Indian Renewable Energy Development Agency Limited (IREDA)

Loading page…

Indian Renewable Energy Development Agency Limited (IREDA) · mywealthgrid

About

IREDA is a financial institution specializing in renewable energy lending, with a market cap of ₹32,656.95 Cr. It operates as India's dedicated agency for financing renewable energy projects. The company maintains a high operating margin of 87.33%, though recent quarters show compression requiring monitoring.

Face value: ₹10

Market cap

₹31,182 Cr

P/E

15.7×

P/B

2.3×

Dividend yield

1.2%

ROE

15.6%

ROCE

—

Debt / equity

5.65

OPM

87.3%

EPS (TTM)

₹7.1

Book value

₹49.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High leverage (D/E 5.65) with margin compression from 93.29% to 78.39% in one quarter leaves limited buffer; verify impact of rising interest rates on funding costs
EPS decline of 43% (₹2.09 in Dec 2025 to ₹1.2 in Jun 2026) despite revenue growth signals deteriorating profitability; verify drivers and asset quality trends
Stock down 19.59% over 1 year; verify if market is pricing renewable sector headwinds, rising rate pressures, or company-specific asset quality concerns
Margin compression of 14.9 pp in one quarter indicates operational stress; verify if this is temporary (inflation) or structural (credit costs rising)

Generated analysis · source review pending

Growth drivers

Q-o-Q revenue growth from ₹2,056.9 Cr (Sep 2025) to ₹2,248.41 Cr (Jun 2026) shows underlying demand; verify if this trajectory continues
Operating margin compressed from 93.29% to 78.39% — verify if driven by temporary inflation or permanent cost structure changes
Government renewable energy capex plans and targets; verify sector project pipeline, funding volume, and IREDA's addressable market
High D/E ratio (5.65) can amplify returns if margins stabilize and asset quality holds; verify credit quality and NPA trends

Generated analysis · source review pending

698 historical price candles were omitted because the exchange source has not been verified.

₹111.00%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 87.3%
+High promoter holding of 71.8% with no pledge

Cons

−Heavily leveraged (debt/equity 5.6)
−Weak interest coverage of 1.5×

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 36
Growth: 84
Valuation: 75

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2025	Mar 2026
	6,743	8,310
Interest	4,141	4,905
Expenses	472	1,053
Financing profit	2,130	2,353
Financing margin %	31.6%	28.3%
Other income	12	28
Depreciation	39	44
Profit before tax	2,104	2,338
Tax	405	464
Tax %	19.3%	19.8%
PAT	1,698	1,874
EPS (₹)	6.3	6.7
EPS adjusted (₹)	6.6	6.7
	0%	11.1%

₹ Cr	Mar 2025	Mar 2026
Equity capital	2,688	2,809
Reserves	7,579	10,976
	64,740	77,846
	4,728	2,177
Total equity & liabilities	79,735	93,808
	349	320
CWIP	0	0
Investments	600	884
	78,786	92,604
Total assets	79,735	93,808

₹ Cr	Mar 2025	Mar 2026
	-14,460	-14,477
	-518	-281
	14,960	14,748
Net cash flow	-17	-10
Free cash flow	-14,485	-14,492
CFO / Operating profit %	-230.6%	-199.5%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 23%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 10%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 14%

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	—
EBITDA margin %	93%	87.3%
EBIT margin %	92.4%	86.8%
PAT margin %	25.2%	22.6%
Working capital
Receivable days	—	—
Inventory days	0	0
Payable days	—	—
NWC days	—	—
Leverage
Current ratio	—	—
Debt to EBITDA	10.32	10.73
Debt to equity	6.31	5.65
Interest coverage	1.5	1.5
Asset turnover	0.08	0.09
Return ratios
Return on assets %	2.1%	2%
Return on capital employed %	—	—
Return on equity %	16.5%	13.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75%	75%	75%	75%	75%	75%	75%	71.76%	71.76%	71.76%	71.76%	71.76%
	3.95%	1.88%	1.36%	2.7%	2.02%	1.85%	1.75%	2.04%	1.92%	2.07%	2.14%	2.48%
	8.53%	4.37%	0.95%	0.42%	0.35%	0.64%	0.51%	2.95%	2.57%	2.51%	2.45%	2.4%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.52%	18.75%	22.69%	21.88%	22.63%	22.51%	22.74%	23.25%	23.75%	23.66%	23.65%	23.36%
No. of shareholders	—	—	—	—	—	—	—	—	26,56,617	25,75,369	25,19,677	24,65,916

Promoter holding down 3.24 percentage points since Sep 2023.

17 deals · 29 Nov 2023 – 12 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,61,05,661	₹293.97	₹473.46 Cr
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,61,05,661	₹294.09	₹473.65 Cr
27 Feb 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	1,63,71,699	₹151.60	₹248.19 Cr
27 Feb 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Sell	1,63,71,693	₹155.04	₹253.83 Cr
25 Jan 2024	SOCIETE GENERALE	Block	NSE	Sell	6,51,238	₹161.75	₹10.53 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES EUREKA FUND	Block	NSE	Buy	6,43,157	₹161.75	₹10.40 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIES GLOBAL FINANCIALS MARKET NEUTRAL FUND	Block	NSE	Buy	8,081	₹161.75	₹0.13 Cr
18 Dec 2023	EVOLUTE TRADING PRIVATE LIMITED	Bulk	NSE	Buy	2,01,91,832	₹107.69	₹217.45 Cr
18 Dec 2023	EVOLUTE TRADING PRIVATE LIMITED	Bulk	NSE	Sell	2,01,91,832	₹107.73	₹217.53 Cr
8 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,69,00,452	₹70.49	₹119.13 Cr

1–10 of 17

1 / 2

Mr. Pradip Kumar DasExecutive Director-Chairperson-CEO-MD
Mr. Pallav KapoorChief Risk Officer
Mr. Dr Bijay kumar MohantyExecutive Director
Mr. Padam Lal NegiNon-Executive - Nominee Director
Mr. Javvadi Venkata Naga SubramanyamNon-Executive - Nominee Director
Ekta MadanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹111.7 · volume and open interest in contracts

2

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size	History
27 Oct 2026	₹108.9	-0.6	-0.6%	₹108.9	17,241	+161	1,198	4525
23 Nov 2026	₹106.3	-0.9	-0.8%	₹106.3	1,201	+100	242	4525

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

34

27 Oct 2026 23 Nov 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	90	₹0.0

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

0.13%

of the company's equity

All mutual funds

0.11%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 11 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	7.73 L	9	0.22%	0.028%	+27,315
ETF Nifty Midcap 150	Nippon India Mutual Fund	7.59 L	8.84	0.22%	0.027%	+44,987
Nifty Midcap 150 Index Fund	Nippon India Mutual Fund	5.32 L	6.2	0.22%	0.019%	+9,758
Nifty Midcap 150 Index Fund	ICICI Prudential Mutual Fund	2.49 L	2.9	0.22%	0.009%	+8,178
Nifty Midcap 150 Index Fund	SBI Mutual Fund	2.41 L	2.8	0.22%	0.009%	+9,692
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.09 L	2.43	0.27%	0.007%	-1,236
MF NIFTY MIDCAP 100 ETF	LIC Mutual Fund	1.57 L	1.83	0.27%	0.006%	-0
Nifty Midcap 150 ETF	ICICI Prudential Mutual Fund	1.47 L	1.71	0.22%	0.005%	-453

1–8 of 31

1 / 4

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

2

Final dividend11 Sept 2026 · ex-date₹0.75
Interim dividend2 Apr 2026 · ex-date₹0.6

1

Board meeting to consider results3 Aug 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

21 announcementsExport CSV

1 Oct 2026, 9:43 pmCompany Update

Extension Of Additional Charge Of Post Of The Chairman & Managing Director, IREDA To Dr. Bijay Kumar Mohanty, Director (Finance)

General PDF

30 Sept 2026, 4:05 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 9:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

4 Sept 2026, 11:10 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

2 Sept 2026, 3:31 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

2 Sept 2026, 3:23 pmAGM/EGM

Intimation Of Notice Along With The Annual Report Of 39Th Annual General Meeting (''AGM'') Of The Company For The Financial Year 2025-26

AGM PDF

2 Sept 2026, 2:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Sept 2026, 8:11 pmCompany Update

Board Comments On Fine Levied By The Exchanges

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 9:43 pm	Company Update General	Extension Of Additional Charge Of Post Of The Chairman & Managing Director, IREDA To Dr. Bijay Kumar Mohanty, Director (Finance)	PDF
30 Sept 2026, 4:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

Loading announcements…

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	—
EBITDA margin %	93%	87.3%
EBIT margin %	92.4%	86.8%
PAT margin %	25.2%	22.6%
Working capital
Receivable days	—	—
Inventory days	0	0
Payable days	—	—
NWC days	—	—
Leverage
Current ratio	—	—
Debt to EBITDA	10.32	10.73
Debt to equity	6.31	5.65
Interest coverage	1.5	1.5
Asset turnover	0.08	0.09
Return ratios
Return on assets %	2.1%	2%
Return on capital employed %	—	—
Return on equity %	16.5%	13.6%

Calls	Strike	Puts
0	0	0	₹0.0	90	₹0.0

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Power Finance Corporation LimitedPFCPFC	₹1,04,943 Cr	₹11,17,447 Cr	₹1,15,431 Cr	₹1,12,436 Cr	97.2%	₹26,046 Cr	29.1%	—	20.7%	—
Indian Railway Finance Corporation LimitedIRFCIRFC	₹1,00,706 Cr	₹5,37,176 Cr	₹28,630 Cr	₹28,318 Cr	98.8%	₹7,191 Cr	25.7%	—	12.8%	—
Rec LimitedRECLTDRECLTD	₹75,770 Cr	₹5,90,496 Cr	₹59,169 Cr	₹56,360 Cr	95.7%	₹16,035 Cr	27.4%	—	20%	—
Housing & Urban Development Corporation LimitedHUDCOHUDCO	₹32,339 Cr	₹1,74,016 Cr	₹13,930 Cr	₹12,768 Cr	91.2%	₹4,255 Cr	30.7%	—	20.2%	—
Indian Renewable Energy Development Agency LimitedIREDAIREDA	₹31,182 Cr	₹1,09,028 Cr	₹8,612 Cr	₹7,501 Cr	87.3%	₹1,983 Cr	22.6%	—	15.6%	—
Ifci LimitedIFCIIFCI	₹17,551 Cr	₹21,074 Cr	₹1,986 Cr	₹964 Cr	47%	₹174 Cr	21%	—	2.1%	—
Tourism Finance Corporation Of India LimitedTFCILTDTFCILTD	₹6,426 Cr	₹7,698 Cr	₹232 Cr	₹204 Cr	90.2%	₹85 Cr	33.6%	—	9.9%	—
Gujarat State Financial CorporationGUJSTATFINGUJSTATFIN	₹84 Cr	₹745 Cr	₹0 Cr	₹0 Cr	—	₹-125 Cr	—	—	—	—

Indian Renewable Energy Development Agency Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures2

Option chain34

Fund holders

Documents

Announcements

Events

Dividends2

Board meetings1

Announcements

Ratio timeline

Dividends2

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Futures2

Option chain34

Announcements

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

34

2

1

2

1

2

34