MeritValue

ReNew Energy Global plc

RNWdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

ReNew Energy Global plc earns about -0% on invested capital, but has diluted owners by 185% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$912M1$1.09B2$976M3$1.14B4
Net income−$212M5−$59M6$41M7$45M8
Operating cash flow$559M9$798M10$827M11$791M12
Capital expenditure————
Free cash flow (derived)————
Total debt—$871M13$760M14—
Cash & equivalents$345M15$458M16$316M17$473M17
Diluted shares127.1M373.0M362.6M362.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$36.33
your share of equity
Profit it earned you last year
$1.24
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $36.33 of net worth that earned you $1.24 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 4y
FY22 -10%FY23 -1%FY24 3%FY25 7%

It earned an average -0% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+185% shares · 4y

Share count is up 185% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 13% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$3.26
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-03-31 · accession 0000950170-22-012963 (Revenue)
  2. 20-F · period ending 2023-03-31 · accession 0000950170-23-035740 (Revenue)
  3. 20-F · period ending 2024-03-31 · accession 0000950170-24-087904 (Revenue)
  4. 20-F · period ending 2025-03-31 · accession 0000950170-25-099896 (Revenue)
  5. 20-F · period ending 2022-03-31 · accession 0000950170-22-012963 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-03-31 · accession 0000950170-23-035740 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2024-03-31 · accession 0000950170-24-087904 (ProfitLossAttributableToOwnersOfParent)
  8. 20-F · period ending 2025-03-31 · accession 0000950170-25-099896 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F · period ending 2022-03-31 · accession 0000950170-22-012963 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2023-03-31 · accession 0000950170-23-035740 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2024-03-31 · accession 0000950170-24-087904 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F · period ending 2025-03-31 · accession 0000950170-25-099896 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2023-03-31 · accession 0000950170-23-035740 (Borrowings)
  14. 20-F · period ending 2024-03-31 · accession 0000950170-24-087904 (Borrowings)
  15. 20-F · period ending 2022-03-31 · accession 0000950170-23-035740 (CashAndCashEquivalents)
  16. 20-F · period ending 2023-03-31 · accession 0000950170-24-087904 (CashAndCashEquivalents)
  17. 20-F · period ending 2024-03-31 · accession 0000950170-25-099896 (CashAndCashEquivalents)