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IREDA is the renewable-energy specialist; PFC finances the broader power sector, and REC is PFC’s subsidiary. That makes PFC and REC related exposures, not three fully independent business models. To compare their shares, line up each lender’s mandate, portfolio, growth, credit quality, capital and funding on the same reporting basis—and use one market-price date for valuation. The available figures below are dated snapshots, not a current, like-for-like ranking or a buy recommendation.
What each lender does—and why the relationship matters
IREDA: renewable-energy focus
The Indian Renewable Energy Development Agency (IREDA) is the specialist renewable-energy lender in this comparison. Its FY2024–25 annual report records a loan book of ₹76,282 crore at 31 March 2025, compared with ₹59,698 crore a year earlier, and disbursements of ₹30,168 crore during FY2024–25. These figures describe reported lending activity; they do not, on their own, establish the quality or profitability of new loans. See IREDA’s FY2024–25 annual report.
PFC and REC: broader power-sector financing, with a parent-subsidiary link
Power Finance Corporation (PFC) is a government-established development financier for domestic power projects. REC Limited is PFC’s subsidiary, so investors comparing both shares should account for the corporate relationship and avoid treating their businesses as wholly independent exposures. ICRA describes PFC’s role and REC relationship in its 25 March 2026 rating rationale. PFC’s own investor page describes its power-project financing role as company positioning, not independent assessment: PFC investor relations.
How to compare the three stocks on a consistent basis
Start with each company’s latest filings, then align fiscal period, reporting basis and metric definitions before drawing conclusions. IREDA’s financial-results index lists FY2025–26 reporting periods; PFC’s investor pages list FY2025–26 and FY2026–27 materials. An index helps locate filings but is not a substitute for checking the underlying result documents. Use IREDA’s financial-results page, and PFC’s annual reports, investor presentations and announcements.
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| Comparison area | What to line up | How to interpret it |
|---|---|---|
| Mandate and portfolio | Stated strategy and actual loan exposures, including generation, transmission, distribution and newer energy segments. | A stated renewable or power-sector focus does not by itself show the realized mix or concentration of the loan book. |
| Growth and earnings | Sanctions, disbursements, loan-book growth, net interest income, operating costs and profit after tax (PAT). | Match fiscal period and standalone or consolidated basis. Fast loan growth is not proof of superior returns or credit quality. |
| Credit quality | Gross and net non-performing assets (NPAs), stage 3 assets where reported, provisioning, recoveries and borrower concentration. | Definitions and recognition periods can differ; compare the companies’ stated methods and the same reporting dates. |
| Capital and funding | Capital adequacy, leverage, funding mix and borrowing cost. | A single capital ratio is not a complete risk assessment; funding costs and the capacity to absorb losses also matter. |
| Ownership and distributions | Latest shareholding, government ownership, dividend history, board-approved distributions and capital raising. | Check the latest filings. A dividend history does not guarantee future distributions. |
| Valuation | Price-to-book, earnings multiple and dividend yield, calculated using one market date and clearly identified earnings or book-value denominators. | Market prices change, and trailing versus forward figures can produce different multiples. Do not mix dates or methods. |
What the dated figures establish—and what they do not
ICRA’s 25 March 2026 rationale reports the following PFC standalone figures at the 9M FY2026 reporting point:
- Loan book: ₹5,69,627 crore.
- PAT: ₹13,727 crore.
- Capital adequacy ratio: 22.4%.
- Gross NPA: 1.6%.
These are PFC standalone measures for the stated reporting point, not a FY2026 year-end snapshot and not a matched three-company comparison. The IREDA figures above cover FY2024–25 and a different date. For a valid side-by-side comparison, retrieve the latest underlying filings for IREDA, PFC and REC, then match period, standalone or consolidated basis, and definitions. The available evidence does not establish current, same-date valuation multiples for all three.
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Why “cheaper” does not automatically mean better value
A lower price-to-earnings or price-to-book multiple can signal a different market assessment, but it cannot settle the comparison by itself. Before interpreting a valuation gap, check whether earnings and book value are measured on the same basis and date, and consider loan growth alongside asset quality, provisions, concentration, funding and capital capacity. The forum question “Why should I buy IREDA when PFC & REC are available at just a fraction of the multiples” is one anecdotal example, not evidence of broad investor sentiment or proof of current relative valuation.
Do not infer that IREDA’s focused renewable mandate guarantees better growth or that a broader lender’s lower multiple guarantees a bargain. Likewise, PFC and REC’s parent-subsidiary relationship means their share prices can represent related rather than wholly separate power-sector exposures. A comparison is useful only when its operating figures and valuation inputs are current and aligned.
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A practical checklist before comparing or investing
- Open the latest results and annual reports for all three lenders, rather than relying only on filing index pages.
- Record the reporting date, fiscal period, and whether every figure is standalone or consolidated.
- Compare actual loan portfolios as well as stated mandates, noting sector and borrower concentration.
- Review loan-book growth alongside gross and net NPAs, provisions, recoveries and the company’s asset-quality definitions.
- Assess capital adequacy and funding mix together; neither a growth rate nor one capital ratio captures the full risk picture.
- Use a common market-price date for valuation, state the earnings or book-value denominator, and distinguish trailing from forward measures.
- Check current ownership and declared distributions in company filings instead of assuming government links or past dividends determine future returns.
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