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Indian Renewable Energy Development Agency Ltd

| Quarterly Financial Results Q3 FY 2024–25

NEUTRAL SENTIMENT

Report Source

⬤9th Jan 26

Summary : IREDA reported strong financial performance for Q3FY26 with increased revenue and profit, despite a rise in non-performing assets and a restated CRAR.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Finance Cost (9M Dec 2025 Consolidated): ₹3,663.82 Crores
  2. Impairment on Financial Instruments (9M Dec 2025 Consolidated): ₹561.79 Crores
  3. Employee Benefits Expenses (9M Dec 2025 Consolidated): ₹76.19 Crores
  4. Other Expenses (9M Dec 2025 Consolidated): ₹72.12 Crores
  5. Interest Income (9M Dec 2025 Consolidated): ₹6,041.82 Crores
  6. Fees and Commission Income (9M Dec 2025 Consolidated): ₹46.62 Crores
  7. Other Operating Income (9M Dec 2025 Consolidated): ₹29.80 Crores
  8. Net cash inflow for subsidiary IREDA Global Green Energy Finance IFSC Ltd: ₹2.35 crores for Q3FY26.
  9. Total Loan Assets (31.12.2025 Consolidated): ₹87,884.76 Crores
  10. Net Worth (31.12.2025 Consolidated): ₹13,539.27 Crores
  11. Total Financial Indebtedness (31.12.2025 Consolidated): ₹73,192.10 Crores
  12. Standalone and Consolidated audited financial results for the quarter and nine months ended December 31, 2025, were approved.
  13. Consolidated results include Indian Renewable Energy Development Agency Limited (Parent Company) and IREDA Global Green Energy Finance IFSC Limited (Subsidiary Company).
  14. Subsidiary's financial statements reflect total assets of ₹30.40 crores, total revenue of ₹0.08 crores, net profit of ₹0.78 crores, other comprehensive income ₹1.44 crores and net cash inflow ₹2.35 crores for Q3FY26.

Corporate Overview

  1. Activities carried out in India.
  2. Certain accounts classified as Stage III / Non-Performing Assets (NPA) as Stage II / Standard aggregating to ₹400.24 Crores due to interim High Court orders.
  3. Provide finance for Renewable Energy & Energy Efficiency projects.
  4. No reportable segments as per Ind AS 108 Operating Segments.
  5. Funds raised through issues will be utilized for on-lending towards RE projects and general corporate purposes.

Risk Factors

  1. Increase in gross non-performing assets.
  2. CRAR restatement due to risk weighting.
  3. Interest income on impaired loans not recognized.
  4. High impairment on financial instruments.

Key Drivers

  1. Strong growth in interest income.
  2. Increased profit after tax.
  3. New subsidiary for finance activities.
  4. Unmodified audit opinion on results.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated interim financial results.
  2. Certain accounts classified as Stage III / Non-Performing Assets (NPA) as Stage II / Standard aggregating to ₹400.24 Crores due to interim orders of Hon'ble High Courts. Interest income on such accounts becoming NPA in terms of prudential norms of Reserve Bank of India (RBI) has been recognized on collection basis and allowance for impairment loss has been made in these accounts accordingly.
  3. As of 31 December 2024, the reported CRAR of the Company was 19.63%, based on a 50% risk weight. Effective from 31 March 2025, the company applied a 100% risk weight, restating CRAR for 31 December 2024 to 15.52% in accordance with RBI directions.

Board Commentary

  1. Certain accounts classified as Stage III / Non-Performing Assets (NPA) as Stage II / Standard aggregating to ₹400.24 Crores.
  2. Certain accounts classified as Stage III / Non-Performing Assets (NPA) as Stage II / Standard aggregating to ₹400.24 Crores in terms of interim orders of Hon'ble High Courts.
  3. Funds raised through issues will be utilized for on-lending towards RE projects and general corporate purposes.

Corporate Governance

  1. Auditors are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India.
  2. Financial results recommended by Audit Committee of Directors and approved by Board of Directors.

Management Discussion & Analysis

Future Strategy

  1. Incorporated a wholly owned subsidiary 'IREDA Global Green Energy Finance IFSC Ltd' to undertake finance company activities.

Risk Control Measures

  1. Allowance for impairment loss has been made in these accounts accordingly.

Critical Risks

  1. Certain accounts classified as Stage III / Non-Performing Assets (NPA) as Stage II / Standard aggregating to ₹400.24 Crores.
Indian Renewable Energy Development Agency Ltd (IREDA) Quarterly Report Analysis & Insights | Dhanarthi