HDFC Bank Limited
NSE: HDFCBANK
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Research updated
Indian Renewable Energy Development Agency Ltd.
NSE: IREDAFinancial ServicesCredit Services
- Last close
- ₹100.27
- Day change
- −₹2.34 (−2.28%)vs
- Market cap
- ₹30,413 crIndian rupees
- Research updated
- 1 report
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About Indian Renewable Energy Development Agency
Indian Renewable Energy Development Agency Ltd. is a public sector financial institution dedicated to promoting and developing renewable energy projects across India. As a non-banking financial company under the administrative control of the Ministry of New and Renewable Energy, it plays a crucial role in facilitating the transition toward sustainable energy sources by providing financial assistance for a variety of projects in sectors such as solar, wind, biomass, and small hydro among others. Its primary function is to offer project financing and tailored loan solutions to developers and investors aiming to set up renewable energy ventures. IREDA is instrumental in supporting India’s ambitious renewable energy targets, contributing to the national agenda of enhancing energy security and reducing carbon emissions. Through its focus on clean energy financing, IREDA not only aids in the development of infrastructure essential for sustainable growth but also encourages innovation and investment in the renewable energy sphere, thereby driving the expansion of the green economy in India.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: IREDA
- Employees
- 160
- Headquarters
- New Delhi, India
- ISIN
- INE202E01016
- Website
- ireda.in
Public research · Report of
Business model & financial foundation
IREDA (NSE: IREDA), Infrastructure Finance Company (NBFC-IFC), renewable energy project lending: revenue of ₹8,310 crore in FY26 (+23.2% on FY25) and net profit of ₹1,874 crore.
- Revenue, FY26 (₹ crore)
- 8,310
- consolidated
- Revenue growth, FY26
- +23.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,874
- to owners
- Return on equity, FY26
- 15.6%
- on average equity
- Market capitalisation (₹ crore)
- 30,452
- at the close of 15 Oct 2026
Company profile
IREDA is a Navratna, government-owned NBFC classified by RBI as an Infrastructure Finance Company, and India's largest pure-play green financier. It lends to solar, wind, hydro, hybrid, ethanol, manufacturing, storage and state utilities across 23 states and 4 UTs, with a 94,936cr loan book at 30 Jun 2026, 77% private. Funding is AAA-rated domestic bonds and bank loans plus hedged foreign borrowings.
| Item | Value |
|---|---|
| Legal name | Indian Renewable Energy Development Agency Limited |
| Exchange and ticker | NSE: IREDA; BSE: 544026 |
| ISIN | INE202E01016 |
| CIN | L65100DL1987GOI027265 |
| Sector | Financial Services |
| Industry | Infrastructure Finance Company (NBFC-IFC), renewable energy project lending |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Shiv & Associates and Rao & Emmar (joint statutory auditors, appointed by C&AG) (since FY26) |
| Market capitalisation | ₹30,452 crore (15 Oct 2026) |
| Shares outstanding | 280.92 crore shares (FY26) |
| Price | ₹108.5 (close, 15 Oct 2026) |
| 52-week range | ₹103.4 - ₹158.7 (to 15 Oct 2026) |
| Website | https://www.ireda.in |
Corporate structure and shareholding
Parent: President of India through Secretary, MNRE (71.76%).
| Entity | Holding | Business |
|---|---|---|
| IREDA Global Green Energy Finance IFSC Limited | 100% | Foreign-currency renewable lending from GIFT City IFSC |
No associates or joint ventures at 31 Mar 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 71.76% | 71.76% | 71.76% | 71.76% |
| Promoter holding pledged | 0.00% | 0.00% | ||
| Foreign institutions | 1.92% | 2.07% | 2.14% | 2.48% |
| Domestic institutions | 2.57% | 2.51% | ||
| of which mutual funds | 0.22% | 0.12% | 0.14% | 0.11% |
| Retail | 22.39% | 22.31% | 22.25% | 21.98% |
| Other | 1.36% | 1.36% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IREDA is a government-owned (71.76%) Infrastructure Finance Company that borrows AAA-rated in bonds, bank loans and hedged foreign loans and lends long-tenor project finance to renewable generation, manufacturing, ethanol, storage and state utilities. Earnings are the spread on a 94,936cr book (Q1FY27) plus equity-funded float, less credit cost; opex is small (~8% of income). It controls underwriting and pricing; it does not control project completion, PPA counterparty payment, or the rate cycle. The private share of the book rose to 77% in Q1FY27 from 72% a year earlier.
| Segment | revenue external, FY26 (₹ crore) | Share | noncurrent operating assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Single reportable business/geographical segment (Ind AS108) | 8,339 | 100.0% | 320.6 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| REC Ltd (RECLTD) | PSU power-sector lender with growing renewable book; closest funding and ownership analogue |
| Power Finance Corporation (PFC) | PSU power lender and REC parent; same AAA sovereign-linked funding |
| PTC India Financial Services (PFS) | Infrastructure/renewable-focused NBFC |
| Indian Railway Finance Corporation (IRFC) | |
| Housing & Urban Development Corporation (HUDCO) | PSU infrastructure NBFC, comparable size and ownership |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,780 | 3,343 | 4,964 | 6,743 | 8,310 |
| Cost of revenue (vendor classification) * | 753.2 | 1,242 | 2,086 | 4,223 | 2,443 |
| Other operating costs (vendor classification) * | 44.3 | 53.3 | 79.6 | 142.4 | 89.7 |
| EBITDA (vendor classification) * | 1,919 | 2,091 | 2,732 | 2,620 | 5,674 |
| EBIT * | 1,715 | 2,037 | 2,821 | 2,357 | 4,882 |
| Finance cost | 881.0 | 897.9 | 3,164 | 4,141 | 4,905 |
| Profit before tax | 833.8 | 1,139 | 1,685 | 2,104 | 2,338 |
| Total tax expense/(credit) | 200.3 | 274.6 | 433.0 | 405.2 | 463.6 |
| Consolidated profit after tax | 633.5 | 864.6 | 1,252 | 1,698 | 1,874 |
| Reported diluted EPS (₹) | 2.36 | 3.22 | 5.16 | 6.32 | 6.73 |
| Interest income | 4,822 | 6,576 | 8,180 | ||
| Fees and commission income | 60.0 | 95.7 | 58.8 | ||
| Net fair value gain/(loss) | -11.3 | 13.1 | 31.2 | ||
| Other operating income | 92.8 | 58.2 | 39.9 | ||
| Other income | 1.36 | 12.4 | 28.5 | ||
| Net translation/transaction exchange loss/(gain) | -16.5 | 41.6 | 43.4 | ||
| Impairment on financial instruments | -67.2 | 237.2 | 777.1 | ||
| Employee benefits expense | 71.3 | 81.7 | 105.6 | ||
| Depreciation, amortization and impairment | 30.4 | 38.9 | 43.9 | ||
| Other expenses (excludes separately reported FX and CSR) | 76.5 | 87.0 | 93.2 | ||
| Corporate social responsibility expense | 21.5 | 24.8 | 33.5 | ||
| Current tax including earlier years | 413.0 | 471.3 | 565.1 | ||
| Deferred tax expense/(credit) | 20.0 | -66.1 | -101.5 | ||
| Net interest income | 1,658 | 2,435 | 3,276 | ||
| Pre-provision profit before depreciation (management convention) | 1,648 | 2,380 | 3,159 | ||
| Profit attributable to owners | 1,252 | 1,698 | 1,874 | ||
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 | ||
| Share of associate/JV profit | 0.00 | 0.00 | 0.00 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Operating expenses incl. FX loss and CSR | 152.8 | 235.0 | 275.7 | ||
| Impairment on financial instruments | -67.2 | 237.2 | 777.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 5,268 | 5,935 | 8,559 | 10,267 | 13,785 |
| Total funded borrowings | 26,968 | 39,516 | 49,687 | 64,740 | 77,846 |
| Cash and cash equivalents | 131.2 | 138.5 | 74.2 | 57.3 | 47.7 |
| Trade receivables (not loan book) | 4.53 | 4.91 | 6.02 | 5.93 | 3.15 |
| Trade payables | 4.76 | 4.49 | 7.30 | 9.12 | 4.51 |
| Net property plant and equipment excluding ROU | 0.00 | 0.00 | 206.4 | 199.7 | 177.4 |
| Capital work in progress | 128.3 | 139.3 | 0.00 | 0.00 | 0.00 |
| Total assets | 36,708 | 50,447 | 62,600 | 76,867 | 93,808 |
| Net loans carrying value | 58,775 | 74,272 | 90,197 | ||
| Debt securities | 17,714 | 28,446 | 28,422 | ||
| Borrowings other than debt securities | 31,324 | 33,490 | 46,167 | ||
| Subordinated liabilities including perpetual debt | 649.4 | 2,805 | 3,257 | ||
| Bank balances other than cash equivalents | 661.7 | 461.0 | 702.5 | ||
| Investments held as liquidity | 101.3 | 600.1 | 883.8 | ||
| Analytical net debt including liquid investments | 49,511 | 64,083 | 76,914 | ||
| Total liabilities excluding equity | 54,041 | 66,601 | 80,022 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities after tax | -5,285 | -12,224 | -11,100 | -14,460 | -14,477 |
| Free cash flow (vendor definition) * | -5,262 | -12,360 | -11,123 | -14,487 | -14,492 |
| Gross capital expenditure (positive outflow) | -4.98 | -15.5 | 23.3 | 27.6 | 15.7 |
| Purchase PPE including ROU (positive outflow) | 16.3 | 25.4 | 15.0 | ||
| Purchase intangible assets (positive outflow) | 4.52 | 1.93 | 0.39 | ||
| Cash additions to CWIP (positive outflow) | 2.50 | 0.27 | 0.00 | ||
| Intangible development cash outflow | 0.00 | 0.00 | 0.23 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual period-end equity shares outstanding | 268.78 | 268.78 | 268.78 | 268.78 | 280.92 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,630 | 1,698 | 1,905 | 1,948 | 2,057 | 2,130 | 2,175 | 2,249 |
| Cost of revenue (vendor classification) * | 1,051 | 1,052 | 1,125 | 1,240 | 1,262 | 1,270 | 1,374 | |
| Other operating costs (vendor classification) * | 43.8 | 22.3 | 21.1 | 26.7 | 41.4 | 30.1 | 29.2 | |
| EBITDA (vendor classification) * | 533.9 | 735.2 | 881.5 | 1,025 | 956.4 | 1,062 | 1,262 | |
| EBIT * | 507.9 | 617.8 | 744.6 | 662.0 | 816.5 | 848.1 | 835.1 | |
| Profit before tax | 459.9 | 538.2 | 629.7 | 304.8 | 696.4 | 717.2 | 619.1 | 413.8 |
| Total tax expense/(credit) | 72.2 | 112.8 | 128.2 | 58.0 | 147.1 | 132.0 | 126.5 | 75.2 |
| Consolidated profit after tax | 387.8 | 425.4 | 501.5 | 246.9 | 549.3 | 585.2 | 492.6 | 338.5 |
| Reported diluted EPS (not annualized) (₹) | 1.44 | 1.58 | 1.87 | 0.91 | 1.97 | 2.09 | 1.76 | 1.21 |
| Interest income | 1,577 | 1,654 | 1,862 | 1,909 | 2,030 | 2,102 | 2,139 | 2,199 |
| Fees and commission income | 25.6 | 16.5 | 28.6 | 15.3 | 12.2 | 19.1 | 12.2 | 37.5 |
| Net fair value gain/(loss) | 17.3 | -3.39 | 3.37 | 9.49 | 7.58 | -0.24 | 14.4 | 1.39 |
| Other operating income | 9.53 | 30.9 | 11.1 | 13.7 | 7.08 | 9.05 | 10.1 | 11.8 |
| Other income | 0.83 | 0.53 | 10.6 | 12.2 | 0.57 | 9.73 | 5.95 | 1.15 |
| Finance cost | 1,030 | 1,032 | 1,104 | 1,218 | 1,213 | 1,233 | 1,241 | 1,341 |
| Net translation/transaction exchange loss/(gain) | 32.4 | -27.2 | -0.61 | 16.3 | 13.7 | -20.5 | 34.0 | 5.35 |
| Impairment on financial instruments | 33.9 | 104.0 | 129.4 | 362.6 | 69.9 | 129.3 | 215.3 | 418.5 |
| Employee benefits expense | 20.9 | 19.5 | 21.4 | 21.2 | 26.0 | 29.0 | 29.4 | 32.6 |
| Depreciation, amortization and impairment | 9.43 | 10.0 | 10.8 | 9.96 | 10.4 | 11.0 | 12.5 | 9.94 |
| Other expenses (excludes separately reported FX and CSR) | 37.7 | 16.1 | 14.8 | 18.5 | 20.3 | 33.3 | 21.1 | 18.8 |
| Corporate social responsibility expense | 6.09 | 6.19 | 6.30 | 8.15 | 8.15 | 8.15 | 9.05 | 10.4 |
| Current tax including earlier years | 43.3 | 158.3 | 140.1 | 113.4 | 140.9 | 178.6 | 132.3 | 187.8 |
| Deferred tax expense/(credit) | 28.9 | -45.5 | -12.0 | -55.4 | 6.18 | -46.6 | -5.74 | -112.6 |
| Net interest income | 546.9 | 622.3 | 758.3 | 690.8 | 817.5 | 869.7 | 897.8 | 857.5 |
| Pre-provision profit before depreciation (management convention) | 503.2 | 652.2 | 769.9 | 677.4 | 776.8 | 857.4 | 847.0 | 842.2 |
| Profit attributable to owners | 387.8 | 425.4 | 501.5 | 246.9 | 549.3 | 585.2 | 492.6 | 338.5 |
| Non-controlling interest in profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associate/JV profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating expenses incl. FX loss and CSR | 97.0 | 14.6 | 41.9 | 64.2 | 68.1 | 49.9 | 93.5 | 67.1 |
| Impairment on financial instruments | 33.9 | 104.0 | 129.4 | 362.6 | 69.9 | 129.3 | 215.3 | 418.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.7% | 20.3% | 48.5% | 35.8% | 23.2% |
| Net margin | 25.2% | 25.2% | 22.6% | ||
| Return on equity | 17.3% | 18.0% | 15.6% | ||
| Return on assets | 2.2% | 2.4% | 2.2% | ||
| EPS, diluted (₹) | 2.36 | 3.22 | 5.16 | 6.32 | 6.73 |
| Book value per share (₹) | 19.60 | 22.08 | 31.85 | 38.20 | 49.07 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Indian Renewable Energy Development Agency
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.