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IREDA

Indian Renewable Energy Development Agency Ltd

IREDA NSE
₹106.00 +3.70 (+3.62%)
P/E
15.14
View as Markdown
MCP
Close 4 Nov 2026 ₹106.00 −42.56 −28.6% 1Y
Start ₹148.56

Key Fundamentals

SmallcapFinanceFinancial Services

Price-based figures as of · EPS basis: Standalone · TTM

Debt to Equity
5.64
EPS (TTM)
₹7.00
Book Value
₹51.05
Market Cap
—
P/E (TTM)
15.14
P/B
2.08
ROE
15.60%
Dividend Yield
1.32%
52W High
₹153.48
52W Low
₹98.78
Day Range
₹101.55 – ₹106.55
Volume
58,20,233
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Financial Institution

IREDA peer comparison
Power Finance Corporation
₹322.504.09₹1,05,884 Cr0.741.23%20.70%—₹1,15,431 Cr₹33,642 Cr
IRFC
₹77.8413.80₹1,00,876 Cr1.681.52%12.80%—₹30,125 Cr₹7,371 Cr
REC
₹287.004.71₹75,534 Cr0.792.72%20.10%—₹59,202 Cr₹16,035 Cr
HUDCO
₹153.067.20₹29,482 Cr1.490.86%20.00%—₹13,930 Cr₹4,255 Cr
IREDA (this company)
₹106.0015.14₹29,202 Cr2.081.32%15.60%—₹8,897 Cr₹1,970 Cr
IFCI
₹59.4292.84₹15,778 Cr1.790.00%1.97%—₹1,988 Cr₹432 Cr
Tourism Finance Corporation of India
₹160.8948.32₹7,170 Cr5.660.37%9.75%—₹291 Cr₹154 Cr
Median 7 companies₹153.0613.80₹29,482 Cr1.681.23%15.60%—₹13,930 Cr₹4,255 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 94/100

Category scores

Quality
40
Weak
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.41
Neutral
MACD (12,26,9)
−2.14
Bullish
SMA (50)
109.29
Bearish
SMA (200)
120.87
Bearish

As of

Analyst Rating

Based on 2 analysts
TIED50%

1 of 2 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
1
50%
HOLD
1
50%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+21.66%
5Y+25.72%
3Y+33.77%
1Y+23.44%
TTM+16.97%

Net profit

Net profit growth by window
10Y+20.18%
5Y+40.18%
3Y+29.37%
1Y+10.24%
TTM+14.34%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2015₹1,118 Cr
Mar 2016₹1,174 Cr
Mar 2019₹2,020 Cr
Mar 2020₹2,369 Cr
Mar 2021₹2,655 Cr
Mar 2022₹2,860 Cr
Mar 2023₹3,483 Cr
Mar 2024₹4,965 Cr
Mar 2025₹6,754 Cr
Mar 2026₹8,337 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2015₹272 Cr
Mar 2016₹298 Cr
Mar 2019₹250 Cr
Mar 2020₹215 Cr
Mar 2021₹346 Cr
Mar 2022₹634 Cr
Mar 2023₹865 Cr
Mar 2024₹1,252 Cr
Mar 2025₹1,699 Cr
Mar 2026₹1,873 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EPS
₹7.80 +15.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-02, IREDA trades at ₹102.24 with a market cap of ₹28,600.78 crore, a P/E (TTM) of 14.61 and a P/B of 2. The company has delivered strong 5-year profit CAGR of 40% but its stock has declined 30% over the past year, and it currently trades near the lower end of its 52-week range of ₹98.78–₹153.74.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 40%, well above the 10-year profit CAGR of 20%, indicating an acceleration in earnings momentum.
  • Compounded sales growth of 34% over 3 years reflects robust loan book expansion in the renewable energy financing space.
  • P/E (TTM) of 14.61 is relatively modest for a company that has compounded profits at 29% over 3 years, suggesting earnings growth may not be fully priced in.
  • ROE of 13.59% as of 2026-11-02 is healthy for a financial services company, supported by a consistent 3-year average ROE of 17%.
  • Price-to-book ratio of 2 is reasonable given the company's 5-year ROE track record of 16%, implying the market is not paying an excessive premium over book value.
  • Dividend yield of 1.36% provides a degree of income return, which is notable for a growth-oriented infrastructure financing entity.
  • 10-year compounded sales growth of 22% demonstrates a long track record of sustained revenue expansion across multiple economic cycles.
Bear Case 8
  • The stock has delivered a 1-year CAGR of -30%, indicating significant erosion of investor confidence and sharp underperformance.
  • Low interest coverage ratio raises concerns about the company's ability to service its own borrowing costs comfortably, a key risk for a lending institution.
  • Potential capitalisation of interest costs could mean reported profits overstate the true operating performance, flattering growth metrics.
  • TTM profit growth has decelerated sharply to 14% from the 3-year CAGR of 29%, signalling a possible slowdown in earnings momentum.
  • ROCE of 8.03% is notably lower than the ROE of 13.59%, suggesting heavy reliance on leverage to generate equity returns, which amplifies risk in a lending business.
  • TTM sales growth of 17% is significantly below the 3-year compounded sales growth of 34%, pointing to a decelerating top-line trajectory.
  • Last year's ROE of 16% has declined to 13.59% as of 2026-11-02, indicating a potential compression in return on equity going forward.
  • The stock has fallen roughly 33% from its 52-week high of ₹153.74, and persistent downward price action could reflect structural concerns rather than just sentiment.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: IREDA has resolved its leadership vacuum with the appointment of an experienced CMD whose tenure extends to September 2029, providing stability. Revenue growth remains healthy at 14% YoY, though net profit growth was modest at 1% YoY in Q2FY27, suggesting margin pressure or rising provisioning. No material headwinds surfaced in recent news, and the MoU with MNRE signals continued government alignment — the key watch item going forward is whether the new CMD can accelerate loan book growth while keeping asset quality in check.

Positives 2
  • New CMD appointed until 2029 Oct 30

    Jatin Kumar Nayak appointed CMD of IREDA effective October 30, 2026, with tenure until September 30, 2029. He brings 34+ years of power sector and finance experience including stints at REC Ltd, NHPC, and NALCO, ending interim leadership uncertainty.

  • Q2FY27 profit up, income grows 14% Oct 19

    IREDA reported Q2FY27 standalone net profit of ₹554.26 crore, up 1% YoY, while total income rose 14% YoY to ₹2,344.75 crore driven by higher interest income.

Neutral 1
  • Performance MoU signed 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.

Quarterly Results

₹ Cr
IREDA quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue
1,177
1,253
1,391
1,510
1,630
1,698
1,904
1,947
2,057
2,130
2,175
2,248
2,344
Expenses
−3
99
56
51
131
119
170
427
138
179
308
486
251
Financing Profit
387
394
488
484
469
548
630
302
706
718
626
422
716
Fin. Margin %
33%
31%
35%
32%
29%
32%
33%
16%
34%
34%
29%
19%
31%
Other Income
0
0
0
0
1
1
11
12
1
10
6
1
1
Interest
793
760
847
975
1,030
1,032
1,104
1,218
1,213
1,233
1,241
1,341
1,376
Depreciation
7
8
9
9
9
10
11
10
10
11
13
10
10
PBT
380
386
480
476
460
538
630
305
696
717
619
413
707
Tax %
25%
13%
30%
19%
16%
21%
20%
19%
21%
18%
20%
18%
22%
Net Profit
285
336
337
384
388
425
502
247
549
585
493
338
554
EPS (₹)
1.25
1.25
1.26
1.43
1.44
1.58
1.87
0.88
1.95
2.08
1.75
1.2
1.97
Gross NPA %
3.13%
2.9%
—
2.19%
2.19%
2.68%
2.45%
4.13%
3.97%
3.75%
3.49%
3.76%
—
Net NPA %
1.65%
1.52%
—
0.95%
1.04%
1.5%
1.35%
2.06%
1.97%
1.68%
1.29%
1.22%
—

Profit & Loss

₹ Cr
IREDA profit and loss, annual, ₹ crore
Particulars 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
8,337
8,897
Expenses
88
84
431
649
495
430
232
85
471
1,051
1,225
Financing Profit
384
421
406
260
590
843
1,163
1,716
2,142
2,382
2,481
Fin. Margin %
34%
36%
20%
11%
22%
29%
33%
35%
32%
29%
28%
Other Income
0
1
−72
3
3
14
0
−1
0
−1
18
Interest
646
668
1,183
1,459
1,570
1,587
2,088
3,164
4,141
4,905
5,191
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
2,456
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
1,969
EPS (₹)
3.47
3.8
3.19
2.73
4.42
2.77
3.78
4.66
6.32
6.67
7
Div. Payout %
20%
53%
0%
0%
0%
0%
0%
0%
0%
20%
—

Balance Sheet

₹ Cr
IREDA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
785
785
785
785
2,285
2,285
2,688
2,688
2,809
2,809
Reserves
1,394
1,799
1,737
2,211
2,984
3,651
5,872
7,578
10,972
11,528
Borrowing
7,439
18,753
21,854
24,000
27,613
40,165
49,687
64,740
77,846
80,882
Other Liabilities
663
3,181
3,277
3,298
3,827
4,347
4,354
1,860
2,175
2,766
Total Liabilities
10,280
24,518
27,652
30,293
36,708
50,447
62,600
76,867
93,802
97,986
Fixed Assets
33
303
282
266
248
229
361
349
320
306
CWIP
7
0
0
0
131
144
0
0
0
0
Investments
0
0
0
0
99
99
101
626
910
1,002
Other Assets
10,241
24,215
27,370
30,027
36,230
49,975
62,138
75,892
92,572
96,679
Total Assets
10,280
24,518
27,652
30,293
36,708
50,447
62,600
76,867
93,802
97,986

Cash Flow

₹ Cr
IREDA cash flow, annual, ₹ crore
Particulars 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

Ratios

IREDA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
12%
—
11%
8%
13%
15%
15%
17%
18%
16%

Insights

Beta

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

Log in to view IREDA insights

56 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 71.76%
  • Public 21.77%
  • FIIs 2.57%
  • DIIs 2.53%
  • Others 1.37%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

  • Q2 FY27 concall · Oct 2026
    PPT
  • Q1 FY27 concall · Aug 2026
    PPT
  • Concall · May 2026
    PPT
  • Concall · Jan 2026
    PPT
  • Concall · Nov 2025
    PPT

Frequently Asked Questions about IREDA

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.
Where is Indian Renewable Energy Development Agency Ltd (IREDA) listed?
Indian Renewable Energy Development Agency Ltd trades as IREDA on the NSE and under code 544026 on the BSE.
Which sector does Indian Renewable Energy Development Agency Ltd belong to?
Indian Renewable Energy Development Agency Ltd is classified under the Financial Services sector, in the Financial Institution industry.
What is the PE ratio of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd trades at a PE ratio of 15.14 as of 4 Nov 2026, on earnings per share of ₹7, against a book value of ₹51.05 per share.
What is the 52-week high and low of Indian Renewable Energy Development Agency Ltd?
Over the last 52 weeks Indian Renewable Energy Development Agency Ltd has traded between ₹98.78 and ₹153.48 as of 4 Nov 2026.
Does Indian Renewable Energy Development Agency Ltd pay dividends?
Indian Renewable Energy Development Agency Ltd has a dividend yield of 1.32%.
What is the Return on Equity (ROE) of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd reported a return on equity of 15.60%. Its debt-to-equity ratio is 5.64.

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”.

Website ireda.in
Listed 29 Nov 2023
Face Value ₹10

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