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) Beneish M-score
ReNew Energy Global PLC's Beneish M-score for fiscal 2026 is −2.62; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.62 | 0.00 |
| FY2025 | −2.62 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.09 | — | 0.57 | |
| Asset quality index | 1.07 | — | 0.43 | |
| Sales growth index | 1.26 | — | 1.12 | |
| Depreciation index | 0.84 | — | 0.10 | |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.07) | — | −0.31 | |
| Leverage index | 0.99 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.62 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| XIFR XPLR Infrastructure, LP compare | −3.3× |
| CWEN Clearway Energy, Inc. compare | −2.7× |
| EBR.B Eletrobras compare | −2.7× |
| BEPC Brookfield Renewable Corporation compare | −2.7× |
| RNW ReNew Energy Global PLC | −2.6× |
| ORA Ormat Technologies, Inc. compare | −2.6× |
| ENLT Enlight Renewable Energy Ltd. compare | −2.5× |
| FLNC Fluence Energy, Inc. compare | −2.4× |
| BEP Brookfield Renewable Partners L.P. compare | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI