AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 22 Aug - IREDA announces four senior management cessations and sets September 11, 2026 record date for Rs0.75 final dividend.
Source: Bse
Indian Renewable Energy Development Agency Limited (IREDA)
Mid CapFinancial Services stocks · Mid cap · NSE
India’s largest pure-play green financing NBFC with over 39 years of experience. It holds Infrastructure Finance Company status by RBI and is a Systemically Important Non-Deposit Taking NBFC. 71.76% owned by Government of India, a Navratna & 'Schedule A' CPSE, playing a strategic role in GoI’s RE sector initiatives.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -4.3% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IREDAD candles · FIT view-24.9%Latest close ₹103.60 on 2026-10-21
Bar
-3.9%
RSI
36
MACD hist
-0.06
52W pos
1%
2026-10-21O ₹107.81H ₹108.20L ₹102.81C ₹103.60Vol 78.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IREDANifty Financial ServicesNifty 500
- IREDA
- -14.5%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -8.0 pp
Chart stats
21 Oct 2026- From 52W high
- -34.7%
- 52W range position
- 1%
- ATR (14)
- 2.9%
- Volume vs 20D
- 1.56x
- Avg traded value
- ₹57.9 Cr
- 20D price channel
- ₹102.8 - ₹117.4
₹158.7
₹102.8 - ₹158.7
₹3
Latest completed session
20-session average
29.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +15.4% · PAT +37.3% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+42.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence54
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +15% YoY · PAT +37% YoY · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,249 Cr | +15.4% | +3.4% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹339 Cr | +37.3% | -31.2% |
| PAT margin | 15.1% | +239 bps | -760 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.50
- P/B
- 2.20
- EV/EBITDA
- 2460.43
- Market Cap
- 30413.00Cr
Profitability
- ROE
- 15.60%
- ROCE
- 8.69%
- ROA
- 2.00%
- Dividend Y
- 1.25%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 5.65
- Interest Coverage
- —
- Altman Z
- 0.44
- Book Value
- 49.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14477.00 Cr
- EPS TTM
- 7.00
Shareholding
- Promoter Hold
- 71.76%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 2,249+3.4% vs prev
Net Profit
₹ CrLatest: 339-31.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
12
RS percentile
Stage 4 Downtrend
1M return
-6.8%
3M return
-12.6%
6M return
-24.1%
1Y return
-29.7%
RS 1D
-4
RS 20D
-3
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 11.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 72.51-1.85%
RS vs Nifty 50073
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · WATCHLISTValuation13/30
Growth19/25
Quality8/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 42.0%.
- Growth contributes 19/25 to the score.
- Valuation contributes 13/30 to the score.
Main drags
- Altman Z is 0.4, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
15.5
PB
2.2
EV/EBITDA
2460.4
ROE
15.6%
ROCE
8.7%
FCF Yield
—
Debt/Equity
5.7
MoS
+42.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 41 (+1)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+42.0%
Previous: +40.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
42
42
42
42
39
39
39
39
39
39
41
41
Factor attribution
Valuation
13+1
was 12
Modelled fair value
Graham Number
₹87.94
-17.8% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹178.5
+42.0% MoS
PEG
0.51
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BLUECHIP
Small
Blue Chip India Limited
Financial Services
match 113
5
—
—
—
OVERVALUED
HUDCO
Mid
Housing & Urban Development Corporation Limited
NBFC
match 96
59
7.6
20.0%
+71%
FAIR VALUE
CHOICEIN
Large
Choice International Limited
Financial Services
match -4
43
72.0
16.1%
-176%
WATCHLIST
PRUDENT
Micro
Prudent Corporate Advisory Services Limited
Financial Services
match -6
53
51.6
28.6%
-103%
FAIR VALUE
RELIGARE
Micro
Religare Enterprises Limited
Financial Services
match -8
22
151.0
3.2%
-462%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T07:55:20.947Z
Management commentary snapshot
IREDA reported strong FY26 performance with Revenue from Operations up 23% YoY to Rs 8309 Cr and PAT up 10% YoY to Rs 1873 Cr. Outstanding Loan book grew 22% YoY to Rs 93069 Cr. Asset quality saw a QoQ improvement in Net NPA to 1.29% from 1.68%.
The company demonstrated robust financial growth in FY26, driven by significant expansion in its loan book. Asset quality, while showing a YoY increase in Gross NPA, improved sequentially in Net NPA. The strong government backing and strategic role in India's RE targets provide a solid foundation for continued growth.
Current business mix
Outstanding Loans by Sector as of March 31, 2026
Latest issuer-disclosed distribution across 12 reported categories.
Solar Energy26.0%
Loan facility to state utilities23.0%
Wind Power11.0%
Manufacturing10.0%
Hydro Power9.0%
Ethanol8.0%
Hybrid Wind & Solar4.0%
Short Term & Medium Loans to private2.0%
Smart Meters2.0%
Biomass Power & Cogeneration1.0%
Loans to NBFCs1.0%
Biomass (Briquetting, Gasification & Methanation from Industrial Effluents)1.0%
Growth engines
India's RE Sector Growth
Outlook for India’s RE sector is positive, with major policy announcements & ambitious targets.
Government of India's RE Targets
India has a target of 500 GW non-fossil fuel-based energy by 2030.
Emerging Technologies Financing
Financing for Battery Storage System, Green Hydrogen, Pumped Storage Hydro, Smart Meters, EV & Charging Infra.
Diversified Financial Products
Offers a comprehensive suite of financial products and related services for the RE Sector.
Capacity and execution
Loan Sanction Growth
Sanction increased 9% YoY to Rs 51883 Cr in FY26.
Loan Disbursement Growth
Disbursement increased 16% YoY to Rs 34946 Cr in FY26.
Tailwinds
Government Support & Policy
Plays a strategic role in GoI’s initiatives for promotion & development of RE sector.
Strong Credit Ratings
Highest Domestic Credit Ratings of ‘AAA/Stable’ and S&P Global Ratings ‘BBB’’ with Stable Outlook.
Access to Diverse Funding
Raised JPY 26 Billion ECB Facility from SBI Tokyo and ₹2,005.90 crore through a Qualified Institutional Placement (QIP) in 2025.
Risk radar
Asset Quality Volatility
Gross NPA increased to 3.49% in FY26 from 2.45% in FY25, though Net NPA improved QoQ.
Concentration Risk
Solar Energy (26%) and Loan facility to state utilities (23%) comprise nearly half of the outstanding loan book.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (YoY) comparison is crucial for assessing the overall financial health and growth trajectory of a financial institution over a full business cycle. Quarterly (QoQ) comparison is important for tracking sequential momentum in loan book growth, asset quality trends, and profitability, especially for an NBFC.
Sector KPIs management disclosed
Outstanding Loan book
Outstanding Loan book of Rs 93069 Cr in FY26, a 22% Y-o-Y change.
Gross NPA (%)
Gross NPA was 3.49% in FY26, compared to 3.75% in Q3 FY26 and 2.45% in FY25.
Net NPA (%)
Net NPA was 1.29% in FY26, compared to 1.68% in Q3 FY26 and 1.35% in FY25.
Yield on Loan Assets (%)
Yield on Loan Assets (Gross) was 9.54% in FY26, down from 10.03% in FY25.
Management forward view
Commitment to Shareholder Value
Declared interim dividend of Rs 0.60 per equity share reflecting commitment to delivering long term value to shareholders.
ESG Integration
Committed for the development and implementation of projects that are environmentally and socially sustainable.
ESG Reporting
Planned Third BRSR with reasonable assurance and First sustainability report for FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA | 1.29% (FY26) | Sustained sequential improvement and stability below 1.5%. |
| Loan Book Growth | 22% YoY (FY26) | Continued double-digit growth in sanctions and disbursements. |
| Net Interest Margin (NIM) | 3.65% (FY26) | Stability or improvement in NIM amidst changing interest rate environment. |
| Provision Coverage Ratio | 63.88% (FY26) | Continued strengthening of provision coverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
54Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 21st percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
26 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
13th percentile
overall median 67 · Financial Services: 21st pctile, median 62 · Mid: 6th pctile, median 76
Evidence depth
Financial-only
26 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-14477 Cr.
- ▸Debt/equity is 5.65.
- ▸Altman Z is 0.44.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indian Renewable Energy Development Agency Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 25 Sep - C&AG appoints M/s Shiv & Associates and M/s MAPSS & Co. as joint statutory auditors for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper Publication in respect of Notice 39th Annual General Meeting ("AGM") & e-voting information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Intimation of convening of 39th Annual General Meeting of the Company through video Conferencing/Other Audio Visual Means and Newspaper Publication thereof.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 2 Sep - IREDA submitted its FY2025-26 BRSR and independent assurance report as part of the 39th Annual Report.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 19 Aug - Shri Manoneet Dalal appointed independent director on IREDA board for three years from 18 August 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - Pradip Kumar Das ceased as CMD on July 1, 2026; Bijay Kumar Mohanty gets interim CMD charge for 3 months.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Annual report
Annual Report 2026
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.