Slides
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Investor Presentation Quarter Ended Dec 31,2025 09th Jan 2026
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Table of contents Company at a glance RE Financing Environment Financial Highlights Operational Performance Asset Quality Shareholder Outlook ESG Journey
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Company at a Glance
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Introduction India’s largest pure-play green financing NBFC Over 38 years of experience Comprehensive suite of financial products and related services for RE Sector Infrastructure Finance Company status by RBI Systemically Important Non- Deposit Taking NBFC Incorporated Wholly Owned Subsidiary Company in IFSC – GIFT City. Strategic role in GoI’s initiatives for promotion & development of RE sector 71.76% owned by Government of India Navratna & 'Schedule A' CPSE. Implementation/ Nodal agency for several prominent MNRE schemes. Committed to implementing high standards of Corporate Governance Robust Business Performance Report upto Dec31, 2025, submitted to SEBI on the same day. IREDA Lauds CMA Leadership at 62nd National Convention CMD was conferred with the prestigious awarded ‘CMA ICON 2025’ award and D(F) was felicitated with a Certificate of Appreciation by The Institute of Cost Accountants of India. Performance Track Record Highest Domestic Credit Ratings of ‘AAA/Stable’. S&P Global Ratings Limited upgrade long term issuer credit rating to ‘BBB’ from ‘BBB–’, with Stable Outlook. The short-term rating has also been revised to ‘A-2’ from ‘A-3’. With Excellent rating (96.42 out 100) received for FY 25, consistently rated ‘Excellent’ as per MOU with MNRE since 5 years.
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Journey and key milestones 1987 1996 2005 20222023 Established as a dedicated Financial Institution under erstwhile Dept of Non-Conventional Energy Sources, Ministry of Energy, GOI Notified as Public Financial Institution under Companies Act ISO Certification by Bureau of Indian Standards (BIS) 2010 Upgraded from 'Schedule C' to 'Schedule B' CPSE 2015 Conferred "Mini Ratna" status. Set up 50MW Solar project in Kerala Equity Infusion of Rs. 1500 Crore by GOI. GOI Upgrades IREDA to 'Schedule A' CPSE. Remarkable stock market debut. 2018 Issued Green Masala Bond Granted Navratna Status by DPE Certificate of Registration (COR) for subsidiary at IFSC GIFT City (Gujarat) Gold in Corporate Governance & CSR at PSE Awards 2024 CBIP Award to IREDA & CBIP Individual Award to CMD, IREDA 2024 The Reserve Bank of India has granted Infrastructure Finance Company status 2025 Launched its first-ever issue of Perpetual Bonds for an amount of ₹1,247 crores. Raised ₹910.37 Crore through Privately Placed Tier-II Bonds Raised JPY 26 Billion ECB Facility from SBI Tokyo. Successfully raised ₹2,005.90 & ₹453 crore through a Qualified Institutional Placement (QIP). Received approval from Ministry of Finance for issuing 54EC Bonds. 2026
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Presence across renewable energy sectors with comprehensive suite of financial products & services Products offered from conceptualization to commissioning Project Term Loans Refinancing of loans Guarantee assistance scheme to RE suppliers, developers, manufacturers & EPC contractors for bid security Top-up loans Loan syndication Letter of comfort/Letter of undertaking Payment on order instruments Loans against securitization of future cashflows Emerging technologies Battery Storage System Electric Vehicle & Charging Infra Green Hydrogen & Derivatives Pumped Storage Hydro Smart Meters RE Component Manufacturing Traditional RE technologies Solar Hydro Transmission Biomass & Cogeneration Wind Energy Efficiency & Conservation Ethanol Waste-to-energy
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India RE financing landscape
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RE Capacity in GW 133 172 India RE financing environment | Trends & Growth Drivers Outlook for India’s RE sector is positive, with major policy announcements & ambitious targets India RE installed capacity in GW1 … target of non-fossil fuel-based energy by 2030 500 GW2 Source: 1. Central Electricity Authority ; 2. Ministry of New and Renewable Energy; … India attained remarkable non-fossil fuel capacity 254 GW2 36 41 54 67 82 106 133 38 39 40 43 46 50 54 50 51 52 52 52 53 56 10 11 11 11 11 12 12 134 142 157 172 191 220 254 0 50 100 150 200 250 300 0 50 100 150 200 250 300 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 (upto Nov'25) Solar PV Wind Hydropower Bioenergy Total RE Capacity in GW
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Financial Highlights Standalone
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Profit and Loss Asset Quality Assets and Net Worth Rs in crores 1 As on date figures 2 Operating profit is Profit Before tax , Depreciation & Impairment on Financial Instruments. Summary Highlights | Qtr-III & 9 Months Ended 31.12.25 Quarter ended Q3 FY25- 26 VS Q3 FY24-25 9 Months Ended Q3 FY25- 26 VS Q3 FY24-25 Year ended 31-Dec-25 30-Sep-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Mar-25 Revenue from operations 2130 2057 1698 25% 6134 4838 27% 6742 Interest Expense 1233 1213 1032 19% 3664 3037 21% 4141 Operating Profit 857 776 652 31% 2311 1610 44% 2380 Profit Before Tax 717 696 538 33% 1718 1474 17% 2104 Profit after Tax 585 549 425 38% 1381 1197 15% 1699 Gross NPA1 3297 3353 1845 3297 1845 1866 Gross NPA (%) 3.75% 3.97% 2.68% 3.75% 2.68% 2.45% Net NPA1 1448 1627 1024 1448 1024 1021 Net NPA (%) 1.68% 1.97% 1.50% 1.68% 1.50% 1.35% Outstanding Loan book1 87975 84477 68960 28% 87975 68960 28% 76282 Net worth1 13537 12920 9842 38% 13537 9842 38% 10266
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Summary Highlights | Key Financial Ratios * Calculated on the basis of weighted average outstanding borrowings. Key Financial Ratios: Upto 31.12.2025 Upto 31.12.2024 Q3 FY25-26 VS Q3 FY24- 25 For the Year Ended 31.03.2025 Yield on Loan Assets (%) (Gross) 9.70% 9.96% -3% 10.03% Cost of borrowings (%)* 7.07% 7.68% -8% 7.61% Interest Spread (%) 2.63% 2.28% 15% 2.42% Net Interest Margin (%) (Annualised) 3.74% 3.33% 12% 3.27% Debt Equity Ratio 5.41 5.89 -8% 6.31 Earning Per Share (in Rs) 4.97 4.45 12% 6.32 Provision Coverage Ratio (%) 56.08% 44.52% 26% 45.31%
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Financial Information | Qtr-III & 9 Months Ended 31.12.25 Rs in crores *On account of Interest on Income Tax Refund Particulars Quarter ended 9 Months Ended Year ended 31-Dec-25 31-Dec-24 % Change 31-Dec-25 31-Dec-24 % Change 31-Mar-25 Revenue from operations 2130 1698 25% 6134 4838 27% 6742 Other Income * 10 1 23 2 12 Total Income 2140 1699 26% 6157 4840 27% 6755 Finance cost 1233 1032 19% 3664 3037 21% 4141 Employee Benefit Expenses 29 20 49% 76 60 26% 81 Misc expenses 33 16 106% 72 72 0% 86 Net translation/ transaction exchange loss (gain) (21) (27) -25% 9 42 -78% 42 CSR 8 6 32% 24 18 32% 25 Operating Profit (Before Dep, Impairment & Tax) 857 652 31% 2311 1610 44% 2380 Impairment on Financial Instrument 129 104 24% 562 108 421% 237 Depreciation 11 10 9% 31 28 11% 39 Profit Before Tax 717 538 33% 1718 1474 17% 2104 Tax expense (net) 132 113 17% 337 277 22% 405 Profit After Tax 585 425 38% 1381 1197 15% 1699 Bad Debts Writte off amounting to Rs 13.44 crs
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Balance Sheet | 9 Months Ended 31.12.25 Rs in crores Includes MNRE Scheme Fund Balance Sheet - Liabilities As at 31.12.25 As at 31.12.24 As at 31.03.25 Equity (a) Equity Share Capital 2809 2688 2688 (b) Other Equity 10727 7154 7578 Financial Liabilities (a) Derivative financial instruments 101 37 23 (b) Trade Payables 3 1 9 (c) Borrowings 73192 57931 64740 (d) Other Financial Liabilities 2721 2498 1638 Non-Financial Liabilities (a) Provisions 805 1108 1217 (b) Other non-financial liabilities 1839 1848 1840 Total Liabilities 92197 73264 79734 Balance Sheet - Assets As at 31.12.25 As at 31.12.24 As at 31.03.25 Financial Assets (a) Cash and Bank 112 222 30 (b) Bank Balance other than (a) above 1642 1119 641 (c) Derivative financial instruments 732 517 488 (d) Loans 85989 68046 75320 (e) Investments 1039 759 626 (f) Other Financial assets 30 37 35 Non-financial Assets (a) Fixed Assets 330 350 349 (b) Other non-Financial Assets 2323 2214 2245 Total Assets 92197 73264 79734 Other non-Financial Assets include: GOI Fully Serviced Bonds Money Receivable 1639 1639 1639 Current Tax Assets (Net) 174 220 181 Deferred Tax Assets (Net) 464 361 348 Other non-financial liabilities include: MNRE GOI Fully Serviced Bonds (incl interest accrued) 1654 1653 1653
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Financial Highlights Consolidated
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Rs in crores Summary Consolidated | 9 Month Ended 31.12.2025 Period ended 31.12.2025 Period Ended 31.12.2024 Year ended 31.03.2025 Revenue from operations 6135 4838 6743 Profit Before Tax 1718 1474 2104 Profit after Tax 1381 1197 1698
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Operational performance
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Sector-wise split of outstanding loans as on 31st Dec, 2025 Lending profile | Composition of Outstanding Loans Rs in crores Sector As on 31st Dec 2025 As on 31st Dec 2024 As on 31st March 2025 Public 25401 29% 16391 24% 20872 27% Private 62573 71% 52569 76% 55409 73% Total 87975 100% 68960 100% 76281 100% Solar Thermal / SPV 21984 25% 17787 26% 18675 24% Wind 10320 12% 10747 16% 10608 14% Hydro Power 8119 9% 8462 12% 8508 11% Ethanol 7326 8% 5314 8% 5959 8% Manufacturing 6311 7% 4318 6% 4798 6% Hybrid Wind & Solar 3728 4% 1942 3% 2734 4% Transmission/ Emerging Technology (Smart Meters, Green Hydrogen, Energy Access) 2815 3% 1831 3% 2225 3% Biomass Power & Cogenration 1314 1% 909 1% 787 1% Electric Vehicle (EV) 943 1% 940 1% 1015 1% Waste to energy 541 1% 561 1% 555 1% Short Term & Medium Loans to private 2051 2% 1151 2% 1305 2% Loan facility to state utilities-GENCO 4099 5% 1801 3% 3116 4% Loan facility to State Utilities - Others 17413 20% 12461 18% 15069 20% Others (GECL, NCEF, Briquetting,Gasificatio,EE) 1011 1% 734 1% 926 1% Total 87975 100% 68960 100% 76281 100% 9 Months ended 9M FY25-26 VS 9M FY24-25 31st Dec 2025 31st Dec 2024 Sanction 40100 31087 29% Disbursement 24903 17236 44% Solar Thermal / SPV 25% Wind 12% Hydro Power 9% Manufacturing 7% Hybrid Wind & Solar 4% Ethanol 8% Loan facility to state utilities- GENCO 5% Loan facility to State Utilities - Others 20%
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Lending profile | Well diversified assets with a PAN India Presence with lending across 23 states and 4 UTs 1. Others represent projects under multiple state category and exposure in Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Haryana, Jammu & Kashmir, Jharkhand, Ladakh, Manipur, Puducherry and West Bengal 2470 2.81% 746 0.85% 14,107 16.03% 5065 5.76% 6217 7.07% 5946 6.76% 9947 11.31% 344 0.39% 1256 1.43% 1591 1.81% 1801 2.05% 1987 2.26% 9342 10.62% 10,126 11.51% 8784 9.99% Himachal Pradesh Punjab Rajasthan Madhya Pradesh Gujarat Maharashtra Karnataka Kerala Uttarakhand Uttar Pradesh Sikkim Odisha Telangana Andhra Pradesh Tamil Nadu Others¹ 8246 9.37% Loans outstanding as of December 31th 2025 (in INR crores) Percentage of Gross Loan Portfolio of Rs 87,975 crores States with more than 5% share in Gross Loan Portfolio Above map may not be an accurate representation of geography of India
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Domestic Credit Ratings for Long Term Borrowings Borrowing profile | “AAA” Stable credit ratings have enabled access to cost-effective long-term sources of borrowing “AAA” Stable “AAA” Stable “AAA” Stable “AAA” Stable 'A-2’ Short-Term Stable 'BBB’ Long-Term Stable International Credit Rating “AAA” Stable
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Borrowing profile | Rs.73192 cr. Outstanding Borrowings as on 31st Dec, 2025 Rs. 32397 cr. Borrowings Raised during Qtr-III FY 25-26 Rs in crores | Borrowings Outstanding % As on 31.12.2025 As on 31.12.2024 As on 31.03.2025 Domestic Borrowings 63393 49361 56213 87% 85% 87% Foreign Borrowings 9799 8569 8527 13% 15% 13% As on 31.12.2025 As on 31.12.2024 As on 31.03.2025 Domestic Borrowings (A) Bonds 31915 26948 31251 Loans from Bank/ FII / CC Limit 31477 22414 24962 Sub-Total (A) 63393 49361 56213 Foreign Borrowings (B) Hedged 7542 6379 6167 Un-Hedged 2258 2191 2360 Sub-Total (B) 9799 8569 8527 Total 73192 57931 64740 Raised JPY 26 Billion ECB from SBI Tokyo (Rs 1553 crore during FY 25-26
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Asset Quality
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Asset Quality Gross NPA ( Rs in Crores) Net NPA ( Rs in Crores) * Relates to FY 2019-20 for one borower shifted from stage II to NPA due to AP High Court Order dated 02.07.2025 2442 1411 1845 1866 3302 3353 3297 8.77% 2.36% 2.68% 2.45% 4.13% 3.97% 3.75% -12.00% 9.00% 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 FY 20-21 FY 23-24 Upto Q3 FY24-25 FY24-25 Upto Q1 FY25-26 Upto Q2 FY25-26 Upto Q3 FY25-26 Gross NPA (in Cr) Gross NPA (%) 782* 25712520 1510 581 1024 1021 1615 1627 1448 5.61% 0.99% 1.50% 1.35% 2.06% 1.97% 1.68% -6.00% 6.00% 0 500 1000 1500 2000 2500 3000 FY 20-21 FY 23-24 Upto Q3 FY24-25 FY24-25 Upto Q1 FY25-26 Upto Q2 FY25-26 Upto Q3 FY25-26 Net NPA (in Cr) Net NPA (%) 782* 2515 314* 1134 782* 1313 314*314* 1301
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Shareholders' outlook
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Shareholding Pattern SHAREHOLDER'S as on 31st Mar, 2025 % of Holding President Of India Through Secretary Mnre 75.00% Resident Individuals 21.44% Vanguard Total International Stock Index Fund 0.35% Vanguard Emerging Markets Stock Index Fund 0.33% Government Pension Fund Global 0.28% Vanguard Fiduciary Trust Company Institutional Total International Stock Market Index Trust II 0.18% HDFC Mutual Fund - HDFC Multi Cap Fund 0.10% Canada Pension Plan Investment Board 0.09% ICICI Prudential Life Insurance Company Limited 0.09% NSE Clearing Limited 0.08% HRTI Private Limited 0.06% American Century ETF Trust-Avantis Emerging Markets Equity ETF 0.06% Others 1.94% Total 100% SHAREHOLDER'S as on 31st Dec, 2025 % of Holding President Of India Through Secretary Mnre 71.76% Resident Individuals 22.31% Life Insurance Corporation Of India 2.21% Vanguard Total International Stock Index Fund 0.41% Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International Equity Index Funds 0.38% Government Pension Fund Global 0.26% Vanguard Fiduciary Trust Company Institutional Total International Stock Market Index Trust II 0.21% Canada Pension Plan Investment Board 0.11% State Bank Of India 0.08% Societe Generale - Odi 0.07% Vanguard Ftse All-World Ex-Us Index Fund, A Series Of Vanguard International Equity Index Funds 0.06% NSE Clearing Limited 0.06% Others 2.06% Total 100%
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CATEGORY OF SHAREHOLDER As at 31.12.2025SHAREHOLDER'S % of HOLDING As at 31.12.2025 As at 31.03.2025 President of India (GOI) 71.76% 75.00% Resident Individuals 22.31% 21.44% Insurance Companies 2.30% 0.27% FIIs & FPIs 2.07% 1.75% Mutual Funds 0.12% 0.23% Non-Resident Individuals 0.45% 0.43% Others 0.99% 0.88% TOTAL 100.00% 100.00% President of India (GOI) 71.76% Resident Individuals 22.31% Insurance Companies 2.30% FIIs & FPIs 2.07% Mutual Funds 0.12% Non Resident Individuals 0.45% Others 0.99%
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IREDA’s ESG Journey 2023–2024 First BRSR Submitted as required for Top 1000 listed entities. 2024–2025 Second BRSR with third party Reasonable Assurance as IREDA ranked158thamong top 250 listed entities. 2025–2026 Third BRSR with reasonable assurance and First sustainability report (planned)
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IREDA’s ESG Initiatives 1st 2nd 3rd FY 2023–24 FY 2025–26 Environment & Social Management Policy: “IREDA is committed for the development and implementation of projects that are environmentally and socially sustainable. As an environmentally informed and socially responsible financial institution, IREDA endeavours to avoid/minimize/mitigate adverse environmental and social impacts, if any.” • Environment & Social (E&S) screening of all projects covering impact on environmental, social and indigenous people. • Categorisation of projects based on impact assessment. ESG Framework: • Sole pure-play green financier in India and fully compliant with SEBI’s ESG disclosure norms • BRSR reporting with reasonable assurance from independent agency.
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IREDA’s ESG Scores and Ratings NSE FY 23-24 M/s CRISIL ESG Ratings FY 24-25 M/s ESG Risks A&I FY 24-25 M/s SES ESG FY 24-25 NSE FY 24-25 • ESG scores indicate strong performance and low ESG risk across multiple agencies ratings. • All scores are measured on a 0–100 scale.
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Investor Resources Annual Report Financial results https://www.ireda.in/annual-reports https://www.ireda.in/financial-results Investor Grievance https://www.ireda.in/investor-grievance-officer Contact us https://www.ireda.in/contact Join us: @ireda.in www.ireda.in Thank You