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
₹32,483 Cr
Volatility
Moderate
P/E Ratio
17.28
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 2d agoAI opinion · based on fundamentals
Risk medium
IREDA is a government-backed renewable energy financier with a market cap of ₹32,362 Cr trading at a PE of 16.4x and PB of 2.34x. The company has delivered strong profit growth of 40% CAGR over 5 years and 34% sales CAGR over 3 years, though the stock has declined 22% over the past year.
Bull Case 8
- Exceptional 5-year profit CAGR of 40.2%, significantly outpacing most financial services peers
- Strong 3-year revenue CAGR of 34% indicating rapid loan book expansion in the renewable energy lending space
- Reasonable valuation at PE of 16.4x despite high growth profile, suggesting potential re-rating opportunity
- Consistent ROE of 16-17% over 3-5 years demonstrates stable return generation on equity
- TTM revenue growth of 20% and profit growth of 26% show continued momentum in recent quarters
- 10-year compounded sales growth of 22% reflects long-term structural tailwind from India's renewable energy push
- Government-backed entity (Mini Ratna) with lower funding costs and policy support for green energy financing
- Price-to-book of 2.34x is moderate for a high-growth NBFC with 16%+ ROE
Bear Case 8
- Stock has declined 22% over the past 1 year, indicating significant negative sentiment or overvaluation correction
- Low interest coverage ratio raises concerns about the company's ability to service its own debt obligations
- Potential capitalization of interest costs may be inflating reported profits and asset quality metrics
- Dividend yield of only 0.52% offers minimal income return to shareholders
- As a sector-specific lender focused solely on renewables, the loan book carries high concentration risk
- Debt-to-equity ratio not disclosed clearly, typical for NBFCs in this space it tends to be high given leveraged lending model
- TTM profit growth of 26% shows deceleration from the 3-year CAGR of 29% and 5-year CAGR of 40%
- ROE of 16% in the last year is flat versus the 3-year average of 17%, suggesting limited improvement in capital efficiency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 23h ago Headwinds 1
- Audit committee remains vacant Aug 3
IREDA's audit committee remains vacant as of Q1FY27, posing a governance risk for the NBFC.
Positives 2
- Q1FY27 net profit up 37% YoY Aug 3
IREDA reported net profit of ₹337.50 crore for Q1FY27, up 37% YoY driven by higher interest income. Gross NPA ratio improved to 3.76%.
- FY26 profit up 10%, QIP raised Aug 13
IREDA posted ₹1,873 crore net profit for FY26 (+10% YoY) on 24% revenue growth, raised ₹2,006 crore via QIP, and maintained CRAR at 20.59%.
Neutral 1
- ₹0.75 final dividend declared Aug 22
IREDA board approved ₹0.75 per share final dividend for FY26 with record date September 11, 2026. Four senior managers ceased roles.
TL;DR: IREDA is delivering strong profit growth with Q1FY27 up 37% YoY and healthy capital adequacy at 20.59% CRAR. Asset quality is improving with gross NPA declining to 3.76%. The vacant audit committee is a governance overhang but financials are trending positively, supported by the ₹2,006 crore QIP raising growth capital for the renewable energy lending book.
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% | 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
| 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.
4
Comments Of C&AG On Audited Financial Statements(Standalone & Consolidated) For FY 2025-26
13 Aug 2026
General_Announcements
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 ₹32483.14 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 17.28. 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 1.17%. 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]