NSE: IREDA · BSE: 544026
INDIAN RENEWABLE ENERGY
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
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ 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) | — | — |
| Cash from operations | (14,460) | (14,477) |
| Capex | (25) | (15) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,151 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 97,439 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 75,442 | 4.7 | 0.89 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 28,687 | 6.7 | 1.31 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY ◆ | 28,008 | 14.2 | 2.03 | — | 13.6 | — | — | 78.5 |
| IFCI LTD | 15,923 | 92.3 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 7,181 | 16.4 | 7.38 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 13.9 | 5 of 8 | 43% |
| P/B | 2.0 | 1.3 | 6 of 7 | 17% |
| ROE | 13.6 | 13.6 | 4 of 7 | 50% |
| 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 | 28008 | 28008 | 5 of 9 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · IREDA H1 FY27: profit up 12 percent but operating cash outflow large | results | high | — | — |
| 19 Oct 2026 · IREDA H1 FY27 audit report filed - clean opinion with emphasis note | results | high | — | — |
| 19 Oct 2026 · IREDA Investor Presentation H1 FY27: Loan Book at 97,411 Cr | investor communications | medium | — | — |
| 19 Oct 2026 · IREDA Q2 FY27 results: PAT Rs 554 Cr, revenue Rs 2,344 Cr | results | high | — | — |
| 16 Oct 2026 · IREDA files quarterly share capital audit report for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · IREDA Board Meeting on Oct 19 to consider Q2 and H1 FY26 audited results | board shareholder meetings | low | — | — |
| 9 Oct 2026 · IREDA files quarterly compliance certificate under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 5 Oct 2026 · IREDA signs Performance MoU with MNRE for FY 2026-27 | business updates | medium | — | — |
| 1 Oct 2026 · IREDA extends CMD additional charge to Dr. Bijay Kumar Mohanty for 3 months | management changes | high | — | — |
| 30 Sept 2026 · IREDA 39th AGM: All 7 resolutions passed, final dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.