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ReNew Energy Global Plc (RNW) Q3 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Thank you for standing by, and welcome to ReNew’s Third Quarter FY ’26 Earnings Report. [Operator Instructions]

I would now like to hand the conference over for opening remarks. Please go ahead.

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Anunay Shahi
Head of Investor Relations

Thank you. Good morning, everyone, and thank you for joining us today. We have put out a press release announcing results for our fiscal 2026 third quarter ended December 31, 2025. A copy of the press release and the earnings presentation are available on the Investor Relations section of our website at www.renew.com.

With me today are Sumant Sinha, our Founder, Chairman and CEO; Kailash Vaswani, our CFO; and Vaishali Nigam Sinha, our Co-Founder and Chairperson, Sustainability. After the prepared remarks, which we expect will take about 30 minutes, we will open the call for questions.

Please note that our safe harbor statements are contained within our press release, presentation materials and materials available on our website. These statements are important and integral to all our remarks. There are risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. So we encourage you to review the press release and the presentation on our website for a more complete description.

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Also contained in our press release, presentation materials and annual report are certain non-IFRS measures that we reconcile to the

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Commodity Ag's export diversification attracts wanted attention

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Commodity Ag's export diversification attracts wanted attention

The Richardson family’s investment in export infrastructure at Albany has caught the eye of farmers, traders and venture capitalists.

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Construction on Hedland Health Campus MRI site to begin this year

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Construction on Hedland Health Campus MRI site to begin this year

Construction on a long-awaited MRI facility at Port Hedland’s hospital will begin this year.

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Cathie Wood’s ARK sells Discovery Ltd stock on Monday

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Cathie Wood’s ARK sells Discovery Ltd stock on Monday

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Trump says he will be involved indirectly in Iran talks

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Trump says he will be involved indirectly in Iran talks


Trump says he will be involved indirectly in Iran talks

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Nintendo Weighs Potential Price Increase for Switch 2 Amid Rising Memory Costs

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Nintendo Switch 2 Price

Nintendo Co. is contemplating a price hike for its recently launched Switch 2 console in 2026, according to people familiar with the matter, as surging demand for memory chips driven by artificial intelligence applications drives up component costs across the tech industry.

The Kyoto-based gaming giant, which launched the Switch 2 last year at $449.99 in the U.S., has so far held firm on the console’s pricing despite earlier pressures from tariffs and other economic factors. But a Bloomberg report published this week cites sources indicating the company is now evaluating an increase due to the ongoing shortage of dynamic random-access memory (DRAM) and related semiconductors.

“Close rival Nintendo Co., which contributed to the surplus demand in 2025 after its new Switch 2 console drove storage card purchases, is also contemplating raising the price of that device in 2026, people familiar with its plans said,” the report stated. Representatives for Nintendo did not respond to requests for comment.

The potential adjustment comes just months after Nintendo President Shuntaro Furukawa addressed similar concerns during a recent earnings call with shareholders. Furukawa indicated that rising memory costs had not yet meaningfully affected the company’s profitability or prompted a price change, attributing the stability to a reluctance to react to short-term market fluctuations. However, he noted that persistent volatility could lead to a reevaluation of pricing strategy.

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Industry analysts have echoed the possibility of a hike. Research firm Niko Partners predicted earlier this year that Nintendo would likely follow competitors like Sony and Microsoft in raising hardware prices, driven by tariffs, increased memory expenses and broader macroeconomic conditions. Some observers speculate the Switch 2 could move toward a $499 price point in key markets like the United States, potentially through discontinuing the base $449.99 SKU in favor of higher-tier bundles.

The Switch 2, Nintendo’s successor to the original Switch that has sold more than 152 million units since 2017, features upgrades including improved graphics, faster processing and backward compatibility with existing Switch games. It debuted as the company’s most expensive console to date, a $150 jump from the original model’s $299 launch price. Despite the premium positioning, the device has seen strong demand, contributing to robust sales momentum in major markets.

The memory crunch stems from explosive growth in AI data centers, which has created “parabolic” demand for advanced chips and squeezed global supply chains. The same pressures have reportedly prompted Sony Group Corp. to consider delaying its next-generation PlayStation console — potentially the PS6 — to 2028 or 2029.
Nintendo has previously navigated cost challenges without immediate hardware price adjustments. Last year, the company absorbed impacts from U.S. tariffs on goods from China, Japan and Vietnam without raising the Switch 2’s launch price, though some accessories saw modest increases. The console’s current official pricing remains $449.99 for the standard model and $499.99 for certain bundles, such as one including Mario Kart World, according to Nintendo’s website.

Any price increase could test consumer appetite for the hybrid portable-home console, particularly amid competition from other gaming platforms and broader economic sensitivities. Analysts warn that a hike so soon after launch risks slowing sales momentum, though Nintendo’s track record of strong first-party titles and family-friendly appeal has historically buffered such pressures.

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The company has not confirmed any timeline or specifics for a potential change. Nintendo’s next major financial update is expected later this year, which may provide further clarity on how rising component costs are affecting its hardware strategy.

For now, the Switch 2 continues to lead in U.S. hardware sales charts for several months running, underscoring its popularity despite the premium entry point. Whether Nintendo opts to maintain its current pricing or pass on higher costs to consumers remains a closely watched question in the gaming industry.

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Unrated debt on the rise as investors seek higher yields

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Unrated debt on the rise as investors seek higher yields
Mumbai: Unrated and little-known issuers have emerged as the second largest borrowers in the debt capital market this fiscal as investor appetite for higher yield, non-rated paper has improved. Between April and January FY26, they raised ₹1.5 lakh crore, up from ₹1.06 lakh crore in the same period last year.

Unlisted and unrated bonds attract investors mainly for higher yield and structuring flexibility. Issuers increasingly prefer unrated structures to avoid procedural delays, regulatory disclosures and the electronic book provider (EBP) route required for listed bonds. Listing also mandates credit ratings, adding compliance layers and time.

In volume terms, 1,783 issuers tapped the market under the unrated or not known classification this year, marginally lower than 1,800 in the corresponding period last year, with smaller and mid-sized borrowers increasingly accessing the capital markets.

Unrated debt on the rise as investors seek higher yields
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Unrated and lesser-known issuers are increasingly tapping the debt capital market, raising ₹1.5 lakh crore in FY26, driven by investor appetite for higher yields. These issuers prefer unrated structures to bypass procedural delays and regulatory disclosures, with private credit funds and AIFs emerging as key buyers.


“Unrated issuances shorten timelines and keep covenants confidential,” said a banker in the debt capital markets (DCM).
Private credit deals often involve raising money at coupons of 12-20%, depending upon the credit risk. For instance, Shapoorji Pallonji’s debt paper, which involved pledging its Tata Sons holding, was priced around 19%.


By contrast, corporates in the AAA rated category raise money around 7.7% – or about a percentage point higher than the sovereign benchmark yield.

Unrated Debt on the Rise as Investors Seek Higher YieldsAgencies

second largest pool in debt capital mkt in FY26

AIFs & Private Credit
Unlike mutual funds, insurance companies and banks, which face regulatory constraints on investing in unrated instruments, private credit funds and Alternative Investment Funds (AIFs) have no such restrictions.
As a result, they have become the primary buyers of these deals.

There were several unrated issues this FY. For instance, Shivam Auto raised around ₹200 crore through an unrated structure backed by private credit investors.

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Large groups such as Shapoorji Pallonji and Vodafone Idea have also raised money through unrated or privately structured deals in recent months.

Bilt Graphic raised funds through unrated papers from Allianz Group, DSP, Kotak Alternate Asset Management Limited Funds, and the Trust Group. Similarly, Embassy group raised funds from 360 One and the Family group, with affiliate lenders, in the unrated space. The rise in unrated issuances is partly due to demand from yield-seeking investors. With bank lending largely focused on rated corporates, more companies are opting for privately placed debt and structured instruments.

Hits & Misses
However, the trade-off is clear- lower liquidity and higher credit risk. The extra yield, as most of these borrowers raise money offering mid-teens returns, exists for a reason. Such investments are best suited for those with the ability to assess credit risk thoroughly. Private credit funds, HNIs and family offices are investors in unrated papers and assess the risks before investing.

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What Happens to Business Technology When It Reaches End of Life?

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As enterprises rely increasingly on technology to drive their operations, the lifecycle management of hardware and software becomes a critical aspect of maintaining efficiency and security.

Most businesses, which includes modern ones, invest heavily in technology, but they rarely plan for its eventual and inevitable exit strategy.

Generally speaking, companies spend millions on the latest hardware while overlooking the critical phase when those assets reach their end.

This lack of planning creates a massive gap in the operational lifecycle of many otherwise successful global organizations.

Decisions made at the end of a device’s life carry real business risks that can impact the bottom line financially and environmentally speaking.

Understanding the journey of retired technology is essential for maintaining a secure and efficient corporate environment in 2026 and beyond.

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An Overlooked Business Question

The primary focus of most IT departments is usually on procurement, installation, and the ongoing maintenance of new systems.

Consequently, the question of what happens to old hardware often remains unanswered or not even discussed, while the storage rooms remain full.

When end-of-life decisions for old technology equipment are ignored, the business exposes itself to vulnerabilities that are difficult to manage later on.

These overlooked assets represent more than just physical clutter; they are potential liabilities waiting to happen for the firm.

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A proactive approach to technology retirement ensures that every piece of hardware is accounted for during its transition, and by doing it this way, future problems are prevented.

The Business Risks of Poor IT Asset Disposal

Poor IT asset disposal practices can lead to devastating data breaches and heavy regulatory fines for the organization as well as sustainability issues with customers.

If a hard drive containing sensitive corporate data is simply thrown away, the security risk could be immense for the company and its clientele.

Reputational damage from a single leaked document can haunt a company for many years after the initial incident.

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Furthermore, unmanaged assets lead to financial loss through wasted storage space and unnecessary insurance costs that have to be covered by the business.

Failing to track retired equipment can lead to losing control over the very data that defines your competitive market edge, putting your company at risk once again.

IT Asset Disposition as an Operational Discipline

Forward-thinking companies are now treating asset retirement with the same rigor and discipline as they treat new procurement.

Strategic leaders recognize that global itad services are a vital component of a comprehensive corporate risk management framework.

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By formalizing the disposal process, businesses can ensure that security protocols are followed consistently across all global locations.

This operational discipline shifts the focus from simple trash removal to a sophisticated and highly secure workflow.

ITAD belongs in board-level risk discussions because it directly impacts the long-term survival and health of the enterprise.

Financial Recovery Through Asset Reuse and Remarketing

Value recovery, reuse, and remarketing from surplus and retired equipment is a major benefit of a well-executed IT lifecycle management plan.

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Many devices that are at the point of being retired still hold significant market value even if they no longer meet the specific needs of your organization.

Working with experts allows businesses to remarket these assets and reclaim at least a portion of their original capital investment.

This process of remarketing and reuse effectively reduces the total cost of ownership for each and every piece of technology purchased by the company.

Financial recovery turns an expensive disposal problem into a potential source of unexpected revenue for the IT budget, and then we have not even touched the subject of sustainability.

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Compliance, Audits, and Accountability

Meeting data protection and environmental regulations is a non-negotiable requirement for any modern business operating in today’s market.

Professional international data center decommissioning services provide the necessary expertise to navigate complex local and global legal standards.

These services ensure that hardware is recycled responsibly and that all toxic components are handled with care.

Documentation and reporting are essential for proving accountability during internal audits or external government inspections of your records.

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A certified paper trail protects the company by demonstrating a commitment to ethical and legal disposal practices everywhere.

Aligning IT Lifecycle Strategy with Business Growth

A robust IT lifecycle strategy supports major business milestones such as mergers, large-scale upgrades, and digital transformation initiatives.

As companies grow, they must ensure scalability without creating dangerous security gaps in their aging hardware infrastructure.

When two organizations merge, the consolidation of IT assets requires a clear plan for disposing of redundant systems.

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Proper decommissioning allows for a smooth transition to newer platforms while maintaining the highest level of data integrity.

Growth in a business should never come at the expense of security when dealing with the physical layer of your technology.

Conclusion: Smarter End-of-Life Decisions Build Stronger Businesses

Responsible IT lifecycle planning is a leadership issue that requires attention from the very top of the organization.

Smarter decisions regarding end-of-life technology help build stronger, more resilient businesses that can withstand modern security threats.

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By integrating global itad services into your operations, you protect your data, your reputation, and your financial health.

Every piece of retired hardware should be viewed as a final opportunity to demonstrate corporate responsibility and excellence.

Making the right choice today ensures that your technology legacy remains a positive asset for the future.

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Battered IT loses weight on Nifty, banking hits new high

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Battered IT loses weight on Nifty, banking hits new high
Mumbai: The recent sell-off in information technology (IT) stocks has lessened their influence on moves in the benchmark Nifty, ceding more power to banks, whose share in the key index has strengthened to new highs.

The free-float weight of IT stocks in the benchmark Nifty had fallen to 8.7% as of February 16 from 9.94 at the start of 2026, according to data from ETIG. At the same time, banks’ weight has increased to 27.6% from 26.61% over the same period. The waning IT weight has resulted in the oil & gas sector, led by Reliance Industries, emerging as the second most influential bunch at 9.36%.

In any market index, weights determine how much influence a stock or a set of stocks has on the measure’s movement. Typically, weights show which sectors are leading earnings and liquidity.

Screenshot 2026-02-17 053257Agencies

“There has been a clear shift in the relative weights among the two heavyweight sectors, since the weight on the benchmark is assigned based on free float market cap,” said Sunny Agrawal, head of Fundamental Research at SBI Securities.
There is a reduction in the relative weight for IT, given its underperformance versus other sectors that have grown at a relatively faster pace, said Agrawal.


So far this year, the Nifty IT index has plunged more than 13% against the 2.3% upmove in the Bank Nifty, while the Nifty has fallen 1.7% over the same period. A significant portion of the decline came from last week’s sell-off in software stocks, when fears of AI disruption flared, denting investor sentiment.
The decline in IT stocks’ influence in the Nifty has not been recent. The sector’s weight on the benchmark was at 13.05% at the beginning of 2025. “The shift in weight for banking and IT stocks on Nifty 50 has moved in tandem with the change in earnings trajectory for both the sectors in recent years,” said Dharmesh Kant, head of Research at Cholamandalam Securities.

“The fear of AI disruption is a recent threat, but Indian IT stocks have been stagnating before this due to limited or reduced spending on the software services that they predominantly provide,” said Kant.

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The Nifty IT index is down more than 20% over the past year, while the Bank Nifty is up about 24% in this period.

Concerns over the Indian software services‘ prospects resulted in overseas investors dumping shares worth almost ₹75,000 crore in 2025 – the highest selling across sectors in the year. They sold financials worth ₹14,900 crore last year

“Active foreign funds have consistently cut exposure to the Indian IT sector over the past one year,” said Sriram Velayudhan, senior vice president at IIFL Capital Services.

Though the intensity of foreign selling has eased, investors are expected to remain cautious as they assess the impact of AI disruption, he said.

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Reddit's human content wins amid the AI flood

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Reddit's human content wins amid the AI flood

Reddit says its human contributors are valued amid an internet awash with AI-generated content.

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John Lewis to relaunch Topshop across UK

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Business Live

Topshop and sister brand Topman disappeared from Britain’s high streets in 2021 after Arcadia Group’s collapse

Topshop was previously owned by Arcadia Group which went into administration in 2021

An old Topshop store. The fashion brand was previously owned by Arcadia Group which went into administration in 2021(Image: Colin Lane)

John Lewis is bringing historic brand Topshop back to high streets across the UK this week. The fashion brand, which closed its final standalone high street stores in 2021, will appear in all of John Lewis’s 32 department stores on Tuesday.

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The major launch is part of an expansion of new brands for the coming spring/summer season amid John Lewis’s £800m long-term investment across its stores.

Last year, the John Lewis confirmed a partnership between the historic department store business and Topshop, which started with pop-ups in a number of John Lewis stores.

Topshop and sister brand Topman have been missing from UK high streets since former owner Arcadia collapsed into administration in 2021. The brand was snapped up by current owner Asos which sold Topshop products online.

However, last year the brand returned to physical retail again with a launch in London department store Liberty before revealing its tie-up with John Lewis weeks later.

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Topshop will be available across John Lewis’s 32 shops, with Topman available in seven of its stores. The launch will cover a collection of 130 of Topshop’s “most in-demand pieces” including their signature denim items.

Topshop and Topman products will also be available across John Lewis’s online platforms as part of the launch.

Michelle Wilson, managing director of Topshop, said: “Today is about making it easier for customers to access the Topshop and Topman pieces they love.

“From our cult denim to new‑season footwear, you can see it, feel it and take it home the same day.

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“Partnering with John Lewis brings Topshop back to high streets across the UK with the level of service our customers expect.”

The move is coinciding with London Fashion Week and will be followed by a “takeover” of Piccadilly Circus in London and activations elsewhere across the UK.

The launch comes amid efforts from the department store chain to drive its growth as it continues with a major transformation plan under boss Peter Ruis.

He said the brand, which is part of the John Lewis Partnership with supermarket chain Waitrose, is investing into its fashion offer to help drive its current strategy.

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Mr Ruis, managing director of John Lewis, said: “This moment marks a significant acceleration of our fashion ambition at John Lewis.

“To be the exclusive home of an iconic brand like Topshop, sat alongside other exciting new brands, signals our commitment to be the definitive style authority on the British high street.”

John Lewis has said it is also introducing 14 new fashion, jewellery and accessory labels ahead of this season amid efforts to expand its fashion offer.

It also follows a major redesign of the fashion floors at the retailer’s Oxford Street flagship shop.

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Topshop products will be available at the following John Lewis stores

Glasgow, Scotland

Edinburgh, Scotland

Newcastle

Leeds

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Liverpool

Trafford, Manchester

Cheadle, Manchester

Cardiff, Wales

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Nottingham, Nottinghamshire

Leicester, Leicestershire

Solihull, West Midlands

Cheltenham, Gloucestershire

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Norwich, Norfolk

Cambridge, Cambridgeshire

Welwyn, Hertfordshire

Milton Keynes, Buckinghamshire

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Chelmsford, Essex

Cribbs Causeway, Bristol

Exeter, Devon

Oxford, Oxfordshire

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High Wycombe, Buckinghamshire

Reading, Berkshire

Bluewater Kent

Horsham, West Sussex

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Southampton, Hampshire

Brent Cross, London

Stratford, London

Canary Wharf, London

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Oxford Street, London

Peter Jones, London

White City, London

Kingston, London

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