ReNew Energy Global : Q4 Earnings Presentation vf

Q4 FY26 Results Presentation

May 18, 2026

AGENDA

1

FY26 Highlights

2

Our Key

Strengths

3

Business

Updates

4

Finance Updates

5

ESG and

Sustainability

6

Guidance

7

Annexures

3

OUR VISION

To be a global leader of the clean energy transition

OUR VALUES

Pioneer Responsible Excellence Partner

4

FY26 Highlights 01

5

FY 26 Highlights - Highest profitability and project execution

Consistent Project Execution

• 12.8 GW operational ( 25%*YoY); commissioned 2.4 GW

  (1.7 GW solar, 0.6 GW wind and 25 MW BESS) in FY26

  • 246 MW commissioned from Apr'26 (of 450 MW near operational)

• 20.2 GW committed portfolio (incl. 1.7 GW BESS)

• Pipeline of 26+ GW of projects (incl. BESS)

  • 2.6x growth since listing

Highest Ever Profitability, Declining Leverage

• Adj. EBITDA of INR 98.5 Bn; exceeded top end of the FY26 guidance

• Highest ever PAT: INR 10.4 Bn; ` 2.3x YoY

  • 3rd consecutive profitable yea`r

• CFe higher than guidance: INR 21.6 Bn; up by 45%

• Net Debt/EBITDA down by 1.1x YoY

• 63 days DSO lowest ever; favourable order for AP receivables

  Landmark Year for Capital Recycling; $375M Raised

  • Jun'25: Sale of 300 MW SECI solar and Transmission asset

  • Sep'25: Received $100 Mn equity investment in solar manufacturing business from BII

  • Dec'25: Sale of 300 MW MSEDCL solar and Transmission asset

  • Mar'26: $95 Mn equity investment in C&I business from

Leapfrog led consortium

Expansion of Manufacturing Business

• INR 14.8 Bn contribution towards Adj. EBITDA in FY26

• 4 GW cell expansion underway with production to begin in 2HFY27; expected to contribute meaningfully from FY28

• 6.5 GW wafer facility announced after ALMM-3 on wafers - to be

funded through internal accruals + fundraise

6

*Grossing up for 600MW sold

Our Key Strengths 02

7

A 15 Year journey of leading Indian renewables

Shri Narendra Modi inaugurated ReNew's first utility-scale wind project at Jasdan, Gujarat

Doubled its operational capacity and crossed the 2 GW (including acquired assets) milestone

Listed on the NASDAQ index and crossed 6 GW of operational capacity

Crossed 10+ GW of gross renewable assets

Secured $95 million investment from LeapFrog in our C&I business; Commissioned 2.4 GW - highest ever Announced 6.5 GW ingot-wafer plant

2011

2016

2019

2023

2025

2012

2017

2021

2024

2026

Founded by Sumant Sinha

Became the first Renewable Energy IPP to cross 1 GW commissioned capacity

Became the first Indian RE company to cross 5 GW

Entered the Solar PV manufacturing space, plants set-up at Jaipur & Dholera. Rebranded from ReNew Power to ReNew.

ReNew stepped into 15th year; secured $100M investment from BII to strengthen solar manufacturing in India.

8

Market leading presence across the full spectrum of the Indian clean energy landscape

Wind

3.7 GW

Committed capacity

Solar

6.0 GW

Committed capacity

Modules

6.4 GW

Committed capacity of ~20.2 GW (incl. 1.7 GW BESS) | Total Pipeline of 26+ GW (incl. BESS)

Utility

Corporates

Manufacturing

Cells

6.5 GW

(2.5 GW operational)

$95 Mn investment from

LeapFrog led consortium

$100 Mn investment from

BII

100% Connectivity

Self O&M

Self EPC

Firm Power

7.2 GW*

Committed capacity

C&I

2.7 GW

Committed capacity

Wafers

6.5 GW (U/C)

Cells

6.5 GW

(2.5 GW operational)

*Incl. 1.7 GW BESS | Merchant projects are not included in the above chart 9

We are uniquely placed across India's renewable market segments

Installed RE capacity: One of the largest in India, operating portfolio of 12.8 GW

C&I: Leading player in India with 2.7 GW of portfolio with high quality offtakers; 2.2 GW installed

Connectivity: Secured for entire pipeline & addnl. available, critical differentiator for long-term growth

Self EPC and O&M: Execution capability at scale through minimal third-party dependence

Manufacturing capacity: One of the highest integrated capacities in India; captive offtake

Capital Recycling/Fundraise: Over last 5 years, raised $1.1 bn through capital recycling of 2.6 GW#/fundraise in Mfg. and C&I

10

#Includes 900 MW farmed down to minority partners

Business Updates 03

11

Long term RE story robust; RE cheapest source and fastest to market

Energy security key for India in current macro environment; wind/solar continue to prosper

• Renewables contributed ~90% of overall power capacity addition in FY26

  RE provides majority of capacity additions (in GW)

  • 51 GW renewables added - 45 GW solar + 6 GW wind

    • Of solar, ~35 GW was utility + C&I with balance rooftop and agricultural

• Power demand to go up in FY27 supported by El Nino & favorable base year

  • 256 GW peak demand in Apr'26; expected to reach 270 GW in FY27; demand in

    Others
    
    Thermal
    
    RE
    
    

    Power capacity additions

    15.3

50.9

28.7

18.5

5.8

3.9

4.3

33.4

57.5

2.3

Apr'26 up 9% YoY

• • Demand increasing more in non-solar hours, supporting installation of more batteries

• 275 GW RE (incl. large hydro) installed as on 31 March 2026

  0.1

  16.6

  1.3

  25.7

  1.5

  0.8

  • Includes 150 GW solar and 56 GW wind

• Continued push towards solar manufacturing/Make in India, with ALMM - II (on cells) to be enforced from Jun'26 and ALMM - III announced for ingots and wafers (from Jun'28)

• Transmission rollout lags renewable execution leading to curtailment affecting new RE projects

  • ~35 GW RE impacted in Q4 across the country

Source: CEA and MNRE

Others refers to Nuclear and Large Hydro

FY23 FY24 FY25 FY26

India's Electricity Demand projected to grow at 6%

(in Bn Units)

2,474

1,908

1,513

1,626

1,694

1,707

1,276

1,380

FY21 FY22 FY23 FY24 FY25 FY26 FY27E FY32E 12

25% increase* in operating

portfolio YoY

One of the leading RE installations in the industry

▪

▪

12.8 GW operating portfolio (incl. 0.1 GW BESS)

Consistent project execution track record - 2.4 GW commissioned in

FY26; top end of MW guidance

• 1.7+ GW solar, 0.6 GW wind and 25 MW/100 MWh BESS

20.2 GW committed capacity (incl. 1.7 GW BESS)

▪

▪

▪

▪

17% higher YoY; 21% higher adjusted for the 600 MW assets sold

2.5 GW^ s signed in FY26

Total pipeline of over 26 GW (incl. BESS)

70%+ of committed capacity with highest rated (credit rating) customers (central offtakers)

FY27 execution insulated from

supply risks

Solar

▪

▪

▪

BESS

▪

Wind

▪

Land

▪

50% modules already at site, ready for installation

Balance 50% secured, locked in through in-house production

Silver pricing exposure hedged already for next few months

100% pricing locked-in at attractive rates; 25% reached sites already

100% WTG for year locked-in within budgeted levels

>90% land tied up/acquired for FY27 projects

ReNew Project Execution: FY26 a new high, well placed for FY27

13

*Grossing up for 600 MWs sold | ^ Basis revised configurations | All YoY numbers are with a base of March 31, 2025

One of the largest C&I portfolios in India; new funding to boost growth

2.2 GW(1) commissioned capacity present across five states ReNew's leading presence in C&I segment in India

2.7 GW(1) total capacity (2.2 GW commissioned)

Rajasthan

707 MW

LeapFrog led consortium of investors invested $95 Mn equity in ReNew's C&I

business for an 11.3% stake

Gujarat

214 MW

224 MW

Amazon, Microsoft and Google collectively account for ~50% of contracted offtake

in the C&I business

Maharashtra

544 MW

274 MW

Karnataka

207 MW

294 MW

Solar: 1,515 MW

Wind: 708 MW

Well-placed to participate in new business opportunities such as energy management services, supply to Datacentres among others

10.7 GW^ of data centre capacity expected by FY31, presenting a $20 Bn^ market opportunity, and 75 TWh^ power demand

C&I: Corporate and Industrial, iREC: International Renewable Energy Certificates ; (1) As of May 8, 2026 Capacity under development is subject to change of location and configuration; ^Industry report 14

ReNew Manufacturing: Securing supply chain and delivering profitable growth

Dholera cell plant (2.5 GW) Dholera module plant (2.4 GW) Jaipur module plant (4 GW)

• Module supply agreement in place; 40-60% of the annual production expected to be used for captive consumption by the IPP business.

• Facilities fully ramped up: Producing over 12 MW modules and 5.5 MW cells per day

• Producing cells with best in class efficiency of ~23.5%

• TOPCon Cell Plant: Civil and PEB works largely completed, utilities progressing well, first cell is expected to be produced in H2 CY26

Module and Cell Production (MW)

1,133

1,028 1,024

924

860

778

653

683

440

461

463

494

351

142

USD 100 mn

Investment from BII

Healthy Margins

36% & 34% EBITDA

margins in FY & Q4; some normalization expected

INR 14.8 bn

External Adj. EBITDA for FY26

INR 41.9 bn

External Revenue for FY26

c. 1.1 GW

External order book

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26

Module Cell

15

ReNew Manufacturing: 6.5 GW Ingot-wafer expansion plan

Ingot-Wafer plant to be set up in Andhra

Pradesh

• ReNew to set up a 6.5 GW Ingot-Wafer plant in Rambili,

  Andhra Pradesh

• Indicative capex of INR 42 Bn*

  • Planned to be funded with a mix of internal accruals from the manufacturing business and external fundraise

• ALMM - III recently announced on Ingots and Wafers,

  to be enforced from Jun'28

• Backward integration of our supply chain; insulates against market volatility & will help continue capture higher margins

• Enables us to further solidify our long-term financial

performance

Jaipur, Rajasthan

Module Plant - 4 GW

Rambili, Andhra Pradesh Ingot-Wafer Plant - 6.5 GW (U/C)

Dholera, Gujarat Module Plant - 2.4 GW

Cell Plant - 2.5 GW + 4 GW (U/C)

16

* Excluding capex for a potential Captive Power Plant

Finance Updates

04

17

Consistent and profitable growth with no equity issuance

Portfolio (GW)

Adj. EBITDA (INR Bn)

Committed

Assets sold

Commissioned

20.5

21.7

79.2

69.2

98.5

62.0

14.1 14.2

FY23 FY24 FY25 FY26

PAT (INR Bn)

2.3x

4.1 4.6

10.4

FY23 FY24 FY25 FY26

Total Commissioned Portfolio (grossed up for Asset Sales)

(5.0)

FY23 FY24 FY25 FY26

FY23	FY24	FY25	FY26
8.4	10.3	11.9	14.3

18

Assets sold are cumulative over the years | *Includes assets sold over the years

3.9

12.6

10.8

9.5

1.1

1.7

8.7

7.4

0.8

8.0

5.7

0.4

Growth translating into strong financial results; highest profits

IPP and Manufacturing businesses delivered well above guidance

FY26

Q4 FY26

104.0

90.6

13.4

41.4

145.4

37.9

26.2

23.4

9.9

11.7

33.3

103.9

Adj. Total Income Adj. Total Income Adj. Total Income (Q4'25) Adj. Total Income (Q4'26)

75.0

79.2

4.2

83.7

14.8

98.5

19.7

18.5

3.6

4.0

23.7

22.1

Adj. EBITDA Adj. EBITDA

Adj. Total Income = Total Income - Finance Income - Change in FV of warrants

Adj. EBITDA (Q4'25) Adj. EBITDA (Q4'26)

19

Reducing leverage levels consistently; increases profitability

Continue to pursue long term leverage target of under 6.0x on a consolidated basis

Significant reduction in Net Debt/EBITDA levels YoY

• Net Debt/EBITDA has significantly reduced by

  1. x compared to Q4 FY25:

     • Disciplined approach to capital allocation

       and focus on our capital recycling efforts

     • Raised $375 Mn through capital recycling and fund raise in FY26; used partially to bring down debt

       • Another 100 MW solar asset is locked-in under definitive agreements

     • Normalised debt repayment of INR 25.7 Bn

       in FY26

       Consistent improvement in Net Debt/EBITDA

       (INR Bn)

       687.1

       (25.2)

       (98.5)

       640.4

       563.5

       Contribution from our JV partners

       Approximate debt related to under construction projects

       Operational Projects:

       5.7x Net debt/EBITDA

       Net Debt as of Q4'25 Net Debt as of Q4'26 NCD/OCD/CCD Net CWIP Leverage for

       operational projects

       Net debt to EBITDA for projects with over 1 year of operations : ~5.3x

       20

       *Provisional Unaudited Net CWIP ($1.1bn) = CWIP ($1.4 bn) - Capital Creditors ($469 mn) + Capital Advances ($118 mn)

       Refinancing and FX well under control

       Multiple Options for Refinancing

       
       
       

       Debt Mix

       $1 Bn due for maturity in 1H CY27; ~60% is asset backed. Refinancing plan as follows:

     • In-principal refinancing commitment for ~$400 Mn debt already secured

     • Offshore bond market (through GIFT City)

     • Onshore re-financing

     • Existing cash/undrawn bank lines: ~$1 Bn

     • Capital recycling: Raised $375 Mn in FY26, another 100 MW signed

• Significant refinancing experience: During FY25 and FY26, we refinanced ~$500 Mn and ~$2 Bn respectively, demonstrating best in class abilities

  Indian Rupees, 61%

  Others, 4%

  
  
  

  US Dollars, 35%

  Insulated against FX volatility

• ~90% of our non-INR denominated debt fully hedged; rest is partially hedged.

  Coupons are fully hedged.

• Despite the sharp depreciation of the rupee against the US dollar, we mitigated the FX impact to only INR 2.3 Bn (~30 bps uptick in our overall finance cost vs. ~10% INR deprecation) in FY26

Debt maturing in Next 2 Years

Debt Maturities (INR Bn)	FY27	FY28
Bond Maturities	56.0	33.3
Other Long term Debt	32.0	32.3
Total	88.0	65.6

21

Capital discipline while balancing profitable growth

Ensuring that portfolio level IRRs are 16-20% (higher with capital recycling)

133 bn-138 bn

32-36 bn

Run rate EBITDA (RE) for 20.2 GW

Run rate CFe (RE) for 20.2 GW

124 bn-130 bn

30-35 bn

Run rate EBITDA (RE) for 18.6 GW

Run rate CFe (RE) for 18.6 GW

1.6 GW

18.6 GW (incl. BESS)

Asset Recycling Assumed

MW post Recycling

295-335 bn

20.2 (incl. BESS)

Effective RE Portfolio (net of asset sale)

Gross capex (for 20.2 GW)

(balance portfolio including CWIP of under

construction assets)

Current configuration

Portfolio Pivot to higher Solar + BESS

More Solar + BESS possible with fall in BESS prices:

• Faster execution and stabilization

• Capex down by INR 60 Bn with only INR 7 Bn reduction in EBITDA; higher

  IRRs

• Lower risk and higher certainty

• Less generation variability = more predictable cash flows

  Compared to our old configuration:

• Lower Wind by 1.6 GW

• Higher solar by 1 GW

• BESS higher by 1.2 GW (equivalent)

  Wind continues to play specific role:

• Used for projects where flexibility is high & high PLF requirements

• To play roles in C&I projects and other high IRR opportunities

• Limited players with ability to do wind; ReNew's wind execution

Targeting consolidated leverage* of ~5.5x for the fully constructed portfolio

expertise to be deployed with biggest bang for the buck

22

* Leverage assumes normalized margins in manufacturing. Any additional asset recycling beyond 1.6 GW will be used to further reduce leverage

ESG and Sustainability 05

23

A Global Leader in ESG in the RE sector and beyond

ESG Leadership - Culminating the Year with Breakthrough Achievements

S&P Global Corporate Sustainability Assessment (CSA) Yearbook 2026

• Included in the CSA Yearbook 2026 for the second consecutive year

• Top 10% distinction globally in the Electric Utilities industry

  CDP - Supplier Engagement Assessment

• Achieved CDP's highest "A" Rating in Supplier Engagement Assessment for the second consecutive year

  MSCI ESG Rating

• Achieved the highest possible rating of "AAA" in the MSCI ESG Rating for 2026

• Top 19.5% of companies globally in the Utilities sector and highest rated in the sector in India

  20th CII ITC Sustainability Awards

• Awarded the Outstanding Accomplishment (highest category) in Corporate Excellence at the 20th CII-ITC Sustainability Awards.

• One of the only two winners in this

category

24

2025 Short Term Targets

2030 & 2040 Long Term Targets

FY 2025-26 Completed

Bolstering Our ESG Targets

Our ESG Targets			Update for Q4 - FY 2025-26					Status
Environment	Emissions	To be validated as carbon neutral (scope 1 & 2) annually till 2025	Carbon neutrality verification for 150+ sites for FY 2024-25 completed (5 times in a row)					Completed
		Calculation of Scope 1, 2 and 3 GHG emissions for FY 25- 26	Assurance for F.Y. 2025-26 in progress Integrated Report for F.Y. 2025-26 in progress					In Progress
		SBTi Validated Net Zero Emissions by 2040	18.2% reduction in Scope 1 and 2 emissions in FY'25 from FY'22 baseline (exceeding our target) Decarbonization roadmap for manufacturing (module and cell) completed and rolled out Aligned to Net Zero targets, KPIs are part of Management Committee members' scorecards					2040 Target in progress
	Water	Be water positive by 2030	540,372 m3 of water saved in FY'25; Baseline water study completed: 2 sites (one solar and one wind) certified as water-positive as per NITI Aayog Guidelines					2030 Target in progress
Social	Social Impact	Positively impact 2.5 million people through CSR initiatives by 2030	40 schools electrified in Q4; 350+ schools electrified till date 200 smart classrooms and 125 digital labs established till date 30K blankets distributed in Q3; More than 1 million blankets distributed till date					2030 Target in progress
		Skill 1,000 salt pan workers under Project Surya as solar technicians by 2025	890 women trained as solar technicians till date; 110 ongoing; 240 women placed till date; IIT(ISM) Dhanbad partnership - Upskill workers in green technologies (360 candidates trained)					In Progress
		30% women in the workforce by 2030	Board diversity at 22.2%; Full time employee diversity at ~17.6%					2030 Target in progress
Governance	Ratings	Rank among the "Top five (Globally)" in Energy and Utilities by CDP, S&P Global CSA, Sustainalytics and Refinitiv by 2030	S&P Global CSA	2025	ESG score of 84; highest for an India based energy company; Yearbook Member	2024	ESG score of 73; Yearbook Member	2030 Target in Progress
			LSEG (Refinitiv)		Grade 'A'; Score- 90.4; 2nd globally (Electric Utilities)		Grade 'A'; Score - 84.35	Completed
			CDP		'A' in Climate Change 'A-' in Water 'A' in Supplier Engagement		'B' in Climate Change 'A-' in Water, 'A' in Supplier Engagement
			MSCI		'AAA' highest rating		AA rating retained
			Sustainalytics		Rating awaited		13.1 Low Risk	2030 Target in progress

25

Guidance

06

26

FY27 Total Committed Portfolio

Guidance

INR 103-109 bn

Adjusted EBITDA (includes INR 10-12 bn from Manufacturing

and INR 1-2 bn from Asset sale gains)

INR 133-138 bn

Run-rate Adjusted EBITDA*

MWs 1.6 - 2.4 GW 20.2 GW (incl. 1.7 GW BESS)

Total Constructed Portfolio

CFe 18-22 bn INR 32-36 bn

Run-rate CFe*

27

* Long-term guidance assumes normal weather patterns

Annexures

07

28

Counterparty overview and asset breakdown

Total Portfolio Technology Project Stage Counterparty
	Total 20.2 GW
	Solar 11.7 GW				Wind 6.7 GW			BESS 1.7 GW
	Hydro 0.1 GW
	Commissioned 7.0 GW	U/C 4.7 GW			Commissioned 5.6 GW		U/C 1.1 GW	U/C 1.6 GW
	Hydro (Commissioned) 0.1 GW BESS (Commissioned) 0.1 GW
	Centre 7.3 GW	State 2.4 GW	C&I 1.7 GW		Centre 2.9 GW	State 2.7 GW	C&I 1.0 GW	Centre 1.7 GW
	Merchant 0.6 GW
Offtaker Profile (20.2 GW Portfolio)			Location Split State Capacity % Rajasthan 50% Karnataka 13% Maharashtra 9% Gujarat 8% Andhra Pradesh 8% Madhya Pradesh 7% Other 5%
Offtaker		Capacity %							Rating(2)
SECI		32%							AAA
Other Central Affiliates(1)		27%							AAA/A1+
Corporates		13%							-
APSPDCL		4%							BBB
MSEDCL		3%							A
GUVNL		3%							AA
MPPMCL		3%							BB+
TSNPDCL		2%							BB
Others		13%							-

1. Includes NTPC, REC-DVC, SJVN, NHPC, REMCL and PTC

2. MSEDCL rating by Acuite Ratings & Research as on 18th June 2025; SECI Rating by ICRA as on 10th July 2025; APSPDCL rating by Acuite Ratings & Research as on 29th December 2025; MPPMCL rating by Care Ratings as on 8th April 2026; 29

TSNPDCL rating by CRISIL Ratings as on 28th Jan 2025;GUVNL ratings by ICRA as on 10th June 2025; NTPC rating by ICRA as on 9th April 2026; PTC rating by Crisil Ratings as on 26th May 2025

Lowest DSO^ ; AP Receivables headed for resolution

Consistent reduction in the DSO across quarters

• IPP DSO(4) 63 days at Mar'26, improved by 8 days YoY and 14 days

  in 2 years

• Manufacturing business had a DSO of 21 days

• Share of high quality offtakers (< 50 DSO) is 75%+ in 20.2 GW

• Resolution of AP to likely improve DSO by another ~15 days

Quarterly split of DSO

Ageing of billed receivables

FY25

94

FY26

83

84

86

74

77

72

71

66

63

114 112

FY24

Offtaker	DSO	% share in total receivables	Days Contribution to DSO
GJ(3), Central Govt.(2)	0-15 days	5%	3
Corporates, MH, MP, RJ(3)	15-30 days	11%	7
TG, KA(3)	30-60 days	11%	7
TN(3)	60-90 days	1%	-
AP(3)	>90 days	72%	45
Total			631)

DSOs improve as central govt becomes a larger % of assets

20.2 GW

Others 35%

12.8 GW

Central Govt 59%

Notes:

Q1 Q2 Q3 Q4

Corporates

18%

AP 6%

Central Govt

42%

AP

4%

Others 23%

Corporates 13%

1) As of March 31, 2026, 2) Includes SECI, NTPC, PTC and exchange traded, 3) GJ - Gujarat, AP - Andhra Pradesh, MP - Madhya Pradesh, TG - Telangana, KA - Karnataka, MH- Maharashtra, TN - Tamil Nadu, RJ - Rajasthan; normal payment

due date is 60 days from billing, 4) Excluding unbilled revenue and receivables | ^ Total billed annualized revenue compared to total billed receivables

1 US$ = INR 93.83 FED rate at March 31, 2026 30

Wind PLF performance

All India Wind PLFs

FY26 better than FY25

(FY23 - FY26)

31%

35%

ReNew Wind PLF

30%

23%

14%

15%

15%

11%

FY26

FY25

FY24

FY23

Q4

Q3

Q2

Q1

20.0%

18.4%

18.3%

17.3%

17.0%

18.1%

14.7% 13.5%

28.4%

32.7%

32.8%

29.9%

37.3%

38.3%

34.8%

ReNew Wind PLFs

FY23: 25.5%

FY24: 26.4%

FY25: 24.4%

FY26: 26.3%

41.3%

Q1 Q2 Q3 Q4

FY23 FY24 FY25 FY26

31

Source: CEA | Billed PLFS

Updated shareholders and diluted shares

Economic Shareholding(1)

August'21 (Listing date) Current

Particulars	Shares (mn)
Class A Shares	246.1
Class B Shares(3)	-
Class C Shares	118.4
Class D Shares(3)	-
Total Outstanding Shares	364.4

Total Shares Outstanding For ReNew Energy Global PLC

7%

35.6%

3.6%

6.7%

13.6%

13.8%

21.3%

%

%

15.0%

2.9

7.4

53.4%

(2)

GS CPPIB ADIA JERA Founder Entities Public Shareholders

Voting Shareholding

Total Diluted Shares For ReNew Energy Global PLC

August'21 (Listing date)

11.0%

Current

30.7%

32.9%

4.2%

10.6%

21.6%

36.9%

19.1%

5.0%

9.2%

18.8%

Particulars	Shares (mn)
Class A Shares (existing)	246.1
Class A Shares to be issued to CPP Investments(3)	12.3
Class C Shares (existing)	118.4
Class A Shares to be issued to Founder(3)	11.4
ESOPs(4)	13.4
Total Diluted Shares	401.6

(2)

GS CPPIB ADIA JERA Founder Entities Public Shareholders

1. Economic Shareholding excludes management ESOPs / unexercised ESOPs, public and private warrant holders

2. RMG is liquidated and its shareholding has been transferred to its investors thereof. The shares have been included in Public Shareholders for purposes of representation. Public Shareholders includes SPAC + PIPE + Warrant exercise + RMG + GEF SACEF + ESOP exercised + RSUs issued - buyback

3. One Class B share represents the number of votes from time to time equal to 11,437,723 Class A Ordinary Shares and one Class D Ordinary Share represents the number of votes from time to time equal to 12,345,678 Class A Ordinary Shares 32

4. ESOPs Dilution calculated using treasury stock method and a trading price of $10

Debt profile

By Debt Type

Variable 42%

By Source(4)

Secured Loan from FI

29%

Secured Bank Loan 29%

By Currency

Others, 4%

US Dollars, 35%

By Project Type

Fixed 58%

Senior Overseas Green(1)

Bonds 27%

By Maturity

Working Capital Loan 7%

INR Bonds 7%

INR , 61%

By Repayment

Commissioned, 73%

Under Construction, 13%

HoldCo, 14%

5+ years, 45%

0 - 2 years, 28%*

2 - 5 years, 27%

Amortizing 63%

Non Amortizing 37%

Interest cost (excluding non-cash MTM) for the O/S Debt as of 31st Mar 2026 is ~9%(2)

Note: Debt doesn't include unsecured CCDs/OCDs

1. Senior US$ Green Bonds stated based on the actual US$ amount raised

2. For dollar bonds, assumes cost basis average annual depreciation in INR over the last 20 years, excludes upfront costs

3. Excludes acceptances, working capital and other non-fund based borrowings

4. Computed basis the total debt at a consolidated level, as reported on the B/S

Debt Amortization (INR bn)(3)	FY27	FY28
Bond Maturities*	56.0	33.3
Long term Debt	32.0	32.3
Total	88.0	65.6

33

*70%+ of the bonds maturing are asset backed and will be refinanced as has been done in the past

Operating assets show underlying value

1. GW operational for over 1 year:

   • 10.7 GW operating MWs (as of Mar'25) less 600

     MW sold during FY26

     Plus

     38 bps

     11.55%

     Manufacturing operations

   • EBITDA in FY26: INR 80.2 bn EBITDA

   • Capital employed: ~INR 599 bn

   • EBIT: INR 58.5 bn

   • Return on capital employed (ROCE): 11.93%

   • Operating businesses continue to stay profitable: ROCE up by 38 bps

Healthy returns for operating portfolio*

11.93%

ROCE with 9.2 GW operational

+ manufacturing

ROCE with 10.1 GW operational

+ manufacturing

ROCE = Return on Capital Employed, calculated EBIT/ Capital deployed

Capital deployed = Total assets - cash 34

*600 MW sold during FY26

Operating performance and seasonality

	Q3 FY25		Q3 FY26		Q4 FY25		Q4 FY26
	Wind	Solar	Wind	Solar	Wind	Solar	Wind	Solar
Operational capacity (GW)	4.8	5.8	5.5	6.0	4.9	5.7	5.6	6.8
Weighted average operational capacity(1) (GW)	4.8	5.4	5.4	6.1	4.9	5.7	5.5	6.1
Plant load factor (%)(4)	14%	22%	19%	21%	19%	26%	19%	23%
Electricity generated(2) (kWh mn)	1,499	2,633	2,239	2,836	2,005	3,215	2,294	3,034
Revenue from contract with customers(3) (INR mn)	5,718	8,663	7,956	9,939	7,179	10,839	8,074	10,097
Average Selling Price	4.00	3.32	3.65	3.53	3.92	3.46	3.68	3.40

	FY24		FY25		FY26
	Wind	Solar	Wind	Solar	Wind	Solar
Operational capacity (GW)	4.7	4.7	4.9	5.7	5.6	6.8
Weighted average operational capacity(1) (GW)	4.3	4.1	4.8	5.2	5.2	6.0
Plant load factor (%)(4)	28%	25%	26%	25%	27%	22%
Electricity generated(2) (kWh mn)	10,243	8,794	10,749	10,986	12,594	11,624
Revenue from contract with customers(3) (INR mn)	40,852	33,744	41,786	37,290	46,935	38,996
Average Selling Price	4.12	3.85	4.07	3.43	3.88	3.38

1. Weighted average operational capacity is calculated as electricity generated divided by the plant load factor and weighted by number of days for the reporting period

2. Electricity sold is approximately 4% lower than the electricity generated as a result of electricity lost in transmission or due to power curtailments 35

3. Our total revenue from contract with customers primarily comes from sale of power for the above reporting periods.

4. The PLFs here are based on generation and do not account for the energy loss in transmission

Segment Performance - Core* and Manufacturing

Particulars	Year ended March 31, 2025			Year ended March 31, 2026
	Core	Mfg.	Total	Core	Mfg.	Total
Revenue	83,869	13,194	97,063	91,366	40,830	132,196
Other operating income	450	-	450	998	-	998
Late payment surcharge from customers	7	-	7	1,111	-	1,111
Finance income	4,551	21	4,572	4,510	564	5,074
Other income	6,345	38	6,383	10,522	550	11,072
Change in fair value of warrants	595	-	595	184	-	184
Total income	95,817	13,253	109,070	108,691	41,944	150,635
Raw materials and consumable (net)	566	8,027	8,593	377	21,128	21,505
Employee benefits expense	4,274	342	4,616	4,789	1,797	6,586
Other expenses	12,015	768	12,783	16,291	3,764	20,055
Depreciation and amortization	20,451	219	20,670	24,779	1,959	26,738
Finance costs and fair value change in derivative instruments	52,068	284	52,352	59,136	2,618	61,754
Total expenses	89,374	9,640	99,014	105,372	31,266	136,638

Adjusted EBITDA

74,976

4,212

79,188

83,721

14,782

98,503

36

Note: Excludes gain from asset sales * Core includes new business areas

US$ 252 mn adj. EBITDA for Q4 FY26

All figures in millions	Adjusted Q4 FY25	Q4 FY26		Q4 FY26 Adjustments		Adjusted Q4 FY26		YoY % growth Q4 FY25 Adj. Vs Q4 FY26 Adj.	Comments
	(INR)	(INR)	(US$)	(INR)	(US$)	(INR)	(US$)
Revenue from contracts with customers	29,045	31,792	339	-	-	31,792	339	9%	Includes INR 1 bn from our manufacturing business
Other operating income	106	339	4	-	-	339	4	N/M
LPS from customers	-	1,111	12	-	-	1,111	12	N/M
Finance income	-	1,634	17	(1,634)	(17)	-	-	-	Removal of interest income for adjusted EBITDA calculation
Other income	4,164	4,671	50	-	-	4,671	50	12%
Change in FV of warrants	-	1	0	(1)	(0)	-	-	-	Removal of revaluation of share warrants
Total income	33,317	39,548	421			37,912	404	14%
Raw materials and consumables # used	5,555	6,057	65	-	-	6,057	65	9%	Primarily related to our manufacturing business
Employee benefits expense	934	2,216	24	(156)	(2)	2,060	22	121%	Adjustment for share based payment expense compensation
Other expenses and provisions	4,710	6,135	65	-	-	6,135	65	30%
Total expenses	11,194	14,407	154			14,251	152	27%
Adjusted EBITDA	22,118					23,661	252		$252 mn Adj. EBITDA in Q4 FY26 Includes INR 4.0 bn from manufacturing
Adj. EBITDA Margin (MFG)	36.5%					34.3%
Adj. EBITDA Margin (ex MFG)	76.5%					77.5%			Refer notes

37

FY represents fiscal year end 31st March; 1 US$ = INR 93.83 FED rate at Mar 31, 2026 | N/M - Not Meaningful (change more than +/- 100%) | FY25 included a one-time non-cash reversal of the O&M equalisation reserve (~INR 0.6 Bn), the margins have been adjusted accordingly

# Net of increase in inventories of finished goods | FY26 margins have been adjusted for one of our foreign JVs which has been reclassified to a subsidiary. During Q4'26, we recorded revenues of ~INR 1.6 Bn and expenses of ~INR 1.1 Bn related to this business

US$ 1,050 mn adj. EBITDA for FY26

All figures in millions	Adjusted FY25	FY26		FY26 Adjustments		Adjusted FY26		YoY % growth FY25 Adj. Vs FY26 Adj.	Comments
	(INR)	(INR)	(US$)	(INR)	(US$)	(INR)	(US$)
Revenue from contracts with customers	97,063	132,196	1,409	-	-	132,192	1,409	36%	Includes INR 40.8 bn from our manufacturing business
Other operating income	450	998	11	-	-	998	11	122%
Late Payment Surcharge	7	1,111	12	-	-	1,111	12	N/M
Finance income	-	5,074	54	(5,074)	(54)	-	-	-	Removal of interest income for adjusted EBITDA calculation
Other income	6,383	11,072	118	-	-	11,072	118	73%
Change in FV of warrants	-	184	2	(184)	(2)	-	-	-	Removal of revaluation of share warrants
Total income	103,903	150,635	1,605			145,377	1,549	40%
Raw materials and consumables # used	8,593	21,505	229	-	-	21,505	229	150%	Primarily related to our manufacturing business
Employee benefits expense	3,339	6,557	70	(1,244)	(13)	5,313	57	59%	Adjustment for share based payment expense compensation
Other expenses and provisions	12,783	20,058	214	-	-	20,058	214	57%	FY25 included one-time reversal of O&M reserves of ~INR 2.2 bn
Total expenses	24,715	48,121	513			46,877	500	90%
Adjusted EBITDA	79,188					98,501	1,050	24%	$1,050 mn Adj. EBITDA in FY26 Includes INR 14.8 bn from manufacturing
Adj. EBITDA Margin (MFG)	31.6%					35.7%
Adj. EBITDA Margin (IPP)	80.3%					81.3%			Refer notes below

38

FY represents fiscal year end 31st March; 1 US$ = INR 93.83 FED rate at Mar 31, 2026 | N/M - Not Meaningful (change more than +/- 100%) | FY25 included a one-time non-cash reversal of the O&M equalisation reserve (~INR 2.2 Bn), the margins have been adjusted accordingly

# Net of increase in inventories of finished goods | FY26 margins have been adjusted for one of our foreign JVs which has been reclassified to a subsidiary. During Q4'26, we recorded revenues of ~INR 1.6 Bn and expenses of ~INR 1.1 Bn related to this business

Consolidated balance sheet summary

Particulars	As of March 31, 2025 INR mn (Audited)	As of March 31, 2026 INR mn (Unaudited)	As of March 31, 2026 US$(4) mn (Unaudited)
Cash and cash equivalents, bank balances and investments (including short and long term)(1)	83,215	80,627	859
Property, plant and equipment, net(2)	747,066	812,039	8,654
Total Assets	959,799	1,056,602	11,261
Current liabilities: Interest-bearing loans and borrowings	80,327	56,857	606
Current portion of long-term debt (included in other current liabilities)	60,384	190,717	2,033
Non-current liabilities: Interest-bearing loans and borrowings	582,307	520,192	5,544
Gross debt (current + long term)	723,019	767,767	8,183
Net Debt(3)	617,022	661,925	7,055

1. Refer to Liquidity Position in the Q4 FY26 6-K filing, includes investment in liquid funds.

2. Includes ~US$ 1.4 bn of CWIP

3. Gross debt less OCDs/CCDs (INR 22.8 bn for FY25 and INR 25.2 bn for Q4 FY26), cash and cash equivalents, bank balances other than cash and cash equivalent 39

4. 1 US$ = INR 93.83 FED rate at Mar 31, 2026

Standalone Manufacturing Financials

All figures in millions	For the year ended March 31,
Particulars	2025 (Audited) (INR)	2026 (Unaudited) (INR)	2026 (1) (Unaudited) (US$)
Total Income	40,950	67,830	723
Revenue from Operations	40,826	66,331	707
Other income	124	1,499	16
(-) Expenses	33,185	47,681	508
Cost of raw material and components consumed	29,837	40,010	482
Change in inventories of finished goods	(1,771)	(5,171)	(55)
Employee benefits expense	804	2,174	23
Other expenses	2,545	5,497	59
Depreciation and amortization expense	684	2,317	25
Finance costs	962	3,248	35
PBT	6,119	14,584	155
Tax expense	1,074	2,442	26
PAT	5,046	12,142	129

1 US$ = INR 93.83 FED rate at Mar 31, 2026 40

2. INR/USD appreciated from INR 83.34, as of March 29, 2024 to INR 85.43 as of March 31, 2025, compared to a depreciation from INR 85.43, as of March, 31 2025, to INR 93.83 as of March 31, 2026

* Net of Change in inventories of finished goods