Thank you all for your immediate responses.
My case is, I am about 2.5 months less than RO obligation. But I had to travel to India last year due to family members death and I had to stay there for about 3 months. I want to apply now stating that reason. That is why I was concerned if my renewal application gets denied and if it will have any affect on my current PR card which is valid till Mar 2024. I am planning to travel this week.
Also, Can I apply for renewal from out of Canada? Let's say from India or the US? I don't think so but want to confirm.
Thank you again.
BE SURE to fully review the PR card application, the checklist, and all instructions.
To make a PR card application you must affirm, in the application itself, you are IN Canada. The application form will not properly work otherwise.
So, no, you cannot make a PR card application when outside Canada, at least not without committing a serious misrepresentation (affirm you are in Canada when you are not; note, this is a rather easy misrepresentation to catch and prosecute). And, for a PR in breach of the RO, applying for a PR card while outside Canada would be a bad idea anyway.
Note, in particular, you say you have not met the RO; you are NOT eligible for a new PR card if you do not meet the RO.
Additionally, as a PR in breach of the RO, going outside Canada will constitute taking some serious risk of losing PR status.
Making the PR card application when not eligible in itself creates a risk of inadmissibility proceedings potentially leading to loss of PR status.
There are no easy answers to how to best navigate your situation. There are risks in every direction . . . well, except you can avoid the risks by:
-- staying here in Canada until you meet the RO, and
-- waiting to apply for a new PR card when you meet the RO
If you are in breach of the PR RO, but feel you absolutely must travel outside Canada (despite the fact this significantly increases the risk of losing PR status, since you currently meet the definition of inadmissible), and you are confident you will be returning to Canada before your current PR card expires,
it is probably better to wait until you are back IN Canada to make a PR card application. And once back in Canada, if possible it is best to wait to make the application ONLY AFTER you have stayed long enough to be in RO compliance.
Assuming you make the trip, be prepared if you are questioned about your RO compliance at the Port-of-Entry when you return. Be prepared to make your H&C case, to explain the reasons why you have failed to be in Canada enough to meet the RO, asking to be allowed to keep PR status despite the failure to comply with the RO.
But in making your H&C case you need to deal straight-up with the facts and circumstances. For example, you cannot possibly be in breach of the RO because you had to go outside Canada for three months. NOT close. It takes a total of THREE YEARS being outside Canada, at a minimum, to breach the RO.
I get that what you probably mean is that you would have met the RO except you had to make that trip . . . and now another one. That does not get you far in advancing the case there are H&C reasons why IRCC should allow you to keep PR status despite the failure to comply with the RO. The RO gives the PR plenty of room to be abroad for three months here, six months on another occasion, even a full year or two, totally at the PR's personal discretion, no need to explain why . . . but, of course, this is only so long as the total time outside Canada does not add up to more than 1095 days within five years.
All That Said . . .
If you have a valid PR card and can travel back to Canada while that card is still valid, there is little or no reason to make a PR card application relying on H&C relief before you leave. H&C applications generally take a lot longer than routine PR card applications, so applying sooner (like now, before you leave) is not going to get you a new card anytime soon, certainly not in less than two months.
And either way, whether you have a PR card application pending, or not, when you return to Canada you will be running the risk border officials will make an issue of RO compliance. So even if you have the PR card application pending, when you get back here you might need to persuade border officials you deserve relief from enforcing the RO, that you deserve to keep your PR status despite failing to meet the RO. (Note: worst case scenario is they proceed with inadmissibility proceedings, issue a Removal Order, and then you will be allowed into Canada and you can appeal.)
Assuming the PR card you currently have is your FIRST, and thus assuming you landed and became a PR in early 2019, if you have finally settled and have been living in Canada most of this past year, plus some but for the earlier three month trip, you probably have a good chance of not being issued a Removal Order when you return here, despite being two to four months short of meeting the RO. So, you get here, get into Canada, and this time STAY until you are in RO compliance. You do not need a new PR card anytime soon as long as you are staying (in case you did not know, it is OK to stay without a valid PR card). In contrast, a new PR card will not save your PR status if you leave without meeting the RO.
So, probable best approach if you must take this trip: go (taking some risk doing so), get back, stay and wait to apply for a new PR card when you are RO compliant. 
