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IREDA

IREDA NSE

Key Fundamentals

SmallcapFinancial InstitutionFinancial Services
Market Cap
₹31,413 Cr
Volatility
Moderate
P/E Ratio
16
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

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

Revenue Growth
22.42% lower than 3Y
Net Income Growth
4.37% lower than 3Y
Cash Flow Change
-30.27% higher than 3Y
ROE
13.06% lower than 3Y
ROCE
0.12% lower than 3Y
EBITDA Margin (Avg.)
-6.49% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

IREDA, a government-backed NBFC focused on renewable energy financing, trades at a market cap of ₹31,413 Cr with a PE of 16.2x and PB of 2.31x. The company has delivered strong compounded profit growth of 40% CAGR over 5 years and 34% sales CAGR over 3 years, though the stock has declined 24% over the past year and carries concerns around interest coverage and potential interest capitalization.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 40% CAGR, significantly outpacing most financial services peers
  • Robust 3-year compounded sales growth of 34% CAGR reflects strong loan book expansion aligned with India's renewable energy push
  • PE ratio of 16.2x is reasonable for a high-growth financial services company, suggesting the recent stock correction may have brought valuations to more attractive levels
  • TTM revenue growth of 20% and profit growth of 26% indicate continued operational momentum in the most recent period
  • Consistent ROE of 16-17% over 3 and 5-year periods demonstrates stable return generation on equity capital
  • As a government-owned entity (Ministry of New and Renewable Energy), IREDA benefits from policy tailwinds with India targeting 500 GW non-fossil fuel capacity by 2030
  • Dividend yield of 1.2% provides some income return, which is noteworthy for a growth-stage NBFC
  • 10-year compounded sales growth of 22% and profit growth of 20% show the long-term structural growth trajectory is intact
Bear Case 8
  • Stock has declined 24% over the past 1 year, reflecting significant negative sentiment or valuation correction from elevated levels
  • Low interest coverage ratio raises concerns about the company's ability to comfortably service its debt obligations from operating earnings
  • Potential capitalization of interest costs could mean reported profits are overstated, masking true borrowing expenses
  • Debt-to-equity ratio is unavailable in reported data, creating opacity around the true leverage position of this lending institution
  • PB ratio of 2.31x is on the higher side for an NBFC, especially one with unclear asset quality transparency
  • ROE has marginally declined from 17% (3-year average) to 16% (last year), suggesting slight pressure on return efficiency
  • As a sector-specific NBFC concentrated entirely in renewable energy, IREDA faces high portfolio concentration risk with no diversification across other lending segments
  • TTM profit growth of 26% has decelerated from the 29% 3-year CAGR and 40% 5-year CAGR, indicating potential growth moderation ahead

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • ₹672Cr Gensol loan fraud exposed Aug 19

    CBI registered a case over ₹672 crore fraud where Gensol diverted IREDA loan funds meant for 6,400 EVs, acquiring only 4,704 vehicles and leaving ₹262 crore unaccounted. The fraud could increase IREDA's Gross NPA ratio by 70-75 bps, with remaining 15% provisioning (~₹101 crore) still to hit near-term profits.

  • Due diligence gaps under scrutiny Aug 19

    IREDA failed to detect forged letters issued in its name to credit rating agencies and missed ₹262 crore in procurement discrepancies, exposing critical weaknesses in end-use monitoring and early warning systems.

  • NSE, BSE fine for non-compliance Aug 27

    IREDA was fined ₹14,19,540 each by NSE and BSE for board composition non-compliance, attributed to delays in government appointments.

Positives 2
  • ₹0.75 final dividend for FY26 Aug 22

    IREDA board approved a final dividend of ₹0.75 per share for FY26 with a record date of September 11, 2026.

  • Strong net worth at ₹1.38L Cr Sep 2

    IREDA's FY26 BRSR report highlights net worth of ₹1,37,813 crore and zero safety incidents, reflecting robust capital position.

Neutral 2
  • 39th AGM set for Sep 29 Sep 2

    IREDA scheduled its 39th Annual General Meeting for September 29, 2026, with the final dividend record date set as September 11, 2026.

  • Senior management changes noted Aug 22

    Four senior managers ceased their roles as part of board-level changes announced alongside the FY26 dividend approval.

TL;DR: IREDA maintains a strong capital base with ₹1.38 lakh crore net worth and continues shareholder returns via a ₹0.75 dividend, but the ₹672 crore Gensol-BluSmart fraud is a significant overhang — exposing NPA risk, provisioning pressure, and serious gaps in credit monitoring. The regulatory fine adds minor reputational concern. The trend is deteriorating on the risk management front; IREDA's strategic credibility in green energy lending hinges on how effectively it tightens due diligence and implements enhanced fraud detection going forward.

Quarterly Results

Particulars 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%
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%
Figures in ₹ Crores

Profit & Loss

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
8,309
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

Particulars 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

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
CFO/OP
—
—
-308
-89
-141
-204
-372
-220
-221
-193
Figures in ₹ Crores

Ratios

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

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53 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Others1.37%Promot.71.76%DIIs2.40%FIIs2.48%Public21.99%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - Jan 2026 Jan 2026
4
Concall - Nov 2025 Nov 2025
5
Concall - Oct 2025 Oct 2025

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. The c...
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 market capitalisation of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd has a market capitalisation of ₹31,413 Cr, which places it in the Large Cap band.
What is the PE ratio of Indian Renewable Energy Development Agency Ltd?
Indian Renewable Energy Development Agency Ltd trades at a PE ratio of 16.00, on earnings per share of ₹1.29, against a book value of ₹49.07 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 ₹108.65 and ₹163.35.
Does Indian Renewable Energy Development Agency Ltd pay dividends?
Indian Renewable Energy Development Agency Ltd has a dividend yield of 1.20%.
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 16.54%. Its debt-to-equity ratio is 6.08.

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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