Renew Energy Global PLC (RNW) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to the ReNew Power Private Limited Q4 and FY25 Earnings Call. (Operator Instructions) I would now like to hand the conference over to Anunay, Head of Investor Relations. Please go ahead.

感謝您的支持，歡迎參加 ReNew Power Private Limited 第四季和 2025 財年財報電話會議。（操作員指示）現在，我想將會議交給投資者關係主管 Anunay。請繼續。

Thank you. Good morning, everyone, and thank you for joining us. We put out a press release announcing our results for fiscal 2025 fourth quarter ending March 31, 2025, today, as well as for the year ending March 31, 2025, and a copy of the press release and the earnings presentation are available in the Investor Relations section on our website at www.renew.com.

謝謝。大家早安，感謝大家的收看。我們今天發布了一份新聞稿，宣布了截至 2025 年 3 月 31 日的 2025 財年第四季度業績以及截至 2025 年 3 月 31 日的年度業績，新聞稿和收益報告的副本可在我們網站 www.renew.com 的投資者關係部分找到。

With me today are Sumant Sinha, Founder, Chairman and CEO of ReNew; Kailash Vaswani, CFO; and Vaishali Nigam Sinha, Co-Founder ReNew and Chairperson Sustainability. After the prepared remarks, which we expect will take about half hour, we will open the call for questions.

今天與我一起出席的有 ReNew 創辦人、董事長兼執行長 Sumant Sinha、財務長 Kailash Vaswani 以及 ReNew 聯合創始人兼永續發展主席 Vaishali Nigam Sinha。準備好的發言結束後（預計約半小時），我們將開始提問。

Please note that our Safe Harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements.

請注意，我們的安全港聲明包含在我們的新聞稿、簡報資料和我們網站上的資料中。這些聲明非常重要，也是我們所有言論不可或缺的一部分。存在一些風險和不確定性，可能導致我們的結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

So we encourage you to review the press release we furnished in our Form 6-K and the presentation on our website for a more complete description. Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconciled to the most comparable IFRS measures, and these reconciliations are also available on our website in the press release, presentation materials and our annual report.

因此，我們鼓勵您查看我們在 6-K 表中提供的新聞稿和我們網站上的介紹，以獲得更完整的描述。我們的新聞稿、簡報資料和年度報告中還包含某些非國際財務報告準則指標，我們已將這些指標與最具可比性的國際財務報告準則指標進行了調節，這些調節結果也可在我們網站的新聞稿、簡報資料和年度報告中查閱。

It is now my pleasure to hand it over to Sumant. Sumant, please take it away.

現在我很高興將它移交給蘇曼特。蘇曼特，請把它拿走。

Yeah, Thank you, Anunay. Good morning, good afternoon and good evening everyone. I'm glad to have all of you on our earnings call for the fourth quarter of fiscal 2025. We have concluded fiscal year 2025 with significant achievements and the outlook for the renewable energy sector in India looks extremely promising.

是的，謝謝你，Anunay。大家早安、下午好、晚上好。我很高興大家參加我們 2025 財年第四季的收益電話會議。我們以重大成就結束了 2025 財年，印度再生能源產業的前景非常光明。

In our 15th year, we constructed more megawatts than we have done in the past, taking our total operating megawatts to 11.2 gigawatts, which is a new high for us. This is 17% higher than at the same time last year and 21% if we compare on the like-for-likes after excluding asset sales.

在我們成立的第 15 年，我們建造的兆瓦數量超過了過去，使我們的總營運兆瓦數達到 11.2 千兆瓦，這對我們來說是一個新的高度。這比去年同期高出 17%，如果扣除資產出售後的年銷售額則高出 21%。

Since April 2024, we have constructed over 2 gigawatts of RE assets, of which 1.95 gigawatts have already received COD approvals and another 250 megawatts should receive them shortly. Not only this, we also continue to extend our contracted portfolio by adding new bids and signing new PPAs. Our contracted portfolio now stands at 18.5 gigawatts along with 1.1 gigawatts of BESS, which is additional to the 18.5%.

自 2024 年 4 月以來，我們已經建造了超過 2 吉瓦的可再生能源資產，其中 1.95 吉瓦已經獲得 COD 批准，另外 250 兆瓦也將很快獲得批准。不僅如此，我們還透過增加新的投標和簽署新的 PPA 來繼續擴大我們的合約組合。我們目前的合約組合為 18.5 千兆瓦，外加 1.1 千兆瓦的 BESS，這是對 18.5% 的補充。

This 18% higher than at the same time last year. We have added 1.3 gigawatts of PPAs since Q3 fiscal 2025 and have signed PPAs for a healthy 5.3 gigawatts since April 2024, i.e., in the last 12 months of the financial year. In addition, once we include other projects where we have won and not yet signed PPAs, we have a pipeline of over 25 gigawatts renewable energy and an additional about 3 gigawatts of batteries.

比去年同期高出18%。自 2025 財年第三季以來，我們增加了 1.3 千兆瓦的 PPA，並且自 2024 年 4 月以來（即本財年的最後 12 個月），我們已簽署了 5.3 千兆瓦的 PPA。此外，一旦我們將其他已贏得但尚未簽署 PPA 的項目納入其中，我們將擁有超過 25 千兆瓦的可再生能源和另外約 3 千兆瓦的電池。

The macro environment in India remains robust, and with the supply of auctions continuing to be more than 50 gigawatts plus a year, the IRRs remain quite attractive. In fiscal year '25, we won 4.8 gigawatts plus 800-megawatt hours of BESS, giving us a 14% market share in the bids that we participated in.

印度的宏觀環境仍然強勁，並且隨著拍賣供應量持續保持在每年 50 吉瓦以上，內部收益率仍然相當有吸引力。在 2025 財年，我們贏得了 4.8 千兆瓦加 800 兆瓦時的 BESS，在我們參與的競標中佔據了 14% 的市場份額。

Further, our existing solar manufacturing facilities comprising of 6.4 gigawatts of module manufacturing and 2.5 gigawatts of cells are now fully stabilized and at industry-leading efficiency levels and has started contributing to our P&L in a meaningful way.

此外，我們現有的太陽能製造設施包括 6.4 千兆瓦的模組製造設施和 2.5 千兆瓦的電池製造設施，現已完全穩定並達到行業領先的效率水平，並已開始以有意義的方式為我們的損益做出貢獻。

We also have a current external order book of 1.4 gigawatts in addition to having already supplied 1.3 gigawatts till date in the manufacturing business. I am also pleased to announce that we have secured $100 million in equity funding to expand the existing cell facility by 4 gigawatts more to take it up to 6.5 gigawatts to be in line with our module manufacturing capacity.

除了迄今為止在製造業務中已經供應了 1.3 千兆瓦之外，我們目前還有 1.4 千兆瓦的外部訂單。我還很高興地宣布，我們已獲得 1 億美元的股權融資，用於將現有的電池工廠再擴大 4 千兆瓦，使其達到 6.5 千兆瓦，以符合我們的模組製造能力。

This enables us to fully secure our supply chain for solar cells and modules, which is imperative given the ALMM for cells on the import of cells that has been announced. Our broader capital recycling engine is also chucking along, and we have raised $260 million in the last six months, including deals that yet have to close.

這使我們能夠完全確保太陽能電池和模組的供應鏈，鑑於已宣布的電池進口ALMM，這一點至關重要。我們更廣泛的資本循環引擎也正在全力運轉，過去六個月我們已籌集了 2.6 億美元，其中包括尚未完成的交易。

Turning to our financials. We delivered more than 14% EBITDA growth year-on-year in spite of a weaker-than-anticipated video source. In addition, cost-saving initiatives are helping us improve margins with EBITDA margins in our IPP business at almost 83% from a little over 80% last year. Finally, the interest rate environment remains benign, while with the RBI having announced rate cuts in the last few months, which are now beginning to be reflected in new greenfield financing. Our profit before tax for the year is at INR10 billion, up 23% for the year.

談到我們的財務狀況。儘管影片來源弱於預期，我們的 EBITDA 仍年增超過 14%。此外，成本節約措施幫助我們提高利潤率，IPP 業務的 EBITDA 利潤率從去年的 80% 多一點上升到近 83%。最後，利率環境依然良好，而印度儲備銀行在過去幾個月宣布降息，現在開始反映在新的綠地融資中。我們今年的稅前利潤為 100 億印度盧比，年增 23%。

We have also delivered a second consecutive year of profit after tax. While the whole world has been in flux due to geopolitical strikes, inflation, tariffs and trade tensions, our business and our outlook have only become stronger. We will continue to work on our strengths and expand our renewable energy footprint in India.

我們也連續第二年實現稅後獲利。儘管整個世界因地緣政治衝擊、通貨膨脹、關稅和貿易緊張局勢而動盪不安，但我們的業務和前景卻變得更加強勁。我們將繼續發揮我們的優勢，擴大我們在印度的可再生能源足跡。

On page 9, I wanted to take a minute to highlight our key strengths. As you know, we are a pan-India renewable energy company, and we pride ourselves on executing projects year after year consistently for the past 15 years.

在第 9 頁，我想花一點時間來強調我們的主要優勢。如您所知，我們是一家泛印度再生能源公司，我們為過去 15 年來年復一年持續執行專案而感到自豪。

We are also present in multiple market segments, therefore, reducing our concentration risk and have a fully integrated business model with project development, EPC and O&M all in-house, thus reducing costs and giving us better control of our projects.

我們也涉足多個細分市場，因此降低了集中風險，並擁有完全整合的業務模式，包括專案開發、EPC 和 O&M 均在內部進行，從而降低了成本並使我們能夠更好地控制專案。

We also have connectivity for all of our pipeline projects, which is a critical differentiator and are also judicious with our capital allocation, striving to continuously improve our IRRs. Before jumping into updates from our businesses, let me brief you on some industry dates on page 11.

我們還為所有管道項目提供了連接，這是一個關鍵的區別因素，我們也明智地進行資本配置，努力不斷提高我們的 IRR。在介紹我們的業務更新之前，讓我先向您簡要介紹一下第 11 頁上的一些行業日期。

[Go up] presentation. The regulatory and macro environment in India continues to be very supportive as renewable energy continues to see the highest capacity additions amongst all power sources in India and is also the cheapest source of energy as on date.

[上移] 演示。印度的監管和宏觀環境繼續非常支持再生能源，因為再生能源在印度所有電力來源中繼續保持最高的容量增量，也是迄今為止最便宜的能源。

While there has been some softening of demand driven by weather patterns of late, most analysts continue to forecast a sustained increase in energy demand as well as peak demand. The push for digitalization in the supply chain also has continued, while we already had element for modules, this year, we also saw element for sales being announced by the government.

儘管最近受天氣因素影響，能源需求已減弱，但大多數分析師仍預測能源需求將持續成長並達到高峰。供應鏈數位化的推動也在持續，雖然我們已經有了模組元素，但今年我們也看到政府宣布了銷售元素。

This helped firm up our decision to expand the cell capacity by another 4 gigawatts and the requirement for domestic sales and modules has also helped with third-party sales from our manufacturing business. On page 12, as you can see, we continue to see high amounts of renewable energy auctions. The major update this year has been the increasing use of death in both complex projects as well as the introduction of standalone solar plus BESS options.

這有助於我們堅定將電池產能再擴大 4 吉瓦的決定，而國內銷售和模組的需求也有助於我們製造業務的第三方銷售。在第 12 頁，如您所見，我們繼續看到大量的再生能源拍賣。今年的主要更新是複雜項目中死亡的使用增加以及獨立太陽能加 BESS 選項的引入。

With the decline in battery prices, now seeing a greater percentage of BESS and a lower percentage of wind in the project configuration of complex projects. The percentage of Plain Vanilla projects was only around 25%, which has been the lowest ever. We also saw a few more hybrid options this year as did operators try to create a balance between various sources of renewable energy. I expect this to be a temporary phenomenon. However, we will continue to see the use of more auctions where BESS plays a significant role.

隨著電池價格的下降，現在在複雜專案的專案配置中，BESS 的比例越來越大，而風能的比例越來越低。Plain Vanilla 計畫的比例僅 25% 左右，為歷史最低水準。今年我們也看到了更多的混合選擇，營運商也試圖在各種再生能源之間建立平衡。我預計這只是暫時現象。然而，我們將繼續看到更多拍賣的使用，其中 BESS 發揮著重要作用。

During the year, we have won around 5 gigawatts in auctions, bringing our total pipeline to over 25 gigawatts, which additionally will also have another 3 gigawatt hours of this. As you will recall, we were first ITP to have commissioned a utility-scale battery energy stock system in India, where we executed 150-megawatt in our peak power project.

今年，我們在拍賣中贏得了約 5 千兆瓦的電力，使我們的總儲備容量超過 25 千兆瓦，另外還將有另外 3 千兆瓦時的電力。您可能還記得，我們是印度第一家委託公用事業規模電池能源庫存系統的 ITP，我們在尖峰電力專案中實現了 150 兆瓦的發電量。

PPA situation also remains healthy, where we signed more than 5 gigawatts of PPAs in the last financial year of FY2025. Turning to page 13. Last year, we laid emphasis on execution by commissioning about 1.9 gigawatts.

PPA 情況也保持健康，我們在 2025 財年的最後一財年簽署了超過 5 千兆瓦的 PPA。翻到第 13 頁。去年，我們非常重視執行，投產了約 1.9 千兆瓦的發電量。

This year, we have tried to build on that performance by constructing approximately 2.2 gigawatts of capacity. While more than 1.9 gigawatts and when I say this year, I mean FY25. While more than 1.9 gigawatts have received COD approvals, another 250 megawatts should soon be commissioned. An 18% growth rate over the past five years showcases our consistent performance as well as a strong in-house EPC capacity built over the years.

今年，我們試圖在此基礎上再接再厲，建造約 2.2 千兆瓦的發電容量。雖然超過 1.9 千兆瓦，當我說今年時，我指的是 FY25。雖然已有超過 1.9 千兆瓦的發電量獲得 COD 批准，但另外 250 兆瓦的發電量也即將投入使用。過去五年18%的成長率體現了我們始終如一的業績以及多年來建立的強大的內部EPC能力。

During the year, we also commissioned one of the largest BESS sites in India with 150 megawatt hours, and I'm pleased to inform that our peak power project is performing in line with the monthly compliance requirements, further solidifying our belief in complex projects.

今年，我們還委託建造了印度最大的 BESS 站點之一，其容量為 150 兆瓦時，我很高興地通知大家，我們的峰值電力項目符合每月的合規要求，這進一步堅定了我們對複雜項目的信心。

Moving to page 14. We have been disciplined in our capital allocation strategies and have made investment decisions only where the returns are materially above our cost of capital. We have also recycled a certain portion of our portfolio to further improve terms as well as provide growth capital for our greenfield projects.

翻到第 14 頁。我們在資本配置策略上非常嚴謹，只在回報遠高於資本成本的情況下才做出投資決策。我們也回收了部分投資組合，以進一步改善條款並為我們的綠地專案提供成長資本。

As part of this, we have sold a 300-megawatt SECI solar asset and has signed definitive agreements to sell another 300 megawatts SECI solar asset. In our manufacturing business, we recently secured a market investment from British International instruments or USD100 million for an approximate 10% stake.

作為其中的一部分，我們出售了 300 兆瓦的 SECI 太陽能資產，並簽署了出售另外 300 兆瓦的 SECI 太陽能資產的最終協議。在我們的製造業務中，我們最近獲得了英國國際儀器公司的市場投資，金額為 1 億美元，佔約 10% 的股份。

This investment will provide the necessary equity for expanding our cell facility by another 4 gigawatts. The transaction closure is pending customary approvals from lenders and regulatory authorities. Overall, we have been able to sign agreements for over $260 million in the past six months, taking advantage of strong investor interest in our projects and our business.

這項投資將為我們的電池工廠再擴建 4 千兆瓦提供必要的資金。交易完成尚需獲得貸款方和監管機構的常規批准。總體而言，在過去六個月內，我們利用投資者對我們的專案和業務的濃厚興趣，簽署了價值超過 2.6 億美元的協議。

Turning to page 15. Our manufacturing facilities are now running at full tilt, producing around a little bit more than 10 megawatts or audios about 5 megawatts of cells per day. We have supplied total orders of 1.3 gigawatts to date, and our current order book stands at an additional 1.4 gigawatts.

翻到第 15 頁。我們的生產設施目前正在全力運轉，每天生產約 10 兆瓦多一點的電力或約 5 兆瓦的電池。迄今為止，我們已交付總計 1.3 千兆瓦的訂單，而我們目前的訂單量還增加了 1.4 千兆瓦。

External sales contributed around INR4.2 billion our consolidated fiscal FY25 EBITDA and around INR3.6 billion in the last quarter of FY25. With the expansion of the new cell facility, we will be able to fully secure our supply chain up to sales once it starts production in fiscal 2027.

外部銷售為我們的 2025 財年合併 EBITDA 貢獻了約 42 億印度盧比，為 2025 財年最後一個季度貢獻了約 36 億印度盧比。隨著新電池工廠的擴建，一旦工廠於 2027 財年開始生產，我們將能夠完全確保我們的供應鏈直到銷售。

Page 16. Transmission and land are critical are the critical differentiators to ensure that the projects are delivered on time and the country's renewable energy targets are met. Beyond our operating portfolio, we have connectivity for an additional 17-plus gigawatts, which fully covers our 25 gigawatt plus pipeline and beyond.

第 16 頁。輸電和土地至關重要，是確保專案按時交付和實現國家再生能源目標的關鍵因素。除了我們的營運組合之外，我們還擁有另外 17 千兆瓦以上的連接能力，這完全覆蓋了我們 25 千兆瓦以上的管道及以後的管道。

This 7.5 gigawatts plus of our interconnection approvals are land-based, which allows us to use them for any projects that we want. We are actively securing land parcels among the highest radiation and strong wind regions. During the year, we added 7.5 gigawatts of new connectivity and have been able to largely secure land for our projects getting execute here. We will look to further drive home this advantage over the next two to three years by building large lands along with connectivity.

我們已獲批准的 7.5 千兆瓦以上的互連電力都是陸基的，這使我們能夠將其用於我們想要的任何項目。我們正在積極爭取輻射最高、風力最強地區的土地。今年，我們增加了 7.5 千兆瓦的新連接，並且在很大程度上確保了我們在這裡實施專案的土地。我們將在未來兩到三年內透過建造大片土地和實現連結性來進一步發揮這一優勢。

Let me turn to Kailash for financing and other highlights. Kailash, over to you.

讓我來談談凱拉什的融資和其他亮點。凱拉什，交給你了。

Thanks, Sumant. Please turn to the highlight quarter on page 18. During the fourth quarter, we delivered INR22.1 billion of adjusted EBITDA, it's 32% higher last year, driven primarily by optimization initiatives, gain on sale of assets as well as contribution from third-party sales from our manufacturing business.

謝謝，蘇曼特。請翻到第18頁的精彩片段。第四季度，我們實現了 221 億印度盧比的調整後 EBITDA，比去年同期成長 32%，這主要得益於優化舉措、資產出售收益以及製造業務的第三方銷售貢獻。

EBITDA margins for our IPP business improved by more than 20 basis points driven by tighter cost control. We also continue to deliver profitable growth with our profit before tax for Q4 FY25 at INR3 billion, up from INR2.1 billion in the same quarter last year.

受更嚴格的成本控制推動，我們 IPP 業務的 EBITDA 利潤率提高了 20 多個基點。我們也持續獲利成長，2025 財年第四季的稅前利潤為 30 億印度盧比，高於去年同期的 21 億印度盧比。

We also delivered INR3.1 billion of Q4 profit after tax and INR4.6 billion profit after tax for the full year FY25. We continue to grow our business responsibly and by living within our means by managing growth with internal accruals and asset recycling. We have signed agreements of over USD260 million during the past six months by raising equity through capital recycling and returns higher than our base case.

我們也實現了第四季稅後利潤 31 億印度盧比，25 財年全年稅後利潤 46 億印度盧比。我們繼續以負責任的方式發展我們的業務，並透過內部應計和資產回收來管理成長，量入為出。過去六個月，我們透過資本循環籌集股本，獲得了高於基準預期的回報，簽署了超過 2.6 億美元的協議。

We are focused on tapping all the cheapest sources of capital, not only for equity, but also debt where we have raised around USD2 billion debt financing this year from a variety of debt providers. With respect to the nonbinding offer received from the consortium comprising of CPP investments, Mazda, Adia and Sumant Sinha, active discussions between the special committee comprising of the news independent directors and the consortium are ongoing and provide an update on the outcome as soon as possible practicably practical.

我們專注於利用所有最便宜的資本來源，不僅是股權，還有債務，今年我們已經從各種債務提供者籌集了約 20 億美元的債務融資。對於由 CPP 投資、馬自達、Adia 和 Sumant Sinha 組成的財團提出的非約束性報價，由新聞獨立董事組成的特別委員會正在與財團進行積極討論，並將盡快切實提供最新結果。

While we understand that our stakeholders are eager to know what's going on. However, you will appreciate that currently cannot comment further on the timing or the status of the process. Turning to page 19. We remain committed to growing profitably. We have seen 17% growth and 21% adjusted for assets sold in our operating capacity portfolio by commissioning 1.95 gigawatts of capacity.

雖然我們知道我們的利害關係人渴望知道發生了什麼。然而，您會明白，目前無法進一步評論該過程的時間或狀態。翻到第19頁。我們將繼續致力於獲利成長。透過投入 1.95 千兆瓦的產能，我們的營運產能組合實現了 17% 的成長，資產出售調整後實現了 21% 的成長。

Our adjusted EBITDA margins have expanded, driven by cost control measures as well as reduction in O&M costs. Profitability also continues to grow year-on-year. We will continue to take these initiatives to ensure that costs continue to remain in check. Our DSOs also continue to trend load and are now at 71 days as compared to 138 days two years ago and 77 days one year ago. Turning to page 20.

受成本控制措施以及營運和維護成本降低的推動，我們的調整後 EBITDA 利潤率有所擴大。獲利能力也持續逐年成長。我們將繼續採取這些舉措，確保成本持續受到控制。我們的 DSO 也繼續呈現負載趨勢，目前為 71 天，而兩年前為 138 天，一年前為 77 天。翻到第20頁。

Our financial performance is now being driven by our IPP business as well as our manufacturing business. While our manufacturing business is a relatively lower margin, high-volume business, our IPP business is a large scale and high EBITDA margin business. While we saw slightly higher EBITDA margins for manufacturing business, primarily driven by low volumes as volumes increase, we expect that they normalize it in FY26. Additionally, we expect that it will contribute about INR5 billion to INR7 billion of our consolidated EBITDA in fiscal 2026.

我們的財務表現目前主要由 IPP 業務和製造業務推動。雖然我們的製造業務利潤率相對較低，但產量較大，但我們的 IPP 業務規模較大，且 EBITDA 利潤率較高。雖然我們看到製造業務的 EBITDA 利潤率略有上升，主要是由於產量增加導致產量較低，但我們預計將在 26 財年恢復正常。此外，我們預計它將在 2026 財年為我們的合併 EBITDA 貢獻約 50 億至 70 億印度盧比。

On slide 21, we continue to take measures to ensure our leverage in check and have ensured that leverage for the operating portion of the businesses are under 6x, while our portfolio continues to scale up and the percentage of our under-construction portfolio goes down. However, this year, weather had some impact on our adjusted EBITDA, offsetting some of the benefits due to which overall leverage is marginally higher than last year.

在投影片 21 上，我們繼續採取措施確保我們的槓桿率得到控制，並確保業務營運部分的槓桿率低於 6 倍，同時我們的投資組合繼續擴大，而在建投資組合的百分比下降。然而，今年天氣對我們的調整後EBITDA產生了一定影響，抵消了部分收益，導致整體槓桿率略高於去年。

In future, ramp-up of our manufacturing business along with continuous asset sales and increase in our operating portfolio. This should help our leverage levels normalize further. Turning to slide 22. We are now in an environment of rate cuts in India.

未來，隨著資產的持續出售和經營組合的增加，我們的製造業務也將持續擴大。這應該有助於我們的槓桿水平進一步正常化。翻到第 22 張投影片。我們現在正處於印度降息的環境。

The Reserve Bank of India, India's Central Bank has started repo rates by 100 basis points in the last six months or so. Inflation has also fallen 75 month low in May 2025, signaling there may be room for further remarks. While we have seen some benefit of the rate cuts in our greenfield financing, we should see further transmission on existing floating rate debt going forward as well.

印度儲備銀行，即印度中央銀行，在過去六個月左右的時間裡已將回購利率上調了 100 個基點。2025年5月通膨率也降至75個月以來的最低水平，這表明可能還有進一步評論的空間。雖然我們已經看到綠地融資利率下調帶來一些好處，但我們也應該看到現有浮動利率債務未來也將進一步受到影響。

During the year, we raised around USD2 billion at competitive rates as well as negotiated and refinance whether rates for $600 million of debt, saving around 40 basis points to 70 basis points on the interest cost on some of that debt. Turning to slide 23.

這一年，我們以有競爭力的利率籌集了約 20 億美元，並對 6 億美元的債務進行了協商和再融資，節省了部分債務的利息成本約 40 個基點至 70 個基點。翻到第 23 張投影片。

Our stable assets continue to demonstrate healthy turns on capital deployed, which has improved compared to last year. If you recall, last year we show these figures on 7.6 gigawatts of stable operating assets. This year, we have extended these to over 9 gigawatts of assets, which were commissioned on or before April 1, 2024. Also, we have included our manufacturing operations that started contributing to the bottom line. Let me now hand over to Vaishali for comments on ESG.

我們的穩定資產持續表現出健康的資本配置週轉率，與去年相比有所改善。如果您還記得的話，去年我們在 7.6 千兆瓦的穩定營運資產上顯示了這些數據。今年，我們已將這些範圍擴大到 2024 年 4 月 1 日或之前投入使用的超過 9 千兆瓦的資產。此外，我們還將製造業納入其中，開始為獲利做出貢獻。現在，請容許我把對 ESG 的評論交給 Vaishali。

Hello. This is Vaishali Sinha. Thanks, Kailash. Turning to slide 25, the advancement in our ESG initiatives and targets As of fiscal year '25 concludes, Global ESG landscape is marked by new regulations, a sharper focus on climate and social issues and an evolving investment landscape.

你好。這是 Vaishali Sinha。謝謝，凱拉什。翻到第 25 張投影片，我們的 ESG 措施和目標取得了進展。截至 25 財年結束，全球 ESG 格局以新法規、對氣候和社會問題的更多關注以及不斷變化的投資格局為標誌。

ReNew has not only navigated this complexity but excelled. We achieved our target and generate top ESG rating cementing our global leadership. In quarter four fiscal -- in quarter four of fiscal year '25 to make significant strides.

ReNew 不僅解決了這個複雜問題，而且表現出色。我們實現了目標並獲得了最高的 ESG 評級，鞏固了我們的全球領導地位。在25財年第四季—取得了重大進展。

On our ESG rating front, we achieved a score of Grade A in the LSEG rating, which is the Erstwhile Refinitiv, scoring 84.35, leading Electric Utilities and IPP sector. Morningstar Sustainalytics also recognized us in their 2025 Top-Rated ESG Companies list with a lower risk score of 13.1%.

在我們的 ESG 評級方面，我們在 LSEG 評級中獲得了 A 級評分，即前 Refinitiv，得分為 84.35，領先電力公用事業和 IPP 領域。Morningstar Sustainalytics 也以 13.1% 的較低風險分數將我們列入了 2025 年頂級 ESG 公司名單。

On the green certification front, our commitment to green products continue. We completed our first life cycle assessment of the LCA for our Jaipur Plant solar modules and will be publishing an environmental product declaration, the EPD through the International EPD system.

在綠色認證方面，我們持續致力於綠色產品。我們完成了齋浦爾工廠太陽能電池組件的首次 LCA 生命週期評估，並將透過國際 EPD 系統發布環境產品聲明 (EPD)。

Our Dholera manufacturing plant achieved the certification, which reflects our deep commitment to environmentally conscious and sustainable solar manufacturing. As far as leadership awards are concerned, ReNew received CII Climate Action Programme, which is CAP 2.0 in the highest category, resilient within the energy, mining and heavy manufacturing sector, recognizing our futuristic climate strategy. We also became the first company to be included in the very prestigious S&P Global Sustainability Yearbook from the electric utility sector in India.

我們的 Dholera 製造工廠獲得了認證，這體現了我們對環保和永續太陽能製造的堅定承諾。就領導力獎項而言，ReNew 獲得了 CII 氣候行動計劃，這是最高級別的 CAP 2.0，在能源、採礦和重型製造業領域具有彈性，認可了我們的未來氣候策略。我們也成為印度電力產業第一家被列入極具聲望的標準普爾全球永續發展年鑑的公司。

If we could now move to slide 26. We will review the progress made across our ESG targets. ReNew remains committed to achieving its SBTi Validated Net Zero target. We have completed the development of a manufacturing decarbonization road map and initiated annual assurance calculations and disclosures to accurately monitor, report and reduce our emissions. Social responsibility is core to our mission.

現在我們可以轉到第 26 張投影片。我們將檢視我們在 ESG 目標方面取得的進展。ReNew 仍然致力於實現其 SBTi 驗證的淨零目標。我們已經完成了製造業脫碳路線圖的製定，並啟動了年度保證計算和揭露，以準確監測、報告和減少我們的排放。社會責任是我們使命的核心。

We've already impacted 1.7 million lives, aiming 2.5 million by 2030. In quarter four, we have partnered with IIT Dhanbad to upskill coal mine workers in green technologies. Candidates -- multiple candidates are being trained under this program. We are on track to meet our company-wide sustainability rating target, a testament to our first integrated report. We look forward to building on this momentum and sharing further progress in our second integrated report in 2025.

我們已經影響了 170 萬人的生活，目標是到 2030 年影響 250 萬人。第四季度，我們與印度理工學院丹巴德分校合作，提升煤礦工人的綠色技術技能。候選人－多名候選人正在接受該計劃的培訓。我們預計將實現全公司永續發展評級目標，這是我們第一份綜合報告的證明。我們期待在此基礎上再接再厲，在 2025 年的第二份綜合報告中分享進一步的進展。

Thank you. And now I'll pass it back to you, Kailash.

謝謝。現在我將把它交還給你，凱拉什。

Thank you, Vaishali. Turning to page 28 for our guidance. We expect between INR87 billion to INR93 billion of adjusted EBITDA in fiscal year 2026, assuming weather patterns are similar to previous fiscal year. This includes INR1 billion to INR2 billion from asset sales as well as INR5 billion to INR7 billion from our manufacturing operations. Do note that the contribution of manufacturing only includes external sales and we'll update during the year, if there's any change in the ratio of internally versus external sales from our manufacturing business.

謝謝你，Vaishali。請翻到第 28 頁以獲取我們的指導。假設天氣狀況與上一財年相似，我們預計 2026 財年的調整後 EBITDA 將在 870 億印度盧比至 930 億印度盧比之間。其中包括來自資產出售的 10 億至 20 億印度盧比以及來自製造業的 50 億至 70 億印度盧比。請注意，製造業的貢獻僅包括外部銷售，如果我們的製造業務的內部銷售與外部銷售比率有任何變化，我們將在年內進行更新。

We expect to construct around 1.6 to 2.4 gigawatt of projects in this fiscal year '26. These projects exclude the projects we've already included in 11.2 gigawatts of commission capacity. We have given a slightly wider range to account for any potential delays and build out of the grid network, connecting some of these projects. In addition, we expect to deliver cash flow to equity holders of INR14 billion to INR17 billion in next fiscal year. With that, we'll be happy to take questions now.

我們預計在26財年興建約1.6至2.4千兆瓦的工程。這些項目不包括我們已經納入 11.2 千兆瓦委託容量的項目。我們給出了稍微寬一點的範圍，以考慮任何潛在的延誤和電網建設，連接其中一些項目。此外，我們預計下一財年將向股東帶來 140 億至 170 億印度盧比的現金流。現在我們很樂意回答大家的提問。

(Operator Instructions)

（操作員指示）

Justin Clare, Roth Capital Partners.

羅斯資本合夥公司的賈斯汀‧克萊爾 (Justin Clare)。

Hey guys, thanks for taking the questions here. Wanted to start off first with the fiscal '26 guidance. And so fiscal '25, the PLF for your wind and solar assets had both declined a bit year-over-year. So just wondering what you're assuming for your PLF as we head into fiscal '26, if you could talk about the trend that you're expecting? And if you could share what the PLFs are that you're assuming for solar and for wind?

嘿夥計們，感謝你們在這裡回答問題。首先想從 26 財年指導開始。因此，25 財年，風能和太陽能資產的 PLF 年比均略有下降。所以我只是想知道當我們進入 26 財年時您對 PLF 有何假設，您能否談談您預期的趨勢？您能否分享一下您對太陽能和風能的 PLF 假設？

Sure Justin, so Justin basically, yeah -- yeah, just basically what we have assumed for fiscal '26 is that the PLF levels will be similar to what we saw in fiscal year 2025 at the lower end of the guidance range to the extent it's better, then obviously, we would end up higher in the range I have laid out currently.

當然可以，賈斯汀，所以賈斯汀基本上，是的 - 是的，基本上我們對 26 財年的假設是，PLF 水平將與我們在 2025 財年看到的指導範圍下限相似，如果情況更好，那麼顯然，我們最終會在我目前列出的範圍內更高。

Okay, got it. And then just wondering for the module sales here, could you talk about your expectation in fiscal '26 in terms of the megawatts of cell and modules you're expecting to sell externally? And then I believe you have a 1.4 gigawatt order book. Just wondering what the timing is in terms of the expected completion. Is that all in this year or does the order book potentially extend further out?

好的，明白了。然後我只是想知道這裡的模組銷售情況，您能否談談您對 26 財年預計對外銷售的電池和模組兆瓦數的預期？然後我相信您有一本 1.4 千兆瓦的訂單簿。只是想知道預計完成的時間是什麼時候。這些是今年的全部訂單嗎？還是訂單可能會進一步延長？

Yeah, so I think in terms of timing, we can circle back to you because this has happened through the course of the entire fiscal year, and we also started already supplying some portion to third party. In terms of mix between of the 1.4 gigawatt, it's largely going to be DCR-based, which will also include ourselves as part of that. So that's going to be 1.1 gigawatt and non-DCR where we would largely be doing mostly a tolling arrangement or something along those lines, which is going to be the non-DCR segment. That's going to be some in the range of around 300 megawatts or so.

是的，所以我認為就時間而言，我們可以回到你這個問題上，因為這已經發生在整個財政年度，我們也已經開始向第三方供應一部分產品。就 1.4 千兆瓦的混合而言，它將主要基於 DCR，我們也將包括其中的一部分。因此這將是 1.1 千兆瓦和非 DCR，其中我們將主要採取收費安排或類似的安排，這將是非 DCR 部分。這將達到約 300 兆瓦左右的範圍內。

Okay, got it. And then it's just one more, the CapEx, $330 million to $350 million that's expected for the TOPCon cell facility that you're building. Wondering if you could just speak more about how you plan to finance that facility.

好的，明白了。然後就只剩下一個資本支出了，預計你們正在建造的 TOPCon 電池設施的資本支出為 3.3 億至 3.5 億美元。想知道您是否可以詳細談談您計劃如何為該設施提供資金。

So you raised $100 million, a 10% equity stake. Wondering if you are anticipating additional capital recycling beyond what you've already announced in order to fund the facility, or if you're expecting to use any debt financing in the environment?

所以你籌集了 1 億美元，獲得了 10% 的股權。想知道您是否預計除了已經宣布的資金之外還會有額外的資本回收來為該設施提供資金，或者您是否預計在環境中使用任何債務融資？

That's correct, Justin. We will be using debt financing similar to what we used, which is 70%, 30%. 70% would be financed with debt and 30% with be equity. That's the ratio that we had followed for the Phase 1 of the module and cell plant also for the expansion, we will continue to maintain that. And we are already in discussions on that financing with a few lenders.

沒錯，賈斯汀。我們將使用與我們過去類似的債務融資，即 70%、30%。 70% 透過債務融資，30% 透過股權融資。這是我們在第一階段的模組和電池工廠擴建過程中遵循的比例，我們將繼續保持這一比例。我們已開始與一些貸款機構討論融資事宜。

So all capital that would raise from capital recycling or during the course of year would be used to grow our IPP business portfolio.

因此，透過資本循環或在一年內籌集的所有資金都將用於擴大我們的 IPP 業務組合。

I see. Okay. Thank you.

我懂了。好的。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Sorry, I was on mute. Hey, good morning from here, and thanks for taking the questions. Just following up on that. If you could just talk about the module sales. It looks like most of us in India with just wanted to confirm that if you have any plans to -- in the guidance to sell outside of Indian markets over here? And separately on the module sales margin, how should we think about that in FY26. Somewhat in line with this 30% you saw this quarter or going back to those mid-teens levels you saw historically? Thanks.

抱歉，我靜音了。嘿，早上好，感謝您回答問題。只是跟進一下。如果您能談談模組銷售的話。看起來我們印度的大多數人只是想確認一下，您是否有任何計劃——在指導中向印度市場以外的地區銷售？另外，關於模組銷售利潤率，我們應該如何看待 26 財年的情況。與您本季看到的 30% 有點一致，還是回到您歷史上看到的十幾歲的水平？謝謝。

Yeah, sure, I can answer that, Maheep. Basically, as far as the order book to outside India has been concerned, so obviously, we're in the process of building that. What we have contracted currently is largely for supplies or within the Indian market. And that's why I said, largely, the component is DCR sales where there is a requirement to use domestic content, including sales and modules.

是的，當然，我可以回答這個問題，Maheep。基本上，就印度以外的訂單而言，顯然我們正在建立這項訂單。目前我們簽訂的合約主要是供貨或印度市場內部的合約。這就是為什麼我說，很大程度上，該組成部分是 DCR 銷售，其中要求使用國內內容，包括銷售和模組。

As far as margins are concerned, again, we are cautiously optimistic that we have remained in the same range during the course of the year, but we'll have to see how the entire supply situation sort of develops. We believe that given that we are operating our cell plant at sort of industry-leading efficiency levels. We have a head start in terms of having that additional output and stabilized operations. So we expect the margins to continue to FY26 at least and as long as beyond that is something that you hope for.

就利潤率而言，我們再次謹慎樂觀地認為，全年利潤率將保持在同一範圍內，但我們必須觀察整個供應情況如何發展。我們相信，鑑於我們的電池工廠的營運效率處於行業領先水平。我們在增加產量和穩定運作方面已經佔據了先機。因此，我們預期利潤率至少會持續到 26 財年，只要超過這個數字，我們就會一直期待下去。

So how many of the modules sales have been locked in for the year, or is in the guidance, all the in your bookings or do you expect more book and bill during the year for FY26?

那麼，今年有多少模組銷售已被鎖定，或者是否在指導範圍內，全部在您的預訂中，或者您是否預計 26 財年會有更多的訂單和賬單？

I would say that largely we are contracted for the full year, to the extent, we get any opportunities, we can always change our mix in terms of, internal and external sales.

我想說的是，我們基本上都是簽訂全年合同，只要我們有機會，我們就可以隨時改變內部和外部銷售的組合。

And then just one from me on financing. Talked about declining interest rates in India. We'll see what happen in the US so but at least India we're seeing some of these rate cuts over here. Could you just talk about like how could you take advantage of that with either the new debt or refinancing the existing debt?

然後我再提一個關於融資的問題。談論印度利率下降。我們將觀察美國的情況，但至少在印度，我們看到了一些利率下調。您能否談談如何利用新債務或現有債務的再融資來獲得這項優勢？

Yeah, so, obviously we know on an opportunistic basis, we will relook at our entire debt portfolio and wherever we can refinance and get the benefit of the lower interest rates. We will obviously explore that. And on new debt in any case, we'll also get the benefit of all this. So all the debt that we take for expansion of our cell facility or whatever we need to take to construct additional capacity between 1.6 to 2.4 gigawatt.

是的，所以，顯然我們知道，在機會主義的基礎上，我們將重新審視我們的整個債務組合以及我們可以再融資並獲得較低利率利益的任何地方。我們顯然會探索這一點。無論如何，對於新債務，我們也將從中受益。因此，我們為擴建電池設施而承擔的所有債務，或為建設 1.6 至 2.4 千兆瓦之間的額外容量而需要承擔的任何債務。

So some of that, we will see the benefit of that. And on as I said, on refinancing, opportunistically, we'll look at doing that. So idea would be that because most -- I mean almost 30%, 40% of our debt is voting rate, so there, we will see the benefit of rate transmission happen in any case in the near term. And beyond that, if you want to further get the rates lower given that government has started even the ratio on the CRR, we will try to optimize that for sure.

因此，我們將看到其中的一些好處。正如我所說的，關於再融資，我們會抓住機會考慮這樣做。所以想法是，因為大多數——我的意思是我們的債務中幾乎有 30%、40% 是投票利率，所以，無論如何，我們都會在短期內看到利率傳導的好處。除此之外，如果您想進一步降低利率，考慮到政府已經開始降低 CRR 的比例，我們一定會盡力優化。

Thank you.

謝謝。

Thank you.

謝謝。

We have a couple of questions, through the web link. The first question is from Love Sharma, JP Morgan, which is, could you share the plans for refinancing the bonds due in July 2026. Kailash, could you take that?

我們透過網頁連結提出了幾個問題。第一個問題來自摩根大通的 Love Sharma，您能否分享一下 2026 年 7 月到期債券的再融資計劃。凱拉什，你能接受嗎？

Yeah, sure. So I love, basically, as far as the refinancing plans are concerned, so we are monitoring the market continuously. And whenever we think that the US dollar bond markets are attractive, there's some of the whole proportion of that debt, which is June 2026 is something that we will refinance in that window? Some of the operating company debt, which is there that we will be opportunistic in case we get lower rate in India than we may move some of that debt into India and see on a weighted average basis, whether it's accretive to do that or we continue to maintain the same structure. So again, that's something that we will decide as we move forward.

是的，當然。因此，基本上，就再融資計劃而言，我喜歡它，因此我們會持續監控市場。每當我們認為美元債券市場具有吸引力時，我們就會在 2026 年 6 月之前對部分債務進行再融資嗎？我們將抓住機會，將部分營運公司的債務轉移到印度，如果印度的利率較低，我們可能會將部分債務轉移到印度，然後以加權平均數計算，看看這樣做是否具有增值作用，或者我們是否會繼續保持相同的結構。所以，我們再說一遍，這是我們在前進過程中會決定的事情。

The next question is from my colleague Smith. Sumant, if you don't mind taking this, the question is. Are you seeing rare earth supply disruptions impacting ReNew or any of our peers?

下一個問題來自我的同事史密斯。Sumant，如果你不介意接受這個，問題是。您是否認為稀土供應中斷會影響 ReNew 或我們的任何同業？

So far it's not really surfaced as an issue, and yeah, and that's the short answer.

到目前為止，這還沒有真正成為一個問題，是的，這就是簡短的回答。

Okay. Thank you.

好的。謝謝。

Kelly, there are no other no other questions on the phone line. Maybe we can close.

凱利，電話線上沒有其他問題了。也許我們可以結束。

Perfect. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

完美的。謝謝。今天的會議就到此結束了。感謝您的參與。您現在可以斷開連線。