IREDA's board of directors concluded its meeting on March 19, 2026, with significant approvals for enhanced borrowing plans and resource mobilization strategies. The meeting, which commenced at 4:30 PM and concluded at 6:35 PM, resulted in approval of ₹75,800 crore in total borrowing capacity across FY 2025-26 and FY 2026-27. The formal outcome notification was issued by Ekta Madan, Company Secretary and Compliance Officer, ensuring proper regulatory disclosure and maintaining transparency in corporate governance practices. The board also revised its policy on material event disclosures to exchanges, aiming for clearer communication with stakeholders.
The company's board of directors has approved the enhancement of the borrowing plan for FY 2025-26 from up to ₹30,800 crore to up to ₹35,800 crore, as reported in the latest regulatory filing. The enhanced plan will be executed through a diversified mix of instruments, including taxable bonds, subordinated Tier-II bonds, perpetual debt instruments (PDI), term loans from banks and financial institutions, and lines of credit from international agencies. The company will also tap short-term loans, working capital demand loans (WCDL), and external commercial borrowings (ECB) to meet its funding requirements. These higher borrowing limits are vital for IREDA, a key financier in India's fast-growing renewable energy sector, allowing the agency to back more solar, wind, and other green energy projects.
IREDA has outlined an ambitious resource mobilisation plan for FY 2026-27, targeting up to ₹40,000 crore through its market borrowing programme, excluding funds raised under extra budgetary resources (EBR), according to the regulatory filing. The borrowing mix for FY27 is expected to be broad-based, covering instruments such as taxable bonds, green bonds, green masala bonds, subordinated bonds, and perpetual debt instruments. The company may also explore foreign currency bonds denominated in USD, EUR, or JPY, along with bond ETFs and other debt securities. The updated materiality policy is anticipated to result in more consistent and timely disclosures on key corporate events, showing IREDA's commitment to regulatory compliance and transparency.
The company successfully completed its postal ballot process for capital raising through equity share issuance with overwhelming shareholder support of 99.99%. The remote e-voting process concluded on March 14, 2026, with participation from 2,751 shareholders across promoter, institutional, and retail categories. The resolution received support from 21,34,93,6139 shares representing 99.99% of votes cast, while only 172,128 shares (0.01%) opposed the proposal. This successful resolution enables IREDA to proceed with its capital raising plans through equity share issuance, reflecting strong stakeholder confidence in the company's strategic direction and growth initiatives in the renewable energy sector.
The company's shares have been witnessing severe selling pressure since reaching an all-time high of ₹310 apiece in June 2024 and have so far declined 62.3%, falling to ₹116.6 apiece, as reported in the filing. The stock finished CY25 with a sharp 35% decline, with losses extending into the current year as well, falling another 16.7% so far. Despite the correction, the stock still trades 264% higher than its issue price of ₹32. IREDA faces asset quality concerns, with Gross Non-Performing Assets (NPAs) at 3.5% and Net NPAs at 1.37% as of March 31, 2025, and holds significant exposure to stressed entities including ₹1,202 crore in Andhra Pradesh discoms.
