Whalesbook
Kal yaani April 22, 2026 ko IREDA ka stock market mein ekdum se 9.5% tez ho gaya, ₹142.85 ke intraday high tak pahunch gaya. Yeh ekdum se girawat ke baad hua, jab stock ₹128–₹129 ke aas paas support dhoondh raha tha. Lagta hai short covering bhi hui hai, kyunki company ne operational figures mast bataye hain. Unhone bataya ki FY26 mein unki loan book 22% badh kar ₹93,075 crore ho gayi hai. Sanctions 9% aur disbursements 16% badhe hain. Renewable energy financing mein yeh growth investors ke liye ek achha signal hai, haalanki stock mein thodi volatility rahi hai.
Is fiscal year ( March 31, 2026 tak) mein IREDA ne acha perform kiya hai. Loan sanctions 9% badh kar ₹51,883 crore tak pahunche, aur disbursements 16% badh kar ₹34,946 crore ho gaye. Yeh sab India ke renewable energy targets ke saath match karta hai, aur government bhi sustainable development par zor de rahi hai. Ek public sector company hone ke naate, IREDA ko renewable sector mein support milta hai, aur woh sirf green energy projects par focus karte hain. Unki badhti hui loan portfolio aur operational scale hi main reasons hain jisse loan book 22% year-on-year badh kar ₹93,075 crore ho gayi hai. Aur haan, Q3 FY26 mein toh net profit 37.5% tak badh kar ₹584.9 crore ho gaya tha!
Par yeh sab growth dekhne ke baad bhi, stock pichhle saal market se kaafi peeche raha hai. Stock 21% gira hai jabki NIFTY Midcap 100 index 11% badha hai. Yahi wajah hai ki iske valuation par sawal uth rahe hain. Abhi April 2026 mein, IREDA ka P/E ratio around 19.45–20.9 chal raha hai. Yeh kafi zyada hai compared to PFC aur REC Limited jaise companies se, jinka P/E ratio 7 se bhi kam hai. Haalanki, IREDA ek high-growth sector mein hai, par PFC aur REC ke diversified operations aur better profitability ke saamne yeh premium valuation thoda mehnga lagta hai. Iske alawa, company ka debt-to-equity ratio bhi 6.08 ke aas paas hai, aur dividend yield sirf 0.47% hai.
IREDA ko lekar cautious rehne ke kai reasons hain. Zyada debt financial risk la sakta hai, especially agar interest rates badhte hain. Stock ka pichhle saal performance aur current valuation dekh kar lagta hai ki market price shayad financial structure ko properly reflect nahi kar raha. Technicals ki baat kare toh, RSI lagbhag overbought zone mein pahunch gaya tha (around 73.41 on April 17) aur April 21, 2026 ko 60.5 tha. Stock abhi bhi 200-day SMA (jo lagbhag ₹140 par hai) ke neeche hai, jo resistance dikhata hai. Analysts bhi confused hain, kuch ₹150 target de rahe hain toh kuch ₹265 tak. Ratings bhi 'Hold' se 'Moderate Buy' ke beech hain.
Aage kya hoga? Yeh India ke energy transition goals aur government support par depend karega. Sector mein opportunities toh bahut hain, par company ko financing aur competition se bhi deal karna hoga. Aane wale Q4 FY26 results asset quality aur profitability ke baare mein aur clear picture denge. Analysts kuch upside dekh rahe hain, par stock ka rally tikega ya nahi, yeh depend karta hai ki company apne leverage ko kaise manage karti hai, efficiency kaise badhati hai, aur kya woh apne premium valuation ko justify kar paati hai.