ReNew Energy Global plc (RNW) Stock Price & How to Invest

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.

The fiscal 2026 numbers, for the year ended March 31, 2026, were the strongest in company history: total income of ~₹150.6 billion (~$1.6 billion) against ~₹109.1 billion (~$1.16 billion) a year earlier, adjusted EBITDA of ~₹98.5 billion (~$1.05 billion) versus ~₹79.2 billion, and net profit of ~₹10.4 billion (~$111 million), more than double the prior year's ~₹4.6 billion. Management guided FY27 adjusted EBITDA to ~₹103 billion to ~₹109 billion. The balance sheet is where the character of the stock shows: net debt was ~₹687 billion (~$7.3 billion) at year-end against an equity market value of only ~$2.3 billion, so most of the enterprise is lenders, not shareholders. Overlaying that, a consortium led by CPP Investments and Sinha proposed ~$6.75 per share in May 2026 for the ~44.4% they do not already own and then moved to a best-and-final ~$7.02 via a UK scheme of arrangement, with minority holders able to take cash or elect to roll over into the private company. An earlier consortium attempt collapsed in December 2025 when Masdar walked away, which is the main reason the shares have traded below the headline offer.

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. Cash conversion depends on Indian state distribution companies and other offtakers paying on time, a recurring sore point across the sector. In manufacturing, global module and cell oversupply can compress the segment's margins quickly, and policy support tied to domestic content can be reset by regulation. Deal risk cuts both ways: the shares could fall back toward standalone value if the scheme fails as the prior consortium attempt did, while accepting the rollover would leave a holder in an illiquid private vehicle controlled by the buyers. As a foreign private issuer, ReNew files 20-F annual reports and 6-K updates rather than 10-Qs, so US holders get less frequent mandated disclosure than a domestic filer provides.

4 analysts publish price targets on RNW, averaging $7.96 against a $6.17 price as of August 2026, or +29.0%. The published targets run from $7.10 to $8.56, a narrow spread, and the ratings split 3 buy, 1 hold, 0 sell. Over the last six months there have been 0 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RNW forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on ReNew Energy Global plc. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Commissioned megawatts turning into contracted EBITDA. ReNew added ~2.4 GW in FY26 to reach ~12.6 GW operating, and carries a portfolio near ~20 GW of contracted and awarded projects. The most optimistic published target, $8.56, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $7.10, is roughly what RNW is worth if this bites instead.

Read the full bull and bear case on RNW, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ReNew Energy Global plc's investor relations page or your broker.

• 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)
• Market capitalisation: ~$2.3 billion
• FY27 adjusted EBITDA guidance: ~₹103 billion to ~₹109 billion

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.

Other names that sit close to RNW: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RNW exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RNW sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RNW fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

RNW is a real, cash-generating Indian renewables operator whose share price is currently governed less by FY27 megawatts than by whether the CPP Investments and Sinha buyout actually closes this time.

Whether RNW is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RNW a buy or a sell?, and where the stock could go from here in the RNW stock forecast.

For income investors, whether RNW pays a dividend and how the payout looks is covered in does RNW pay a dividend? And to weigh RNW against a peer, read the full side-by-side comparisons: RNW vs BEP and RNW vs ORA.