Indian Renewable Energy Development Agency Limited (IREDA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+223.6%

₹331.44

vs ₹102.42 price

Levered DCF

-₹681.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.39

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.19×	25.42×	27.65×	15.87×	7.47×	13.61×	19.54×	15.15×
P/B	2.2×	4.21×	4.04×	2.31×	0.9×	1.57×	0.17×	0.19×
P/S	3.67×	6.52×	7.16×	4.11×	1.7×	1.84×	2.09×	2.44×
EV / EBITDA	43.75×	26.71×	29.89×	25.71×	18.31×	18.66×	3.71×	2.39×
Gross margin	39.6%	65.1%	56.9%	62.8%	72.9%	72.3%	98.9%	98.7%
Operating margin	38.1%	62.8%	54.0%	59.7%	66.9%	69.7%	1.0%	1.2%
Net margin	22.7%	25.7%	25.9%	25.9%	22.8%	13.6%	10.7%	16.1%
Current ratio	167.04×	1.01×	0.98×	0.89×	1.53×	2.97×	6.54×	206.7×
Debt / equity	5.41×	6.31×	5.92×	6.77×	5.24×	7.8×	0.01×	0.01×
Interest coverage	0×	2.19×	2.3×	2.22×	2.11×	1.98×	0.02×	0.02×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.3%	0.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	64.1%	8.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.6%	16.5%	14.6%	14.6%	12.0%	11.6%	0.9%	1.3%
Return on invested capital	2.7%	4.3%	3.2%	3.6%	3.8%	3.6%	0.0%	0.0%
Return on assets	2.0%	2.1%	2.0%	1.7%	1.7%	1.1%	0.9%	2644.0%
Free cash flow yield	10.1%	-33.5%	-32.1%	8.7%	18.5%	15.6%	3.3%	10.2%
Earnings yield	6.2%	3.9%	3.6%	6.3%	13.4%	7.4%	5.1%	6.6%
Enterprise value	₹1T	₹1.1T	₹852.4B	₹529.8B	₹318.2B	₹278.4B	₹33B	₹38.3B
Net debt / EBITDA	31.01×	16.02×	17.75×	19.05×	15.59×	15.51×	-1.58×	-0.55×
Cash conversion cycle (days)	-0	700	126	2,719	-16,954	699	-426,515	311