ReNew Raises Fiscal 2027 EBITDA Guidance Floor
The Nasdaq-listed renewable energy firm now forecasts INR 105 billion to INR 109 billion in adjusted EBITDA while a founder-backed buyout proposal advances.
Updated on Nov. 3, 2026 in Corporate Finance
ReNew Energy Global Plc raised the floor of its fiscal 2027 adjusted EBITDA guidance to INR 105 billion, from INR 103 billion, with a ceiling of INR 109 billion. The update comes as a proposed acquisition by CPP Investments and founder Sumant Sinha remains subject to approvals and conditions.
Why it matters
The higher guidance floor signals stronger expected operating performance at the renewable developer, which is now the subject of a take-private proposal. Shareholders who do not roll over would receive a cash price of $7.02 per share under the transaction terms.
Adjusted EBITDA for the three months ended Sept. 30, 2026 reached INR 33.588 billion, compared with INR 26.240 billion a year earlier. The company's forecast assumes weather and resource availability similar to fiscal 2026, and the outlook includes INR 12 billion to INR 14 billion from external solar module and cell sales.
The players
ReNew Energy Global Plc
A Nasdaq-listed renewable energy company with major operations in India, focused on solar and wind power generation.
CPP Investments
The Canada Pension Plan Investment Board, a large Canadian pension fund that invests across global public and private markets.
Sumant Sinha
The founder of ReNew Energy Global, who is participating alongside CPP Investments in the proposed acquisition of the company.
The details
ReNew reported that its updated outlook includes INR 1 billion to INR 2 billion from asset-sale gains and projects fiscal 2027 cash flow to equity of INR 18 billion to INR 22 billion. The company also expects to complete construction of 1.6 to 2.4 gigawatts by March 31, 2027, while the proposed acquisition scheme was expected to become effective in the first quarter of 2027.
Timeline
• August 11, 2026: Transaction agreement signed with CPP Investments and Sumant Sinha.
• September 30, 2026: Six- and three-month periods ended, with results reported.
• October 28, 2026: A side letter left the agreement in force without a revised closing date.
• November 3, 2026: Guidance floor raised.
• March 31, 2027: Fiscal 2027 year end and construction completion target.
Market Dynamics
The proposed buyout of ReNew mirrors a wider pattern in which founders join long-horizon pension investors to take listed renewable developers private. The company's raised guidance arrives while that pattern is playing out, with the acquisition still awaiting antitrust and foreign-investment clearances in India, Belgium, and France.
Shareholders who do not roll over into the buyout would receive $7.02 per share in cash, a decision that depends on the proposed terms. Investors holding ReNew shares should weigh that cash price against the company's raised earnings outlook and its fiscal 2027 cash flow forecast of INR 18 billion to INR 22 billion.
The takeaway
A raised earnings floor does not by itself settle a take-private decision, so shareholders weighing the cash offer should compare the $7.02 price with the company's forward cash flow outlook. Monitoring the pending regulatory clearances will show whether the transaction proceeds on its current timeline.
What happens next
Regulatory clearances in India, Belgium, and France must be obtained before the proposed acquisition scheme can take effect, with the effective date expected in the first quarter of 2027.
Further reading
For related coverage of deal structures and valuations, see Corporate Finance.
