Indian Renewable Energy Development Agency Limited has informed the Exchange regarding 'Standalone Financial Statements for the quarter ended 30.06.2025'.
IREDA · price
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IREDA posted strong top-line growth in Q1 FY26, with total revenue from operations rising ~28.9% year-on-year to ₹1,947.29 crore, driven mainly by interest income of ₹1,908.79 crore. However, profit after tax fell sharply by about 35.7% to ₹246.68 crore from ₹383.70 crore a year ago, weighed down by a steep jump in impairment on financial instruments (₹362.61 crore vs. a ₹30.04 crore reversal in Q1 FY25) and higher finance costs. The loan book expanded around 25% to ₹78,148.92 crore, pushing total assets to ₹83,527.41 crore and equity to ₹12,401.86 crore. The auditor (Shiv & Associates) issued an unqualified opinion but flagged two emphasis-of-matter items: ₹418.02 crore of accounts classified as Stage II/Standard under interim High Court orders instead of NPA, and a restatement of CRAR for June 2024 from 19.52% to 15.26% after raising the risk weight on commissioned renewable energy assets from 50% to 100%. Cash flow from operations remained deeply negative at -₹3,024.15 crore, similar to the prior-year pattern of heavy working capital and lending outflows.
Strong loan-book expansion supports the growth story, but rising credit costs and a restated, lower capital adequacy ratio (CRAR) are red flags for shareholders. Short-term earnings pressure from impairments may cap near-term upside despite robust revenue scaling.