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United News of India
21 hours ago
- Business
- United News of India
IREDA reaffirms its commitment to India's Clean Energy Mission
Mumbai, July 21 (UNI) Indian Renewable Energy Development Agency Ltd (IREDA), India's leading Non-Banking Financial Company (NBFC) under the Ministry of New & Renewable Energy (MNRE), reaffirms its commitment towards India's clean energy mission with strong financial performance and robust growth strategy, according to a statement issued here today. IREDA reported a 49 percent year-on-year growth in operating profit and a 30 percent rise in total income from operations in first quarter (Q1) of FY 2025–26. The strong performance underscored the strength of its core business. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 percent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs. The company maintained its impeccable AAA (Stable) domestic credit ratings and successfully raised Rs ₹5,903 crore during the quarter, including a JPY 26 billion ECB from SBI Tokyo, ensuring access to cost-effective capital. Further, while net worth rose by 36 percent, to Rs ₹12,402 crore reflecting continued investor confidence and leadership in the renewable energy financing space. Commenting on the continued growth metrics, Pradip Kumar Das, Chairman & Managing Director, said: 'Operational excellence and responsible financing remain at the heart of our business strategy. We are committed to creating long-term stakeholder value through strong corporate governance, financial discipline, and robust support to India's renewable energy goals.' In a major policy boost, the Central Board of Direct Taxes (CBDT) under the Ministry of Finance has notified IREDA bonds as 'long-term specified assets' under Section 54EC of the Income-tax Act, 1961, effective July nine. This enables investors to claim capital gains tax exemption while supporting India's green transition. The move is also expected to reduce IREDA's cost of capital and encourage wider investor participation. Over the past financial year, IREDA has steadily reduced its NPAs over time by strengthening credit appraisal systems and recovery mechanisms and as a part of its forward strategy, the organisation continues to diversify its lending portfolio and align with national and global sustainability goals. IREDA also achieved recognition for governance and financial excellence, including the 'CMA Icon 2025' award to the CMD and a top five national ranking for wealth creation between November 2023-–24 by a leading business daily. India's recent milestone of achieving 50 percent non-fossil fuel-based power capacity, five years ahead of its 2030 target underscores the growing opportunities in the renewable energy sector. IREDA has been instrumental in this progress and continues to reaffirm its leadership in driving the country's clean energy transition towards the 500 GW target. UNI AAA SS
The Hindu
a day ago
- Business
- The Hindu
IREDA hopeful of Gensol resolution, to raise ₹3,000 crore
Indian Renewable Energy Development Agency (IREDA), the lender to green businesses, said it was hopeful of recovering its exposure to scam hit Gensol Engineering and BlueSmart which have been dragged to the National Company Law Tribunal (NCLT). IREDA chairman and managing director Pradip Kumar Das on Monday said the entities had highly yielding assets and the problems was of mismanagement by promoters. 'We had an exposure of ₹640 crore before the company went down. Since then we have recovered ₹275 crore in the June quarter. Now we have ₹365 crore left for which we have already made provisions for,' he said at a briefing. 'We hope the NCLT finalises the resolution professional in a day or two and the operations resume normally. Then our money can be secured as its assets are standard,' he said. 'The business model for which we had lent is absolutely lucrative. We lent for five years against the car's life of 8-10 years. On some of the loans, we have received three-year repayments and on some, two-year repayments.' Due to Gensol and one more defaulting borrower from Hyderababd, IREDA had seen its non-performing assets rise in the June quarter. Its gross NPAs doubled to 4.23% while net NPAs rose to 2.06% from 1.35%. On lessons learnt from the Genson episode, Mr. Das said, 'We have to tighten our review and monitoring system to avoid recurrence of Gensol-like episodes, particularly whenever a new entrant is growing faster in the new and emerging sector.' Meanwhile, the public sector NBFC, which recently raised ₹2,005 crore through QIP has announced plans to raise another ₹3,000 crore by this year-end. 'We will try to optimise our equity and our borrowing so that we can optimise lending and overall minimise the borrowing cost,' Mr. Das said. The Central Board of Direct Taxes recently notified IREDA bonds as 'long-term specified assets' under Section 54EC of the Income-tax Act. This would enable investors to claim capital gains tax exemption in case they invest in IREDA bonds. This would enable IREDA to further raise around ₹4,000-5,000 crore via bonds, Mr. Das added. He said the firm would see over 30% loan growth this fiscal.
News18
a day ago
- Business
- News18
IREDA plans to raise Rs 2,500-3,000 cr through QIP this fiscal
Mumbai, Jul 21 (PTI) State-owned IREDA plans to raise Rs 2,500-3,000 crore through qualified institutional placement route this fiscal as it looks to dilute another 3.76 per cent of the government holding in the company following a successful IPO in December 2023, a top company official said Monday. The company also said it had an exposure of Rs 700 crore to the crisis-hit Gensol Engineering and it has already recovered a little over Rs 100 crore by way of various instruments, including encashing their bank guarantees as well as withdrawal of the FD money. Gensol had acted as a financier and lessor of vehicles to the all-electric ride-hailing company Blue Smart. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has already admitted to corporate insolvency proceedings against Gensol Engineering, following a petition by IREDA. In April this year, in an interim order, Sebi barred Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case. 'We have already raised Rs 2,005 crore last month through a QIP by way of government diluting 3.24 per cent stake. We are planning to raise another Rs 2,500 -3000 crore in the second tranche within this fiscal," IREDA Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporters here. This will give the company a further borrowing power worth Rs 30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, 'We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost." He said that the Government mandated the company's board to dilute up to 7 per cent this fiscal; it still has scope to dilute another 3.76 per cent stake. Das said last year IREDA borrowings were at around Rs 24,000-25,000 crore. IREDA reported a 49 per cent year-on-year growth in operating profit and a 30 per cent rise in total income from operations in the first quarter of the current financial year. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 per cent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs, the company said. PTI IAS MR MR view comments First Published: July 21, 2025, 22:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Economic Times
5 days ago
- Business
- Economic Times
Waaree Renewable shares rally 5% as Q1 profit more than triples
Shares of Waaree Renewable Technologies climbed as much as 4.7% on Friday to Rs 1,239.50 on the BSE, after the company reported a more than threefold increase in its June-quarter profit, driven by strong growth in its core operations. ADVERTISEMENT Waaree Renewable on Thursday posted a net profit of Rs 86.44 crore for the first quarter of fiscal 2026, marking a 205% jump from Rs 28.30 crore in the same period a year earlier. Revenue from operations for the June 2025 quarter surged 155% year-on-year to Rs 603.18 crore, compared with Rs 236.35 crore in the year-ago period. On a sequential basis, revenue rose 25.6% from Rs 476.57 crore reported in the March 2025 quarter. The company's total expenses also increased sharply to Rs 491.44 crore, up 146% from Rs 199.84 crore in the June 2024 latest numbers come after the company reported an 83% rise in consolidated net profit to Rs 93.76 crore in the March 2025 quarter, when total revenue had grown 74% to Rs 476.57 crore. At the time, the company said its EPC business remained the main growth driver, contributing Rs 469.72 crore, up 76% year-on-year, while revenue from power sales held steady at Rs 6.85 crore. ADVERTISEMENT Despite being down 15.5% year-to-date and 36% over the past 12 months, the stock has shown signs of recovery this week. The Waaree Renewable stock extended its recent rebound, rising 23% in the past week recent rally has pushed Waaree Renewable's shares above all eight key simple moving averages, from the 5-day to the 200-day, indicating strength across timeframes. ADVERTISEMENT Technical momentum indicators also pointed to bullish sentiment. The Relative Strength Index stood at 74.2, and RSI above 70 is considered overbought. This implies that stock may show the Moving Average Convergence Divergence (MACD) indicator was at 32.4 and remains above both the center and signal lines, reinforcing a bullish indicator. ADVERTISEMENT Also read | IREDA shares down 28% in 2025. Can the stock rebound past Rs 185 or is it time to sell? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
5 days ago
- Business
- Economic Times
IREDA shares down 28% in 2025. Can the stock rebound past Rs 185 or is it time to sell?
After a scorching rally that saw shares of Indian Renewable Energy Development Agency (IREDA) triple in less than a year, the state-run financier has lost nearly a third of its value in 2025, and over 40% from its peak. With the stock now trading below all key technical averages and investor confidence rattled by asset quality concerns, the question looms large: is this merely a pause before the next leg up, or has the market already priced in IREDA's green ambitions? ADVERTISEMENT On the face of it, IREDA's operational momentum remains intact. In the June quarter, loan sanctions rose 29% year-on-year to Rs 11,740 crore, while disbursements climbed 31% to Rs 6,981 crore. The company's outstanding loan book expanded 27% to Rs 79,960 crore, bolstered by strong demand across renewables, energy efficiency, green hydrogen, and EV infrastructure. But markets appear unconvinced. Shares are down 28% year-to-date, 5.9% in the past week alone, and 41.3% over the last 12 months. Since hitting an all-time high of Rs 283 in July 2024, the stock has corrected 43.6%, trading now at just 16.6% above its 52-week low of Rs 137 hit in March this year. From a technical standpoint, the picture is decisively bearish. IREDA is trading below all eight of its key simple moving averages, from the 5-day to the 200-day, while its Relative Strength Index (RSI) at 38.6 and MACD at -2.5 both signal waning momentum. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said, 'Since the last 4 months, the price has been trading sideways. During this period, the price tested its 200 DEMA twice but failed to sustain above the same.' He added that, 'the level of 185 on the upside is a strong resistance for the stock, while the level of 135 is likely to act as a strong support. Momentum [is] unlikely in the stock as long as the price trades within this range.' ADVERTISEMENT According to Shah, 'currently the RSI has dropped [below] 40, indicating weakening momentum. MACD, on the other hand, is below the zero line which further reinforces the bearish trend in the stock.' He warned there are 'no signs of base formation or reversal pattern on the charts.'Ajit Mishra of Religare Broking echoed this sentiment, noting that the stock 'faces strong resistance around Rs 175–180' and warned that 'a breach below [the] Rs 140 support level could trigger a deeper correction.' ADVERTISEMENT Shah sees a short-term breakout level at Rs 185 and said 'a strong close above Rs 185 can lead to price moving [to] Rs 210 level in the near term.'Whether the selloff reflects a deeper shift in investor sentiment or simply a bout of profit-taking remains contested. ADVERTISEMENT Shah believes 'this is more of [a] technical correction than a longer-term breakdown,' noting that prices recently bounced near the 61.8% Fibonacci retracement level drawn from the low of Rs 50 (Nov 2023) to the high of Rs 310 (July 2024). However, he added that a fall below Rs 121—'a major swing low'—could invalidate this view and confirm a trend reversal. Amit Trivedi, Technical Analyst at YES Securities, was more cautious. 'Unless a strong base or reversal structure emerges, this appears to be more than a technical correction. The breakdown seems to be broad-based and systemic, not just a short-term overreaction.' ADVERTISEMENT Trivedi said that 'a close above Rs 175 with volumes could signal short-term strength,' but so far, 'no classical base formation is clearly visible.' Kunal Kamble, Senior Technical Research Analyst at Bonanza also flagged caution and said, 'It is still too early to look for any base formation or reversal pattern at current levels.' He pegged Rs 190 as a strong resistance zone and advised that 'fresh long positions are not recommended' without confirmation of a reversal. 'The major support is placed near Rs 119,' Kamble said. 'Given the ongoing downtrend, it is advisable to avoid anticipating a reversal here.'IREDA's sharp decline has come despite continued business growth. Yet concerns over asset quality and rising costs have overshadowed its operational Jain, Senior Research Analyst at Bonanza, pointed out that net profit for Q1FY26 dropped about 36% YoY to Rs 247 crore, "driven by a sharp rise in operating expenses (+60%) and a jump in NPAs (gross 4.13%, net 2.05%)—largely tied to exposure to the Gensol group.'While Jain sees long-term potential in IREDA's renewable energy portfolio and valuations that are 'reasonable to slightly cheap,' he noted that 'near-term earnings risk, asset quality concerns, and sentiment overhang… may keep the stock range-bound.'Jain also flagged 'NPA risk, operating leverage pressure, and dependence on refinancing' as key risks for the second half of Rs 185 has emerged as the widely watched resistance level, analysts are also pointing to other crucial inflection points that could dictate IREDA's next Bhojane, Senior Equity Research Analyst at Choice Broking, noted that "currently, the stock is trading in a sideways trend. In the near term, a decisive close above Rs 170 could trigger fresh buying momentum, with upside targets of Rs 180 and Rs 190. On the downside, if the price breaks below Rs 153, it may lead to a correction toward Rs 140, which will act as a major medium-term support level and target in case of further weakness."Amit Trivedi of YES Securities also highlighted Rs 175 as an immediate hurdle, stressing the need for 'evidence of demand absorption' and 'a breakout above ₹175 on strong volumes' for any meaningful recovery to take Kamble from Bonanza added that without confirmation of a reversal, 'any short-term rise should be viewed as a selling opportunity within the prevailing negative trend.'With multiple resistance levels clustered between Rs 170 and Rs 185, and volume indicators failing to confirm accumulation, analysts suggest investors may be better served waiting for a definitive breakout rather than positioning prematurely. Also read | MobiKwik shares down 61% from peak, charts hint at upside till Rs 300. Should you buy? (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
