IREDA Filed Compliant Against Gensol Engineering with EoW

In light of recent developments concerning Gensol Engineering Ltd, its promoters, and associated companies, the Indian Renewable Energy Development Agency Limited (IREDA) has initiated an internal review in accordance with RBI guidelines and its due diligence procedures. While Gensol’s account is under stress, it has not been classified as a Non-Performing Asset (NPA). The Investigation and Risk Committees of IREDA are actively investigating the situation.

Appropriate actions related to collateral management and recovery will be determined based on the review’s findings.

IREDA Took Action on Gensol Engineering

Regarding communications from credit rating agencies about alleged falsified documents, IREDA has clarified that it did not issue the letters referenced. Additionally, the promoters have diluted their shareholding without lender approval, which constitutes a breach of contract. Consequently, IREDA filed a complaint with the Economic Offences Wing (EoW) on April 24, 2025, regarding these issues.

IREDA remains committed to acting responsibly and will provide updates to all stakeholders once the assessment is complete. In the meantime, IREDA urges all parties to refrain from speculation while the investigation is ongoing.

IREDA Q4FY25 Results Overview

IREDA reported a 49% increase in its standalone profit after tax, reaching ₹502 crore for the quarter ended March 31, 2025. As per the company’s statement, revenue from operations for the January-March period surged by 37% year-on-year (Y-o-Y), totalling ₹1,904 crore. For the full financial year 2024-25, IREDA achieved its highest-ever annual profit after tax, amounting to ₹1,699 crore—an impressive 36% increase compared to the previous year. The company’s operational revenue for the year also saw a robust 36% growth, reaching ₹6,742 crore.

Also Read: IREDA Share Rises After 49% Jump in Q4 Profit to ₹501.55 Crore

Conclusion

IREDA’s action on Gensol Engineering showcases the company’s stratgic approach as it initiated an internal review in accordance with RBI guidelines and its due diligence procedures.

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