Indian Ren. Energy
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IREDA announced that Chairman & Managing Director Pradip Kumar Das ceased to hold office on July 1, 2026, upon attaining superannuation. The Ministry of New and Renewable Energy issued an order on June 30 entrusting additional charge of the post to Director (Finance) and CFO Dr Bijay Kumar Mohanty for three months or until a regular incumbent is appointed, whichever is earlier. Dr Mohanty assumed the additional charge on July 1.
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IREDA announced that Chairman & Managing Director Pradip Kumar Das ceased to hold office on July 1, 2026, upon attaining superannuation. The Ministry of New and Renewable Energy issued an order on June 30 entrusting additional charge of the post to Director (Finance) and CFO Dr Bijay Kumar Mohanty for three months or until a regular incumbent is appointed, whichever is earlier. Dr Mohanty assumed the additional charge on July 1.
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July 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - ADDITIONAL CHARGE OF CHAIRMAN, MD TO BIJAY KUMAR MOHANTY
IREDA - CESSATION OF PRADIP KUMAR DAS AS CHAIRMAN & MD
Further company coverage: INAR.NS
(([email protected];))
July 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - ADDITIONAL CHARGE OF CHAIRMAN, MD TO BIJAY KUMAR MOHANTY
IREDA - CESSATION OF PRADIP KUMAR DAS AS CHAIRMAN & MD
Further company coverage: INAR.NS
(([email protected];))
MUMBAI, June 22 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS accepted bids worth 15 billion rupees ($158.4 million) in a sale of bonds maturing in three years and six days, three bankers said on Monday.
The company will pay a coupon of 7.34% and had invited commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 3 years and six days | 7.34 | 15 | June 22 | AAA (Icra, India ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.6975 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Varun H K)
MUMBAI, June 22 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS accepted bids worth 15 billion rupees ($158.4 million) in a sale of bonds maturing in three years and six days, three bankers said on Monday.
The company will pay a coupon of 7.34% and had invited commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 3 years and six days | 7.34 | 15 | June 22 | AAA (Icra, India ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.6975 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Varun H K)
MUMBAI, June 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS plans to raise 15 billion rupees ($158.85 million) through the sale of bonds maturing in three years and six days, two traders said on Friday.
The company has invited coupon and commitment bids for the issue on Monday, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 3 year and 6 days | To be decided | 3+12 | June 22 | AAA (Icra, India ratings) |
Torrent Power | 3 year | 8.10 | 7.5 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 5 year | 8.15 | 10 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 7 year | 8.20 | 10 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 10 year | 8.20 | 10.5 | June 23 | AA+ (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.4300 Indian rupees)
(Reporting by Dharamraj Dhutia)
MUMBAI, June 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS plans to raise 15 billion rupees ($158.85 million) through the sale of bonds maturing in three years and six days, two traders said on Friday.
The company has invited coupon and commitment bids for the issue on Monday, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on June 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 3 year and 6 days | To be decided | 3+12 | June 22 | AAA (Icra, India ratings) |
Torrent Power | 3 year | 8.10 | 7.5 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 5 year | 8.15 | 10 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 7 year | 8.20 | 10 | June 23 | AA+ (Crisil, India Ratings) |
Torrent Power | 10 year | 8.20 | 10.5 | June 23 | AA+ (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.4300 Indian rupees)
(Reporting by Dharamraj Dhutia)
March 19 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
APPROVES ENHANCEMENT OF BORROWING PLAN FOR FY2025-26 TO 358 BILLION RUPEES
APPROVES MARKET BORROWING PROGRAMME UP TO 400 BILLION RUPEES FOR FY2026-27
Source text: ID:nBSE1tHcNY
Further company coverage: INAR.NS
(([email protected];;))
March 19 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
APPROVES ENHANCEMENT OF BORROWING PLAN FOR FY2025-26 TO 358 BILLION RUPEES
APPROVES MARKET BORROWING PROGRAMME UP TO 400 BILLION RUPEES FOR FY2026-27
Source text: ID:nBSE1tHcNY
Further company coverage: INAR.NS
(([email protected];;))
Feb 6 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - APPROVED FUNDRAISE VIA SHARE ISSUE WORTH UP TO 29.94 BILLION RUPEES
Source text: ID:nNSE2rkbg1
Further company coverage: INAR.NS
(([email protected];))
Feb 6 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - APPROVED FUNDRAISE VIA SHARE ISSUE WORTH UP TO 29.94 BILLION RUPEES
Source text: ID:nNSE2rkbg1
Further company coverage: INAR.NS
(([email protected];))
** IREDA INAR.NS rises ~2% to 139.33 rupees
** Co reports 37.7% year-on-year jump in Q3 consol profit; Q3 consol revenue rises 25.4%
** ICICI Direct Research says despite temporary stress in Q1, Q3 performance confirms normalisation in margins, asset quality and earnings
** Adds long-term structural growth story for renewable financing remains intact, supported by balance sheet growth, stable margins and sustained asset quality
** More than 16.8 mln shares traded vs 30 day avg of 8.2 mln
** INAR fell 35% in 2025
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
** IREDA INAR.NS rises ~2% to 139.33 rupees
** Co reports 37.7% year-on-year jump in Q3 consol profit; Q3 consol revenue rises 25.4%
** ICICI Direct Research says despite temporary stress in Q1, Q3 performance confirms normalisation in margins, asset quality and earnings
** Adds long-term structural growth story for renewable financing remains intact, supported by balance sheet growth, stable margins and sustained asset quality
** More than 16.8 mln shares traded vs 30 day avg of 8.2 mln
** INAR fell 35% in 2025
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
Jan 9 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA DEC-QUARTER CONSOL PROFIT 5.85 BILLION RUPEES
IREDA DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.3 BILLION RUPEES
Source text: ID:nnAZN4RV31R
Further company coverage: INAR.NS
(([email protected];))
Jan 9 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA DEC-QUARTER CONSOL PROFIT 5.85 BILLION RUPEES
IREDA DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 21.3 BILLION RUPEES
Source text: ID:nnAZN4RV31R
Further company coverage: INAR.NS
(([email protected];))
Oct 14 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS on Tuesday posted a 42% growth in its second quarter profit, helped by robust green lending growth.
The renewable energy financier's profit grew to 5.49 billion rupees ($61.8 million) in the quarter ended September 30 from 3.88 billion rupees in the year-ago period.
Its interest income rose 28.7% to 20.30 billion rupees.
The firm's earnings come as major industry players in India in expand their renewable energy capacity, both with an eye on exports and as India targets 500 gigawatts of non-fossil fuel capacity by 2030.
IREDA's gross loan book stood at 762.82 billion rupees ($8.6 billion) as of fiscal 2025, with solar energy projects making up the largest share, followed by wind. This positions the company as a key financier in India’s clean energy transition.
While IREDA is the only NBFC in India solely focused on green energy, it competes with broader power sector lenders like Power Finance Corporation and REC, which are yet to report earnings.
Shares of IREDA rose 2% following the results.
($1 = 88.7900 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
Oct 14 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS on Tuesday posted a 42% growth in its second quarter profit, helped by robust green lending growth.
The renewable energy financier's profit grew to 5.49 billion rupees ($61.8 million) in the quarter ended September 30 from 3.88 billion rupees in the year-ago period.
Its interest income rose 28.7% to 20.30 billion rupees.
The firm's earnings come as major industry players in India in expand their renewable energy capacity, both with an eye on exports and as India targets 500 gigawatts of non-fossil fuel capacity by 2030.
IREDA's gross loan book stood at 762.82 billion rupees ($8.6 billion) as of fiscal 2025, with solar energy projects making up the largest share, followed by wind. This positions the company as a key financier in India’s clean energy transition.
While IREDA is the only NBFC in India solely focused on green energy, it competes with broader power sector lenders like Power Finance Corporation and REC, which are yet to report earnings.
Shares of IREDA rose 2% following the results.
($1 = 88.7900 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
MUMBAI, Sept 11 (Reuters) - Indian Renewable Energy Development Agency INAR.NS has accepted bids worth 4.53 billion rupees($51.3 million) for perpetual bonds, two traders said on Thursday.
It will pay a coupon of 7.70% and had invited commitment bids for the issue on Thursday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | 7.7 | 4.53 | September 11 | AA+ (Icra, India rating) |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.3125 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, Sept 11 (Reuters) - Indian Renewable Energy Development Agency INAR.NS has accepted bids worth 4.53 billion rupees($51.3 million) for perpetual bonds, two traders said on Thursday.
It will pay a coupon of 7.70% and had invited commitment bids for the issue on Thursday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on September 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | 7.7 | 4.53 | September 11 | AA+ (Icra, India rating) |
HDB Financial | 2 years and 11 months | 7.3274 | 5 | September 11 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 88.3125 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
July 14 (Reuters) - Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday.
Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.
Construction is expected to begin this year.
The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.
India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.
SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.
"By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," Laxit Awla, CEO of SAEL Industries, told Reuters.
The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.
SAEL's revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
($1 = 85.9500 Indian rupees)
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
July 14 (Reuters) - Indian renewable energy firm SAEL Industries Ltd will invest 82 billion rupees ($954.04 million) to build a 5-gigawatt (GW)-per-year integrated solar cell and module manufacturing facility in the northern state of Uttar Pradesh, the company said on Monday.
Through one of the largest investments seen so far in the solar manufacturing space in India, the plant in Greater Noida will boost SAEL’s total module manufacturing capacity to 8.5 GW.
Construction is expected to begin this year.
The move aligns with India’s push to localise solar manufacturing. From June 2026, only domestically made solar cells from approved manufacturers will be allowed in government projects.
India currently has 80 GW of module manufacturing capacity but about 15 GW of cell capacity, with most modules relying on Chinese imports.
SAEL operates assets capable of generating more than 6.7 GW of solar power, including operational and constructional projects, and aims to drive that to 10 GW in three years. The company has already raised more than $2.4 billion in equity and debt, and has issued a $305-million green bond in 2024.
"By 2030, tentatively, we are looking at a power generation capacity of around 18 to 20GW as an independent power producer," Laxit Awla, CEO of SAEL Industries, told Reuters.
The company also plans to file for an initial public offering this year, Awla said, declining to share more details about the timing and size of the IPO.
SAEL's revenue from its biomass and independent power production business nearly doubled to 6.87 billion rupees in fiscal 2025 from fiscal 2023. The company aims to grow its revenue from these businesses to 30.94 billion rupees by fiscal year 2027.
($1 = 85.9500 Indian rupees)
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** Indian Renewable Development Agency (IREDA) INAR.NS falls as much as 5.8% to 159.80 rupees
** Renewable energy financier posts 35.7% year-on-year decline in Q1 net profit
** Manish Agarwalia and Dhruti Parekh of PhillipCapital say asset quality deteriorated due to known stress - a rise in bad loans driven by Gensol and legacy renewable energy account
** High proportion of vulnerable portfolio do not provide confidence for low credit costs for INAR in the medium term, analysts add
** YTD, INAR falls 21.2%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Indian Renewable Development Agency (IREDA) INAR.NS falls as much as 5.8% to 159.80 rupees
** Renewable energy financier posts 35.7% year-on-year decline in Q1 net profit
** Manish Agarwalia and Dhruti Parekh of PhillipCapital say asset quality deteriorated due to known stress - a rise in bad loans driven by Gensol and legacy renewable energy account
** High proportion of vulnerable portfolio do not provide confidence for low credit costs for INAR in the medium term, analysts add
** YTD, INAR falls 21.2%
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise 2.5% to 170 rupees
** The government has permitted co to issue capital gain exemption bonds
** These bonds provide a way to reduce long-term capital gains tax on property or assets held for more than two years
** Co to utilise the bond proceeds only for renewable energy projects that can repay the debt from their own earnings, without relying on state support
** So far in 2025, INAR has fallen ~23%
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise 2.5% to 170 rupees
** The government has permitted co to issue capital gain exemption bonds
** These bonds provide a way to reduce long-term capital gains tax on property or assets held for more than two years
** Co to utilise the bond proceeds only for renewable energy projects that can repay the debt from their own earnings, without relying on state support
** So far in 2025, INAR has fallen ~23%
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
June 13 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
NCLT ADMITS INSOLVENCY APPLICATION AGAINST GENSOL EV LEASE FOR 2.19 BILLION RUPEES
Source text: ID:nNSE2Xdl6S
Further company coverage: INAR.NS
(([email protected];))
June 13 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
NCLT ADMITS INSOLVENCY APPLICATION AGAINST GENSOL EV LEASE FOR 2.19 BILLION RUPEES
Source text: ID:nNSE2Xdl6S
Further company coverage: INAR.NS
(([email protected];))
May 16 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS said on Friday it had filed a bankruptcy application against Gensol Engineering's GENO.NS electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company.
Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said.
The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees.
Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol's former managing director, Anmol Singh Jaggi, is BluSmart's co-founder.
India's market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart.
The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.
Power Finance Corp, another lender to Gensol, has also filed similar allegations against the company.
($1 = 85.5690 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shreya Biswas)
(([email protected];))
May 16 (Reuters) - The Indian Renewable Energy Development Agency INAR.NS said on Friday it had filed a bankruptcy application against Gensol Engineering's GENO.NS electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company.
Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said.
The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees.
Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol's former managing director, Anmol Singh Jaggi, is BluSmart's co-founder.
India's market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart.
The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.
Power Finance Corp, another lender to Gensol, has also filed similar allegations against the company.
($1 = 85.5690 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Shreya Biswas)
(([email protected];))
MUMBAI, May 2 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 15 billion rupees ($178.9 million) for sale of bonds maturing in five years and one month, three bankers said on Friday.
It will pay an annual coupon of 7% and had invited coupon and commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.8360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, May 2 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 15 billion rupees ($178.9 million) for sale of bonds maturing in five years and one month, three bankers said on Friday.
It will pay an annual coupon of 7% and had invited coupon and commitment bids for the issue earlier in the day, they said.
IREDA did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on May 2:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 5 years and 1 month | 7.00 | 15 | May 2 | AAA (Icra, India Ratings) |
HUDCO | 5 years | 6.90 | 21.90 | May 2 | AAA (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.8360 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
May 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - EXTENDS TENURE OF PRADIP KUMAR DAS AS MD, CHAIRMAN
Further company coverage: INAR.NS
(([email protected];))
May 1 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - EXTENDS TENURE OF PRADIP KUMAR DAS AS MD, CHAIRMAN
Further company coverage: INAR.NS
(([email protected];))
April 25 (Reuters) - Gensol Engineering Ltd GENO.NS:
IREDA - FILED COMPLAINT WITH ECONOMIC OFFENCES WING AGAINST GENSOL
Source text: [ID:]
Further company coverage: GENO.NS
(([email protected];))
April 25 (Reuters) - Gensol Engineering Ltd GENO.NS:
IREDA - FILED COMPLAINT WITH ECONOMIC OFFENCES WING AGAINST GENSOL
Source text: [ID:]
Further company coverage: GENO.NS
(([email protected];))
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
(([email protected];))
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
(([email protected];))
By Sarita Chaganti Singh and Sethuraman N R
April 21 (Reuters) - India's Ministry of New & Renewable Energy (MNRE) has granted a nine-month extension for the commissioning of certain solar projects by two government agencies, pushing the deadline to the end of December 2025 due to multiple challenges, a document seen by Reuters showed.
In a letter to the Solar Energy Corporation of India (SECI) and the Indian Renewable Energy Development Agency INAR.NS (IREDA), the MNRE cited limited availability of domestically made photovoltaic solar modules, transmission infrastructure issues, and tender-related delays as reasons for the extension.
The SECI and IREDA had requested the extension for projects tendered under the federal government's Central Public Sector Undertaking (CPSU) Scheme Phase-II.
The scheme aims to set up 12 gigawatts of solar projects by state-run entities, using domestically manufactured solar PV cells and modules, with financial support from the Indian government.
The extension underscores the struggles faced by India's renewable energy sector as the country targets at least 500 GW of non-fossil power capacity by 2030, up from 172 GW currently.
The sector is grappling with several obstacles, including weak demand for tenders, land acquisition challenges, delays in power purchase agreements and project cancellations.
The country also fell short of its earlier goal of adding 175 GW of renewable energy capacity by 2022, with fossil fuels still accounting for more than two-thirds of total power generated last year.
(Reporting by Sethuraman NR; Editing by Shailesh Kuber)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sarita Chaganti Singh and Sethuraman N R
April 21 (Reuters) - India's Ministry of New & Renewable Energy (MNRE) has granted a nine-month extension for the commissioning of certain solar projects by two government agencies, pushing the deadline to the end of December 2025 due to multiple challenges, a document seen by Reuters showed.
In a letter to the Solar Energy Corporation of India (SECI) and the Indian Renewable Energy Development Agency INAR.NS (IREDA), the MNRE cited limited availability of domestically made photovoltaic solar modules, transmission infrastructure issues, and tender-related delays as reasons for the extension.
The SECI and IREDA had requested the extension for projects tendered under the federal government's Central Public Sector Undertaking (CPSU) Scheme Phase-II.
The scheme aims to set up 12 gigawatts of solar projects by state-run entities, using domestically manufactured solar PV cells and modules, with financial support from the Indian government.
The extension underscores the struggles faced by India's renewable energy sector as the country targets at least 500 GW of non-fossil power capacity by 2030, up from 172 GW currently.
The sector is grappling with several obstacles, including weak demand for tenders, land acquisition challenges, delays in power purchase agreements and project cancellations.
The country also fell short of its earlier goal of adding 175 GW of renewable energy capacity by 2022, with fossil fuels still accounting for more than two-thirds of total power generated last year.
(Reporting by Sethuraman NR; Editing by Shailesh Kuber)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise as much as 7.5% to 179.50 rupees, highest since February 21
** The renewable energy financier on Tuesday reported 48.7% Y/Y increase in fourth-quarter profit, 40.1% Y/Y rise in interest income
** Phillip Capital see strong loan growth for IREDA at a CAGR of ~23% over FY25-27 on rising demand for renewable energy in the country
** However, brokerage says higher exposure to private sector and high proportion of vulnerable portfolio do not provide confidence for low credit costs in the medium term
** Upgrades stock to "Neutral" rating from "Sell", maintains TP at 150 rupees
** More than 68.9 mln shares change hands, 3.5x of 30-day avg
** Stock last up 5%, trimming YTD loss to 18.5%
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise as much as 7.5% to 179.50 rupees, highest since February 21
** The renewable energy financier on Tuesday reported 48.7% Y/Y increase in fourth-quarter profit, 40.1% Y/Y rise in interest income
** Phillip Capital see strong loan growth for IREDA at a CAGR of ~23% over FY25-27 on rising demand for renewable energy in the country
** However, brokerage says higher exposure to private sector and high proportion of vulnerable portfolio do not provide confidence for low credit costs in the medium term
** Upgrades stock to "Neutral" rating from "Sell", maintains TP at 150 rupees
** More than 68.9 mln shares change hands, 3.5x of 30-day avg
** Stock last up 5%, trimming YTD loss to 18.5%
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
April 15 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
MARCH-QUARTER PROFIT 5.02 BILLION RUPEES
MARCH-QUARTER INTEREST INCOME 18.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: INAR.NS
(([email protected];;))
April 15 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
MARCH-QUARTER PROFIT 5.02 BILLION RUPEES
MARCH-QUARTER INTEREST INCOME 18.61 BILLION RUPEES
Source text: [ID:]
Further company coverage: INAR.NS
(([email protected];;))
March 28 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - SIGNED AGREEMENT TO RAISE EXTERNAL COMMERCIAL BORROWING FROM SBI, TOKYO BRANCH
IREDA - AGREEMENT TO RAISE JPY 26 BILLION, INCLUDING GREEN SHOE OPTION OF JPY 10 BILLION
Source text: ID:nBSE9DJ27j
Further company coverage: INAR.NS
(([email protected];))
March 28 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
IREDA - SIGNED AGREEMENT TO RAISE EXTERNAL COMMERCIAL BORROWING FROM SBI, TOKYO BRANCH
IREDA - AGREEMENT TO RAISE JPY 26 BILLION, INCLUDING GREEN SHOE OPTION OF JPY 10 BILLION
Source text: ID:nBSE9DJ27j
Further company coverage: INAR.NS
(([email protected];))
March 25 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY - APPROVES BORROWING PROGRAMME UP TO 308 BILLION RUPEES FOR FY 2025-26
Source text: ID:nBSE5jqYZT
Further company coverage: INAR.NS
(([email protected];))
March 25 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY - APPROVES BORROWING PROGRAMME UP TO 308 BILLION RUPEES FOR FY 2025-26
Source text: ID:nBSE5jqYZT
Further company coverage: INAR.NS
(([email protected];))
MUMBAI, March 21 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 10 billion rupees ($116.4 million), which includes a greenshoe option of 7 billion rupees, through the sale of subordinated bonds maturing in 10 years, three bankers said on Friday.
The company has invited coupon and commitment bids for the issue on Tuesday.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 10 years | To be decided | 3+7 | March 25 | AAA (Icra, India Ratings) |
HUDCO | 10 years | To be decided | 5+15 | March 25 | AAA (Icra, India Ratings, Care) |
EXIM Bank | 5 years and 3 months | To be decided | 5+20 | March 25 | AAA (Crisil, Icra) |
LIC Housing Finance | 10 years | 7.58 | 70 | March 21 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.9240 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)
MUMBAI, March 21 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 10 billion rupees ($116.4 million), which includes a greenshoe option of 7 billion rupees, through the sale of subordinated bonds maturing in 10 years, three bankers said on Friday.
The company has invited coupon and commitment bids for the issue on Tuesday.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | 10 years | To be decided | 3+7 | March 25 | AAA (Icra, India Ratings) |
HUDCO | 10 years | To be decided | 5+15 | March 25 | AAA (Icra, India Ratings, Care) |
EXIM Bank | 5 years and 3 months | To be decided | 5+20 | March 25 | AAA (Crisil, Icra) |
LIC Housing Finance | 10 years | 7.58 | 70 | March 21 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.9240 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Savio D'Souza)
March 20 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE37bW8w
Further company coverage: INAR.NS
(([email protected];;))
March 20 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER BORROWING PLAN FOR FY 2025-26
Source text: ID:nBSE37bW8w
Further company coverage: INAR.NS
(([email protected];;))
MUMBAI, March 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 12.47 billion rupees ($144.14 million) for the sale of perpetual bonds, three bankers said on Wednesday.
It will pay an annual coupon of 8.40% and had invited coupon and commitment bids for the issue earlier in the day.
The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | perpetual | 8.40 | 12.47 | March 19 | AA+ (Icra, India Rating) |
SIDBI | 5 years | 7.39 | 60 | March 19 | AAA (Crisil, Care) |
Hindustan Zinc | 3 years | 7.75 | 5 | March 19 | AAA (Crisil) |
NABARD | 3 year and 6 months | 7.48 | 70 | March 19 | AAA (Crisil, India rating) |
Bajaj Finance | 4 year and 11 months | 7.80 | 5.45 | March 18 | AAA (Crisil) |
NIIF Infra Finance | 7 year and 2 months | 7.93 | 6.83 | March 18 | AAA (Care, Icra) |
JSW Energy | 3 years | 8.75 | 3+1 | March 19 | AA (Icra, India Ratings) |
JSW Energy | 5 years | 8.80 | 4 | March 19 | AA (Icra, India Ratings) |
IIFL Finance | 13 months | To be decided | 4+2 | March 19 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.5120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
MUMBAI, March 19 (Reuters) - Indian Renewable Energy Development Agency INAR.NS (IREDA) has accepted bids worth 12.47 billion rupees ($144.14 million) for the sale of perpetual bonds, three bankers said on Wednesday.
It will pay an annual coupon of 8.40% and had invited coupon and commitment bids for the issue earlier in the day.
The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | perpetual | 8.40 | 12.47 | March 19 | AA+ (Icra, India Rating) |
SIDBI | 5 years | 7.39 | 60 | March 19 | AAA (Crisil, Care) |
Hindustan Zinc | 3 years | 7.75 | 5 | March 19 | AAA (Crisil) |
NABARD | 3 year and 6 months | 7.48 | 70 | March 19 | AAA (Crisil, India rating) |
Bajaj Finance | 4 year and 11 months | 7.80 | 5.45 | March 18 | AAA (Crisil) |
NIIF Infra Finance | 7 year and 2 months | 7.93 | 6.83 | March 18 | AAA (Care, Icra) |
JSW Energy | 3 years | 8.75 | 3+1 | March 19 | AA (Icra, India Ratings) |
JSW Energy | 5 years | 8.80 | 4 | March 19 | AA (Icra, India Ratings) |
IIFL Finance | 13 months | To be decided | 4+2 | March 19 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.5120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)
MUMBAI, March 17 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 20 billion rupees ($230.5 million), which includes a greenshoe option of 15 billion rupees, through the sale of perpetual bonds, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Wednesday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | To be decided | 5+15 | March 19 | AA+/Stable(Icra,India Rating) |
SIDBI | 5 years | To be decided | 15+45 | March 19 | AAA(Crisil,Care) |
India Infradebt | 5 years and 6 months | 7.94 | 2+6.15 | March 19 | AAA(Crisil, Icra) |
Muthoot Finance | 3 years | 8.60 | 9.50 | March 17 | AA+ (Crisil) |
Canara Bank | 10 years | 7.46 | 40 | March 17 | AAA (Crisil, Care) |
NABARD | 3 years and 6 months | To be decided | 20+50 | March 19 | AAA (Crisil, India rating) |
REC | 3 years | 7.44 | 30 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | 7.32 | 27.80 | March 17 | AAA (Crisil, Icra, Care) |
Can Fin Homes | 2 years and 2 months | 8.20 | 15.1 | March 17 | AAA (Icra) |
NIIF | 7 years and 2 months | To be decided | 2+5.5 | March 18 | AAA (Care, Icra |
Tata Capital Oct 2027 reissue | 2 years and 7 months | To be decided | 2.50+7.50 | March 18 | AAA (Crisil, Icra) |
Tata Capital | 3 years and 7 months | To be decided | 1+5 | March 18 | AAA (Crisil, Icra) |
Hinduja Leyland Finance | 10 years | To be decided | 7 | March 17 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.7560 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Savio D'Souza)
MUMBAI, March 17 (Reuters) - Indian Renewable Energy Development Agency (IREDA) INAR.NS plans to raise 20 billion rupees ($230.5 million), which includes a greenshoe option of 15 billion rupees, through the sale of perpetual bonds, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Wednesday, they said. The bonds will have a call option at the end of 10 years.
IREDA did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IREDA | Perpetual | To be decided | 5+15 | March 19 | AA+/Stable(Icra,India Rating) |
SIDBI | 5 years | To be decided | 15+45 | March 19 | AAA(Crisil,Care) |
India Infradebt | 5 years and 6 months | 7.94 | 2+6.15 | March 19 | AAA(Crisil, Icra) |
Muthoot Finance | 3 years | 8.60 | 9.50 | March 17 | AA+ (Crisil) |
Canara Bank | 10 years | 7.46 | 40 | March 17 | AAA (Crisil, Care) |
NABARD | 3 years and 6 months | To be decided | 20+50 | March 19 | AAA (Crisil, India rating) |
REC | 3 years | 7.44 | 30 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | 7.32 | 27.80 | March 17 | AAA (Crisil, Icra, Care) |
Can Fin Homes | 2 years and 2 months | 8.20 | 15.1 | March 17 | AAA (Icra) |
NIIF | 7 years and 2 months | To be decided | 2+5.5 | March 18 | AAA (Care, Icra |
Tata Capital Oct 2027 reissue | 2 years and 7 months | To be decided | 2.50+7.50 | March 18 | AAA (Crisil, Icra) |
Tata Capital | 3 years and 7 months | To be decided | 1+5 | March 18 | AAA (Crisil, Icra) |
Hinduja Leyland Finance | 10 years | To be decided | 7 | March 17 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.7560 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Savio D'Souza)
March 11 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER ENHANCEMENT OF BORROWING PLAN FOR FY 2024-25
Source text: ID:nBSE4jDc9b
Further company coverage: INAR.NS
(([email protected];))
March 11 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:
TO CONSIDER ENHANCEMENT OF BORROWING PLAN FOR FY 2024-25
Source text: ID:nBSE4jDc9b
Further company coverage: INAR.NS
(([email protected];))
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Popular questions
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What does Indian Ren. Energy do?
Indian Renewable Energy Development Agency Limited (IREDA) is a Government of India enterprise established in 1987. It provides financial assistance for projects related to renewable energy and energy efficiency with the motto 'Energy For Ever'.
Who are the competitors of Indian Ren. Energy?
Indian Ren. Energy major competitors are Tata Invest. Corpn., Manappuram Finance, Poonawalla Fincorp, Mah & Mah Finl. Serv, Sundaram Finance, Five Star Business, SBI Cards & Payment. Market Cap of Indian Ren. Energy is ₹34,020 Crs. While the median market cap of its peers are ₹40,327 Crs.
Is Indian Ren. Energy financially stable compared to its competitors?
Indian Ren. Energy seems to be less financially stable compared to its competitors. Altman Z score of Indian Ren. Energy is 0.77 and is ranked 6 out of its 8 competitors.
Does Indian Ren. Energy pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Indian Ren. Energy latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How strong is Indian Ren. Energy balance sheet?
Latest balance sheet of Indian Ren. Energy is strong. Strength was visible historically as well.
Is the profitablity of Indian Ren. Energy improving?
Yes, profit is increasing. The profit of Indian Ren. Energy is ₹1,874 Crs for TTM, ₹1,698 Crs for Mar 2025 and ₹1,252 Crs for Mar 2024.
Is Indian Ren. Energy stock expensive?
Indian Ren. Energy is not expensive. Latest PE of Indian Ren. Energy is 18.15 while 3 year average PE is 32.34. Also latest Price to Book of Indian Ren. Energy is 2.47 while 3yr average is 4.81.
Has the share price of Indian Ren. Energy grown faster than its competition?
Indian Ren. Energy has given lower returns compared to its competitors. Indian Ren. Energy has grown at ~-29.02% over the last 2yrs while peers have grown at a median rate of -0.15%
Is the promoter bullish about Indian Ren. Energy?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Indian Ren. Energy is 71.76% and last quarter promoter holding is 71.76%.
Are mutual funds buying/selling Indian Ren. Energy?
The mutual fund holding of Indian Ren. Energy is increasing. The current mutual fund holding in Indian Ren. Energy is 0.14% while previous quarter holding is 0.12%.