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    Puneet Gulati

    Research Analyst at HSBC

    Puneet Gulati is an Equity Analyst at HSBC specializing in coverage of the renewables and green energy sector, with a particular focus on companies such as ReNew Energy Global. He has demonstrated notable success in stock recommendations, including a recent public call where his buy rating on ReNew Energy Global was associated with a 30.4% implied upside and documented a 14% realized return. Gulati's career has seen him provide deep quantitative and qualitative research coverage at HSBC since at least 2023; however, specific prior experience and the start of his analyst tenure are not publicly detailed. His professional licensing status or FINRA registration is not confirmed in available public records.

    Puneet Gulati's questions to ReNew Energy Global (RNW) leadership

    Puneet Gulati's questions to ReNew Energy Global (RNW) leadership • Q3 2025

    Question

    Puneet Gulati from HSBC asked if the recent underperformance in wind generation is now factored into long-term guidance, the status of unsigned LOAs given potential government action, the next steps in the take-private offer process, and the capacity addition plans for FY2026.

    Answer

    An unnamed executive, likely CFO Kailash Vaswani, clarified that long-term guidance assumes wind performance will revert to the mean and has not been permanently lowered. An executive, likely CEO Sumant Sinha, expressed confidence that most unsigned PPAs would be honored. Regarding the take-private offer, it was stated that a special committee of independent directors is evaluating the non-binding offer. The company deferred providing FY2026 capacity addition guidance until its next earnings report.

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    Puneet Gulati's questions to ReNew Energy Global (RNW) leadership • Q2 2025

    Question

    Puneet Gulati questioned whether the EBITDA guidance for the 16.3 GW portfolio fully accounts for recent poor wind PLFs. He also asked about plans for the module manufacturing business, including potential sales to the U.S. market, current pricing in the DCI market, and the volume of external sales to date.

    Answer

    Sumant Sinha, Founder, Chairman and CEO, responded that the EBITDA guidance includes some normalization based on recent years but does not fully factor in the current year's specific underperformance. On module sales, he confirmed ReNew is open to the U.S. market but is currently focused on the attractive Indian DCI market. CFO Kailash Vaswani added that 100 MW have been sold externally so far.

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