Indian Renewable Energy Development Agency Ltd
IREDA NSE
Indian Renewable Energy Development Agency Ltd
Financial Services F&ONSE: IREDA BSE: 544026 Financial Institution
Key Fundamentals
SmallcapFinancial InstitutionFinancial ServicesMarket Cap
₹33,079 Cr
Volatility
Moderate
P/E Ratio
16.82
EBITDA
₹7,218 Cr
Return on Equity
16.54%
Debt to Equity
6.08
Book Value
₹49.07
EPS
₹1.29
52W High
₹163.35
52W Low
₹108.65
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Indian Renewable Energy Development Agency Ltd insights
37 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 40.2% CAGR over last 5 years
Weaknesses
2- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
Growth Rate
Revenue Growth
22.42% ↗
Net Income Growth
4.37% ↗
Cash Flow Change
-30.27% ↘
ROE
13.06% ↗
ROCE
0.12% ↗
EBITDA Margin (Avg.)
-6.49% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 6d agoAI opinion · based on fundamentals
Risk medium
IREDA is a government-backed NBFC exclusively financing India's renewable energy sector, reporting record PAT of ₹1,699 crore in FY25 (up 36% YoY) with a loan book of ₹76,250 crore growing at 28% YoY. However, recent asset quality deterioration (gross NPA spiking to 4.13% in Q1 FY26 from 2.45% in Q4 FY25) and a stock decline of 18% over the past year present material concerns alongside the strong growth trajectory.
Bull Case 8
- Record PAT of ₹1,699 crore in FY25, a 36% YoY increase, with 5-year profit CAGR of 40.2%
- Loan book grew 28% YoY to ₹76,250 crore in FY25, with further expansion to ₹93,069 crore by Q4 FY26 (22% YoY growth)
- Revenue compounding at 34% CAGR over 3 years and 26% over 5 years, with TTM growth at 20%
- Direct beneficiary of India's 500 GW non-fossil fuel capacity target by 2030, up from ~297 GW currently — implying massive financing demand ahead
- Navratna status achieved in April 2024 with 71.76% government ownership, providing sovereign backing and low-cost funding access
- Loan sanctions up 27% to ₹47,453 crore in FY25 and disbursements up 20% to ₹30,168 crore, indicating strong pipeline visibility
- Net interest income grew 39% YoY to ₹622 crore in Q3 FY25, demonstrating healthy spread expansion
- PE ratio of 17.2x is reasonable for a financial services company delivering 26% TTM profit growth and consistent 16-17% ROE
Bear Case 8
- Gross NPA spiked sharply to 4.13% in Q1 FY26 from 2.45% in Q4 FY25, with over ₹1,500 crore of exposures classified as NPA in a single quarter
- Net NPA deteriorated to 2.06% from 1.35% sequentially, raising concerns about asset quality in a concentrated lending book
- Low interest coverage ratio flagged as a structural concern — typical for highly leveraged NBFCs dependent on spread income
- Stock has declined 18% over the past 1 year, significantly underperforming broader markets despite strong earnings growth
- Concentration risk as 100% of lending is to the renewable energy sector — any policy shift or sectoral slowdown directly impacts the entire portfolio
- Company might be capitalizing interest costs, which could overstate reported profitability and asset values
- Capital adequacy ratio restated to 15.52% as of December 2024 after court-driven NPA reclassification and 100% risk weighting — rapid loan book growth may require frequent capital raises diluting shareholders
- Dividend yield of just 0.5% offers limited income return, and government stake sales (7% OFS planned) could create overhang on stock price
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago Headwinds 2
- GNPA rises to 3.49% Aug 13
Gross NPA increased to 3.49% in FY26, indicating some deterioration in asset quality despite overall profit growth.
- Audit committee remains vacant Aug 3
As of Q1FY27 results, IREDA's audit committee remains vacant, raising governance concerns for the NBFC.
Positives 2
- Q1FY27 profit surges 37% YoY Aug 3
Net profit rose 37% YoY to ₹337.50 crore in Q1FY27 driven by higher interest income, with gross NPA ratio improving to 3.76% from prior quarters.
- FY26 revenue grows 23.4% Aug 13
FY26 net profit rose 10.3% YoY to ₹1,873.3 crore on 23.4% revenue growth. CRAR improved to 20.59% and ₹2,005.9 crore was raised via QIP.
Neutral 1
- Govt director appointed to board Jul 23
Ministry of New and Renewable Energy appointed Joint Secretary J.V.N Subramanyam as Government Nominee Director on IREDA's board with immediate effect.
TL;DR: IREDA is delivering strong top-line and bottom-line growth, with Q1FY27 profit up 37% and FY26 revenue up 23.4%. Capital adequacy is healthy at 20.59% CRAR post-QIP. Key risks include rising GNPA (3.49% in FY26) and a vacant audit committee. The growth trend remains positive but asset quality and governance gaps need monitoring going forward.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,143 | 1,177 | 1,253 | 1,391 | 1,510 | 1,630 | 1,698 | 1,904 | 1,947 | 2,057 | 2,130 | 2,175 | 2,248 |
| Expenses | -66 | -3 | 99 | 56 | 51 | 131 | 119 | 170 | 427 | 138 | 179 | 308 | 486 |
| Financing Profit | 445 | 387 | 394 | 488 | 484 | 469 | 548 | 630 | 302 | 706 | 718 | 626 | 422 |
| Fin. Margin % | 39% | 33% | 31% | 35% | 32% | 29% | 32% | 33% | 16% | 34% | 34% | 29% | 19% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 11 | 12 | 1 | 10 | 6 | 1 |
| Interest | 764 | 793 | 760 | 847 | 975 | 1,030 | 1,032 | 1,104 | 1,218 | 1,213 | 1,233 | 1,241 | 1,341 |
| Depreciation | 6 | 7 | 8 | 9 | 9 | 9 | 10 | 11 | 10 | 10 | 11 | 13 | 10 |
| PBT | 440 | 380 | 386 | 480 | 476 | 460 | 538 | 630 | 305 | 696 | 717 | 619 | 413 |
| Tax % | 33% | 25% | 13% | 30% | 19% | 16% | 21% | 20% | 19% | 21% | 18% | 20% | 18% |
| Net Profit | 295 | 285 | 336 | 337 | 384 | 388 | 425 | 502 | 247 | 549 | 585 | 493 | 338 |
| EPS in Rs | 1.29 | 1.25 | 1.25 | 1.26 | 1.43 | 1.44 | 1.58 | 1.87 | 0.88 | 1.95 | 2.08 | 1.75 | 1.2 |
| Gross NPA % | 3.08% | 3.13% | 2.9% | — | 2.19% | 2.19% | 2.68% | 2.45% | 4.13% | 3.97% | 3.75% | 3.49% | — |
| Net NPA % | 1.61% | 1.65% | 1.52% | — | 0.95% | 1.04% | 1.5% | 1.35% | 2.06% | 1.97% | 1.68% | 1.29% | — |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,118 | 1,174 | 2,020 | 2,369 | 2,655 | 2,860 | 3,483 | 4,965 | 6,754 | 8,309 | 8,610 |
| Expenses | 88 | 84 | 431 | 649 | 495 | 430 | 232 | 85 | 471 | 1,052 | 1,111 |
| Financing Profit | 384 | 421 | 406 | 260 | 590 | 843 | 1,163 | 1,716 | 2,142 | 2,352 | 2,471 |
| Fin. Margin % | 34% | 36% | 20% | 11% | 22% | 29% | 33% | 35% | 32% | 28% | 29% |
| Other Income | 0 | 1 | -72 | 3 | 3 | 14 | 0 | -1 | 0 | 28 | 17 |
| Interest | 646 | 668 | 1,183 | 1,459 | 1,570 | 1,587 | 2,088 | 3,164 | 4,141 | 4,905 | 5,027 |
| Depreciation | 5 | 4 | 23 | 23 | 23 | 23 | 24 | 30 | 39 | 44 | 44 |
| PBT | 379 | 418 | 311 | 241 | 570 | 834 | 1,139 | 1,685 | 2,104 | 2,337 | 2,445 |
| Tax % | 28% | 29% | 20% | 11% | 39% | 24% | 24% | 26% | 19% | 20% | — |
| Net Profit | 272 | 298 | 250 | 215 | 346 | 634 | 865 | 1,252 | 1,699 | 1,873 | 1,964 |
| EPS in Rs | 347 | 380 | 3.19 | 2.73 | 4.42 | 2.77 | 3.78 | 4.66 | 6.32 | 6.67 | 6.98 |
| Div. Payout % | 20% | 53% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 20% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 785 | — | 785 | 785 | 785 | 2,285 | 2,285 | 2,688 | 2,688 | 2,809 |
| Reserves | 1,394 | — | 1,799 | 1,737 | 2,211 | 2,984 | 3,651 | 5,872 | 7,578 | 10,972 |
| Borrowing | 7,439 | — | 18,753 | 21,854 | 24,000 | 27,613 | 40,165 | 49,687 | 64,740 | 77,846 |
| Other Liabilities | 663 | — | 3,181 | 3,277 | 3,298 | 3,827 | 4,347 | 4,354 | 4,728 | 2,175 |
| Total Liabilities | 10,280 | — | 24,518 | 27,652 | 30,293 | 36,708 | 50,447 | 62,600 | 79,734 | 93,802 |
| Fixed Assets | 33 | — | 303 | 282 | 266 | 248 | 229 | 361 | 349 | 320 |
| CWIP | 7 | — | 0 | 0 | 0 | 131 | 144 | 0 | 0 | 0 |
| Investments | 0 | — | 0 | 0 | 0 | 99 | 99 | 101 | 626 | 910 |
| Other Assets | 10,241 | — | 24,215 | 27,370 | 30,027 | 36,230 | 49,975 | 62,138 | 78,760 | 92,572 |
| Total Assets | 10,280 | — | 24,518 | 27,652 | 30,293 | 36,708 | 50,447 | 62,600 | 79,734 | 93,802 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | -5,018 | -1,709 | -3,206 | -5,254 | -12,343 | -11,100 | -14,461 | -14,482 |
| Investing | — | — | -37 | 0 | -2 | -107 | -17 | -23 | -543 | -281 |
| Financing | — | — | 3,736 | 2,141 | 2,441 | 5,271 | 12,368 | 11,059 | 14,960 | 14,748 |
| Net Cash Flow | — | — | -1,319 | 431 | -767 | -90 | 7 | -64 | -44 | -15 |
| Free Cash Flow | — | — | -5,055 | -1,710 | -3,209 | -5,262 | -12,360 | -11,123 | -14,488 | -14,498 |
| CFO/OP | — | — | -308 | -89 | -141 | -204 | -372 | -220 | -221 | -193 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 12% | — | 11% | 8% | 13% | 15% | 15% | 17% | 18% | 16% |
Documents
1
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Apr - IREDA filed Regulation 74(5) certificates for quarter ended March 31, 2026; no equity or bond requests. 9 Apr - IREDA filed Regulation 74(5) certificates for quarter ended March 31, 2026; no equity or bond requests.
2
Disclosure Under Regulation 31(4) Of SEBI (SAST) Regulations, 2011 As Of March 31, 2026.
1 Apr - President of India (MNRE) holds 2,01,58,23,529 shares (71.76%) as of Mar 31, 2026; no encumbrance. 1 Apr - President of India (MNRE) holds 2,01,58,23,529 shares (71.76%) as of Mar 31, 2026; no encumbrance.
3
Announcement under Regulation 30 (LODR)-Press Release / Media Release
31 Mar - IGGEFIL assigned 'BBB+/Stable' long-term foreign-currency rating on March 31, 2026. 31 Mar - IGGEFIL assigned 'BBB+/Stable' long-term foreign-currency rating on March 31, 2026.
4
IREDA - Business Performance For The Year Ended March 31, 2026 (Provisional)
31 Mar - Provisional FY2026: Loans sanctioned ₹51,883cr; disbursements ₹34,946cr; loan book ₹93,075cr. 31 Mar - Provisional FY2026: Loans sanctioned ₹51,883cr; disbursements ₹34,946cr; loan book ₹93,075cr.
5
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
30 Mar - IREDA signed JPY28 billion ECB facility (incl. JPY12bn green shoe) with SMBC on March 30, 2026, unsecured, five-year. 30 Mar - IREDA signed JPY28 billion ECB facility (incl. JPY12bn green shoe) with SMBC on March 30, 2026, unsecured, five-year.
Frequently Asked Questions about Indian Renewable Energy Development Agency Ltd
What does Indian Renewable Energy Development Agency Ltd do?
Indian Renewable Energy Development Agency Ltd was incorporated as a fully owned Govt. of India enterprise under the administrative control of the MNRE. Furthermore, the company was notified as a public financial institution and is also registered as a non-deposit taking NBFC with the RBI.
The c...
Where is Indian Renewable Energy Development Agency Ltd (IREDA) listed?
Indian Renewable Energy Development Agency Ltd is listed on the Indian stock exchanges. It is listed on NSE: IREDA and BSE: 544026. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indian Renewable Energy Development Agency Ltd belong to?
Indian Renewable Energy Development Agency Ltd operates in the Financial Services sector within the Financial Institution industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd has a market capitalisation of approximately ₹33078.70 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indian Renewable Energy Development Agency Ltd?
The Price-to-Earnings (PE) ratio of Indian Renewable Energy Development Agency Ltd is 16.82. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indian Renewable Energy Development Agency Ltd?
Over the past 52 weeks, Indian Renewable Energy Development Agency Ltd has traded between a low of ₹108.65 and a high of ₹163.35. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indian Renewable Energy Development Agency Ltd pay dividends?
Yes, Indian Renewable Energy Development Agency Ltd has a dividend yield of 0.51%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd has a Return on Equity (ROE) of 16.54%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indian Renewable Energy Development Agency Ltd on Tapetide?
On Tapetide, you can view Indian Renewable Energy Development Agency Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Indian Renewable Energy Development Agency Ltd was incorporated as a fully owned Govt. of India enterprise under the administrative control of the MNRE. Furthermore, the company was notified as a public financial institution and is also registered as a non-deposit taking NBFC with the RBI. The company was established for the promotion, development and commercialisation of new and renewable sources of energy and provides financial assistance to energy efficiency and conservation projects. The Ministry of New and Renewable Energy, Government of India has given IREDA the 'Navaratna Status. RBI classified company as “Infrastructure Finance Company”.[1][2]