Indian Renewable Energy Development Agency Ltd

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Indian Renewable Energy Development Agency Ltd

₹ 124 -1.33%
13 Feb - close price
ireda.in BSE: 544026 NSE: IREDA
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 ₹ 34,711 Cr.
  • Current Price ₹ 124
  • High / Low ₹ 188 / 122
  • Stock P/E 18.4
  • 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

  • Stock is trading at 2.69 times its book value
  • 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

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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: -27%
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 2015 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%

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 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 13,67,95321,47,27222,43,29326,16,55526,19,35826,79,93826,69,47226,56,61725,75,369

* 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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