Indian Renewable Energy Development Agency Limited · Research view

Indian Renewable Energy Development Agency Limited

NSE: IREDABSE: 544026ISIN INE202E01016Face value ₹10consolidated

₹111

−0.72% · 2026-10-01 · 52-wk ₹108–₹156

Financials to FY2026 · 3 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Profit lagging revenue

Revenue grew 23.2% but profit grew 10.3%, so the company kept less of each rupee of revenue as profit.

Importance 65 / 95 · growth

Context

Higher P/E than peers

Trades at 15.84× earnings — 69% above the financial institution median of 9.38×.

Importance 50 / 95 · valuation

Concern

Returns declining

ROE declined from 18.0% to 15.6% year on year.

Importance 42 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Finance › Financial Institution.

Market cap: ₹31,126 cr
FY2026 revenue: ₹8,310 cr
FY2026 net profit: ₹1,874 cr
Net worth: ₹13,785 cr
Total debt: —net cash
EPS (basic): ₹6.73
Listed: NSE · BSE
Reporting: Ind-AS (NBFC)Apr–Mar

Peer set used on this page: 4 financial institution.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY25 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 23.2% but profit grew 10.3%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +23.2%over 1 years
Revenue growth: +23.2%vs last year
Net profit growth: +10.3%vs last year
Change in net profit since FY25: +10%

Revenue grew 23.2% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹339 cr, up 37.1% from ₹247 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹2,249 cr, up 15.5% from ₹1,948 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 net profit grew 37.1% while revenue grew 15.5% vs the same quarter last year — a gap of 21.6 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q4 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q4 FY25	1,905	—	502	—	26.3%
Q1 FY26	1,948	—	247	—	12.7%
Q2 FY26	2,057	—	549	—	26.7%
Q3 FY26	2,130	—	585	—	27.5%
Q4 FY26	2,175	+14.2%	493	−1.8%	22.6%
Q1 FY27	2,249	+15.5%	339	+37.1%	15.0%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹8,612 crTTM
EBITDA: ₹7,518 crTTM
EBIT: ₹7,474 crTTM
PBT: ₹2,446 crTTM
Net profit: ₹1,966 crTTM

C. Corporate actions

11 Sept 2026DividendFinal Dividend - Rs. - 0.7500 — ₹0.75/share

2 Apr 2026DividendInterim Dividend - Rs. - 0.6000 — ₹0.60/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY25 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE declined from 18.0% to 15.6% year on year.

Rule ROE_DETERIORATED_YOY

EBITDA margin now: 87.7%
2-year range: 87.7–93.2%
ROE FY2026: 15.6%
ROCE FY2026: —

Section 07 · Financial health

Is financial health improving?

Net worth — FY25 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Leverage and cash generation over the loaded history are shown above.

Operating cash flow vs net profit₹ crore · FY25–FY26

Operating cash flowNet profit

Total debt: —
Operating cash flow ÷ net profit: -7.72×FY2026
Free cash flow: ₹−14,491 cr
Current ratio: —

Section 08 · Relative position

How does it compare with peers?

Ranked against 4 financial institution (FY2026, consolidated).

Revenue growth

IREDA · 1st of 4 · set median 7.1%

EBITDA margin

IREDA · 4th of 4 · set median 96.5%

Return on equity

IREDA · 3rd of 4 · set median 17.8%

P/E ratio

IREDA · 4th of 4 · set median 9.4×

Context

Trades at 15.84× earnings — 69% above the financial institution median of 9.38×.

Rule PE_ABOVE_PEERS

P / E: 15.8×TTM to Jun 26
P / B: 2.3×latest book
P / S: 3.6×TTM sales
Earnings yield: 6.3%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 16.6× · P/S 3.7× · ROE 15.6%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2023-11 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: −27.4%
3-year return: —
5-year return: —
From 52-wk high: −28.8%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹116
vs 200-day avg: Below₹125
RSI (14): 44.2neutral
MACD histogram: 0.3
From 52-wk high: −28.8%
From 52-wk low: +2.2%
30-day volatility: 24.8%ann.
6-month return: +1.7%

RSI (14) · 0–10044.2 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue grew 23.2% but profit grew 10.3%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 65
Concern
Returns declining
ROE declined from 18.0% to 15.6% year on year.
ROE_DETERIORATED_YOY · conviction 42

Only 3 annual year(s) of financials loaded — multi-year trend analysis is limited.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY25	FY26
Revenue	6,743	8,310
Total income	6,756	8,339
EBITDA	6,283	7,286
Profit before tax	2,104	2,338
Net profit	1,698	1,874
EPS (₹)	6.3	6.7
Net worth	10,267	13,785
Operating cash flow	−14,460	−14,477
Free cash flow	−14,485	−14,491

Key ratios — consolidated
Ratio	FY25	FY26
Growth
Revenue growth YoY	—	23.2
Profit growth YoY	—	10.3
Profitability
EBITDA margin %	93.2	87.7
Net margin %	25.1	22.5
Return on equity %	16.5	15.6
Return on capital %	—	—
Leverage & cash
Debt to equity	—	—
Cash flow ÷ profit	-8.51	-7.72
Current ratio	—	—