Indian Renewable Energy Development Agency Limited has appointed Dr Bijay Kumar Mohanty as the Chairman & Managing Director following the cessation of Shri Pradip Kumar Das. The leadership change is effective July 01, 2026, and impacts the top management of the Navratna CPSE.

Shri Pradip Kumar Das ceased to hold the position of Chairman & Managing Director upon attaining the age of superannuation on June 30, 2026. The company informed the exchanges regarding this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Concurrently, the Ministry of New and Renewable Energy issued an order on June 30, 2026, entrusting the additional charge of Chairman & Managing Director to Dr Bijay Kumar Mohanty. He is currently the Director (Finance) and Chief Financial Officer of the agency. The appointment is valid for a period of three months from the date of assumption of charge or until a regular incumbent is appointed, whichever is earlier.

Dr Bijay Kumar Mohanty has over 27 years of experience in the Indian power sector. Before joining Indian Renewable Energy Development Agency Limited , he served at REC Power Development and Consultancy Limited and REC Limited. He holds a Doctorate in Philosophy in Commerce and is a Fellow Member of the Institute of Cost Accountants of India.

Key Appointments

Indian Renewable Energy Development Agency Limited reported a 10% year-on-year increase in profit after tax to ₹1873 crore for the financial year ended March 31, 2026, driven by a 23% rise in revenue from operations to ₹8309 crore. The company’s outstanding loan book grew 22% to ₹93069 crore, while its net worth increased 34% to ₹13781 crore during the same period. Despite the growth in assets, asset quality showed strain with Gross NPA rising to 3.49% compared to 2.45% in the previous year.

For the quarter ended March 31, 2026, revenue from operations stood at ₹2175 crore, a 14% increase from the same quarter in the previous year. Profit after tax for the quarter declined 2% to ₹493 crore. Operating profit, defined as profit before tax, depreciation, and impairment on financial instruments, rose 10% to ₹847 crore in Q4 FY26. Interest expenses for the quarter increased 12% to ₹1241 crore.

Asset Quality and Provisions

The company witnessed a deterioration in asset quality during the financial year. Gross NPA as of March 31, 2026, was recorded at ₹3245 crore, representing 3.49% of the loan book, up from 2.45% in the prior year. Net NPA stood at ₹1172 crore, or 1.29% of the loan book, compared to 1.35% in the previous year. Provisions for impairment on financial instruments surged 228% to ₹777 crore in FY26 from ₹237 crore in FY25.

Loan Book Composition

The lending profile reflected a strong focus on the renewable energy sector. Sanctions and disbursements for the year grew 9% and 16%, respectively. The sector-wise split of outstanding loans as of March 31, 2026, showed that private sector entities accounted for 73% of the portfolio, while public sector entities comprised 27%. Solar Energy remained the largest segment, constituting 26% of the outstanding loans, followed by loan facilities to state utilities at 23%.

Capital Structure and Shareholding

Total borrowings as of March 31, 2026, amounted to ₹77846 crore, with domestic borrowings constituting 87% of the total and foreign borrowings 13%. The President of India through the Secretary MNRE remained the largest shareholder, holding 71.76% of the equity share capital as of March 31, 2026, down from 75.00% in the previous year. Resident Individuals held 22.25% of the shares.

Auditor's Report and Key Disclosures

The Independent Auditor's Report for the standalone financial statements issued an unmodified opinion. The auditors, Shiv & Associates and Rao & Emmar, highlighted several matters of emphasis, including the company's adoption of new RBI prudential norms on capital adequacy effective April 1, 2026. This adoption reduced risk-weighted assets by ₹7,787.77 crore and increased the Capital to Risk-Weighted Assets Ratio (CRAR) by 1.83%, bringing the total CRAR to 20.59% as of March 31, 2026.

The report also noted that certain loan accounts, with an aggregate amount of ₹394.00 crore, have been classified as Stage II/Standard instead of Stage III/Non-Performing Assets (NPA) pursuant to interim orders of various High Courts. As a matter of prudence, interest income on these accounts has been recognized on a collection basis, and impairment loss allowances have been made accordingly. Additionally, the company has appropriated the difference between the impairment allowance under Ind AS 109 and the provisions required under IRACP Norms to an 'Impairment Reserve'.

The Board of Directors recommended a final dividend of ₹0.75 per equity share for FY26, subject to shareholder approval. The total dividend for the financial year is ₹1.35 per share, including an interim dividend of ₹0.60 per share.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE202E01016/eeab0e8366dd4c10.pdf