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Nikhil Nagania

Director and Senior Analyst at Bernstein

Nikhil Nigania is a Director and Senior Analyst at Bernstein, specializing in India industrials, infrastructure, power, and renewable energy sectors. He covers specific companies such as ReNew Energy Global (RNW), NTPC, Power Grid, L&T, Waaree Energies, and Premier Energies, with recent ratings including a Buy on RNW at $8.80 and Underperform initiations on Waaree and Premier due to anticipated earnings moderation post-FY27. His performance track record highlights positive outlooks on power demand growth aligning with real GDP and strategic insights on nuclear and solar themes, though specific quantitative metrics like success rates are not publicly detailed. Nigania has built his career at Bernstein, appearing in media discussions as of early 2025 and participating in industry events like Societe Generale's Positive Impact Day India 2025, with no prior firms explicitly noted in available records; professional credentials include expertise in equity research but no specified FINRA registrations.

Nikhil Nagania's questions to ReNew Energy Global (RNW) leadership

Question · Q3 2026

Nikhil Nagania from Bernstein asked about broader industry challenges, specifically transmission project delays and power curtailment, and whether there are any signs of improvement. Nagania also inquired if projects with Grid Network Access (GNA) are compensated for curtailment and about the current margin trends in ReNew's cell manufacturing business.

Answer

Founder, Chairman, and CEO Sumant Sinha acknowledged the high visibility of transmission and curtailment issues, noting active discussions within MNRE and MOP to improve execution and socialize curtailment losses. Sinha confirmed that projects with permanent GNA are compensated based on their schedule, with ReNew recovering 30-35% of losses this way. Regarding manufacturing, Sinha stated that cell manufacturing margins have held up, recovering after a temporary lull during the monsoons, with current demand appearing stable.

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Question · Q3 2026

Nikhil Nagania from Bernstein asked about the current state of industry-wide challenges, specifically transmission project delays and power curtailment, and whether ReNew is observing any improvements in these areas. Nagania also followed up on the compensation mechanism for curtailment in projects with GNA versus TGNA. Additionally, Nagania inquired about margin compression in ReNew's cell manufacturing business.

Answer

Sumant Sinha, Founder, Chairman, and CEO of ReNew Energy Global, acknowledged that transmission delays and curtailment are significant industry issues, noting increased government focus from MNRE and MOP to address them, including discussions on socializing curtailment losses. Sinha confirmed that projects with permanent GNA (Grid Network Access) are compensated for curtailment based on their schedule, with ReNew recovering 30-35% of such losses. He also stated that cell manufacturing margins have held up, experiencing only a temporary lull during the monsoon season before picking up again in the current quarter.

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