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India's state-owned renewable-energy lender financing solar, wind, hydro and green-hydrogen projects for developers.
India's state-owned renewable-energy lender financing solar, wind, hydro and green-hydrogen projects for developers.
Borrows through bonds and loans from development banks and lends for longer periods to renewable-energy projects, so income is the spread, with the risk concentrated in single-project borrowers whose payments depend on state utilities. The Government of India, through the new and renewable energy ministry, owns it.
Moat: narrow (regulatory licence, scale). Government mandate and low-cost sovereign-linked funding give it a cost edge in green lending.
Headquarters: New Delhi, India · Founded: 1987 · Employees: 208
Size Indian Renewable Energy Development Agency (IREDA.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $3.31B, the 269th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹111.46 on 6 Nov 2026.
Performance Over six months the shares fell 17.8%, against -7.7% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +7.4%); the operating margin is 51.1% (peer median 29.5%).
Valuation It trades at 2.18× book value against a peer median of 1.42× (4th most expensive of 21).
Price implies The share price implies a return on equity of about 42.4%; Indian Renewable Energy Development Agency delivers 14.4%, so the price asks more than the business earns today.
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹88.6B | ₹82.3B | ₹66.6B | ₹49.3B | ₹34.2B |
| Revenue growth | — | +24% | +35% | +44% | — |
| Gross profit | ₹48.4B | ₹81.8B | ₹66.2B | ₹49.0B | ₹33.9B |
| EBITDA | ₹47.0B | ₹80.9B | ₹65.4B | ₹48.3B | ₹33.2B |
| Net income | ₹19.7B | ₹18.7B | ₹17.0B | ₹12.5B | ₹8.65B |
| Free cash flow | n/a | ₹25.5B | ₹21.2B | ₹13.7B | ₹12.0B |
| Capital expenditure | n/a | ₹157M | ₹276M | ₹233M | ₹173M |
| Total debt | ₹809B | ₹779B | ₹647B | ₹497B | ₹402B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Indian Renewable Energy Development Agency IREDA.NS | $3.31B | -18% | +17% | 14% | 2.18× | 42.4% |
| Power Finance PFC.NS | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% |
| REC RECLTD.NS | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% |
| Indian Railway Finance IRFC.NS | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IREDA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +1.4% | 9th highest of 21 |
| 6-month return | -17.8% | -7.7% | 7th lowest of 21 |
| Return on equity | 14.4% | 13.3% | 9th highest of 21 |
| Price / book | 2.18× | 1.42× | 4th most expensive of 21 |
| Trailing P/E | 15.9× | 10.5× | 5th most expensive of 19 |
| ROE the price implies | 42.4% | 13.5% | most demanding of 21 |
| ROE delivered | 14.4% | 13.8% | 8th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Indian Renewable Energy Development Agency IREDA.NS | India | $3.31B | -18% | +17% | 14% | 2.18× | 42.4% | 14.4% |
| Samsung Card 029780.KS | South Korea | $3.30B | -21% | +11% | 7% | 0.51× | 4.2% | n/a |
| Housing & Urban Development HUDCO.NS | India | $3.39B | -30% | +22% | 22% | 1.39× | 31.5% | 21.7% |
| Manappuram Finance MANAPPURAM.NS | India | $3.23B | +3% | +5% | 7% | 1.90× | 33.0% | n/a |
| PennyMac Financial Services PFSI | United States | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% | 5.6% |
| WillScot WSC | United States | $3.42B | -33% | -3% | -7% | 3.75× | 35.8% | -7.1% |
| Far East Horizon 3360.HK | Hong Kong | $3.44B | -25% | +1% | 8% | 0.45× | 4.5% | 7.6% |
| LIC Housing Finance LICHSGFIN.NS | India | $3.12B | -9% | -1% | 14% | 0.67× | 11.6% | 14.3% |
| SLM SLM | United States | $3.10B | -25% | -6% | 25% | 1.55× | 13.8% | 24.7% |
| Marui 8252.T | Japan | $3.09B | -7% | +8% | 12% | 2.12× | 7.1% | 12.4% |
| Hercules Capital HTGC | United States | $3.06B | 0% | +40% | 16% | 1.32× | 10.4% | 15.7% |
| McGrath RentCorp MGRC | United States | $3.05B | +9% | +2% | 13% | 2.38× | 13.2% | 12.9% |
| PNB Housing Finance PNBHOUSING.NS | India | $3.03B | +5% | +11% | 12% | 1.42× | 19.4% | 12.3% |
| Credit Saison 8253.T | Japan | $3.62B | -10% | +10% | 9% | 0.73× | 6.3% | 9.2% |
| Sixt SIX2.DE | Germany | $3.67B | +4% | +7% | 15% | 1.67× | 15.8% | 15.0% |
| Cholamandalam Financial CHOLAHLDNG.NS | India | $2.89B | -17% | +18% | 17% | 1.77× | 26.2% | n/a |
| Bread Financial BFH | United States | $3.87B | +17% | +2% | 16% | 1.13× | 12.2% | 15.9% |
| IIFL Finance IIFL.NS | India | $2.83B | +35% | +36% | 18% | 1.73× | 23.7% | 17.6% |
| GMO Payment Gateway 3769.T | Japan | $3.98B | +6% | +13% | 22% | 5.02× | 32.4% | 21.5% |
| Mahindra & Mahindra Financial Services M&MFIN.NS | India | $4.12B | -15% | +15% | 14% | 1.41× | 23.7% | 13.8% |
| China Development Bank Financial Leasing 1606.HK | Hong Kong | $2.66B | +4% | -5% | 13% | 0.40× | 4.5% | 12.6% |