IREDA
IREDA
Financial Services F&OKey Fundamentals
SmallcapFinancial InstitutionFinancial ServicesPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Standalone · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
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
AI Analysis — Bull vs Bear
As of the 2026-10-08 close, IREDA traded at ₹103.8, a market capitalisation of ₹29,159.82 crore. That is a trailing P/E of 14.87x and a P/B of 2.12x. The stock was 0.4% above its 52-week low of ₹103.41 and 34.6% below its 52-week high of ₹158.7, after a 1-year return of -28%. Profit has compounded at 40% over 5 years and 26% on a TTM basis, but ROE has slipped to 13.59% from a 3-year average of 17%, and ROCE is low at 8.03%.
- Profit has grown at a 40% CAGR over 5 years and 29% over 3 years, and TTM profit growth is still 26%. That shows sustained growth in earnings.
- Revenue has compounded at 34% over 3 years, 26% over 5 years and 22% over 10 years. That points to a long record of loan book expansion in renewable energy financing.
- TTM profit growth of 26% is faster than TTM sales growth of 20%. That suggests operating leverage or better margins in the most recent period.
- A trailing P/E of 14.87x (about 6.7% earnings yield) is low relative to 26% TTM profit growth. That is a PEG of roughly 0.57 on trailing figures.
- The 28% one-year decline left the stock at ₹103.8, about 34.6% below its 52-week high of ₹158.7. Valuation multiples have come down from their earlier levels.
- TTM EPS of ₹6.98 implies net profit of roughly ₹1,961 crore on a ₹29,159.82 crore market cap. That is a sizeable earnings base for the valuation.
- ROE has averaged 17% over 3 years and 16% over 5 years. That shows the business has reached mid-to-high teens returns on equity before.
- A dividend yield of 1.26% gives shareholders some cash return while the company grows.
- TTM ROE of 13.59% is below the 3-year average of 17% and last year's 16%. Returns on equity are falling even as the balance sheet grows.
- ROCE of only 8.03% reflects the thin spread of a lending business. Small changes in borrowing costs or credit losses could hurt returns a lot.
- The company has a low interest coverage ratio. As a wholesale-funded lender, its earnings cushion over finance costs is limited.
- The company may be capitalising interest cost. If so, reported profit growth (26% TTM, 40% 5-year CAGR) may overstate underlying cash earnings.
- Sales growth has slowed from a 34% 3-year CAGR to 20% TTM. The fastest growth phase may be over.
- The stock fell 28% over one year and closed at ₹103.8, only 0.4% above its 52-week low of ₹103.41. Price momentum is still negative.
- A P/B of 2.12x (implied book value about ₹49 per share) is a premium for a lender earning 13.59% ROE. Further ROE erosion could push the multiple lower.
- Debt-to-equity figures are not available. Leverage, the key risk measure for an NBFC, cannot be checked from the data given, and the 1.26% dividend yield offers little offset.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- CMD role still interim Oct 1
IREDA extended Dr. Bijay Kumar Mohanty's additional charge as CMD for three more months from October 1, 2026, or until a regular CMD is appointed. Another extension means the leadership question stays open, though the impact is likely modest given continuity under Mohanty.
- FY27 performance MoU with MNRE Oct 6
IREDA signed a performance-based MoU with the Ministry of New and Renewable Energy on October 5, 2026, setting strategic targets and operational goals for FY27. Secretary Sarangi and CMD Mohanty signed it at Atal Akshay Urja Bhawan, New Delhi, which confirms the ministry's continued support and sets clear performance benchmarks.
- 39th AGM adopts FY26 financials Sep 29
IREDA held its 39th AGM on September 29, 2026, adopting standalone and consolidated FY26 financial statements. Shareholders approved the final dividend and director appointments.
- CAG names joint auditors FY27 Sep 25
The Comptroller and Auditor General of India appointed M/s Shiv & Associates and M/s MAPSS & Co. as joint statutory auditors for FY27. This is a routine appointment for a PSU.
TL;DR: Recent IREDA news is mostly routine corporate governance: the FY26 AGM, the auditor appointment and the annual MoU with MNRE. The FY27 MoU signals steady government backing and clear operating targets. The main risk is that the CMD post is still interim after another three-month extension. There is no new information on growth or asset quality, so the trend looks stable. A regular CMD appointment and Q2 FY27 loan growth and NPA numbers will matter most going forward.
Quarterly Results
| Particulars | 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% | 3.76% |
| Net NPA % | 1.61% | 1.65% | 1.52% | — | 0.95% | 1.04% | 1.5% | 1.35% | 2.06% | 1.97% | 1.68% | 1.29% | 1.22% |
Profit & Loss
| Particulars | 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 | 8,337 | 8,610 |
| Expenses | 88 | 84 | 431 | 649 | 495 | 430 | 232 | 85 | 471 | 1,051 | 1,111 |
| Financing Profit | 384 | 421 | 406 | 260 | 590 | 843 | 1,163 | 1,716 | 2,142 | 2,382 | 2,471 |
| Fin. Margin % | 34% | 36% | 20% | 11% | 22% | 29% | 33% | 35% | 32% | 29% | 29% |
| Other Income | 0 | 1 | -72 | 3 | 3 | 14 | 0 | -1 | 0 | -1 | 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
| Particulars | 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 | 1,860 | 2,175 |
| Total Liabilities | 10,280 | — | 24,518 | 27,652 | 30,293 | 36,708 | 50,447 | 62,600 | 76,867 | 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 | 75,892 | 92,572 |
| Total Assets | 10,280 | — | 24,518 | 27,652 | 30,293 | 36,708 | 50,447 | 62,600 | 76,867 | 93,802 |
Cash Flow
| Particulars | 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 | -192 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view IREDA insights
57 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about IREDA
What does Indian Renewable Energy Development Agency Ltd do?
Where is Indian Renewable Energy Development Agency Ltd (IREDA) listed?
Which sector does Indian Renewable Energy Development Agency Ltd belong to?
What is the market capitalisation of Indian Renewable Energy Development Agency Ltd?
What is the PE ratio of Indian Renewable Energy Development Agency Ltd?
What is the 52-week high and low of Indian Renewable Energy Development Agency Ltd?
Does Indian Renewable Energy Development Agency Ltd pay dividends?
What is the Return on Equity (ROE) of Indian Renewable Energy Development Agency Ltd?
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]
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