ReNew Energy Global PLC
RNW Utilities Utilities Renewable
ReNew Energy Global PLC’s revenue for fiscal 2026 (year ended March 2026) was $1.6 billion, up 25.7% from fiscal 2025. In the quarter to June 2026, revenue grew 5.42%, EPS grew 6.25%, free cash flow fell 179.8% and total debt was flat, each against the same quarter a year earlier.
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ReNew Energy Global PLC (RNW) Altman Z-score
ReNew Energy Global PLC's Altman Z-score for fiscal 2026 is 0.22, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 0.22 | 0.11 |
| FY2025 | 0.10 | (0.04) |
| FY2024 | 0.15 | (0.39) |
| FY2023 | 0.54 | 0.14 |
| FY2023 | 0.39 | (0.09) |
| FY2022 | 0.48 | (0.08) |
| FY2022 | 0.57 | (0.04) |
| FY2021 | 0.61 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.17) | — | −0.21 | |
| Retained earnings / total assets | (0.04) | — | −0.06 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 0.17 | — | 0.10 | |
| Sales / total assets | 0.14 | — | 0.14 | |
| Altman Z-score | Distress zone | 0.22 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.62 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FLNC Fluence Energy, Inc. compare | 1.6× |
| ORA Ormat Technologies, Inc. compare | 1.6× |
| EBR.B Eletrobras compare | 0.7× |
| ENLT Enlight Renewable Energy Ltd. compare | 0.7× |
| CWEN Clearway Energy, Inc. compare | 0.4× |
| RNW ReNew Energy Global PLC | 0.2× |
| BEP Brookfield Renewable Partners L.P. compare | — |
| XIFR XPLR Infrastructure, LP compare | — |
| BEPC Brookfield Renewable Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets