IREDA
Mid CapIndian Renewable Energy Development Agency Limited
Power
India’s largest pure-play green financing NBFC with over 39 years of experience. It holds Infrastructure Finance Company status by RBI and is a Systemically Important Non-Deposit Taking NBFC. 71.76% owned by Government of India, a Navratna & 'Schedule A' CPSE, playing a strategic role in GoI’s RE sector initiatives.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -2% YoY · Rev +14% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,175 Cr | +14.2% | +2.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹493 Cr | -1.8% | -15.7% |
| PAT margin | 22.7% | -368 bps | -479 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IREDA reported strong FY26 performance with Revenue from Operations up 23% YoY to Rs 8309 Cr and PAT up 10% YoY to Rs 1873 Cr. Outstanding Loan book grew 22% YoY to Rs 93069 Cr. Asset quality saw a QoQ improvement in Net NPA to 1.29% from 1.68%.
The company demonstrated robust financial growth in FY26, driven by significant expansion in its loan book. Asset quality, while showing a YoY increase in Gross NPA, improved sequentially in Net NPA. The strong government backing and strategic role in India's RE targets provide a solid foundation for continued growth.
Outstanding Loans by Sector as of March 31, 2026
Latest issuer-disclosed distribution across 12 reported categories.
India's RE Sector Growth
Outlook for India’s RE sector is positive, with major policy announcements & ambitious targets.
Government of India's RE Targets
India has a target of 500 GW non-fossil fuel-based energy by 2030.
Emerging Technologies Financing
Financing for Battery Storage System, Green Hydrogen, Pumped Storage Hydro, Smart Meters, EV & Charging Infra.
Diversified Financial Products
Offers a comprehensive suite of financial products and related services for the RE Sector.
Loan Sanction Growth
Sanction increased 9% YoY to Rs 51883 Cr in FY26.
Loan Disbursement Growth
Disbursement increased 16% YoY to Rs 34946 Cr in FY26.
Government Support & Policy
Plays a strategic role in GoI’s initiatives for promotion & development of RE sector.
Strong Credit Ratings
Highest Domestic Credit Ratings of ‘AAA/Stable’ and S&P Global Ratings ‘BBB’’ with Stable Outlook.
Access to Diverse Funding
Raised JPY 26 Billion ECB Facility from SBI Tokyo and ₹2,005.90 crore through a Qualified Institutional Placement (QIP) in 2025.
Asset Quality Volatility
Gross NPA increased to 3.49% in FY26 from 2.45% in FY25, though Net NPA improved QoQ.
Concentration Risk
Solar Energy (26%) and Loan facility to state utilities (23%) comprise nearly half of the outstanding loan book.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (YoY) comparison is crucial for assessing the overall financial health and growth trajectory of a financial institution over a full business cycle. Quarterly (QoQ) comparison is important for tracking sequential momentum in loan book growth, asset quality trends, and profitability, especially for an NBFC.
Outstanding Loan book
Outstanding Loan book of Rs 93069 Cr in FY26, a 22% Y-o-Y change.
Gross NPA (%)
Gross NPA was 3.49% in FY26, compared to 3.75% in Q3 FY26 and 2.45% in FY25.
Net NPA (%)
Net NPA was 1.29% in FY26, compared to 1.68% in Q3 FY26 and 1.35% in FY25.
Yield on Loan Assets (%)
Yield on Loan Assets (Gross) was 9.54% in FY26, down from 10.03% in FY25.
Commitment to Shareholder Value
Declared interim dividend of Rs 0.60 per equity share reflecting commitment to delivering long term value to shareholders.
ESG Integration
Committed for the development and implementation of projects that are environmentally and socially sustainable.
ESG Reporting
Planned Third BRSR with reasonable assurance and First sustainability report for FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA | 1.29% (FY26) | Sustained sequential improvement and stability below 1.5%. |
| Loan Book Growth | 22% YoY (FY26) | Continued double-digit growth in sanctions and disbursements. |
| Net Interest Margin (NIM) | 3.65% (FY26) | Stability or improvement in NIM amidst changing interest rate environment. |
| Provision Coverage Ratio | 63.88% (FY26) | Continued strengthening of provision coverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -1.3% / mo
Technical chart
IREDAweekly · 6M-10.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 43.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 44.3%.
- Growth contributes 19/25 to the score.
- Valuation contributes 12/30 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 8th percentile of the scored universe and 4th percentile within Power. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter holding is 71.8%. Key concern: Operating cash flow is negative at ₹-14477 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Power: 4th pctile, median 67 · Mid: 4th pctile, median 76
27 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-14477 Cr.
- ▸Debt/equity is 5.65.
- ▸Altman Z is 0.47.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 18.00
- P/B
- 2.44
- EV/EBITDA
- 2536.27
- Market Cap
- 33750.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 8.69%
- ROA
- 2.00%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 5.65
- Interest Coverage
- —
- Altman Z
- 0.47
- Book Value
- 49.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14477.00 Cr
- EPS TTM
- 6.67
Shareholding
- Promoter Hold
- 71.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.