$IREDA

The company's balance sheet reveals substantial growth in shareholder funds, which expanded to ₹10,266.54 crores in FY25 from ₹8,559.42 crores in FY24, driven by retained earnings and the substantial equity capital base of ₹2,687.76 crores. However, current liabilities surged to ₹72,526.15 crores from ₹56,839.56 crores year-on-year, reflecting the company's aggressive expansion of its loan book to support India's renewable energy ambitions. This growth in liabilities, whilst funding business expansion, also contributes to the rising interest burden that compressed margins in Q4 FY26. Book value per share stood at ₹38.20, providing a useful benchmark against the current market price of ₹134.15, which translates to a price-to-book ratio of 2.92x. This premium valuation reflects market expectations for future growth, yet the recent profit decline and margin compression raise questions about whether such expectations remain justified without a clear path to margin recovery.