IREDA

IREDA · NSE · Mid Cap

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Financing·Listed·Directness 95/100

IREDA

PSU NBFC focused exclusively on renewable energy financing — purest financing play.

Financing

Sell / Avoid

Last price

₹132.00

52W: ₹109 – ₹187

-29.4% from 52W high

Mkt Cap

₹36.98K Cr

P/E

19.5x

EV/EBITDA

47.5x

ROCE

9.4%

ROE

18.0%

Book Value

₹46.0

Promoter

71.8%

Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

Fundamental (30%)

Valuation (20%)

Technical (20%)

Solar exposure (10%)

Policy beneficiary (7.5%)

Project pipeline (5%)

Governance safety (7.5%)

52-week position

Real snapshot from Screener

₹109Current: ₹132₹187

P/E

19.5x

P/B

2.9x

Div Yield

0.45%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. IREDA: renewable lending book compounds at 20%+ with widening NIMs in a green-financing tailwind.

Bull case

Bull case for IREDA: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for IREDA: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables

01Quarterly capacity commissioned vs guidance
02Receivable days from DISCOMs and large customers
03Net debt / EBITDA trajectory
04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentFinancing

Directness95/100

ALMM eligible—

PLI beneficiary—

Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

Method	Value	Hist %ile
P/E (TTM)	19.5x	—
Forward P/E	—	—
EV/EBITDA	47.5x	—
EV/Sales	15.1x	—
P/B	2.9x	—
FCF Yield	-40.5%	—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker IREDA · last updated 2026-05-11

Open on Screener.in

Market Cap

₹36.98K Cr

Price

₹132.00

Stock P/E

19.5x

Book Value

₹46.0

ROCE

9.4%

ROE

18.0%

Div Yield

0.45%

52W Range

₹109 – ₹187

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth

Sales 1Y36.1%

Sales 3Y CAGR—

Sales 5Y CAGR60.8%

PAT 1Y35.6%

PAT 3Y CAGR—

PAT 5Y CAGR121.5%

Profitability

OPM latest32.0%

PAT margin latest25.1%

PAT margin 3Y avg21.2%

ROE18.0%

ROCE9.4%

Asset turnover0.08x

Leverage & cash

D / E6.31x

Net Debt / EBITDA30.22x

Borrowings / Assets81.2%

CFO / EBITDA-6.75x

CFO / PAT-8.52x

FCF (TTM proxy)₹-14.98K Cr

Valuation

P/E19.5x

EV/EBITDA47.5x

EV/Sales15.06x

P/B2.87x

FCF Yield-40.50%

Div Yield0.45%

Annual P&L · 3 years

₹ Crore. Source: Screener.in consolidated.

Metric	Mar 2021	Mar 2024	Mar 2025
Sales	2,614	4,965	6,755
Operating Profit	548	1,716	2,142
OPM %	21%	35%	32%
Net Profit	346	1,252	1,698
EPS (₹)	4.41	4.66	6.32

Quarterly results · last 4 quarters

₹ Crore.

Metric	Sep 2025	Dec 2025
Sales	2,057	2,130
OPM %	34%	34%
Net Profit	549	585

Balance sheet · 3 years

₹ Crore.

Item	Mar 2021	Mar 2024	Mar 2025
Equity Capital	785	2,688	2,688
Reserves	2,211	5,872	7,579
Borrowings	24,000	49,687	64,740
Fixed Assets	—	—	—
Total Assets	30,293	62,600	79,735

Cash flow · 3 years

₹ Crore.

Activity	Mar 2021	Mar 2024	Mar 2025
Operating	-3,206	-11,100	-14,460
Investing	-2	-23	-518
Financing	2,441	11,059	14,960
Net Cash Flow	-767	-64	-18

Shareholding pattern

Latest disclosed

Promoters

71.76%

FII

2.14%

DII

2.44%

Public

23.65%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.