Renew Energy Global PLC (RNW) 2026 Q4 法說會逐字稿

Good day and welcome to the Renew Energy Global fourth-quarter of fiscal year 2026 conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 ReNew Energy Global 2026 財政年度第四季財報電話會議。（接線員指示）請注意，本活動將被錄音。

At this time, I would like to turn the conference over to Anunay Shahi, Head of Investor Relations. Please go ahead.

此刻，我想將會議交給投資人關係主管 Anunay Shahi。請開始。

Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing our results for the fiscal 2026 fourth quarter as well as for the full year ending March 31, 2026. A copy of the press release and the earnings presentation will be available on the Investor Relations section on ReNew's website at www.renew.com. With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability.

謝謝。各位早安，感謝今天加入我們。我們已發布新聞稿，公布 2026 財政年度第四季以及截至 2026 年 3 月 31 日止全年度的業績。一份新聞稿與財報簡報將可於 ReNew 官網 www.renew.com 的投資人關係專區取得。今天與我一同出席的有：我們的創辦人、董事長兼執行長 Sumant Sinha；財務長 Kailash Vaswani；以及共同創辦人兼永續發展主席 Vaishali Nigam Sinha。

After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions. Please note that our Safe Harbor statements are contained within our press release, presentation materials and the 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.

在事先準備的發言之後（我們預計約 30 分鐘），我們將開放提問。請注意，我們的「安全港」聲明載於新聞稿、簡報資料以及官網提供的資料中。這些聲明對我們所有發言都很重要且不可或缺。存在風險與不確定性，可能導致我們的實際結果與此等前瞻性陳述所明示或暗示者有重大差異。

So we encourage you to review the press release 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 reconcile 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，我們鼓勵各位查閱官網上的新聞稿與簡報，以取得更完整的說明。此外，我們的新聞稿、簡報資料與年報亦包含若干非 IFRS 指標，我們已將其與最可比的 IFRS 指標進行調節（reconcile），相關調節表亦可於官網的新聞稿、簡報資料與年報中取得。

It's now my pleasure to hand it over to our Founder, Chairman and CEO, Sumant Sinha. Over to you Sumant.

現在很高興把時間交給我們的創辦人、董事長兼執行長 Sumant Sinha。Sumant，交給你。

Thank you, Anunay, and good morning, good afternoon, and good evening to everybody and glad to have you all on our earnings call for the fourth quarter and fiscal 2026. Before we dive to our earnings, I wanted to touch a little bit upon what is happening in the world and how it is affecting us in India. As you may be aware, India is heavily reliant on energy imports. With the war and the geopolitical situation in the Middle East, it has made energy security and relying on domestic sources of energy, a top priority for the country.

謝謝你，Anunay。各位早安、午安、晚安，很高興各位參加我們的第四季與 2026 財政年度財報電話會議。在進入業績之前，我想先簡要談談全球正在發生的事情，以及它如何影響我們在印度的情況。如各位所知，印度高度依賴能源進口。隨著戰爭以及中東地緣政治局勢的發展，能源安全與依賴國內能源來源已成為國家的首要優先事項。

Given that India does not have too much oil and gas reserves, and with growing power demand renewable energy becomes even more important than before. India continues to see strong renewable capacity additions with renewables seeing the highest ever installations at 51 gigawatts in fiscal 2026 and accounting for 90% of new capacity. Solar remains the dominant growth driver and increasing power demand, particularly during nonsolar hours, is driving accelerated adoption of battery energy storage systems.

鑑於印度並沒有太多石油與天然氣儲量，加上用電需求成長，再生能源的重要性比以往更高。印度持續看到強勁的再生能源裝置容量新增，2026 財政年度再生能源新增裝置量創歷史新高達 51 吉瓦，並占新增容量的 90%。太陽能仍是主要成長動能，而用電需求的增加，特別是在非日照時段，正推動電池儲能系統加速採用。

Policy support, manufacturing incentives and a continued push for energy security are further strengthening the long-term growth outlook for the sector. I also wanted to highlight that it has been a wonderful year for us. Not only have our financial results improved in spite of the global macroeconomic volatility, our project execution stood out as well. This shows that the entrepreneurial spirit with which I founded ReNew remains as strong as ever after 15 years.

政策支持、製造業激勵措施以及對能源安全的持續推動，進一步強化了該產業的長期成長展望。我也想強調，這對我們而言是非常精彩的一年。即使面對全球總體經濟波動，我們的財務表現仍有所改善，專案執行也同樣出色。這顯示我在 15 年前創立 ReNew 時所秉持的創業精神，至今依然強勁。

Turning to the highlights on Page 6. Fiscal 2026 has been a landmark year for ReNew, marked by strong execution, record profitability, reduced leverage and continued progress in strengthening our platform for long-term growth. Our operating portfolio has now reached approximately 12.8 gigawatts representing a 25% year-on-year growth once you adjust for asset sales. And we commissioned our highest-ever megawatts in a year, delivering 2.4 gigawatts.

接著看第 6 頁的重點。2026 財政年度對 ReNew 而言是里程碑式的一年，展現強勁執行力、創紀錄的獲利能力、槓桿下降，並持續強化我們的平台以支持長期成長。我們的營運資產組合目前約達 12.8 吉瓦，若調整資產出售因素，年增 25%。此外，我們在單一年度完成併網的容量也創下新高，達 2.4 吉瓦。

Our total committed portfolio now stands at 20.2 gigawatts, including 1.7 gigawatts of battery storage with a pipeline, which includes projects where we have won auctions, but not signed PPAs yet, exceeding a total of 26 gigawatts, which is up 2.5 times -- more than 2.5 times, 2.6 times in fact, since listing in August 2021.

我們目前的總承諾投資組合達 20.2 吉瓦，其中包含 1.7 吉瓦的電池儲能；而我們的管線（包含已在競標中得標但尚未簽署 PPA 的專案）總量超過 26 吉瓦，較 2021 年 8 月上市以來增加 2.5 倍以上——實際上是 2.6 倍。

Of the 20.2 gigawatts of our committed pipeline, our C&I business comprises 2.7 gigawatts being one of the largest in India and having grown 7 times in the last five years. In our C&I business, almost 50% capacity is tied up with large technology companies and hyperscalers. We see our C&I business and specifically technology companies and data centers to be big drivers of power demand growth.

在 20.2 吉瓦的承諾管線中，我們的工商用電（C&I）業務占 2.7 吉瓦，是印度規模最大的業者之一，且在過去五年成長了 7 倍。在 C&I 業務中，近 50% 的容量與大型科技公司及超大規模雲端業者（hyperscalers）綁定。我們認為 C&I 業務，特別是科技公司與資料中心，將成為用電需求成長的重要驅動力。

We continue to see strong demand for renewable energy in India with peak demand increasing and expected to grow further in FY27. Importantly, demand growth during nonsolar hours is increasing which is driving the need for hybrid solutions and battery storage.

我們持續看到印度對再生能源的強勁需求，尖峰需求上升，且預期在 FY27 將進一步成長。重要的是，非日照時段的需求成長正在增加，這正推動對混合式解決方案與電池儲能的需求。

Moving to our financial performance. Fiscal 2026 has been our strongest year at yet. We delivered adjusted EBITDA of INR98.5 billion, exceeding the top end of our guidance and achieved our highest ever profit after tax of INR10.4 billion, up 2.3 times from fiscal 2025. This marks our third consecutive year of profitability with strong cash flow generation and improving balance sheet metrics. We continue to be laser focused on continually reducing our leverage and our net debt to EBITDA declined by 1.1 times year-on-year. This has helped improve our profitability as well. Our interest expense to adjusted EBITDA ratio has declined from 66% in fiscal '25 to 61.5% in fiscal 2026.

接著談我們的財務表現。2026 財政年度是我們迄今最強勁的一年。我們實現調整後 EBITDA 為 985 億印度盧比，超越指引上緣，並達成歷史新高的稅後淨利 104 億印度盧比，較 2025 財政年度成長 2.3 倍。這是我們連續第三年獲利，並具備強勁的現金流創造能力與持續改善的資產負債表指標。我們持續高度專注於降低槓桿，淨負債對 EBITDA 比率年減 1.1 倍，也有助於提升獲利能力。我們的利息費用對調整後 EBITDA 比率已由 2025 財政年度的 66% 降至 2026 財政年度的 61.5%。

Our receivables position is also the best it has ever been, and we have received a favorable Supreme Court order with respect to almost 50%, of the overdue Andhra Pradesh receivables, and we have started receiving initial payments with respect to some past due receivables. Do remember that outstanding AP receivables constituted more than 50% of the overall DSO days.

我們的應收帳款狀況也達到歷來最佳；此外，就逾期的安得拉邦（Andhra Pradesh）應收款項中近 50% 的部分，我們已獲得最高法院的有利裁定，並已開始收到部分逾期應收款的初始付款。請記得，安得拉邦未收應收款曾占整體 DSO 天數的 50% 以上。

We continue to execute our capital recycling and funding strategy and raised the highest ever $375 million during the year. This comprised of $195 million through fund raise in two mature businesses, the manufacturing business and the C&I business and attractive valuations, along with an additional $180 million through the sale of 600 megawatts of projects. Part of these proceeds have been used to repay debt. This has helped us strengthen the balance sheet and reduce leverage with net debt to EBITDA improving meaningfully.

我們持續執行資本回收（capital recycling）與資金籌措策略，並在本年度募集到歷來最高的 3.75 億美元。其組成包括：在兩項成熟業務——製造業務與 C&I 業務——以具吸引力的估值募得 1.95 億美元，另透過出售 600 兆瓦專案取得額外 1.80 億美元。部分資金已用於償還債務，協助我們強化資產負債表並降低槓桿，使淨負債對 EBITDA 顯著改善。

A key driver of growth this year has been our manufacturing business, which contributed INR14.8 billion EBITDA to our consolidated results. This business continues to scale rapidly, supported by strong demand and our integrated manufacturing capabilities. We expect to start production at our 4 gigawatt cell facility towards the end of this fiscal year. ALMM-2, which mandates domestic sourcing of cells kicks in from June 2026 and the C&I sector, which added 10 gigawatts of capacity in India in fiscal '26 will transition immediately to domestic sales.

今年成長的一個關鍵驅動因素是我們的製造業務，為合併報表貢獻 148 億印度盧比的 EBITDA。該業務在強勁需求與我們一體化製造能力的支持下持續快速擴張。我們預期將在本財政年度末左右開始於 4 吉瓦電池（cell）工廠投產。ALMM-2（要求電池採用國內採購）將自 2026 年 6 月起生效，而 C&I 部門在 2026 財政年度於印度新增 10 吉瓦容量，將立即轉向國內採購。

In addition, the government of India continues to prioritize indigenization of supply chains and has introduced ALMM-3, whereby ingots and wafers will also have to be procured domestically from June 2028.

此外，印度政府持續優先推動供應鏈在地化，並推出 ALMM-3，規定自 2028 年 6 月起，矽錠（ingots）與晶圓（wafers）也必須在國內採購。

Alongside this, we have announced our 6.5 gigawatt ingot and wafer plant in order to keep capturing a higher margin and more complex parts of the manufacturing business. We expect to fund this expansion through a mix of internal accruals and an external fund raise. Strategically, we are increasingly transitioning our portfolio towards solar and battery energy storage, reducing reliance on wind. This shift allows us to improve execution timelines, enhanced predictability of cash flows and reduced capital intensity.

同時，為了持續掌握製造業務中毛利更高且更複雜的環節，我們宣布建置 6.5 吉瓦的矽錠與晶圓工廠。我們預期將透過內部累積資金與外部募資的組合來為此擴張提供資金。從策略面來看，我們正逐步將資產組合轉向太陽能與電池儲能，降低對風電的依賴。此一轉型使我們能改善執行時程、提升現金流可預測性並降低資本密集度。

Page 9 highlights how we are well positioned and diversified across key renewable energy segments. utility scale, C&I and manufacturing, which provides us a resilient growth platform. Page 10 illustrates our integrated renewable energy business model supported by a strong financial and fundraise engine. Let me now turn to business updates on Page 12. Renewable energy is the cheapest source of power, and we expect that we will continue to see growth in RE, driven by high solar megawatts and increasingly high battery installations. Renewable energy constituted 90% of the overall capacity additions in fiscal 2026, in line with the previous few years, mainly driven by expanded solar installations.

第 9 頁重點說明我們在關鍵再生能源領域具備良好布局且多元化：公用事業規模（utility scale）、C&I 以及製造，為我們提供具韌性的成長平台。第 10 頁則展示我們的一體化再生能源商業模式，並由強勁的財務與募資引擎支撐。接著我將轉到第 12 頁的業務更新。再生能源是最便宜的電力來源，我們預期再生能源將持續成長，主要由高太陽能裝置量以及日益增加的電池裝置量所驅動。2026 財政年度再生能源占整體新增裝置容量的 90%，與過去幾年一致，主要由太陽能裝置量擴張所帶動。

After a muted fiscal 2026, we also expect power demand in India to increase meaningfully this year as El Nino kicks in, supported by a favorable base. India recently discovered a new highest-ever peak time demand of 256 gigawatts. As mentioned earlier, there also continues to be a strong push towards indigenization and expansion of solar manufacturing in India, and the government of India has hence proposed ALMM-3 for ingots and wafers, to take effect from June 2028.

在經歷財政年度2026較為平淡之後，我們也預期今年在厄爾尼諾現象發生之際，印度的電力需求將在有利的基期支撐下顯著增加。印度近期發現了史上最高的尖峰時段需求，達256吉瓦。如前所述，印度仍持續大力推動太陽能製造的本土化與擴產，因此印度政府已提出針對錠（ingots）與晶圓（wafers）的ALMM-3，預計自2028年6月起生效。

All in all, I don't see the RE juggernaut slowing down. The one sobering feature in fiscal 2026 has been the fact that grid expansion has not kept track with renewable energy installations. This led to some curtailment of RE projects, particularly in Rajasthan. While the impact reduced in Q4 of fiscal '26, we expect this to have some impact in this fiscal, particularly in the first half.

總體而言，我不認為再生能源（RE）的強勁成長會放緩。財政年度2026一個較令人警醒的特徵是，電網擴建未能跟上再生能源裝置量的增長。這導致部分RE專案遭到限發（curtailment），尤其是在拉賈斯坦邦。雖然影響在財政年度'26的第四季有所降低，但我們預期這在本財政年度仍會帶來一些影響，特別是在上半年。

Turning to Page 13. Our project execution remains strong and we have consistently delivered on our megawatt guidance. We have delivered over 2.4 gigawatts of RE projects this year that included over 1.7 gigawatts of solar projects and 600 megawatts of wind. From a long-term perspective, we will continue to target a similar mix in execution with the share of batteries gradually increasing. We plan to accelerate some of the battery deployment in our portfolio as well. Our portfolio also continues to expand, and as we see the power demand coming back and focus shifting to energy security, we should see an acceleration in PPA signing as well.

請看第13頁。我們的專案執行力依然強勁，並且持續達成我們的兆瓦指引。今年我們交付了超過2.4吉瓦的RE專案，其中包含超過1.7吉瓦的太陽能專案以及600兆瓦的風電。從長期角度來看，我們將持續以類似的組合來推進執行，同時電池的占比將逐步提升。我們也計畫加速投資組合中的部分電池部署。我們的投資組合亦持續擴張，隨著電力需求回升且焦點轉向能源安全，我們也應會看到PPA簽署加速。

During FY26, we signed PPAs for around 2.5 gigawatts of RE capacity, taking our committed portfolio to over 20 gigawatts that also includes 1.7 gigawatts of BESS. Our total pipeline is now 26-plus gigawatts, including BESS capacity. Given the overall geopolitical uncertainty, we have managed our procurement for FY27 well. 50% of our modules are already at site, 100% of our battery and wind turbine prices are locked in and land is largely tied up, giving us strong visibility on execution.

在FY26期間，我們簽署了約2.5吉瓦的RE容量PPA，使我們的已承諾投資組合提升至超過20吉瓦，其中也包含1.7吉瓦的BESS。我們的總管線目前已超過26吉瓦（含BESS容量）。鑑於整體地緣政治不確定性，我們已妥善管理FY27的採購：50%的模組已到場，電池與風機的價格已100%鎖定，土地也大致已完成綁定，讓我們對執行具備高度能見度。

Turning to Page 14. We highlighted our C&I business last quarter, and I'm happy to report that since then, we have raised $95 million for an 11.3% stake from a LeapFrog lead consortium to fund growth in our C&I platform. We remain extremely excited about this business. It continues to perform well with a total portfolio of 2.7 gigawatts, including 2.2 gigawatts commissioned at this time.

請看第14頁。我們在上一季重點介紹了我們的工商業（C&I）業務，很高興向各位報告，自那之後，我們已從由LeapFrog領投的財團籌得9,500萬美元資金，以11.3%的持股比例投資，用於支持我們C&I平台的成長。我們對這項業務仍然非常振奮。該業務持續表現良好，總投資組合達2.7吉瓦，其中目前已投運2.2吉瓦。

Renewable penetration among C&I customers who consume 50% of the electricity in India and pay some of the highest grid tariffs remains low. We are one of the market leaders and we have strong relationships with high-quality customers, including the leading global technology companies and hyperscalers, which account for almost 50% of our contracted capacity. This segment is also well positioned to benefit from emerging opportunities such as data center demand.

在印度，C&I客戶消耗全國50%的用電量，且支付的電網電價屬於最高之列，但其再生能源滲透率仍偏低。我們是市場領導者之一，並與高品質客戶建立了穩固關係，包括全球領先的科技公司與超大規模雲端業者（hyperscalers），其合計約占我們已簽約容量的近50%。此細分市場也具備良好條件，可受惠於資料中心用電需求等新興機會。

Turning to Page 15. Our manufacturing business is another major growth engine. We now have one of the largest integrated solar manufacturing capacities in India with strong and fast ramp-up across both module and cell production. In fiscal '26, this business contributed about 15% of our overall adjusted EBITDA. We have invested around $80 million in this business and raised $100 million from BII in return for an approximately 6% shareholding.

請看第15頁。我們的製造業務是另一個主要成長引擎。我們目前在印度擁有規模最大的整合式太陽能製造產能之一，模組與電池片（cell）產線的爬坡速度快且表現強勁。在財政年度'26，該業務約貢獻我們整體調整後EBITDA的15%。我們已在此業務投入約8,000萬美元，並從BII募得1億美元資金，作為交換取得約6%的持股。

Given the restrictions on imported cells and modules and the shortage of supply, particularly in cells, the business has not only provided our security of supply, but has become a self-funded growth engine with attractive margins, that will provide us with long-term profitability. We are also progressing well in our 4 gigawatt cell expansion with production expected in the second half of this fiscal.

鑑於進口電池片與模組的限制以及供給短缺（尤其是電池片），該業務不僅保障了我們的供應安全，也已成為具吸引力毛利、可自我資助的成長引擎，並將為我們帶來長期獲利能力。我們也正順利推進4吉瓦的電池片擴產，預計於本財政年度下半年開始投產。

Turning to Page 16. we have announced a new 6.5 gigawatt ingot wafer facility, which will further strengthen our backward integration and supply chain resilience and continue to protect our margins. We aim to fund this growth through a mix of internal accruals and annual external fundraise so that the growth, cash flows and margins do not get impacted. This will ensure that manufacturing business continues to provide us profitability in the long run.

請看第16頁。我們已宣布新建一座6.5吉瓦的錠／晶圓（ingot wafer）工廠，將進一步強化我們的上游垂直整合與供應鏈韌性，並持續保護我們的利潤率。我們目標以內部累積資金與每年對外募資相結合的方式來支持此成長，使成長、現金流與利潤率不受影響。這將確保製造業務長期持續為我們帶來獲利。

As the margins taper down a little we expect the margins to keep remaining stronger upstream in sales first and then further backward to ingot and wafers. Overall, we remain focused on disciplined growth, improving returns and profitability and reducing our leverage.

隨著利潤率略有收斂，我們預期利潤率仍將在上游端維持較強，先體現在銷售端，之後再往更上游的錠與晶圓延伸。整體而言，我們仍專注於有紀律的成長、提升報酬與獲利能力，並降低槓桿。

I will now hand it over to Kailash for the financial updates.

接下來我將把時間交給Kailash，進行財務更新。

Thank you, Sumant. Turning to Page 18. We delivered strong financial performance in FY26, driven by portfolio growth, reduced leverage and therefore, interest expense, contributions from manufacturing business and disciplined cost management. Our adjusted EBITDA for the year was INR98.5 billion, representing approximately a 25% growth year-on-year.

謝謝你，Sumant。請看第18頁。我們在FY26交出強勁的財務表現，主要受投資組合成長、槓桿降低因而利息費用下降、製造業務貢獻，以及有紀律的成本管理所帶動。我們全年調整後EBITDA為9,850億印度盧比，約較去年同期成長25%。

As part of our deleveraging program, we also reduced our net debt to EBITDA by almost 1.1 turn, and therefore, our interest expense grew at a lower pace than our EBITDA. As a result of all these measures, our profit after tax grew by 2.3 times from INR4.6 billion in fiscal year 2025 to INR10.4 billion in fiscal 2026.

作為我們去槓桿計畫的一部分，我們也將淨負債／EBITDA降低了近1.1倍，因此利息費用的增速低於EBITDA。受上述措施帶動，我們的稅後淨利由2025財政年度的46億印度盧比成長至2026財政年度的104億印度盧比，增至2.3倍。

Our cash flow to equity also grew by 45% and to INR21.6 billion in fiscal 2026. The current year has seen a strong performance driven by our focus on reducing leverage, cost optimization, accelerated capital recycling and fundraise and increased contribution by our manufacturing business. On the cash flow and working capital front, recently, we saw the Supreme Court rule in our favor on the long overdue receivable case from Andhra Pradesh, we expect that this should enable us to bring down our DSO days to under 50 by next year.

我們的股東權益現金流亦成長45%，在2026財政年度達216億印度盧比。本年度的強勁表現，來自我們聚焦降低槓桿、成本優化、加速資本回收與募資，以及製造業務貢獻提升。在現金流與營運資金方面，近期最高法院就安得拉邦長期逾期應收款案件作出對我們有利的裁決，我們預期這將使我們的DSO天數在明年降至50天以下。

Page 19 highlights the segment-wise contribution of the core business and the manufacturing to our overall performance. Our total income increased by 40%, supported by higher operating capacity and scaling of the manufacturing business. While manufacturing contributed INR14.8 billion to the adjusted EBITDA and the consolidated results of fiscal 2026 it delivered more than INR19 billion of EBITDA on a stand-alone basis. In Q4 of fiscal 2026, we delivered adjusted EBITDA of approximately INR23.7 billion compared to INR22.1 billion in Q4 of fiscal 2025. This includes the contribution of INR4 billion from our manufacturing business versus INR3.6 billion in the corresponding quarter of fiscal 2025.

第19頁重點呈現核心業務與製造業務對整體表現的分部貢獻。我們的總收入成長40%，主要受更高的營運容量與製造業務擴張所支撐。雖然製造業務在2026財政年度對調整後EBITDA與合併報表貢獻了148億印度盧比，但在單體口徑下，其EBITDA超過190億印度盧比。在2026財政年度第四季，我們交付的調整後EBITDA約為237億印度盧比，相較於2025財政年度第四季的221億印度盧比。當中包含製造業務貢獻40億印度盧比，而2025財政年度同期為36億印度盧比。

In Q4 of '26, we recognize fair value gain on conversion of a jointly-controlled entity to a subsidiary, while the overall PLFs were also marginally lower compared to last year, that supports against this. Last year, the asset sale gains were reflected in this quarter, thereby leading to a higher pace.

在'26年第四季，我們確認將一家共同控制實體轉為子公司所產生的公允價值收益；同時，整體PLF亦較去年略低，對此形成一定抵銷。去年本季反映了資產出售收益，因此增速較高。

Turning to Page 20. A key focus area for us has been balance sheet strength and reducing leverage. We have made significant progress in this with net debt to EBITDA improving by approximately 1.1 times year-on-year. This has been driven by strong internal cash generation, accelerated capital recycling and fundraise plan. During the year, we raised approximately $375 million through asset monetization, a portion of which has been used to reduce debt. We have also accelerated debt repayments in fiscal 2026.

請看第20頁。我們的一個關鍵重點是強化資產負債表並降低槓桿。我們在此方面已取得顯著進展，淨負債／EBITDA年對年改善約1.1倍。這主要由強勁的內部現金創造、加速資本回收以及募資計畫所驅動。年內，我們透過資產變現募得約3.75億美元，其中一部分已用於降低負債。我們也在2026財政年度加速償還債務。

Turning to Page 21. While we are disciplined in our capital allocation, we are also prudent in our risk management strategies, continuing to actively manage our refinancing requirements. We have strong visibility on refinancing our upcoming maturity supported by diversified access to funding sources, including offshore markets, domestic banks and institutions and so on and so forth.

請看第21頁。在資本配置上我們保持紀律，同時在風險管理策略上也審慎，持續主動管理再融資需求。我們對即將到期的再融資具備高度能見度，並由多元化的資金來源所支撐，包括離岸市場、國內銀行與機構等。

Of the $1 billion due for repayment in about 12 months, we have already received commitment of $400 million -- sorry, we already received commitment of $400 million. We have a strong track record of refinancing and have refinanced more than debt in our currently on our balance sheet.

在約12個月內到期需償還的10億美元中，我們已經取得4億美元的承諾——抱歉，我們已經取得4億美元的承諾。我們在再融資方面有良好紀錄，且我們已再融資的金額已超過目前資產負債表上的債務。

For example, in fiscal 2026, we refinance approximately $2 billion of debt. In these volatile times, our ForEx exposure also remains well hedged is approximately 90% of our principal and all of our interest being fully hedged, which provides protection against the foreign currency volatility while we saw the rupee depreciate quite sharply in FY 2026 by almost 10%, the impact on our overall interest cost was only around 30 basis points.

例如，在 2026 財政年度，我們將為約 20 億美元的債務進行再融資。在這些波動的時期，我們的外匯（ForEx）曝險也仍維持良好避險：我們約 90% 的本金以及全部利息均已完全避險，這在我們看到 2026 財年盧比大幅貶值近 10% 的情況下，仍能對外幣波動提供保護；因此對我們整體利息成本的影響僅約 30 個基點。

Moving to Page 22, we remain focused on maintaining capital discipline and enhancing returns, reducing leverage over time. Our target remains to bring consolidated leverage closer to around 5.5 times for the fully constructed portfolio. In terms of our portfolio, with the fall in battery energy storage system sizes, we have pivoted to a solar plus best heavy portfolio option. This helps us improve our returns due to lower BESS and solar capital expenditure.

翻到第 22 頁，我們仍專注於維持資本紀律並提升報酬，並隨時間推進降低槓桿。我們的目標仍是將已完全建成投資組合的合併槓桿降至約 5.5 倍左右。就投資組合而言，隨著電池儲能系統（BESS）規模下降，我們已轉向「太陽能加上最佳重型投資組合」的選項。由於 BESS 與太陽能資本支出較低，這有助於提升我們的報酬。

Compared to the earlier configuration, our overall CapEx is down by INR60 billion, while EBITDA has been impacted only by INR7 billion by making this change. The update in configuration also has reduced the risk profile of these assets and provide more certainty on generation and on execution, given lesser variation versus wind will also make our cash flows more predictable once the project is operational. Wind projects will continue to play an important role, particularly in C&I and other higher IRR opportunities. We will continue to deploy our wind execution capabilities where we can generate an alpha in terms of returns.

相較於先前的配置，我們透過此一調整使整體資本支出（CapEx）降低 600 億印度盧比，而 EBITDA 僅受到 70 億印度盧比的影響。配置更新也降低了這些資產的風險輪廓，並在發電與執行面提供更高確定性；由於相較於風電的變動較小，一旦專案投入營運，我們的現金流也將更可預測。風電專案仍將扮演重要角色，特別是在工商業（C&I）及其他內部報酬率（IRR）較高的機會上。我們將持續在能夠於報酬上創造超額收益（alpha）的領域，部署我們的風電執行能力。

Let me now hand it over to Vaishali for comments on ESG.

接下來我把時間交給 Vaishali，請她就 ESG 發表評論。

Thanks, Kailash. Turning to Slide 24 now. Today's sustainability and geopolitics are (inaudible). Recent geopolitical tensions and supply chain shocks have elevated energy security from a policy priority to a business imperative. For renewal, that means our sustainability strategy is not an add-on. It is the mechanism by which we reduced national vulnerability, protect communities and create enduring value.

謝謝你，Kailash。現在翻到第 24 頁。當今的永續與地緣政治（聽不清）。近期地緣政治緊張與供應鏈衝擊，使能源安全從政策優先事項提升為企業必須面對的要務。對 ReNew 而言，這代表我們的永續策略不是附加項，而是我們降低國家脆弱性、保護社區並創造長期價值的機制。

Our ability to navigate this complex landscape is being recognized by leading global sustainability benchmarks marking a high note as we close the financial year. First, in the S&P Global Corporate Sustainability Assessment, we earned a spot in the S&P Global CSA Yearbook with a top 10% distinction globally and an industry-leading score of 84.

我們在這個複雜環境中前行的能力，正獲得全球領先的永續基準所肯定，並在財年結束之際交出亮眼成績。首先，在 S&P Global 企業永續評估（Corporate Sustainability Assessment）中，我們入選 S&P Global CSA 年鑑，並以全球前 10% 的殊榮與業界領先的 84 分成績獲得肯定。

Second, in the CDP Supplier Engagement Assessment, we achieved the A rating for the second consecutive year. Third, in the MSCI ESG rating, we achieved the highest possible AAA rating. This places us in the top 19.5% of utilities globally and makes us the highest-rated energy utility in India. And finally, as the coveted CII-ITC Sustainability Awards, we received the outstanding accomplishment award in corporate excellence, the highest category in this award. Together, these benchmarks, demonstrates how ReNew is not only meeting ESG standards but defining the industry pace.

第二，在 CDP 供應商參與評估（Supplier Engagement Assessment）中，我們連續第二年獲得 A 評級。第三，在 MSCI ESG 評級中，我們取得最高等級 AAA。這使我們位居全球公用事業公司前 19.5%，並成為印度評級最高的能源公用事業公司。最後，在備受推崇的 CII-ITC 永續獎中，我們獲頒「企業卓越」類別的傑出成就獎，為該獎項的最高類別。綜合這些基準可見，ReNew 不僅符合 ESG 標準，更在定義產業前進的速度。

Moving to Slide 25. Let's look at the data behind our targets. On environment, ReNew remains committed to achieving its SBTi validated Net Zero targets. We have rolled out key levers of our manufacturing, Decarb roadmap and initiated annual assurance calculations and disclosures for the financial year. People continue to remain at the very center of what we do.

翻到第 25 頁。我們來看支撐目標的數據。在環境面，ReNew 仍致力於達成經 SBTi 驗證的淨零目標。我們已推動製造端的關鍵槓桿、脫碳（Decarb）路線圖，並啟動本財年的年度確信計算與揭露。人始終是我們所做一切的核心。

Our CSR journey mirrors the transformational trajectory of India's ongoing development. Our CSR initiatives have positively impacted over 1.7 million lives, electrified 350-plus schools and established 200 smart classrooms and 125 digital labs. Our workforce diversity stand at 17.6%, progressing steadily over towards our 30% women workforce target by 2030.

我們的企業社會責任（CSR）旅程，映照出印度持續發展的轉型軌跡。我們的 CSR 計畫已對超過 170 萬人的生活帶來正面影響，為 350 多所學校通電，並建立 200 間智慧教室與 125 間數位實驗室。我們的員工多元性為 17.6%，正穩步邁向 2030 年女性員工占比 30% 的目標。

In closing, fiscal year '26 has been a milestone year for ReNew. We surpass our targets to deliver breakthrough results across major global benchmarks, including an MSCI AAA rating, an industry-leading S&P Global CSA score of 84 and the coveted A list in CDP. But our impact goes beyond just numbers, by embedding ESG at the very core of our business via positioning renewal as a true pioneer in the global energy transition. We look forward to building on this momentum and sharing our progress in our third integrated report coming up soon.

總結而言，2026 財年是 ReNew 的里程碑之年。我們超越目標，在多項全球主要基準上交出突破性成果，包括 MSCI AAA 評級、業界領先的 S&P Global CSA 84 分，以及 CDP 的 A 名單。但我們的影響力不僅止於數字；我們將 ESG 深度嵌入商業核心，並將 ReNew 定位為全球能源轉型的真正先驅。我們期待在此動能上持續前進，並在即將發布的第三份整合報告中分享我們的進展。

I will now turn it over to Kailash to take us through guidance. Back to you, Kailash.

我現在把時間交回 Kailash，請他帶我們說明指引。交給你了，Kailash。

Thank you, Vaishali. For fiscal 2027, we expect to have adjusted EBITDA in the range of INR103 billion to INR109 billion with continued contributions from both our coal and the manufacturing business. This will be a 17% increase from the guidance range we provided last year.

謝謝你，Vaishali。對於 2027 財年，我們預期調整後 EBITDA 將落在 1,030 億至 1,090 億印度盧比區間，並持續受惠於我們的煤炭與製造業務的貢獻。這將較我們去年提供的指引區間增加 17%。

We expect our manufacturing business to contribute INR10 billion to INR12 billion in fiscal 2027, while we expect margins to moderate somewhat this year in the manufacturing business, the long-term EBITDA growth story in the manufacturing remains intact with the 4 gigawatt cell expansion expected to contribute meaningfully in fiscal 2028 and the ingot wafer plant to do the same in fiscal 2029. We also expect INR1.2 billion from asset recycling. We expect to construct between 1.6 to 2.4 gigawatt of capacity during the year and generated cash flow to equity of INR18 billion to INR22 billion.

我們預期 2027 財年製造業務將貢獻 100 億至 120 億印度盧比；同時，我們預期今年製造業務的利潤率將略為回落。不過，製造業務的長期 EBITDA 成長故事仍然完好：預計 4GW 電池（cell）擴產將在 2028 財年帶來顯著貢獻，而錠／晶圓（ingot wafer）工廠則預計在 2029 財年帶來同樣的貢獻。我們也預期資產回收（asset recycling）帶來 12 億印度盧比。我們預期本年度將建置 1.6 至 2.4GW 的容量，並產生歸屬股東權益的現金流（cash flow to equity）180 億至 220 億印度盧比。

With that, we will be happy to take questions. Anunay?

接下來，我們很樂意回答問題。Anunay？

Thank you, Kailash.

謝謝你，Kailash。

Thank you.

謝謝。

Operator, do we have any questions from the phone line? Please go ahead.

接線員，電話線上有問題嗎？請開始。

We'll begin the question-and-answer session. (Operator Instructions)

我們將開始問答環節。（接線員指示）

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗（Mizuho）。

Hey, hello, good. Thanks for taking the questions and congratulations on the nice quarter there. Maybe just a question first on the manufacturing business, the ingot wafer capacity, which I think you talked about last time and gave more color here. When should we expect that contribution? And does the guidance include any contribution from that business? I think mostly from the margin side, but curious if that would be for third-party sales as well.

嗨，你好。感謝讓我提問，也恭喜本季表現不錯。先問一個關於製造業務的問題：錠／晶圓（ingot wafer）產能，我記得你們上次提到過，這次也提供了更多細節。請問我們應該何時期待它開始貢獻？另外，指引中是否包含該業務的任何貢獻？我想主要是利潤率面，但也想了解是否也會有對第三方銷售的貢獻。

Yeah, Maheep --

是的，Maheep——

Kailash, would you want to take that?

Kailash，你要回答這題嗎？

Yeah. So Maheep, as I mentioned, the cell facility -- TOPCon cells facility will be operational towards the end of this fiscal year. So right now, the guidance doesn't include any contribution from that business because initially it would be in sort of trial-run phases.

好的。Maheep，如我提到的，電池廠——TOPCon 電池廠將在本財年末左右投入營運。因此，目前的指引並未包含該業務的任何貢獻，因為初期會處於某種試運轉階段。

I think he was asking about the wafer ingot plant, Maheep?

我想他問的是晶圓錠（wafer ingot）工廠，Maheep？

Yes, that's right. Yes, for the wafer business ingot --

是的，沒錯。是的，關於晶圓業務的錠——

Yeah, the wafer plant will be commissioned only by June 2028 or thereabouts. So it won't -- it won't register in this FY27 financial year or in fact, even in the FY28 financial year.

是的，晶圓工廠大約要到 2028 年 6 月左右才會投產。因此，它不會——不會在 27 財年入帳，甚至在 28 財年也不會。

Got you. And secondly, just on the performance this quarter, I think wind PLF was definitely better, but solar we saw slightly lower. Was there any resource issue or sub curtailments? Or how to think about that going forward?

了解。第二個問題，關於本季表現：我認為風電 PLF 確實更好，但太陽能略低一些。這是資源問題還是有棄電（curtailment）？或是未來該如何看待？

Yeah, there was some curtailment, Maheep. As I said, it was a little lower in Q4, but there was some degree of curtailment that happened. But resource efficiency was a tad lower. But on top of that, there was a curtailment. That's why the overall PLF for solar has been lower than last year.

是的，Maheep，確實有一些棄電。如我所說，第四季略低，確實發生了一定程度的棄電。此外，資源效率也稍微偏低。再加上棄電，因此太陽能的整體 PLF 低於去年。

Got it. Appreciate it. Thank you.

了解。感謝。謝謝你。

(Operator Instructions)

（接線員指示）

Nikhil Nigania, Bernstein.

Nikhil Nigania，Bernstein。

Hi, thank you for taking my question. My first question is on the solar cell manufacturing facility. While I see 2.5 gigawatts in our presentation on the government ALMM list, it still reflects that 1.8 gigawatts. And even the yield that we are seeing is closer to that kind of capacity. So could you please clarify on that?

嗨，謝謝讓我提問。我的第一個問題是關於太陽能電池製造設施。雖然我在我們的簡報中看到政府 ALMM 名單上是 2.5GW，但仍顯示為 1.8GW。甚至我們看到的良率也更接近那樣的產能。能否請你澄清一下？

Yeah. So the general yield is about 80%. So that is why we tend to have the output of around 1.8 gigawatts of that plant.

好的。一般良率大約是 80%。因此，我們該工廠的產出通常約為 1.8GW。

Understood, what the 2.5 is the template capacity.

了解，所以 2.5 是模板產能。

Okay. Got it. The second question I had was the DSM regulations, which the CRC implemented and then there was stay order from Karnataka High Court. If it were to go through, what is the kind of impact that we can assume for our business given our sizable wind portfolio?

好的。明白了。我第二個問題是關於 DSM 規範，CRC 已經實施，之後卡納塔克邦高等法院下達了暫緩令。如果最終推行，考量到我們相當可觀的風電資產組合，對我們業務可能造成什麼樣的影響？

Yeah. So if that were to go ahead, which first of all, let me tell you that there's a lot of conversation happening. And it is -- there are some changes that are likely to be proposed to whatever the CRC has come out with. So I don't think that the current guidelines are going to continue as they are. There will be some change, and there will be some relaxation to it.

是的。如果真的要往前推，首先我想說，目前有很多討論正在進行。而且——很可能會對 CRC 已發布的內容提出一些修改。所以我不認為現行指引會原封不動地延續下去。應該會有一些變更，也會有一些放寬。

Nevertheless, to answer your question, in case the current thing was supposed to continue, then there might be another INR0.5 billion of impact to the numbers for DSM for this year. But as I said, we don't expect it to continue. There is likely to be some change towards the relaxation side.

儘管如此，回答你的問題：如果現行方案要繼續，那麼今年 DSM 對數字可能會再有約 5 億印度盧比的影響。但如我所說，我們不預期它會持續。很可能會朝放寬方向做一些調整。

I understood. Appreciate it. Just to clarify the INR0.5 billion in the impact, you said it was for FY27, is it?

我了解了，謝謝。再確認一下，你說的約 5 億印度盧比影響，是指 FY27 嗎？

FY27, yes. But as you know, the CRC is proposing tightening of the band consistently over the next five years, right? So what I -- the number I gave you is only for FY27. We frankly haven't estimated the numbers after that. And as I said, in any case, it's going to become irrelevant because the current system is unlikely to 100% change, the one that they've proposed.

是的，FY27。不過如你所知，CRC 正在提議在未來五年持續收緊區間，對吧？所以——我給你的數字只針對 FY27。坦白說，我們還沒有估算之後的數字。而且如我所說，無論如何它都可能變得不重要，因為他們提出的現行制度不太可能 100% 按原樣推行，應該會有變動。

Makes sense. Thanks for that clarity. The other question I had was what you were alluding to earlier is on energy security, there's a big push. And green hydrogen is an area we were discussing in earlier days we haven't been very active or there haven't been many tenders in that area, but are you hearing more opportunities emerge in green hydrogen, ammonia or methanol?

有道理。謝謝你釐清。我另外一個問題是你先前提到的能源安全，現在有很大的推動力。綠氫是我們之前討論過的領域，我們一直沒有很積極，或是那個領域的標案也不多。但你是否聽到綠氫、氨或甲醇方面有更多機會出現？

Yes, we definitely are. So there is a new green methanol tender that has been planned by the government of, I think, 500. I think we'll also see a renewed formulation and bidding for some of the fertilizer-based tenders. There may be some speed up for the -- for the refinery tenders. I mean the exact bids have not yet been formulated because obviously, we're dealing with a very emerging situation right now.

是的，確實有。所以政府正在規劃一個新的綠色甲醇標案，我想是 500（的規模）。我也認為我們會看到一些以化肥為基礎的標案重新制定並重新招標。煉油廠相關標案可能也會加速。我的意思是，具體投標內容尚未完全制定，因為很顯然，我們現在正面對一個非常新興、快速變化的情勢。

But what we're also seeing is demand picking up overseas, there's more activity happening in the overseas markets as well, especially in the Far East, and I think it will also get reflected in Europe very soon. So my sense is that we first will emerge as a bigger opportunity in the medium term.

但我們也看到海外需求正在回升，海外市場的活動也更多，尤其是在遠東，我認為很快也會反映到歐洲。所以我的感覺是，這在中期會成為更大的機會。

Thanks for the reply. One last question I had. I mean, it's a two-part question in a way. When we look at CEA forecast for power generation capacity addition, they are expecting some dip in solar addition in FY27, '28. It could be due to transmission issues, but I wanted to hear your thoughts on that. A, are they underestimating it; and b, are the usual transmission challenges, which you alluded to earlier, leading to curtailments as well. Have they got any better? Or are they still the same?

謝謝回覆。我最後一個問題——某種程度上算是兩部分。當我們看 CEA 對發電裝置容量新增的預測，他們預期 FY27、'28 的太陽能新增會有一些下滑。可能是因為輸電問題，但我想聽聽你的看法。A，他們是否低估了；B，你先前提到的常見輸電挑戰是否也導致限發（curtailments）。情況有變好嗎？還是仍然一樣？

I can't say that there's any significant change from last year. And I don't know what the CEAs latest numbers are. So if you can just tell me what is the CEA proposing exactly of this year?

我不能說相較去年有任何顯著變化。而且我也不知道 CEA 最新的數字是什麼。所以你能否告訴我，CEA 今年具體提出的是什麼？

On solar capacity addition, they were expecting a decline in addition in FY27 from '26 to '27 and' '28.

在太陽能新增裝置容量方面，他們預期 FY27 的新增會比 '26 下降，並且在 '27 和 '28 也會下降。

Okay. So look, I don't know what those numbers are based on. But just given the amount of PPAs that are outstanding, given the fact that there are so many operators now, developers kind of set up capacity, I don't think that there's any constraining parameter right now. We'll also see, obviously, the distribute side, both rooftop as well as pump -- the pump side also progressing well. C&I demand is strong.

好的。你看，我不知道那些數字是基於什麼。但就未完成的 PPA 數量、以及現在有這麼多營運商、開發商已經在建置產能這些事實來看，我不認為目前有任何限制性參數。我們也會看到，當然，分散式端——屋頂型以及抽水——抽水端也在進展良好。工商業（C&I）需求很強。

So I'm not sure that I would feel that there would be a slowdown in solar installations. I think if anything, we are sort of at a ramp-up phase at this point.

所以我不確定我會認為太陽能裝機會放緩。我認為如果有什麼的話，我們現在反而處於爬坡加速的階段。

Now will transmission issues constrain it? I think at the margin, perhaps, it could have an impact, but a lot of people are trying to move out from Rajasthan into other states now and trying to take advantage of transmission capacities available in other parts of the county.

那輸電問題會不會限制它？我認為在邊際上，也許會有一些影響，但現在很多人正試著從拉賈斯坦邦轉移到其他邦，並嘗試利用全國其他地區可用的輸電容量。

Got it. Thank you so much for answering. Those are my questions.

了解。非常感謝你回答。我的問題就這些。

Thank you. There are no further questions on the phone line at this time.

謝謝。目前電話線上沒有其他問題。

I think there are some questions -- yes, there are some questions on the webcast. Maybe we can pick those up. So there's a question from Jordan Gilmore. I guess, Kailash, this is for you.

我想網路直播上有一些問題——是的，網路直播上有一些問題。我們可以回答那些。這裡有一個來自 Jordan Gilmore 的問題。我想，Kailash，這題是問你的。

The question is, do you still have some USD bonds to be refinanced this year? And how much is the quantum and what's the plan to refinance them?

問題是：你們今年是否仍有一些美元債需要再融資？規模是多少？再融資的計畫是什麼？

Right. So Jordan, we have $1 billion up for maturity starting January next year, rather in first half of 2027. And as I mentioned earlier in our prepared remarks that we have a $400 million commitment already sitting with us, and we may do other refinancings as we get closer to the time, which could be either a mix of dollar bonds or tapping into the onshore liquidity, whatever provides us the lowest cost of capital, we would evaluate those options.

好的。Jordan，我們有 10 億美元將在明年 1 月起到期，確切地說是在 2027 年上半年到期。正如我先前在準備好的發言中提到，我們已經有一筆 4 億美元的承諾額度在手上；隨著時間更接近，我們也可能進行其他再融資，可能是美元債的組合，或是動用境內流動性——我們會評估各種選項，以選擇能提供最低資本成本的方案。

And there's one last question from Ashish Jain. His question is and I'm paraphrasing, is that ReNew Indian peers trade at a higher multiple than ReNew? Is the management considering an India listing for the business or any of the subsidiary businesses, again for you, Kailash.

還有最後一個問題，來自 Ashish Jain。他的問題是——我轉述一下——ReNew 的印度同業交易倍數高於 ReNew。管理層是否考慮讓公司或任何子公司在印度上市？這題也是問你，Kailash。

Yeah. So it's a valid observation. I think we have noticed that, too. In that spirit is where I think some of the investors were looking to take the company private at some point because the multiples in the U.S. market are not really reflecting the value of the company compared to the peers. Given that the transaction didn't go through, we continue to remain listed in the U.S. At this point in time, we are not considering any listing in India.

是的。這是個合理的觀察，我想我們也注意到了。也正因如此，我認為有些投資人曾在某個時間點希望將公司私有化，因為美國市場的倍數相較同業並未真正反映公司的價值。由於該交易未能完成，我們仍維持在美國上市。就目前而言，我們不考慮在印度上市。

And one last question, maybe I can answer that from Caroline Chu is what is the CapEx required for the 6.5 gigawatt red plus wafer facility, which we mentioned will be funded through internal approvals in external countries?

還有最後一個問題，也許我可以回答。Caroline Chu 問的是：我們提到的 6.5 吉瓦 red plus wafer 設施所需的資本支出（CapEx）是多少？我們也提到將透過內部核准在外部國家籌資來提供資金。

So Caroline, we've mentioned this in the presentation. So it is about INR42 billion, assuming we don't do a captive power plant. And given that we will take some project debt for this, 50% to 60%. So the balance will be funded through cash accruals from the manufacturing business along with the external fundraise that we propose to do. So we won't be -- ReNew parent won't be deploying any additional equity into the manufacturing business to set up this ingot-wafer facility.

Caroline，我們在簡報中提過。假設我們不建自備電廠，約為 420 億印度盧比。並且考量到我們會為此承作一些專案負債，約 50% 到 60%。其餘部分將透過製造業務的現金累積，加上我們計畫進行的外部募資來提供資金。因此，ReNew 母公司不會再額外投入任何股權到製造業務，用於建置這座矽錠—晶圓（ingot-wafer）設施。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。