ORA vs RNW: How Ormat Technologies and ReNew Energy Global Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: RNW is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ORA and RNW share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ORA and RNW exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Ormat Technologies is a vertically integrated geothermal and energy-storage company. Its core business is generating baseload renewable electricity from geothermal energy: tapping underground heat to drive turbines that produce around-the-clock power, unlike intermittent solar and wind. Ormat operates its own fleet of geothermal and recovered-energy power plants and sells the electricity under long-term contracts to utilities and other offtakers, which it calls its Electricity segment. It also designs, builds, and supplies geothermal power-plant equipment and engineering services to third parties (its Product segment), and it has grown a fast-expanding Energy Storage segment that builds and operates battery storage assets providing grid services. Founded in 1965 and headquartered in Reno, Nevada, Ormat is one of the few pure-play geothermal companies of scale and is positioned as a provider of firm, dispatchable clean power, an increasingly valued attribute as grids add intermittent renewables and face rising demand.

Full ORA guide

ReNew Energy Global plc builds, owns and operates utility-scale clean power in India, and reports in five segments: wind, solar, hydro, transmission lines and manufacturing. It reached the US market through a 2021 SPAC merger with RMG Acquisition Corp II, and the shares trade on Nasdaq as Class A ordinary shares while essentially all the assets sit in India. Operating capacity was ~12.6 GW as of March 31, 2026 after commissioning ~2.4 GW during fiscal 2026, with a total contracted and awarded portfolio near ~20 GW. Beyond generation, ReNew runs solar manufacturing at Dholera in Gujarat (~6.4 GW of module capacity and ~2.5 GW of cell capacity), which lets it supply its own projects and sell into India's domestic-content-linked tenders, and it bids the newer firm-and-dispatchable and round-the-clock auctions that pair wind and solar with battery storage.

Full RNW guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ORA drivers: Baseload renewable power; Long-term contracted cash flows.
• RNW drivers: Commissioned megawatts turning into contracted EBITDA; Firm power and storage rather than plain solar.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Geothermal projects are capital-intensive, geologically risky, and slow to develop, with long lead times and the chance that resource performance disappoints. For RNW, leverage dominates the risk picture: ~$7.3 billion of net debt against a ~$2.3 billion market value means refinancing terms and Indian rate moves hit equity holders before they hit anything else, and the reported dollar figures also carry rupee translation risk.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ORA if you believe its drivers more; RNW if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ORA and RNW guides.

ORA. Ormat combines a stable, contracted Electricity segment with lumpier Product revenue and a growing Storage business. Its valuation reflects predictable geothermal cash flows and clean-baseload scarcity value, balanced against high capital intensity, leverage, and sensitivity to interest rates and renewable-energy policy.

RNW. At ~$2.3 billion of equity value on top of ~$7.3 billion of net debt, RNW trades around ~9x to ~10x FY26 adjusted EBITDA on an enterprise basis, which is ordinary for a leveraged infrastructure owner and cheap relative to India-listed renewables peers. Reported earnings are thin next to EBITDA because interest and depreciation absorb most of it, so ~$111 million of FY26 net profit on ~$1.6 billion of revenue is the normal shape here rather than an anomaly. The practical anchor for the next few quarters is the ~$7.02 best-and-final offer, not a multiple.

Headline figures (approximate, early 2026): ORA shows revenue (ttm) ~$900 million, operating margin ~20%+, net income (ttm) positive, generating capacity ~1+ GW across geothermal and storage; RNW shows revenue (fy26, ended march 2026) ~₹150.6 billion (~$1.6 billion), adjusted ebitda (fy26) ~₹98.5 billion (~$1.05 billion), net profit (fy26) ~₹10.4 billion (~$111 million), net debt (march 31, 2026) ~₹687 billion (~$7.3 billion).

ORA and RNW are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ORA and RNW exposure against your real portfolio. It is not an investment adviser.