the year. Our capital recycling programme, through which we have realised approximately USD 1.1 billion to date, allows us to fund growth by keeping capital in motion rather than perpetually returning to markets for it. We were equally deliberate about risk, keeping our currency and interest rate exposures fully hedged, because the value we create for stakeholders should be protected from market volatility, not exposed to it.

Financing the Energy Transition, Sustainably

We believe the way we fund our business should reflect the purpose for which it is deployed. During the year, we continued to diversify our sources of capital through the first-ever international bond issuance of USD 600 million from a GIFT City issuer, a USD 100 million investment into our manufacturing business, and a USD 95 million investment into our C&I business. To us, sustainable finance is not a separate exercise from sustainable business; it is the same discipline expressed through how we fund ourselves, ensuring that the capital powering our growth is as responsible as the energy it helps create.

Capital allocation is the clearest expression of strategy, and ours points firmly towards the future we are building. We directed our investment this year into solar and battery storage, the building blocks of the round-the-clock, dependable clean power that India's rising demand, from industry to data centres, increasingly requires. This is also capital that builds shared value: behind these investments lie jobs in our manufacturing regions, opportunity in the communities we serve, and progress towards the inclusive transition we are committed to

Looking Ahead

As India advances towards its long-term clean energy ambitions, the businesses that endure will be those that can grow without compromising their financial or environmental integrity. We intend to be among them. Our path forward is consistent: to sustain profitable growth, to fund an increasing share of our expansion from within, to maintain a resilient and transparent balance sheet, and to ensure that every rupee of capital advances both returns and responsibility

Dear Stakeholders,

Our Annual Integrated Report FY 2025-26 comes at a time when the energy transition continues to evolve across global, national and business landscapes. The pages ahead reflect a year of progress pursued with both ambition and intent, as we remained committed to deepening our purpose, refining our strategy, and expanding our role as a decarbonisation solutions provider, enabling industries, value chains, and communities to scale their climate journeys.

Clean Energy and Climate Action: A Defining Convergence

The world is entering the "Age of Electricity”, with global power demand growing at nearly twice the pace of overall energy demand, driven by data centres, artificial intelligence, electric mobility, and rising cooling needs.

In this new energy paradigm, clean energy has evolved from a catalyst of climate action to an indispensable foundation for energy security and economic resilience worldwide. Renewables now account for over one-third of global electricity generation, with India’s share reaching ~24%.

Yet global climate assessments and prevailing policy trajectories indicate that the world is still currently o"- track to limit global warming to 1.5°C. This widening gap between climate ambition and outcome underscores the need for decarbonisation at greater scale, speed, and depth, enabled by innovation, collective action across the value chain, and a sustained focus on systemwide impact. Aligning our business objectives with the evolving decarbonising needs of the world, at ReNew, we have progressively transformed from a pureplay IPP to a diversified decarbonisation solutions provider across the clean energy value chain. This evolution has been underpinned by a deeper integration of sustainability, strengthening our ability to deliver a transition that is not only low carbon, but also sustainable, equitable, and responsible.

Accelerating Sustainable Value Creation

As sustainability continues to shape how we create longterm value, we are continually refining our approach to ensure it remains aligned with the growing scale of our integrated clean energy platform and the rapidly evolving geopolitical and economic context in which we operate. Therefore, during the year, we undertook a Double Materiality Assessment to reassess our material ESG priorities and refined ReSTART, our publicly disclosed sustainability targets.

This clarity of purpose and the progress we have made in embedding sustainability across our business continues to be reflected in leading global assessments and benchmarks. ReNew was positioned within the top 10% of Electric Utilities globally by S&P Global and once again included in the S&P Global Sustainability Yearbook 2026, emerging as the only India-based Electric Utility in this distinguished global cohort. We have been featured in leadership bands across Climate, Water and Supplier Engagement on CDP, and were ranked globally second in the sector by LSEG. For us, these recognitions are not destinations, but a!rmations of the discipline, depth, and pace underpinning our environment, social, and governance agenda.

Building For the Planet: Scaling Environmental Stewardship

Advancing our Net Zero by 2040 journey, we sustained carbon neutrality for Scope 1 and Scope 2 emissions for the sixth consecutive year and remained ahead of our SBTi pathway, with a 25.6% reduction in Scope 1 and 2 emissions against our FY 2021-22 baseline.

While reducing emissions remains a core focus, building resilience to climate and nature-related risks is equally critical in an increasingly resource-constrained and climatea"ected world. Leveraging the findings of our first IFRS S2-aligned climate risk assessment, we formulated and adopted mitigation and resilience measures into our strategy and risk management framework. We also published our first TNFD-aligned Nature Action Report, further strengthening our approach to understanding and managing nature-related dependencies. Our biodiversity management framework covers all operations with site-specific management plans and restoration e"orts.

As our manufacturing footprint expands, we remain focused on decoupling growth from resource consumption through greater energy e!ciency, water stewardship, waste reduction, and circularity. During the year, we exceeded our renewable electricity target, sourcing 84% of our electricity from clean sources. We maintained zero liquid discharge across operations, with two of our sites certified as water positive.

Strengthening circularity across the value chain, we drew insights from our Environmental Product Declaration and Life Cycle Assessments to better understand and reduce product-related impacts.

Workforce and Communities at the Heart of Transition

At ReNew, we continued to expand our talent base while strengthening inclusion. This year, we achieved an overall workforce gender diversity of ~18%, marking steady progress against our target of 30% workforce diversity by 2030. Additionally, our female workforce representation in manufacturing has reached ~16%. Through the 2X Challenge, a G7 initiative backed by British International Investment, we are taking targeted e"orts to increase women’s representation in our on-roll manufacturing workforce, placing them at the heart of our next phase of growth.

As we build a more diverse workforce, we are equally focused on developing capabilities for an energy landscape where skills are becoming critical to scaling decarbonisation, recording a 56% YoY increase in training investment. We are also preparing ReNew for an AI-enabled future by formalising governance structures, building internal capabilities and ensuring that emerging technologies are deployed responsibly

Our people-first culture is supported by strong engagement and benefits initiatives that contributed to a 10.6 percentage point YoY reduction in employee turnover in FY 2025-26. Initiatives such as Junoon S.P.A.R.K. and Roots ReNewed brought our site teams closer to home and closer to ReNew, deepening engagement and continuity across our distributed workforce.

Safety remained non-negotiable, with zero fatalities, a 52% YoY reduction in LTIFR, and our Jaipur facility becoming the only global manufacturing facility to receive a 5-Star Rating from the British Safety Council.

Beyond our boundaries, our CSR interventions positively impacted 1.95+ million lives cumulatively till FY 2025-26, with flagship programmes such as Project Surya, exemplifying how the clean energy transition can become an instrument of dignity, livelihood, and gender equity.

The global energy transition has entered a decisive decade. As economies seek to translate climate ambition into measurable outcomes, businesses have an increasingly important role in driving sustainable growth, strengthening resilience and creating long-term value.

Powering India’s Self-Reliance Through Solar Manufacturing

As global supply chains become more fragmented and strategic technologies increasingly shape economic power, countries are rethinking what it means to be competitive and resilient. For India, this imperative is reflected in the journey towards Viksit Bharat 2047 (Developed India), a vision that will depend on the country’s ability to build strength in sectors critical to its future.

Energy sits at the heart of this transformation and clean energy is increasingly being recognised as a foundation of India’s energy security. As demand rises across industries, infrastructure and digital ecosystems, resilient domestic supply chains will be critical to deliver clean power that is reliable, a"ordable and self-reliant. At the same time, India’s ambition to emerge as a global hub for digital innovation and artificial intelligence is creating a new strategic dimension to energy demand. The expansion of AI-driven data centres and digital infrastructure will require vast amounts of clean, reliable and competitively priced power, making energy security and domestic manufacturing capabilities increasingly important enablers of technological leadership.

Solar manufacturing is one of the clearest expressions of this shift, enabling India to reduce import dependence, strengthen execution certainty and advance the national vision of Make in India and Aatmanirbhar Bharat (Self reliant India).

The country has made significant progress in a short period, supported by regulatory shifts such as Approved List of Models and Manufacturers (ALMM), tari" measures and the Production Linked Incentive (PLI) scheme. With India's photovoltaic (PV) module capacity reaching nearly 172 GW as of March 31, 2026 and cell capacity rising to around 30 GW, the focus is now shifting towards deeper localisation across cells, wafers, ingots, polysilicon and manufacturing equipment, the capabilities that will determine long-term resilience and competitiveness.

At ReNew, we have been at the forefront of this transition, building solar manufacturing as a strategic pillar of our integrated clean energy ecosystem. Over the years, we have built robust and integrated solar manufacturing capabilities, anchored by our state-of-the-art facilities in Jaipur, Rajasthan and Dholera, Gujarat. With current capacities of 2.5 GW of solar cells and 6.4 GW of solar modules, our manufacturing operations are helping localise critical components of the solar value chain, enhance supply chain resilience and improve execution certainty across our renewable energy portfolio. More importantly, it is emerging as a distinct growth engine within ReNew, broadening our earnings base beyond the core clean energy generation business, improving fixed-cost absorption through external sales and strengthening the financial case for deeper valuechain integration. In FY 2025-26, this capability translated into measurable financial value, with manufacturing contributing INR 14.8 billion to ReNew’s Adjusted EBITDA.

Advancing the Next Phase of Growth

As we continue to scale our manufacturing footprint, the 4 GW TOPCon cell manufacturing facility in Dholera, Gujarat, which is in advanced stages of construction, will further strengthen our capabilities. Once operational, this expansion will take our total cell capacity to approximately 6.5 GW, strengthening domestic availability of high-e!ciency solar components and creating over 2,000 new jobs.

In addition, our 6.5 GW Ingot-Wafer manufacturing facility in Andhra Pradesh, currently under development, reflects our e"ort to move further upstream and deepen backward integration into the solar value chain. As the facility progresses towards operations, it will enable us to extend our capabilities from modules and cells into ingots and wafers, contribute to India’s solar manufacturing ecosystem, while supporting the evolving ALMM framework and create over 2,100 direct and indirect employment opportunities.

Greening our Manufacturing Business

As India strengthens its domestic solar manufacturing ecosystem, we believe the real opportunity is to create industrial capacity that is globally competitive, resource-efficient, safe and inclusive. At ReNew, we believe manufacturing leadership cannot be measured by scale alone; it must also be defined by the responsibility with which that scale is built.

Sustainability is therefore not a parallel agenda for us, it is embedded across our manufacturing value chain, from product design and responsible sourcing to energy e!ciency, water stewardship, circularity and end-of-life management. This agenda is supported by a structured governance mechanism. The Manufacturing ESG Committee reviews progress on a biannual basis, while quarterly updates on the manufacturing decarbonisation plan are presented to the central ESG Committee, ensuring oversight, accountability and alignment with our enterprise-wide sustainability priorities.

Building on our product stewardship e"orts, including the Life Cycle Assessment and verified Environmental Product Declaration completed for our TOPCon bifacial solar module, we continue to strengthen transparency around product-level environmental impacts and integrate sustainability into design, material selection, manufacturing and lifecycle management.

In parallel, we are making R&D investments to improve the recyclability of solar modules and strengthen end-of-life management pathways, enabling circularity across the solar value chain.

At the operational level, both our Jaipur and Dholera manufacturing facilities have achieved LEED Gold Certification, reflecting our commitment to sustainable infrastructure, resource e!ciency and long-term environmental performance. Both sites are increasing their share of renewable energy consumption along with zero liquid discharge systems that enable treated water to be reused on-site for non-potable applications, with no untreated discharge. We have also developed defining water-intensity targets for cells and modules to strengthen resource e!ciency as our manufacturing operations scale.

Building Skilled, Safe and Inclusive Manufacturing Capabilities

A globally competitive solar manufacturing ecosystem cannot be built on technology and capacity alone; it also requires skilled people, safe operations and inclusive workplaces. As our operations expand, we are creating local employment, building technical skills and strengthening the industrial ecosystem around our facilities. Manufacturing operations now account for nearly 44% of ReNew’s total workforce, reflecting its role in developing the talent base required for India’s clean energy future.

We are also focused on making this manufacturing transition more inclusive. Across our manufacturing business, women’s representation has increased from 14% in FY 2024-25 to ~16% in FY 2025-26, supported by clear targets to reach 25% by FY 2026-27 and 30% by FY 2029-30 in the on-roll workforce. ReNew Photovoltaics has also joined the 2X Challenge, a G7 initiative backed by British International Investment (BII), reflecting our commitment to women’s economic empowerment. At our Jaipur module manufacturing facility a fully women-led post-lamination line with 77 women across all three shifts is helping challenge traditional perceptions of women’s roles in solar manufacturing, supported by over 40% diversity at the C-suite level within manufacturing.

Safety remains central to how we scale. ReNew’s Jaipur facility became the first solar manufacturing facility globally to receive a 5-star rating from the British Safety Council, along with the Sword of Honour, underscoring our focus on safe, disciplined and resilient operations.