Indian Renewable Energy Development Agency Limited has informed the Exchange regarding 'Consolidated Financial Statements for the quarter ended 30.06.2025'.
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IREDA's consolidated Q1 FY26 results show total revenue from operations growing ~29% year-on-year to ₹1,947.60 crore (from ₹1,510.27 crore), driven by a 29% rise in interest income to ₹1,909.10 crore as the loan book expanded to ₹78,148.92 crore (from ₹62,341.60 crore). However, profit after tax fell ~36% to ₹246.88 crore (from ₹383.70 crore) due to a sharp spike in impairment on financial instruments to ₹362.61 crore (from a reversal of ₹30.04 crore) and higher finance costs of ₹1,218.27 crore. EPS declined to ₹0.91 from ₹1.43. The auditor flagged two emphasis-of-matter items: ₹418.02 crore of loans classified as Standard instead of NPA per a High Court interim order, and a restatement of CRAR from 19.52% to 15.26% for the prior period after the company increased the risk weight on commissioned renewable energy projects from 50% to 100%. Operating cash flow remained deeply negative at (₹3,023.90 crore), typical for a growing lending NBFC.
Strong loan book growth and revenue expansion are positives, but the steep rise in loan impairment provisions and a 36% drop in profits are red flags for asset quality. The CRAR restatement to 15.26%, while still above the RBI minimum, signals tighter capital headroom. Shareholders should watch for further slippage in the flagged ₹418 crore exposure and trends in provisioning.