Major differences between IREDA versus REC and PFC is that IREDA’s cost of funds, at 6.2% in FY23, is lower compared to 7.3% for REC and 7.5% for PFC. They can use green bonds for all of their projects whereas others can only use them for their renewable energy projects.
Further they can grow for longer duration at higher rate due to lower base.
IREDA is trading at higher valuation versus REC and PFC on PE basis at present but I will still prefer it.
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