REC Ltd(RECLTD)

NSE: RECLTDBSE: 532955

₹ 293.65-2.33%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 77,325 crNext results: 26 Oct 2026Website: www.recindia.nic.inUpdated: 24 Oct 2026

About

REC Limited is a non-banking financial company that the RBI classifies as an Infrastructure Finance Company. It finances the whole power sector value chain and also lends to infrastructure and logistics. It reported FY26 revenue of Rs 59,584.16 Cr. Management says it holds a 20 - 25% share of power sector financing in India, and the company describes itself as "Lighting every 4th bulb in India".^[1][2][3]

Business and products

Single reported segment: lending to power, logistics and infrastructure. Standalone segment revenue was ₹59,068.17 crore in FY26, compared with ₹55,457.60 crore in FY25.^[1]
Products as of FY26: long-term loans, short- and medium-term loans of 1 to 3 years, debt refinancing, equipment manufacturing finance, a Revolving Bills Payment Facility for DISCOMs, and strategic investments.^[1]
Wholly owned subsidiary RECPDCL provides project implementation and consultancy services in the power sector and acts as Bid Process Coordinator for transmission projects.^[1]
In Gujarat, RECPDCL is the implementing agency for smart meter projects with a total scope of 98.56 lakh meters (FY26).^[1]

Loan book mix

Outstanding loan assets were ₹5.84 lakh crore at the end of FY26, up about 3% from ₹5.67 lakh crore a year earlier. The state sector made up 85% of the book and the private sector 15%.^[3]
Loan portfolio by segment in FY26: distribution 38%, conventional generation 25%, renewable energy 13%, infrastructure and logistics 10%, transmission 8%, RBPF 3% and others 3%.^[1]
The renewable energy loan book grew 30% year on year to ₹75,347 crore in FY26. Its share of the total book rose from 10% to 13%.^[1]
The distribution share of the loan book rose to 38% in FY26 from 31% the prior year. Distribution disbursements excluding RBPF rose to ₹67,258 crore from ₹24,489 crore.^[3]
Infrastructure and logistics loan assets were ₹56,476 crore (10% of the book) as of Q3 FY26, compared with ₹68,674 crore (12%) a year earlier.^[4]

Key operating numbers

Sanctions totalled ₹4,09,096.50 crore and disbursements ₹2,11,189.25 crore in FY26. In FY25 sanctions were ₹3,37,179 crore and disbursements ₹1,91,185 crore.^[1][5]
Disbursements excluding RBPF were ₹1,46,227 crore in FY26, up 28% year on year and the highest annual figure in the company's history.^[3]
Net interest margin was 3.74% in Q1 FY26, compared with 3.64% a year earlier. Yield on advances was 10.08% against 9.99%, and the spread was 2.96%.^[6]
Capital adequacy (CRAR) was 23.11% in FY26, down from 25.99% in FY25.^[1]
Funds raised in FY26 totalled ₹83,558.31 crore.^[1]
The committed order book was about ₹2.5 lakh crore as of H1 FY26.^[7]

Asset quality

Net credit-impaired assets fell to 0.12% at the end of FY26 from 0.38% a year earlier. Stage III loan assets fell 82%, from ₹7,653 crore to ₹1,385 crore.^[3]
During FY26, 9 stressed assets with outstanding loans of ₹6,264 crore were resolved. At year-end 3 projects remained: 2 under NCLT and 1 outside NCLT.^[3]
₹15,407 crore was recovered from the Kaleshwaram Irrigation Project, a Stage-II asset, during 9M FY26.^[4]

Customers and reach

Borrowers are government entities (state governments and central or state power utilities, the primary recipients), independent power producers and private sector borrowers.^[1]
The top 20 borrowers made up 58.44% of advances in FY26, compared with 57.61% in the prior year. No single borrower exceeds 10% of the asset portfolio.^[1]
As of FY26, REC serves markets in 28 states and has no international locations.^[1]
Power Finance Corporation holds 52.63% of REC's shares (FY26).^[1]
REC is the nodal agency for the RDSS and PM-Surya Ghar schemes (FY25).^[5]

Expansion and targets

REC targets raising clean energy to about 30% of its total loan book by March 2030.^[1]
Target: grow the loan book to ₹10 lakh crore by 2030 (stated in Q2 FY26).^[7]
REC is diversifying into non-power infrastructure and logistics lending, including airports, metros, roads and ports (FY26).^[1]
A planned finance subsidiary at IFSC GIFT City was still awaiting Ministry of Power approval as of FY26.^[1]
Shareholder approval was sought for private placement of bonds of up to ₹1,40,000 crore over one year (FY26 annual report).^[1]
Net Zero in Scope 1 and Scope 2 emissions is targeted by 2035.^[3]

Recent developments

On June 28, 2026, the boards of REC and PFC approved a Scheme of Merger of REC into PFC, subject to approvals. The merger follows the Union Budget 2026-27 announcement.^[1]
The FY26 secretarial audit noted that the board did not have the required number of independent directors. Their appointment rests with the Government.^[1]
Dr. Anil Kumar Gupta and Dr. Kanchiappan Ghayathri Devi ceased to be Independent Directors on 22 September 2026.^[8]
Final dividend of ₹1.55 per share declared for FY26.^[3]

Market Cap

₹77,325 Cr

High / Low

₹388 / 286

Stock P/E

4.8

Price / Book

0.9

Book Value

₹323

EPS

₹61.9

No. of Shares

263.32 Cr

ROE

20.0%

Debt / Equity

6.05

Sales

₹59,584 Cr

Net Profit

₹16,308 Cr

Promoter holding

52.6%

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