Share based payment (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Share Based Payment Arrangements [Line Items] |
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| Schedule of Information about Fair Value of Inputs to Option Pricing Model Share Options Granted |
The fair value of stock options was estimated using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted. Following are the assumptions used in valuation of 2024 ESOP Plan:
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Particulars |
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Year ended
March 31, 2026 |
Dividend yield (%) |
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0% |
Expected volatility (%) * |
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33.48% |
Risk–free interest rate (%) |
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2.56% to 3.10% |
Weighted average expected life of options granted |
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6.50 years |
Weighted average share price (Absolute) |
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INR 29.43 |
* The Expected volatility reflects the assumption that the historical volatility were period similar to the life of the option is indicative of future trends, which may not necessary be the actual outcome.
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| Summary of Expense Recognised For Employee Services Received during the Year |
Expense recognized during the year
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For the year ended March 31, |
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Particulars |
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2024 |
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2025 |
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2026 |
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Expense arising from equity settled share based payments transactions* |
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2,278 |
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2,402 |
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1,779 |
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Expense arising from cash settled share based payments transactions# |
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— |
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— |
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325 |
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Total expense arising from share-based payment transactions* |
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2,278 |
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2,402 |
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2,104 |
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* This amount is inclusive of amount capitalised in different projects. #The carrying amount of the cash settled share based payment liabilities of INR 1,178 is included under “Employee share-based payment obligation” within other financial liabilities (refer Note 20).
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| Stock Options at the Date of Replacement |
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| Share Based Payment Arrangements [Line Items] |
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| Schedule of Terms And Conditions of Share Based Payment Arrangement under Employee Stock Option Plan Schemes |
The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. The relevant terms of the Holding Company Stock Option Plans are as below:
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Holding Company Stock Option Plans |
Particulars |
2018 Stock Option Plan Modified |
2018 Stock Option Plan |
2017 Stock Option Plan |
2016 Stock Option Plan |
2014 Stock Option Plan |
2011 Stock Option Plan |
Grant date |
August 16, 2019 |
Multiple |
Multiple |
Multiple |
Multiple |
Multiple |
Replacement date |
August 23, 2021 |
August 23, 2021 |
August 23, 2021 |
August 23, 2021 |
August 23, 2021 |
August 23, 2021 |
Vesting period |
Time linked vesting: Grants will vest in 5 years on quarterly basis which shall commence one year after the date of original grant of options. |
Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of original grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of original grant. |
Time linked vesting: 50 % of grants will vest in 5 years as follows: i) One year from the date of original grant, the Options for the first four quarters shall vest immediately. ii) Thereafter, vesting will continue on a quarterly basis for the unvested Options. Remaining 50% will vest at the end of 5 years from the date of original grant. |
Time linked vesting: 5 years on quarterly basis effective from December 1, 2015 on completion of one year from the date of original grant, the Options for the first seven quarters shall vest immediately. Thereafter, vesting will continue on quarterly basis for the unvested Options commencing from December 1, 2017. Performance linked vesting: The Options shall vest annually and shall be prorated over a period of 3 years from the date of grant and shall be subject to the EBITDA achieved by the Company for the last completed financial year. The vesting of the Options shall take place at the end of the first anniversary of the date of original grant (Vesting date) and thereafter on March 31, 2018 and March 31, 2019 or at a later date when the audited financial statements of RPL are available. |
Time linked vesting: 5 years on quarterly basis which shall commence one year after the date of original grant of option. |
Time linked vesting: 5 years from the original grant date. |
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Exercise period |
Within 10 years from the replacement date |
Exercise price (Absolute) |
USD 5.33 |
USD 5.33, 5.53 and 5.60 |
USD 4.53 |
USD 2.73 |
USD 1.75 |
USD 1.33 |
Settlement type |
Equity settled |
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Number of options outstanding as at (in million):
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March 31, 2026 |
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1 |
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0 |
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7 |
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1 |
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1 |
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1 |
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March 31, 2025 |
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1 |
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1 |
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7 |
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1 |
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1 |
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1 |
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| Schedule of Movement of Options Outstanding under the share based payment schemes |
The details of options outstanding are summarized below:
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Particulars |
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Number of options (in million) |
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Outstanding as at April 1, 2023 |
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11 |
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Exercised / lapsed during the year |
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0 |
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Outstanding as at March 31, 2024 |
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11 |
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Exercised / lapsed during the year |
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0 |
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Outstanding as at March 31, 2025 |
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11 |
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Exercised / lapsed during the year |
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1 |
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Outstanding as at March 31, 2026 |
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10 |
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Exercisable as at March 31, 2025 |
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11 |
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Exercisable as at March 31, 2026 |
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10 |
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| Schedule of Information about Fair Value of Inputs to Option Pricing Model Share Options Granted |
Following are the assumptions used in valuation of Holding Company Stock Option Plan as on the date of replacement:
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Particulars |
Group Stock
Option Plans |
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Holding Company
Stock Option Plans |
Dividend yield (%) |
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0.0% |
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0.0% |
Expected volatility (%) |
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25.67% - 37.87% |
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33.43% - 49.97% |
Risk–free interest rate (%) |
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3.29% - 6.39% |
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0.05% - 1.03% |
Weighted average expected life of options granted |
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0.07 years - 6.86 years |
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0.07 years - 6.86 years |
Weighted average share price (Absolute) |
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INR 606.96 |
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USD 8.17 |
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| 2021 Incentive Award Plan Granted |
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| Share Based Payment Arrangements [Line Items] |
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| Schedule of Terms And Conditions of Share Based Payment Arrangement under Employee Stock Option Plan Schemes |
According to this scheme, the employees selected by the compensation committee from time to time will be entitled to options as per grant letter issued by the compensation committee, subject to satisfaction of prescribed vesting conditions. The employees will be issued class A equity share of the Company on exercises of this incentive plan.
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Particulars |
2021 Incentive Plan |
Grant date |
October 01, 2025 |
August 23, 2025 |
August 23, 2025 |
April 01, 2025 |
Vesting period |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date – 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics |
Restricted Stock Units (RSUs) 100% will vest on the 1st anniversary of the Grant Date |
Vesting schedule: i) 12.5% shares to vest on last day of each quarter starting from Sep 2025 until entire subsequent option grant gets vested. |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date – 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics |
Exercise period* |
Within 8 years from the date of grant upon vesting |
Within 8 years from the date of grant upon vesting |
Within 10 years from the date of grant upon vesting |
Within 8 years from the date of grant upon vesting |
Exercise price (Absolute) |
USD 0.0001 |
USD 0.0001 |
USD 10.00 |
USD 0.0001 |
Settlement type |
Equity Settled |
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Number of options outstanding as at (in million):
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March 31, 2026 |
RSU- 0 PBU- 0 |
RSU- 0.14 |
3.7 |
RSU- 1 PBU- 1 |
March 31, 2025 |
— |
— |
— |
— |
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Particulars |
2021 Incentive Plan |
Grant date |
February 10, 2025 |
October 23, 2024 |
August 23, 2024 |
May 24, 2024 |
May 15, 2024 |
April 10, 2024 |
April 1, 2024 |
April 1, 2024 |
Vesting period |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Performance criteria. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Performance criteria. |
12.5% shares to vest on last day of each quarter starting from Sep 2023 until entire subsequent option grant gets vested. |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date – 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Performance criteria. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Performance criteria. |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date – 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date – 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics |
Exercise period* |
Within 10 years from the date of grant upon vesting |
Within 8 years from date of grant upon vesting |
Within 10 years from the date of grant upon vesting |
Within 8 years from date of grant upon vesting |
Exercise price (Absolute) |
USD 6.38 |
USD 5.95 |
USD 10.00 |
USD 0.0001 |
USD 6.06 |
USD 6.84 |
USD 0.0001 |
USD 0.0001 |
Settlement type |
Equity Settled |
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Number of options outstanding as at (in million):
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March 31, 2026 |
0 |
0 |
4 |
RSU- 0 PBU- 0 |
0 |
0 |
RSU- 0 PBU- 0 |
RSU- 0 PBUs- 0 |
March 31, 2025 |
0 |
0 |
4 |
RSU- 0 PBU- 0 |
0 |
0 |
RSU- 0 PBU- 0 |
RSU- 1 PBU- 0 |
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Particulars |
2021 Incentive Plan |
Grant date |
February 15, 2024 |
Novemeber 1, 2023 |
October 27, 2023 |
September 13, 2023 |
September 13, 2023 |
August 23, 2023 |
July 7, 2023 |
June 5, 2023 |
Vesting period |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
Restricted Stock Units (RSUs) On the 1st anniversary of the Grant Date - 33%; On the 2nd anniversary of the Grant Date - 33%; On the 3rd anniversary of the Grant Date – 34% Performance Based Units (PBUs) On the 3rd anniversary of the Grant Date – 100% subject to achievement of Performance Metrics. |
12.5% shares to vest on last day of each quarter starting from September 2023 untill entire subsequent option grant gets vested. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
Exercise period* |
Within 10 years from the date of grant upon vesting |
Within 8 years from date of grant upon vesting |
Within 10 years from the date of grant upon vesting |
Exercise price (Absolute) |
USD 6.84 |
USD 5.78 |
USD 5.34 |
USD 5.87 |
USD 0.0001 |
USD 10.00 |
USD 5.48 |
USD 5.34 |
Settlement type |
Equity Settled |
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Number of options outstanding as at (in million):
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March 31, 2026 |
0 |
0 |
1 |
9 |
RSUs- 0 PBUs- 0 |
4 |
0 |
0 |
March 31, 2025 |
0 |
0 |
1 |
9 |
RSUs- 1 PBUs- 1 |
4 |
0 |
0 |
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Particulars |
2021 Incentive Plan |
Grant date |
March 15, 2023 |
November 15, 2022 |
September 15, 2022 |
August 22, 2022 |
June 10, 2022 |
August 23, 2021, November 15, 2021 and March 15, 2022 |
August 23, 2021 |
Vesting period |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
12.5% of stock options will vest at the end of each quarter over a period of 2 years in a time based manner. |
Grant 1 80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's Performance criteria. Grant 2 80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 10% of stock options will vest at every anniversary of the grant date based on Company's Performance criteria |
80% of options will vest over a period of 4 years in a time based manner, out of which 20% will vest after one year and remaining 60% will vest over the next 12 quarters (i.e. 5% in each quarter). In addition, out of the remaining 20% option, 5% of stock options will vest at every anniversary of the grant date based on Company's performance. |
6.25% of stock options will vest at the end of each quarter over a period of 4 years in a time based manner. |
Exercise period* |
Within 10 years from the date of grant upon vesting |
Exercise price (Absolute) |
USD 5.85 |
USD 6.83 |
USD 10.00 |
USD 10.00 |
USD 10.00 |
USD 10.00 |
USD 10.00 |
Settlement type |
Equity Settled |
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Number of options outstanding as at (in million):
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March 31, 2026 |
0 |
0 |
0 |
4 |
1 |
5 |
23 |
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| Schedule of Movement of Options Outstanding under the share based payment schemes |
The details of options outstanding are summarized below:
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Particulars |
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Number of options (in million) |
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Outstanding as at April 1, 2023 |
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36 |
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Granted during the year |
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16 |
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Lapsed during the year |
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1 |
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Outstanding as at March 31, 2024 |
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51 |
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Granted during the year |
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7 |
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Lapsed during the year |
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1 |
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Outstanding as at March 31, 2025 |
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57 |
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Granted during the year |
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5 |
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Excercised/Lapsed during the year |
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5 |
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Outstanding as at March 31, 2026 |
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57 |
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Exercisable as at March 31, 2026 |
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48 |
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Exercisable as at March 31, 2025 |
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40 |
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| Schedule of Information about Fair Value of Inputs to Option Pricing Model Share Options Granted |
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For the year ended March 31, |
2021 Incentive Award Plan |
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2025 |
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2026 |
Dividend yield (%) |
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0.0% |
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0.0% |
Expected volatility (%) |
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28.52% to 33.90% |
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29.92% to 33.75% |
Risk–free interest rate (%) |
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3.64% to 5.21% |
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3.73% to 4.00% |
Weighted average expected life of options granted |
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8 to 10 years |
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8 to 10 years |
Weighted average share price |
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USD 5.22 to USD 7.46 |
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USD 4.50 to USD 8.19 |
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| 2025 Employee Stock Option Plan |
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| Share Based Payment Arrangements [Line Items] |
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| Schedule of Terms And Conditions of Share Based Payment Arrangement under Employee Stock Option Plan Schemes |
The relevant terms of the ESOP schemes are as below:
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Plans |
Employee stock option plan ("2025 ESOP") |
Grant Date |
September 15, 2025 |
November 15, 2025 |
February 15, 2026 |
Vesting period |
Time linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 20%; 24 months from Grant Date- 20%; 36 months from Grant Date- 20%; 48 months from Grant Date- 20%; Performance linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 5%; 24 months from Grant Date- 5%; 36 months from Grant Date- 5%; 48 months from Grant Date- 5%; subject to achievement of Performance Metrics |
Time linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 20%; 24 months from Grant Date- 20%; 36 months from Grant Date- 20%; 48 months from Grant Date- 20%; Performance linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 5%; 24 months from Grant Date- 5%; 36 months from Grant Date- 5%; 48 months from Grant Date- 5%; subject to achievement of Performance Metrics |
Time linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 20%; 24 months from Grant Date- 20%; 36 months from Grant Date- 20%; 48 months from Grant Date- 20%; Performance linked vesting: Options shall vest upon completion of- 12 months from Grant Date- 5%; 24 months from Grant Date- 5%; 36 months from Grant Date- 5%; 48 months from Grant Date- 5%; subject to achievement of Performance Metrics |
Exercise period |
Option are exercisable on and from the vesting date, at any time upto August 23, 2031. |
Option are exercisable on and from the vesting date, at any time upto August 23, 2031. |
Option are exercisable on and from the vesting date, at any time upto August 23, 2031. |
Exercise price (Absolute) |
INR 115 |
INR 115 |
INR 115 |
Fair value at grant date (Absolute) |
INR 49.27 to INR 58.84 |
INR 62.43 to INR 72.90 |
INR 61.73 to INR 72.50 |
Fair value at March 31, 2026 (Absolute) |
INR 74.06 to 85.39 |
INR 74.06 to 85.39 |
INR 74.06 to 85.39 |
Number of options outstanding as at (in million):
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March 31, 2026 |
6 |
0 |
0 |
March 31, 2025 |
— |
— |
— |
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| Schedule of Movement of Options Outstanding under the share based payment schemes |
The details of options outstanding are summarized below:
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Particulars |
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Number of
options
(in million) |
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Outstanding as at April 01, 2025 |
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— |
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Granted during the period |
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6 |
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lapsed during the year |
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(0 |
) |
Outstanding as at March 31, 2026 |
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6 |
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| Schedule of Information about Fair Value of Inputs to Option Pricing Model Share Options Granted |
The fair value of stock options was estimated using Black-Scholes valuation model, taking into account the terms and conditions upon which the share options were granted. Following are the assumptions used in valuation of 2025 ESOP Plan:
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Particulars |
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Year ended
March 31, 2026 |
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Dividend yield (%) |
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0% |
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Expected volatility (%)* |
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60.00% |
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Risk–free interest rate |
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6.04% to 6.81% |
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Weighted average expected life of options granted |
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3.44 to 5.15 years |
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Weighted average share price |
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|
INR 104.67 to INR 138.00 |
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* The Expected volatility reflects the assumption that the historical volatility were period similar to the life of the option is indicative of future trends, which may not necessary be the actual outcome.
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| 2025 Employee Share Purchase Plan |
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| Share Based Payment Arrangements [Line Items] |
|
| Schedule of Terms And Conditions of Share Based Payment Arrangement under Employee Stock Option Plan Schemes |
The relevant terms of the 2025 ESPP schemes are as below:
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Plans |
ReNew 2025 Employee share purchase plan ("2025 ESPP") |
Grant Date |
September 15, 2025 |
Vesting period |
Grants will vest in 3 years on quarterly basis which shall commence from the date of original grant of options. |
Exercise period |
Within 16.92 years from the date of grant upon vesting. |
Exercise price (Absolute) |
INR 100 |
Fair value at grant date (Absolute) |
INR 100 |
Fair value as at March 31, 2026 (Absolute) |
INR 122.18 |
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| Schedule of Movement of Options Outstanding under the share based payment schemes |
The details of options outstanding are summarized below:
|
|
|
|
|
Particulars |
|
Number of
options
(in million) |
|
Outstanding as at April 01, 2025 |
|
|
— |
|
Granted during the period |
|
|
9 |
|
Lapsed during the period |
|
|
1 |
|
Outstanding as at March 31, 2026 |
|
|
8 |
|
|
| Schedule of Information about Fair Value of Inputs to Option Pricing Model Share Options Granted |
The fair value of stock options was estimated using Binomial Model valuation model, taking into account the terms and conditions upon which the share options were granted. Following are the assumptions used in valuation of 2025 ESPP Plan:
|
|
|
|
|
|
|
Particulars |
|
|
|
Year ended
March 31, 2026 |
|
|
Dividend yield (%) |
|
|
|
0% |
|
|
Expected volatility (%) * |
|
|
|
39.63% |
|
|
Risk–free interest rate (%) |
|
|
|
8.28% |
|
|
Weighted average expected life of options granted |
|
|
|
19.92 years |
|
|
Weighted average share price (Absolute) |
|
|
|
INR 127.43 |
|
|
*The Expected volatility reflects the assumption that the historical volatility were period similar to the life of the option is indicative of future trends, which may not necessary be the actual outcome.
|
| Global Incentive Plan 2024 |
|
| Share Based Payment Arrangements [Line Items] |
|
| Schedule of Terms And Conditions of Share Based Payment Arrangement under Employee Stock Option Plan Schemes |
The relevant terms of the ESOP schemes are as below:
|
|
|
|
|
Plans |
Global Incentive Plan 2024 |
Grant Date |
May 01, 2025 |
Vesting period |
Grants will vest in 4 years on monthly/yearly basis which shall commence from the date of original grant of options. |
Exercise period |
Vested Subscription Rights can only be exercised during the Exercise Period which is maximum 10 years from the issance. |
Exercise price (Absolute) |
EURO 29.43 |
Settlement type |
Cash Settled |
|
|
|
Fair value at grant date (Absolute) |
EURO 11.39 |
|
|
|
Fair value acquisition i.e. July 01, 2026 (Absolute) |
EURO 11.39 |
|
|
|
Fair value as at March 31, 2026 (Absolute) |
EURO 11.41 |
|
|
|
|
| Schedule of Movement of Options Outstanding under the share based payment schemes |
The details of options outstanding are summarized below:
|
|
|
|
|
Particulars |
|
Number of options
(in million) |
|
Outstanding as at April 1, 2025 |
|
|
— |
|
Granted during the period |
|
|
0 |
|
Exercised/Lapsed during the period |
|
|
— |
|
|
|
|
— |
|
Outstanding as at March 31, 2026 |
|
|
0 |
|
Exercisable as at the end of the Period |
|
|
0 |
|
|