Indian Renewable Energy Development Agency LimitedQ1 FY27 Results & Financial Update
Indian Renewable Energy Development Agency Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,249.47 Cr, PAT ₹338.53 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Indian Renewable Energy Development Agency Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended June 30, 2026 (Q1 FY27), Indian Renewable Energy Development Agency Limited reported consolidated revenue from operations of INR 2,249.47 crore and total income of INR 2,250.60 crore. Finance costs for the period stood at INR 1,341.27 crore, reflecting the scaling scale of borrowings required to fund the expanding loan portfolio.
Profit before tax (PBT) for Q1 FY27 was recorded at INR 413.75 crore, while profit after tax (PAT) reached INR 338.53 crore after factoring in tax expenses of INR 75.22 crore and depreciation of INR 9.94 crore. Basic earnings per share (EPS) for the quarter was INR 1.21 (not annualized).
Standalone financial highlights provided in company disclosures show an outstanding loan book of INR 94,936 crore as of June 30, 2026, alongside a net worth of INR 14,133 crore. Asset quality metrics on a standalone basis indicated a Gross NPA ratio of 3.76% (Gross NPAs of INR 3,568 crore) and a Net NPA ratio of 1.23% (Net NPAs of INR 1,134 crore).
Provisioning coverage ratio strengthened to 68.22% as of June 30, 2026, compared to 63.88% at the close of March 31, 2026, and 51.10% a year earlier. Capital adequacy remained robust with a CRAR of 20.30%, positioning the institution well above regulatory thresholds for future credit expansion.
Borrowing activities during the quarter continued actively, with total outstanding borrowings reaching INR 79,002 crore. The composition reflects 86% domestic borrowings (comprising INR 33,179 crore in bonds and INR 34,494 crore in bank loans, FII loans, and cash credit) and 14% foreign borrowings, of which 83% remain hedged.
The company's sector-wise loan exposure highlights significant allocations to solar energy (26%), loan facilities to state utilities (19%), wind power (11%), manufacturing (11%), hydro power (8%), and ethanol projects (8%), alongside emerging contributions from hybrid wind-solar, smart meters, and battery storage systems.
01 · Business model
What does Indian Renewable Energy Development Agency do?
Indian Renewable Energy Development Agency Limited (IREDA) operates as a specialized, pure-play green financing non-banking financial company (NBFC) under the administrative control of the Ministry of New and Renewable Energy, Government of India.
The institution holds Infrastructure Finance Company (IFC) and Middle Layer Non-Deposit Taking NBFC statuses regulated by the Reserve Bank of India, delivering comprehensive financing products across conceptualization, commissioning, and refinancing of renewable energy projects.
IREDA's portfolio spans traditional renewable sources such as solar, wind, hydropower, transmission, and biomass alongside emerging technologies including battery energy storage systems (BESS), electric vehicles, green hydrogen, and RE equipment manufacturing.
The Government of India maintains a majority shareholding of 71.76%, supporting the company's mandate as a primary implementing and nodal agency for prominent national renewable energy development initiatives.
02 · Historical context
What shaped the business before this quarter
Established in 1987 as a dedicated financial institution under the erstwhile Department of Non-Conventional Energy Sources, Ministry of Energy, GOI, and notified as a Public Financial Institution under the Companies Act in 1996.
Upgraded through various CPSE schedules before receiving 'Navratna' status from DPE in 2024, alongside being granted Infrastructure Finance Company status by the RBI and completing its stock market debut via an IPO.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Total income | ₹2,250.60 Cr |
| Interest income | ₹2,198.72 Cr |
| Other income | ₹1.13 Cr |
| Profit before tax | ₹413.75 Cr |
| Profit after tax | ₹338.53 Cr |
| EPS | ₹1.21 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Generated interest income of INR 2,198.72 crore during Q1 FY27, driven by expansion of the outstanding loan book to INR 94,936 crore across solar, wind, hydro, and emerging renewable sectors.
Recorded other income of INR 1.13 crore for the quarter, contributing to a total income of INR 2,250.60 crore.
NIM, spread, funding cost and credit cost
Finance costs stood at INR 1,341.27 crore for Q1 FY27, corresponding to a cost of borrowings of 7.12% based on weighted average outstanding borrowings.
Standalone disclosures reported a gross yield on loan assets of 9.46% and an interest spread of 2.34%, with an annualized net interest margin (NIM) of 3.75%.
Impairment provisions on financial instruments totaled INR 419 crore for the quarter, reflecting conservative provisioning that elevated the provision coverage ratio to 68.22%.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
During Q1 FY27, IREDA recorded loan sanctions of INR 3,380 crore and total disbursements of INR 6,556 crore.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Solar energy projects represent the largest sector exposure at INR 24,483 crore (26%), followed by loan facilities to state utilities at INR 18,416 crore (19%), wind power at INR 10,764 crore (11%), and RE equipment manufacturing at INR 10,756 crore (11%).
Portfolios in emerging technologies continue to scale, including hybrid wind and solar projects at INR 5,416 crore (6%), smart meters at INR 1,990 crore (2%), emerging technology BESS at INR 907 crore (1%), green hydrogen and derivatives at INR 719 crore, and electric vehicles at INR 690 crore.
Geography and market mix
Loan exposures are geographically distributed across India, with Rajasthan holding the largest share at INR 14,890 crore (15.68%), followed by Andhra Pradesh at INR 10,898 crore (11.48%), Telangana at INR 10,632 crore (11.20%), Karnataka at INR 9,712 crore (10.23%), Tamil Nadu at INR 8,562 crore (9.02%), and Gujarat at INR 8,680 crore (9.14%).
Private sector borrowers account for INR 72,756 crore (77%) of the outstanding loan book, while public sector entities represent INR 22,180 crore (23%).
07 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
IREDA's International Financial Services Centre (IFSC) arm, IGGEFIL, secured a 'BBB+/Stable' international credit rating, alongside executing a facility agreement with SMBC to raise external commercial borrowings (ECB) of JPY 28 billion.
Adopted a comprehensive Environment & Social Management Policy effective March 25, 2026, and conducted targeted awareness sessions for boards, key managerial personnel, employees, and value-chain partners.
08 · Reported developments
What changed operationally
CRAR stood at a healthy 20.30% as of June 30, 2026, supporting ongoing growth requirements in India's renewable energy sector.
Net NPAs decreased to INR 1,134 crore (1.23% of loans) as of June 30, 2026, down from INR 1,172 crore (1.29%) as of March 31, 2026, and INR 1,615 crore (2.06%) a year ago.
09 · Pressure points & risks
What is not going smoothly
Gross NPAs rose to INR 3,568 crore (3.76%) as of June 30, 2026, compared to INR 3,245 crore (3.49%) as of March 31, 2026, driven by gross additions of INR 330 crore during the quarter.
10 · Items worth noticing
The line items that can distort a quick read
Recorded impairment provisions on financial instruments of INR 419 crore for the quarter ended June 30, 2026.
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Capital allocation & funding
Total outstanding borrowings stood at INR 79,002 crore as of June 30, 2026, with INR 4,991 crore of new borrowings raised during Q1 FY27.
Foreign borrowings total INR 11,329 crore (14% of total borrowings), of which 83% (INR 9,389 crore) are fully hedged against currency fluctuations.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Credit Ratings
Maintains domestic long-term 'AAA' ratings with a Stable outlook from ICRA, India Ratings, Acuité, CARE Ratings, and Brickwork, alongside international ratings of 'BBB' long-term stable and 'A-2' short-term stable from S&P Global Ratings.
13 · Previous-quarter changes
What changed since the previous quarter
Outstanding loan book increased sequentially from INR 93,069 crore as of March 31, 2026, to INR 94,936 crore as of June 30, 2026.
14 · Key Q&A
The quarter, answered directly
What does Indian Renewable Energy Development Agency do?
Indian Renewable Energy Development Agency Limited (IREDA) operates as a specialized, pure-play green financing non-banking financial company (NBFC) under the administrative control of the Ministry of New and Renewable Energy, Government of India.
What is the clearest takeaway from Q1 FY27?
For the quarter ended June 30, 2026 (Q1 FY27), Indian Renewable Energy Development Agency Limited reported consolidated revenue from operations of INR 2,249.47 crore and total income of INR 2,250.60 crore. Finance costs for the period stood at INR 1,341.27 crore, reflecting the scaling scale of borrowings required to fund the expanding loan portfolio.
What drove earnings or loan-book movement?
Generated interest income of INR 2,198.72 crore during Q1 FY27, driven by expansion of the outstanding loan book to INR 94,936 crore across solar, wind, hydro, and emerging renewable sectors.
What mattered most for margins, funding or credit cost?
Finance costs stood at INR 1,341.27 crore for Q1 FY27, corresponding to a cost of borrowings of 7.12% based on weighted average outstanding borrowings.
What changed operationally beyond the headline numbers?
IREDA's International Financial Services Centre (IFSC) arm, IGGEFIL, secured a 'BBB+/Stable' international credit rating, alongside executing a facility agreement with SMBC to raise external commercial borrowings (ECB) of JPY 28 billion.
What are the main pressure points disclosed for the quarter?
Gross NPAs rose to INR 3,568 crore (3.76%) as of June 30, 2026, compared to INR 3,245 crore (3.49%) as of March 31, 2026, driven by gross additions of INR 330 crore during the quarter.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Credit Disbursal and Sanction Momentum: Track future quarterly disbursement and sanction volumes against the ongoing sectoral push toward India's 500 GW non-fossil fuel capacity target by 2030.
- 02
Asset Quality and Recovery Progress: Monitor gross and net NPA trajectories alongside the provision coverage ratio (currently 68.22%) to evaluate asset resolution across legacy exposures.
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