Lends to renewable energy projects across India as a government-owned non-bank finance company under the Ministry of New and Renewable Energy. FY26 total income of Rs 8,310.41 crore came largely from interest on its loan book of Rs 93,069 crore, which grew 22% year-on-year. The business disburses term loans to wind, solar, hydro, biomass and other clean energy developers and is classified in its own investor presentation as India's largest pure-play green financing NBFC. Cost of borrowing was 7.05% in FY26 against a net interest margin of 3.65%, so the lending spread is the core earnings driver. Asset quality weakened in FY26, with gross NPAs rising to 3.49% from 2.45% and cumulative impairment allowance of Rs 2,689.14 crore; loans to Gensol Engineering and Gensol EV Lease totalling Rs 672.74 crore were declared as fraud and 85% provided for. The Board is also seeking shareholder approval to widen its objects clause to finance carbon capture, civil nuclear power infrastructure, green buildings and data centres. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on renewable energy loans. Government-owned green finance NBFC under MNRE, with cyclical exposure to renewable energy project execution
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 6,743 | 8,310 |
| EBITDA (ex other income) | 6,271 | 7,258 |
| margin % | 93.0 | 87.3 |
| Owners' profit | 1,767 | 1,874 |
| EPS, as reported (₹) | 6.32 | 6.73 |
| ROE % · ROCE % | 16.5 · — | 13.6 · — |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | (14,460) | (14,477) |
| Capex | (25) | (15) |
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 1,905 | 1,948 | 2,057 | 2,130 | 2,175 | 2,249 |
| Profit before tax | 630 | 305 | 696 | 717 | 619 | 414 |
| Net profit | 502 | 247 | 549 | 585 | 493 | 339 |
| EPS (₹) | 1.87 | 0.91 | 1.97 | 2.09 | 1.76 | 1.21 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,16,642 | 4.5 | 0.67 | 1.0 | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 1,05,973 | 14.7 | 1.87 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 82,341 | 5.2 | 0.97 | 1.4 | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 34,513 | 8.1 | 1.57 | 2.8 | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY ◆ | 31,382 | 15.9 | 2.28 | 4.3 | 13.6 | — | — | 78.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · IREDA publishes 39th AGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 2 Sept 2026 · IREDA files 39th Business Responsibility and Sustainability Report for FY 2025-26 | compliance | minimal | — | — |
| 2 Sept 2026 · IREDA 39th AGM notice on Sept 29; final dividend of Rs 0.75 per share proposed | board shareholder meetings | low | — | — |
| 2 Sept 2026 · IREDA to hold 39th AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 1 Sept 2026 · IREDA board seeks waiver of exchange fines for board composition gaps | regulatory legal | high | — | — |
| 27 Aug 2026 · NSE and BSE impose fines on IREDA for Board composition non-compliance | regulatory legal | high | — | — |
| 22 Aug 2026 · IREDA: Four Senior Managers Transferred; Record Date Sept 11 for Final Dividend | management changes | medium | — | — |
| 22 Aug 2026 · IREDA fixes Sep 11 record date for final dividend; 4 senior mgmt personnel exit | management changes | high | — | — |
| 19 Aug 2026 · Govt appoints Manoneet Dalal as Independent Director on IREDA Board | management changes | medium | — | — |
| 18 Aug 2026 · IREDA appoints new Non-Official Independent Director | management changes | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| IFCI LTD |
| 22,274 |
| 129.2 |
| 1.44 |
| 20.9 |
| 2.8 |
| — |
| 0.0 |
| 67.2 |
| TOURISM FINANCE CORP. OF | 6,563 | 15.0 | 6.74 | 27.7 | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,246 | 1200.0 | — | — | — | 4.9 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.9 | 14.7 | 7 of 9 | 25% |
| P/B | 2.3 | 1.6 | 6 of 7 | 17% |
| ROE | 13.6 | 13.6 | 4 of 7 | 50% |
| Debt / Equity | 0.0 | 0.0 | 1 of 7 | 0% |
| EBITDA margin | 78.5 | 97.1 | 6 of 7 | 17% |
| Revenue growth | 15.5 | (0.0) | 3 of 7 | 67% |
| Profit growth | 37.1 | (1.6) | 1 of 8 | 100% |
| Market cap | 31382 | 31382 | 5 of 9 | 50% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
