Indian Renewable Energy Development Agency Ltd logo

Indian Renewable Energy Development Agency Ltd

IREDA NSE

Key Fundamentals

SmallcapFinancial InstitutionFinancial Services
Market 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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37 extracted metrics + investor summaries across FY15–FY26.

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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 anthropic claude-opus-4.6 6d ago
AI 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 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 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
12%
11%
8%
13%
15%
15%
17%
18%
16%

Shareholding Pattern

As of Jun 2026
Promoters 71.76%
Public 21.99%
FIIs 2.48%
DIIs 2.40%
Others 1.37%
Total 100.00%
  Nov 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
71.76%
71.76%
71.76%
71.76%
71.76%
FIIs
0.00%
1.88%
1.36%
2.70%
2.02%
1.85%
1.75%
2.04%
1.92%
2.07%
2.14%
2.48%
DIIs
8.10%
4.37%
0.95%
0.42%
0.35%
0.64%
0.51%
2.95%
2.57%
2.51%
2.45%
2.40%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
12.41%
17.58%
21.33%
20.39%
21.34%
21.24%
21.44%
21.33%
22.39%
22.31%
22.25%
21.99%
Others
4.50%
1.17%
1.36%
1.49%
1.28%
1.27%
1.30%
1.92%
1.36%
1.36%
1.41%
1.37%
No. of Shareholders
5,26,355
13,67,950
21,47,270
22,43,290
26,16,560
26,19,360
26,79,940
26,41,980
26,56,620
25,75,370
25,19,680
24,65,920

Documents

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]

Website ireda.in
Listed 2023-11-29
Face Value ₹ 10
Issued Size 2,80,92,31,268

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