Indian Renewable Energy Development Agency Limited (IREDA), a ‘Navratna’ Government of India enterprise and a ‘Schedule A’ CPSE, has reported its standalone financial results for the half-year ended September 30, 2025. For this period, the organization recorded a Profit After Tax (PAT) of ₹796 crore and a total loan book of ₹84,477 crore, representing growth of 31%. These results were officially submitted to the Securities and Exchange Board of India (SEBI) on October 14, 2025.
Key Standalone Financial Performance Metrics
The following financial metrics detail IREDA’s performance for the half-year ended September 30, 2025 (H1 FY26), compared to the half-year ended September 30, 2024 (H1 FY25):
- Profit After Tax (PAT): Recorded at ₹796 crore, representing a year-on-year (YoY) growth of 3%.
- Revenue from Operations: Reported at ₹4,004 crore, an increase of 28% YoY.
- Total Loan Book: Stated at ₹84,477 crore, reflecting growth of 31% YoY.
- Net Worth: Reported at ₹12,920 crore, an increase of 38% YoY. This growth is supported by a successful Qualified Institutional Placement (QIP) that raised ₹2,005.90 crore and ₹453 crore during the period.
- Profitability Ratios:
- Net Interest Margin (Annualized): 3.72%
- Yield on Loan Assets (Gross): 9.87%
- Cost of Borrowings: 7.24%
- Interest Spread: 2.63%
Operational Performance: Sanctions and Disbursements
Lending activity for H1 FY26 recorded increases in both sanctions and capital deployment compared to H1 FY25:
- Total Loan Sanctions: Reported at ₹33,148 crore, an 86% increase.
- Total Loan Disbursements: Reported at ₹15,043 crore, a 54% increase.
Loan Book Composition: The loan book remains diversified across the private and public sectors, with the private sector accounting for 72% (₹60,471 crore) and the public sector accounting for 28% (₹24,006 crore).
Sector-wise Breakdown:
- Solar (Thermal/SPV): 24%
- State Utilities (Others): 19%
- Wind: 12%
- Hydro Power: 10%
- Ethanol: 8%
- Manufacturing: 7%
Asset Quality and Credit Ratings
As of September 30, 2025, IREDA’s asset quality metrics were recorded as follows:
- Gross NPA: 3.97%
- Net NPA: 1.97%
The increase in NPA figures compared to the previous year (2.19% Gross NPA and 1.04% Net NPA in H1 FY25) is attributed to a legacy account from FY 2019-20. This account was reclassified from Stage II to NPA following an Andhra Pradesh High Court order dated July 2, 2025.
Credit Ratings: The agency maintains the highest domestic credit ratings of “AAA/Stable” from multiple rating agencies. Internationally, S&P Global Ratings has assigned IREDA a long-term rating of “BBB- Stable” and a short-term rating of “A-3.”
Corporate Milestones and Strategic Status
During the 2024-2025 period, IREDA achieved several regulatory and financial milestones:
- Strategic Status: The company holds ‘Navratna’ and ‘Schedule A’ status, and is recognized as India’s largest pure-play green financing Non-Banking Financial Company (NBFC).
- Regulatory Approvals: Granted Infrastructure Finance Company (IFC) status by the RBI and received approval from the Ministry of Finance to issue 54EC Bonds.
- Capital Market Activity: In addition to the QIP, the agency launched its first-ever issue of Perpetual Bonds for ₹1,247 crore and raised ₹910.37 crore through privately placed Tier-II bonds.
- International Liquidity: Secured a JPY 26 Billion External Commercial Borrowing (ECB) facility from SBI Tokyo. The current borrowing profile is composed of 86% domestic and 14% foreign borrowings.
- Global Presence: Incorporated a Wholly Owned Subsidiary in the IFSC at GIFT City, Gujarat.
Official Statements and Leadership Recognition
IREDA’s leadership and corporate governance standards were recognized through several awards and milestones:
- Management Recognition: The Chairman and Managing Director (CMD) was conferred with the ‘CMA ICON 2025’ award. Additionally, the Director (Finance) received a Certificate of Appreciation from The Institute of Cost Accountants of India.
- Market Standing: The organization was recognized as one of the “Top 5 Wealth Creators in India” for the period of November 2023 to November 2024, securing the second position.
- Stakeholder Engagement: As part of its commitment to transparency, the agency held an Interactive Stakeholders meet on September 18, 2025.
- MNRE Implementation: IREDA continues to serve as a nodal agency for Ministry of New and Renewable Energy (MNRE) schemes and has consistently been rated ‘Excellent’ under its MOU with the Ministry since FY21.
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