ReNew has demonstrated consistent revenue expansion over the past fiscal years, with revenues rising from approximately INR 81.3 billion in FY2024 to INR 139.1 billion in FY2026. Gross profit margins remain robust above 55%, reflecting strong cost controls despite increasing scale. Operating income fluctuated due to rising interest expenses but EBITDA margins have remained solid around 77-85%.

Revenue growth is primarily driven by increased capacity additions, higher energy off-take, and improved tariff structures. The company benefits from long-term power purchase agreements that provide recurring revenue streams.

Gross margins have been consistently high, exceeding 55% with EBITDA margins ranging from 62% to 85% over recent periods. Operating margins have been more variable due to fluctuating SG&A and interest costs. Net income margins are lower, reflecting substantial interest expenses especially in FY2025 and FY2026.

Earnings quality is underpinned by strong EBITDA generation, but net profitability is impacted by high interest expenses and one-time charges. Despite this, positive operating cash flows and consistent earnings growth in recent quarters indicate sustainable core operations.

Revenue grew from INR 81.3 billion in FY2024 to INR 139.1 billion in FY2026, representing a compound annual growth rate (CAGR) around 25%. Quarterly revenues jumped 39% year-over-year in Q2 2026 compared to Q2 2025.

Net income has increased with volatility; FY2026 net income was approximately INR 10.9 billion vs. INR 3.8 billion in FY2025, showing strong gains despite some quarterly fluctuations. EPS surged from 10.92 INR in FY2025 to 29.75 INR in FY2026.

Growth is driven by capacity additions, favorable regulatory frameworks for renewable energy, and stable long-term power purchase agreements providing predictable cash flows. The company is expanding geographically and technologically to capture new markets.

The growth appears largely organic and supported by operational expansions and efficiency improvements, not driven by acquisitive activities. The sustainability is reinforced by the global tailwind towards clean energy transition.

EBITDA margins remained robust at around 62-85% over recent quarters with gross margins steady above 55%. Operating margins show variability due to SG&A and interest impacts, but remain strong at 29-56%. Net margins improved significantly from negative in FY2025 to positive 7.9% in Q2 2026.

Return on equity and assets are not explicitly provided, but improving net income and strong operating income margins suggest positive returns expanding with scale and operational efficiency.

Margins appear sustainable in the medium term due to strong contractual revenue visibility and ongoing cost control initiatives, though interest costs and financing structure warrant monitoring.