ReNew Energy Global plc Class A Ordinary Shares (RNW) : juste valeur

Thèse ACCE

ReNew Energy Global builds, owns and operates utility-scale wind, solar and hybrid renewable power plants in India, selling electricity mainly under long-term power purchase agreements with state utilities and commercial and industrial buyers. The contracted, fixed-tariff structure is the core of the case: revenue visibility is long-dated and largely insulated from merchant power price swings. Revenue growth of 14.3% and a 46.9% operating margin show the model converting well at current scale, though the 7.7% ROE says the equity base is still heavily leveraged and earnings are not yet translating into strong returns to shareholders. The stock trades at 20.8 times trailing earnings but 29.8 times forward, a multiple that implies the market is pricing in an earnings dip before recovery, so the debate hinges on how quickly the capacity build-out and any delays in offtaker payments play out. At a 65 score and a $2.5 billion market cap with no index membership, this is a name for a deeper look at the balance sheet and project pipeline rather than a conclusion either way.