ReNew Energy Global (RNW) Stock Analysis & Winston Score

ReNew Energy Global is one of India's largest renewable energy companies. It builds and operates wind farms, solar power plants, and hybrid energy projects across India. Its main customers are state-owned electricity distribution companies and large industrial businesses that need clean power under long-term contracts. ReNew makes money by selling electricity generated from its renewable assets, mostly through long-term power purchase agreements that lock in revenue for 20-25 years. The company operates almost entirely in India, with a generating capacity of roughly 10-13 gigawatts across multiple states. Those long-term contracts provide stable, predictable cash flows and act as a key competitive advantage. However, the company carries significant debt from building its infrastructure, and its relatively low return on invested capital reflects how capital-intensive this business is. The main growth driver is India's aggressive national target to expand renewable energy capacity, though currency risk and financing costs remain ongoing challenges.