The results for the first quarter (Q1) of financial year (FY) 2025-26, which ended on June 30, 2025, have been released for most renewable energy companies. Most developers reported income and profit growth, despite volatile trade conditions during this period. Overall, the renewable energy sector demonstrated resilience, benefiting from growing market demand, a strong project pipeline and a conducive policy environment.
Renewable Watch takes a look at the Q1 FY 2025-26 financials of select public and private renewable energy companies…
NTPC Green Energy Limited
In Q1 FY 2025-26, NTPC Green Energy Limited (NGEL) reported a total income of Rs 7,516.9 million, reflecting a year-on-year increase of 23.74 per cent from Rs 6,074.3 million in Q1 FY 2024-25. The revenue from operations for Q1 FY 2025-26 stood at Rs 6,802.1 million, which is an increase of 17.59 per cent year on year from Rs 5,784.5 million in Q1 FY 2024-25. The net profits for the quarter reached Rs 2,204.8 million, marking a significant year-on-year increase of 59.05 per cent from Rs 1,386.1 million in the same quarter of previous year.
Additionally, out of the Rs 99,464.9 million raised from its initial public offering (IPO), NGEL has utilised Rs 65,964.9 million (66.32 per cent of the total IPO net proceeds), as of June 30, 2025. These proceeds were utilised for the repayment or prepayment of the borrowing availed by NGEL’s wholly-owned subsidiary, NTPC Renewable Energy Limited, as well as for other issue-related expenses.
Overall, NTPC Limited’s total consolidated income for Q1 FY 2025-26 was Rs 478,210 million, compared to Rs 489,820 million in Q1 FY 2024-25. The group’s net profits for Q1 FY 2025-26 stood at Rs 61,080 million, as against Rs 55,060 million in the first quarter of the previous year, representing a year-on-year increase of 11 per cent.
NHPC Limited
In Q1 FY 2025-26, NHPC Limited reported a consolidated total income of Rs 34,427.6 million, registering a 13.33 per cent increase from Rs 30,379.2 million in Q1 FY 2024-25. During the same period, the group’s net profit increased to Rs 11,311.6 million, up from Rs 11,016.3 million. The quarter’s performance was supported by the commissioning of the 800 MW Parbati-II hydro project in Himachal Pradesh and the 214 MW Karnisar solar project in Bikaner, Rajasthan.
SJVN Limited
SJVN Limited reported a consolidated total income of Rs 9,715.9 million in Q1 FY 2025-26, an increase from Rs 9,584.7 million in Q1 FY 2024-25. However, net profit declined to Rs 2,275.8 million, down from Rs 3,570.9 million. During this quarter, the company also commenced commercial operations of the 1,000 MW Bikaner solar power project, developed by its subsidiary, SJVN Green Energy Limited. A cumulative capacity of 501.02 MW became operational during Q1, with 241.77 MW in April 2025, 78.23 MW in May 2025 and 181.02 MW in June 2025.
ReNew
ReNew’s Q1 FY 2025-26 results showcased both operational scale-up and improved margins. The company reported a total income of Rs 41,182 million for Q1 FY 2025-26, a significant increase from Rs 24,903 million in Q1 FY 2024-25, reflecting a year-on-year growth of 65.37 per cent. Additionally, net profit surged by 1,202.28 per cent year on year to Rs 5,131 million in Q1 FY 2025-26, compared to Rs 394 million in Q1 FY 2024-25. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q1 FY 2025-26 was Rs 27,220 million, representing an increase of 43.43 per cent from Rs 18,979 million reported in Q1 FY 2024-25.
Further, the company’s portfolio stood at approximately 18.2 GW, along with around 1.1 GWh battery energy storage systems (BESSs), as of June 30, 2025, marking a 16.67 per cent year-on-year increase from the 15.6 GW renewable portfolio reported on June 30, 2024. The commissioned capacity for the quarter was reported to be around 11.1 GW, plus 150 MWh BESSs, as of June 30, 2025, reflecting a year-on-year increase of 14.8 per cent.
Operating capacity in Q1 FY 2025-26 grew by 23 per cent year on year, reflecting organic commissioning and the commercialisation of new project wins. Furthermore, the company benefited from its module and cell manufacturing operations, which added to external sales and earnings in the quarter.
Adani Green Energy Limited
Adani Green Energy Limited reported a strong operational quarter as capacity additions and increasing operations and maintenance (O&M) efficiency drove both income and profits. Income during Q1 FY 2025-26 was Rs 40,060 million, up 28.73 per cent year on year from Rs 31,120 million in Q1 FY 2024-25. EBITDA increased by 30.92 per cent year on year to Rs 31,080 million, compared to Rs 23,740 million in Q1 FY 2024-25. The EBITDA margin was 92.8 per cent for the quarter. Net profit also increased, reaching Rs 8,240 million, a 31 per cent year on year rise from Rs 6,290 million in the same quarter of the previous fiscal year. Energy sales increased by 42 per cent year on year to 10,479 MUs, supported by 1,600 MW of greenfield additions during the quarter. The operational capacity stood at 15.8 GW at quarter-end.
Tata Power Renewable Energy Limited
Income for Tata Power Renewable Energy Limited (TPREL), Tata Power’s renewables business arm, increased by 44.13 per cent year on year to Rs 34,885.6 million in Q1 FY 2025-26, up from Rs 24,205.1 million in Q1 FY 2024-25. Net profits rose to Rs 4,429.4 million, representing a 68.96 per cent year-on-year increase from the Rs 2,621.6 million reported in Q1 FY 2024-25.
The company achieved 45,589 rooftop solar installations in Q1 FY 2025-26, marking a remarkable 416 per cent year-on-year growth compared to 8,838 installations in Q1 FY 2024-25. By the end of Q1 FY 2025-26, these installations propelled TPREL to a nationwide total of 204,443 rooftop solar installations, with cumulative capacity surpassing 3.4 GW. Further, TPREL commissioned 752 MW of solar projects in Q1 FY 2025-26, a 112 per cent increase from 354 MW in Q1 FY 2024-25. The company’s total utility-scale operational capacity stood at 5.6 GW, including 4.6 GW solar and 1 GW from wind, by the end of the quarter.
ACME Solar Holdings Limited
ACME Solar Holdings Limited’s consolidated income rose to Rs 5,840 million in the quarter, a 71.76 per cent year-on-year increase from Rs 3,400 million in Q1 2024-25. EBITDA increased by 75.7 per cent year on year to about Rs 5,310 million, up from Rs 3,020 million in the previous quarter, with the EBITDA margin expanding to 90.9 per cent. Net profits soared to Rs 1,310 million from Rs 10 million in Q1 FY 2024-25, reflecting a staggering 9,318.6 per cent increase.
ACME Solar’s operational capacity rose to 2,890 MW in Q1 FY 2025-26, a 115.6 per cent year-on-year increase from 1,340 MW in Q1 FY 2024-25. The company commissioned 350 MW of projects in Q1 FY 2025-26: 300 MW Acme Sikar (solar), contracted with Solar Energy Corporation of India Limited, and 50 MW Acme Pokhran (wind), contracted with Gujarat Urja Vidyut Nigam Limited. The company also won its maiden stand-alone battery energy storage system project of 550 MWh, contracted with NHPC Limited, in this quarter. Overall, power generation was up by 107.1 per cent in this quarter, driven by higher capacity utilisation and new capacity additions.
JSW Energy
JSW Energy Limited’s financial results were driven by both organic and inorganic renewable energy additions. The group’s consolidated income rose to approximately Rs 54,112.4 million, a 77.83 per cent year-on-year increase from Rs 30,426.6 million in Q1 FY 2024-25. Net profit for Q1 FY 2025-26 was Rs 8,358.6 million, reflecting an increase of 56.49 per cent from Rs 5,341.6 million in Q1 FY 2024-25.
For Q1 FY 2025-26, the revenue from operations and profit before tax for the company’s renewables business stood at Rs 14,918.2 million and Rs 9,362.9 million respectively.
Conclusion
Overall, Q1 FY 2025-26 reaffirmed the sector’s growth fundamentals. Capacity additions, greater O&M efficiency and improved capacity utilisation factors were the primary drivers behind the increased revenues for various developers. Furthermore, favourable project economics, resulting from cheaper components and access to refinancing opportunities, supported margin growth. Backed by a strong policy environment and an expanding pipeline, India’s renewable energy developers appear well positioned to maintain their business momentum through the remainder of the financial year.
By Karan Sharma
