Indian Renewable Energy Development Agency Ltd

₹ 114 -2.50%

09 Mar - close price

About

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]

Key Points

Business Profile^[1]
Company is the nation's largest pure-play green financing NBFC. It provides a comprehensive range of financial products and related services, from project conceptualization to post-commissioning, for Renewable Energy (RE) projects and other value chain activities, such as equipment manufacturing and transmission.
The company is 75% owned by GoI.^[2]

Website BSE NSE

Market Cap ₹ 32,124 Cr.
Current Price ₹ 114
High / Low ₹ 187 / 112
Stock P/E 17.1
Book Value ₹ 46.0
Dividend Yield 0.00 %
ROCE 9.37 %
ROE 18.0 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 51.3% CAGR over last 5 years

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Financial Institution

Part of BSE 500 BSE 200 BSE Dollex 200 BSE PSU Nifty 500 Nifty Midcap 100 Nifty 200 BSE CPSE BSE Allcap BSE Financial Services BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty Midcap 150 Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Equal Weight

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	869	1,036	1,143	1,177	1,253	1,391	1,510	1,630	1,698	1,904	1,947	2,057	2,130
Interest	524	638	764	793	760	847	975	1,030	1,032	1,104	1,218	1,213	1,233
	105	104	-66	-3	99	56	51	131	119	170	427	138	179
Financing Profit	240	294	445	387	394	488	484	469	548	630	302	706	718
Financing Margin %	28%	28%	39%	33%	31%	35%	32%	29%	32%	33%	16%	34%	34%
	0	0	0	0	0	0	0	1	1	11	12	1	10
Depreciation	6	6	6	7	8	9	9	9	10	11	10	10	11
Profit before tax	235	288	440	380	386	480	476	460	538	630	305	696	717
Tax %	14%	12%	33%	25%	13%	30%	19%	16%	21%	20%	19%	21%	18%
	201	254	295	285	336	337	384	388	425	502	247	549	585
EPS in Rs	0.88	1.11	1.29	1.25	1.25	1.26	1.43	1.44	1.58	1.87	0.88	1.95	2.08
Gross NPA %	4.24%	3.21%	3.08%	3.13%	2.90%		2.19%	2.19%	2.68%		4.13%	3.97%	3.75%
Net NPA %	2.03%	1.66%	1.61%	1.65%	1.52%		0.95%	1.04%	1.50%		2.06%	1.97%	1.68%
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,118	2,020	2,369	2,655	2,860	3,483	4,965	6,754	8,038
Interest	646	1,183	1,459	1,570	1,587	2,088	3,164	4,141	4,768
	88	431	649	495	430	232	85	471	914
Financing Profit	384	406	260	590	843	1,163	1,716	2,142	2,357
Financing Margin %	34%	20%	11%	22%	29%	33%	35%	32%	29%
	0	-72	3	3	14	-0	-1	0	33
Depreciation	5	23	23	23	23	24	30	39	42
Profit before tax	379	311	241	570	834	1,139	1,685	2,104	2,348
Tax %	28%	20%	11%	39%	24%	24%	26%	19%
	272	250	215	346	634	865	1,252	1,699	1,882
EPS in Rs	346.56	3.19	2.73	4.42	2.77	3.78	4.66	6.32	6.78
Dividend Payout %	20%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	20%
5 Years:	23%
3 Years:	33%
TTM:	29%

Compounded Profit Growth
10 Years:	20%
5 Years:	51%
3 Years:	39%
TTM:	23%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-21%

Return on Equity
10 Years:	%
5 Years:	16%
3 Years:	17%
Last Year:	18%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
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	10,111
Borrowing	7,439	18,753	21,854	24,000	27,613	40,165	49,687	64,740	69,939
	663	3,181	3,277	3,298	3,827	4,347	4,354	4,728	4,934
Total Liabilities	10,280	24,518	27,652	30,293	36,708	50,447	62,600	79,734	87,794
	33	303	282	266	248	229	361	349	335
CWIP	7	0	0	0	131	144	0	0	0
Investments	0	0	0	0	99	99	101	626	780
	10,241	24,215	27,370	30,027	36,230	49,975	62,138	78,760	86,678
Total Assets	10,280	24,518	27,652	30,293	36,708	50,447	62,600	79,734	87,794

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-5,018	-1,709	-3,206	-5,254	-12,343	-11,100	-14,461
	-37	-0	-2	-107	-17	-23	-543
	3,736	2,141	2,441	5,271	12,368	11,059	14,960
Net Cash Flow	-1,319	431	-767	-90	7	-64	-44

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Insights

In beta

Mar 2015

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Mar 2022

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Employee Headcount
Count

xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
x.xx	x.xx	x.xx	x.xx	x.xx	xx.xx	x.xx	x.xx	x.xx	x.xx	x.xx
x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
x,xxx.xx	x,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
x,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx

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Gross NPA %
%

Loan Disbursements
INR Crore

Loan Sanctions
INR Crore

Net NPA %
%

Outstanding Loan Assets
INR Crore

Provision Coverage Ratio
%

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	71.76%	71.76%	71.76%
	1.88%	1.36%	2.70%	2.02%	1.85%	1.74%	2.04%	1.92%	2.07%
	4.37%	0.94%	0.42%	0.35%	0.63%	0.51%	2.95%	2.57%	2.51%
	18.75%	22.70%	21.87%	22.62%	22.51%	22.74%	23.24%	23.75%	23.67%
No. of Shareholders	13,67,953	21,47,272	22,43,293	26,16,555	26,19,358	26,79,938	26,69,472	26,56,617	25,75,369

	Mar 2024	Mar 2025	Dec 2025
	75.00%	75.00%	71.76%
	1.36%	1.74%	2.07%
	0.94%	0.51%	2.51%
	22.70%	22.74%	23.67%
No. of Shareholders	21,47,272	26,79,938	25,75,369

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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