Whalesbook
IREDA: Operating Numbers Toh Mast, Par Stock Kyun Gira?
Dekho, Indian Renewable Energy Development Agency (IREDA) ne apne FY26 (March 31 tak) ke numbers share kiye hain, aur woh waaqai mein impressive hain. Company ke loan sanctions 9% badh kar ₹51,883 Crore ho gaye hain, pichhle saal yeh ₹47,453 Crore the. Aur disbursements toh aur bhi tez bhage hain, 16% upar jaakar ₹34,946 Crore ho gaye hain ₹30,169 Crore se. Is sabka asar ye hua ki IREDA ka loan book 22% tak expand ho gaya, ab yeh ₹93,075 Crore ka hai, jo pehle ₹76,282 Crore tha. Simple words mein, renewable energy sector mein paisa bohot lag raha hai aur IREDA usmein full-on active hai.
Aur sirf yahi nahi, company ne apni funding position bhi strong ki hai. Unhone Sumitomo Mitsui Banking Corporation (SMBC) se ¥28 billion (yaani lagbhag ₹15,000 Crore) ka external commercial borrowing facility secure kiya hai. Yeh 5-saal ka unsecured loan hai, jo future projects ke liye bahut help karega.
Toh Phir Stock Gira Kyun?
Ab aata hai asli sawal - itne acche numbers hone ke baad bhi, Monday ko IREDA ka stock 4.82% gir kar ₹108.8 par band hua. Yeh toh apne 52-week low ke kareeb hai aur Qualified Institutional Placement (QIP) price ₹165 se toh bohot neeche hai. Stock 22% saal-dar-saal (YTD) gir chuka hai.
Iska sabse bada reason hai valuation concerns. Public sector peers, jaise Power Finance Corporation (PFC) aur REC Limited, ke muqable IREDA ka valuation kaafi alag hai. March 2026 tak, IREDA ka Price-to-Earnings (P/E) ratio around 16.3 hai, jabki PFC 3.75-6.65 aur REC 4.66-5.49 ke aas-paas trade kar rahe hain. PFC ki market cap ₹125,000 Crore aur REC ki ₹80,000 Crore hai, jabki IREDA ki ₹30,615 Crore hai. Investors ko lagta hai ki company ka P/E ratio, uske peers se zyada hai, despite slower growth in sanctions.
Aur Kya Chinta Hai Investors Ko?
Ek aur badi chinta hai ki loan sanctions mein 9% ka growth, overall loan book ke 22% ke expansion se kaafi slow lag raha hai. Iska matlab ho sakta hai ki naye projects mein delay ho raha hai ya loan approval se disbursement tak ka process lamba ho gaya hai. Plus, company ne apne update mein asset quality ke baare mein koi specific details nahi di hain, jo kisi bhi lender ke liye bohot important hoti hain.
Haan, analysts kuch ₹150 se ₹183.6 tak ke price targets de rahe hain, jo potential upside dikhata hai. Lekin filhal stock ₹108.65 ke 52-week low ke paas hai, jo market ka skepticism dikha raha hai. Broad market sentiment aur ₹30,615 Crore ki market cap, PFC aur REC jaisi badi players ke saamne, IREDA ke liye chinta ka vishay hai. Pichle quarter mein diya gaya interim dividend ₹0.60 per share bhi stock ko girne se rok nahi paya.
Analysts generally cautiously optimistic hain, par stock mein recovery ke liye jaldi loan approvals aur strong asset quality management ke clear signs chahiye.