Government-owned lender Indian Renewable Energy Development Agency (IREDA) posted a revenue from operations of ₹22.5 billion (~$235.2 million) in the first quarter (Q1) of the financial year (FY) 2027, up 15% year-over-year (YoY) compared with ₹19.48 billion (~$203.6 million).

Interest income, which comprised the largest share of revenue, rose 15.2% YoY to ₹21.99 billion (~$229.8 million) from ₹19.09 billion (~$199.5 million).

IREDA’s profit after tax (PAT) rose 37% YoY to ₹3.39 billion (~$35.4 million), compared with ₹2.47 billion (~$25.8 million).

Earnings per share (EPS) came in at ₹1.21 (~$0.013) compared with ₹0.9 (~$0.01) in the same quarter last year.

Business Highlights

During the quarter, IREDA approved loans worth ₹33.8 billion (~$353.3 million), compared with ₹117.4 billion (~$1.23 billion) in the corresponding quarter last year. Disbursements stood at ₹65.56 billion (~$685.2 million), against ₹69.8 billion (~$729.6 million) a year ago.

IREDA’s outstanding loan book expanded 19% YoY to ₹949.36 billion (~$9.92 billion) as of June 30, 2026, compared to ₹799.41 billion (~$8.36 billion). Private-sector borrowers accounted for 77% of the portfolio, while public-sector borrowers accounted for 23%.

Solar remained IREDA’s largest lending segment, with outstanding loans of ₹244.83 billion (~$2.56 billion), accounting for 26% of the total loan book. Loans to state utilities accounted for 19%, while wind and manufacturing each accounted for 11%.

IREDA’s manufacturing loan portfolio nearly doubled YoY to ₹107.56 billion (~$1.12 billion) compared with ₹53.89 billion (~$563.3 million). Outstanding loans to hybrid wind and solar projects increased to ₹54.16 billion (~$566.1 million) compared to ₹28.44 billion (~$297.3 million).

The lender’s exposure to emerging technologies, including battery energy storage systems stood at ₹9.07 billion (~$94.8 million) at the end of the quarter, compared with no outstanding exposure a year earlier. Loans to green hydrogen projects and its derivatives stood at ₹7.19 billion (~$75.1 million).

IREDA raised ₹49.91 billion (~$521.7 million) in borrowings during the quarter. Its total outstanding borrowings increased to ₹790.02 billion (~$8.26 billion) from ₹663.98 billion (~$6.94 billion) a year earlier. Foreign borrowings accounted for 14% of total borrowings, of which 83% were hedged.

In February 2026, IREDA raised ₹20.06 billion (~$209.7 million) through a qualified institutional placement.

It entered into a facility agreement with Sumitomo Mitsui Banking Corporation in April to raise external commercial borrowings of ¥28 billion.

In Q4 of FY 2026, IREDA’s revenue rose by 14% YoY to ₹21.75 billion (~$227.3 million).