Indian Renewable Energy Development Agency delivered a strong set of Q3 FY26 results, marked by healthy year-on-year growth across revenue and profitability, along with a sequential improvement in asset quality.
Financial performance highlights
For the quarter ended December 31, 2025, IREDA’s total revenue rose to Rs 2,139 crore, compared with Rs 1,698 crore in Q3 FY25 and Rs 2,057 crore in Q2 FY26, reflecting steady momentum on both a YoY and QoQ basis.
Profitability remained robust:
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Profit before tax (PBT) stood at Rs 717 crore, up from Rs 538 crore in Q3 FY25 and slightly higher than Rs 696 crore in Q2 FY26.
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Profit after tax (PAT) came in at Rs 585 crore, compared with Rs 425 crore a year ago and Rs 549 crore in the previous quarter, indicating both strong annual growth and a modest sequential uptick.
Asset quality trend
On the asset quality front, gross non-performing assets (GNPA) rose on a year-on-year basis but showed improvement sequentially. GNPA stood at 3.75%, compared with 2.68% in Q3 FY25, but declined from 3.97% in Q2 FY26.
Similarly, net non-performing assets (NNPA) were reported at 1.68%, higher than 1.50% a year ago, but improved meaningfully from 1.97% in the September quarter, indicating better recovery and resolution trends on a quarter-on-quarter basis.
Overall assessment
The Q3 FY26 performance reflects strong YoY growth in revenue and profits, supported by a stable QoQ improvement in profitability and asset quality. While NPAs remain elevated compared to last year, the sequential reduction in both GNPA and NNPA suggests improving credit metrics as the quarter progressed.
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