REC logo

REC

RECLTD NSE

Key Fundamentals

MidcapFinancial InstitutionFinancial Services
Market Cap
₹78,997 Cr
P/E (TTM)
4.93
EBITDA
₹57,050 Cr
Return on Equity
19.17%
Debt to Equity
6.19
Book Value
₹320.88
EPS (TTM)
₹60.90
52W High
₹388.30
52W Low
₹286.20

Price-based figures as of 09 Oct 2026, 15:59 IST · EPS basis: Consolidated · TTM

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Stock is trading at 0.92 times its book value
  • Stock is providing a good dividend yield of 6.27%.
  • Company has been maintaining a healthy dividend payout of 29.9%

Weaknesses

3
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
5.66% lower than 3Y

change over 1 year

Net Income Growth
2.67% lower than 3Y

change over 1 year

Cash Flow Change
115%

change over 1 year

EBITDA Margin Change
-0.51%

change over 1 year

AI Analysis — Bull vs Bear

Figures as of 1 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-01 close, REC Ltd traded at ₹287.75, giving it a market capitalisation of ₹75,771.02 crore. On those figures the stock trades at a trailing P/E of 4.72x on TTM EPS of ₹60.9 and at 0.9x book value, with ROE of 19.17%. Over the long run, profit has compounded at 14% over 3 and 5 years. Recent momentum has weakened, though: TTM sales growth is 2%, TTM profit growth is -5%, and the stock is down 24% over one year. It is trading only about 0.5% above its 52-week low of ₹286.2 and about 25.9% below its 52-week high of ₹388.3.

Bull Case 7
  • The valuation is low on earnings. A trailing P/E of 4.72x on TTM EPS of ₹60.9 means the market cap of ₹75,771.02 crore is less than five years of current earnings.
  • The stock trades below book value at a P/B of 0.9x, even though the company earns an ROE of 19.17%. That is a sizeable gap between valuation and the returns it generates on equity.
  • Profitability has been steady over time. ROE has averaged 21% over 3 and 5 years and 20% over 10 years, and it was 20% last year.
  • Growth over the medium term has been solid. Sales have compounded at 15% and profit at 14% over 3 years, and profit has also grown at 14% over 5 years.
  • The dividend payout ratio has been 29.9%. On a TTM EPS base of ₹60.9, that keeps cash returns to shareholders meaningful while retaining most earnings to grow the loan book.
  • Long-term returns for shareholders have been positive. The stock's CAGR is 19% over 5 years and 11% over 10 years, which suggests the business has created value across cycles.
  • The stock price has already fallen a long way. It is about 25.9% below its 52-week high of ₹388.3 and close to its 52-week low of ₹286.2, so a lot of the recent bad news may already be priced in.
Bear Case 7
  • Recent momentum has turned negative. TTM profit growth is -5% and TTM sales growth is only 2%, well below the 3-year rates of 14% and 15%.
  • Price action has been weak. The stock is down 24% over one year and is trading just about 0.5% above its 52-week low of ₹286.2.
  • Over the longer term, growth has been more modest. Sales have compounded at 10.9% (rounded to 11%) over 5 years and 9% over 10 years, which is ordinary for a lender of this size.
  • The interest coverage ratio is flagged as low, and ROCE is only 9.64% against ROE of 19.17%. That gap reflects heavy use of borrowed money, which leaves earnings sensitive to changes in funding costs and asset quality.
  • There are signs that the company may be capitalising some interest cost. If so, the reported TTM EPS of ₹60.9 could look better than the underlying economics. This needs checking.
  • Over 3 years the stock has compounded at only 1%, even though profit grew 14% a year over the same period. That suggests the market has steadily applied a lower multiple to these earnings, now 4.72x P/E, and the discount could stay.
  • The business is concentrated in power-sector lending. With ROE down slightly from a 21% 3-year average to 19.17%, any stress among state utility borrowers could squeeze returns further.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

11h ago
Headwinds 2
  • Board norm non-compliance fines Sep 28

    REC Limited asked the stock exchanges to waive fines imposed for not meeting board composition norms. It argued that director appointments are controlled by the Ministry of Power, so the gap is outside its control and could recur.

  • Two independent directors exit Sep 22

    Dr. Anil Kumar Gupta and Dr. Kanchiappan Ghayathri Devi stopped being independent directors on September 22, 2026, when their three-month tenure ended. Their exit leaves fewer independent directors on the board, which could prolong the non-compliance behind the exchange fines.

Neutral 1
  • Three transmission SPVs incorporated Oct 6

    REC set up three wholly owned subsidiaries for power transmission projects in Bikaner and Mirzapur. Under TBCB guidelines, these SPVs will be transferred to the successful bidders, which is a routine part of REC's role as bid process coordinator.

TL;DR: REC's core work continues as usual, and the new Bikaner and Mirzapur transmission SPVs show it is still active in the TBCB pipeline. The main issue right now is governance: fewer independent directors and ongoing exchange fines over board composition, though these are reputational problems more than financial ones. Since the Ministry of Power appoints the directors, the trend is flat to slightly worse until those posts are filled. Watch for new independent director appointments and the exchanges' decision on the fine waiver.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
11,104
11,688
12,052
12,677
13,079
13,682
14,272
15,334
14,737
15,153
15,051
14,564
14,435
Expenses
332
-492
240
-425
717
97
263
1,084
217
476
655
1,231
447
Financing Profit
3,723
4,831
4,158
5,206
4,341
5,079
5,172
5,482
5,587
5,546
5,154
4,402
5,241
Fin. Margin %
34%
41%
34%
41%
33%
37%
36%
36%
38%
37%
34%
30%
36%
Other Income
4
13
20
29
14
24
15
15
87
10
-11
20
35
Interest
7,049
7,350
7,654
7,896
8,020
8,506
8,837
8,768
8,934
9,131
9,243
8,931
8,748
Depreciation
6
6
6
6
6
6
6
6
7
7
7
7
7
PBT
3,721
4,838
4,172
5,229
4,349
5,097
5,181
5,490
5,666
5,549
5,136
4,415
5,268
Tax %
20%
22%
21%
22%
20%
21%
21%
21%
21%
20%
21%
24%
20%
Net Profit
2,968
3,790
3,308
4,079
3,460
4,038
4,076
4,310
4,466
4,415
4,052
3,375
4,193
EPS (₹)
11.27
14.39
12.56
15.49
13.14
15.33
15.48
16.37
16.96
16.77
15.39
12.82
15.92
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
20,544
24,125
24,338
22,658
25,408
29,942
35,557
39,276
39,486
47,517
56,369
59,586
59,202
Expenses
1,149
1,680
1,888
3,379
1,702
3,981
3,292
4,838
1,858
-366
2,153
2,568
2,809
Financing Profit
7,555
8,162
8,988
5,946
8,066
6,969
10,776
12,387
13,894
17,936
20,084
20,780
20,342
Fin. Margin %
37%
34%
37%
26%
32%
23%
30%
32%
35%
38%
36%
35%
34%
Other Income
6
4
24
18
33
72
15
62
28
48
58
13
53
Interest
11,840
14,282
13,462
13,333
15,639
18,991
21,489
22,051
23,733
29,948
34,131
36,238
36,051
Depreciation
8
20
40
7
8
12
11
18
24
24
25
27
27
PBT
7,552
8,147
8,972
5,958
8,090
7,030
10,780
12,431
13,898
17,960
20,117
20,766
20,368
Tax %
29%
30%
30%
25%
29%
29%
22%
19%
20%
21%
21%
21%
—
Net Profit
5,344
5,691
6,313
4,451
5,741
4,972
8,378
10,036
11,167
14,145
15,884
16,308
16,035
EPS (₹)
20.3
21.61
23.98
16.9
21.8
18.88
31.82
38.11
42.41
53.72
60.32
61.93
60.9
Div. Payout %
20%
30%
30%
41%
38%
44%
30%
30%
30%
30%
30%
30%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
987
987
1,975
1,975
1,975
1,975
1,975
1,975
2,633
2,633
2,633
2,633
Reserves
24,085
27,906
31,696
30,613
32,571
33,422
41,789
49,339
55,487
66,717
75,184
81,863
Borrowing
1,50,979
1,69,212
1,67,852
2,04,367
2,44,249
2,86,289
3,29,723
3,33,043
3,80,790
4,45,568
4,96,801
5,15,284
Other Liabilities
7,404
8,840
8,723
5,416
19,659
25,345
27,380
26,503
26,592
33,273
39,883
40,378
Total Liabilities
1,83,456
2,06,945
2,10,245
2,42,370
2,98,454
3,47,030
4,00,867
4,10,860
4,65,503
5,48,191
6,14,502
6,40,158
Fixed Assets
110
254
355
132
165
166
267
628
641
632
629
616
CWIP
10
78
166
129
199
288
336
6
3
24
76
128
Investments
1,596
2,352
2,617
2,948
2,463
2,386
1,981
2,190
3,170
5,352
6,674
9,831
Other Assets
1,81,740
2,04,261
2,07,108
2,39,162
2,95,627
3,44,190
3,98,282
4,08,035
4,61,689
5,42,184
6,07,123
6,29,583
Total Assets
1,83,456
2,06,945
2,10,245
2,42,370
2,98,454
3,47,030
4,00,867
4,10,860
4,65,503
5,48,191
6,14,502
6,40,158
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-23,898
-13,278
6,805
-32,510
-35,866
-32,712
-43,512
-3,910
-37,360
-57,723
-39,064
5,972
Investing
151
-756
-101
46
457
121
861
-287
-943
-1,831
-1,302
-3,308
Financing
23,098
15,291
-3,947
28,244
35,543
33,926
42,113
3,159
38,123
59,588
40,034
-2,375
Net Cash Flow
-649
1,257
2,757
-4,220
134
1,336
-538
-1,038
-180
34
-333
289
Free Cash Flow
-23,943
-13,537
6,601
-32,584
-35,957
-32,812
-43,586
-3,958
-37,377
-57,756
-39,070
5,948
CFO/OP
-111
-48
42
-157
-143
-119
-126
-2
-92
-114
-64
17
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
23%
21%
20%
13%
17%
14%
21%
21%
20%
22%
22%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.69%Govt.0.05%Promot.52.63%Public11.88%FIIs15.76%DIIs16.98%As ofJun 2026

Documents

Frequently Asked Questions about REC

What does REC Ltd do?
REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. [1]
Where is REC Ltd (RECLTD) listed?
REC Ltd trades as RECLTD on the NSE and under code 532955 on the BSE.
Which sector does REC Ltd belong to?
REC Ltd is classified under the Financial Services sector, in the Financial Institution industry.
What is the market capitalisation of REC Ltd?
REC Ltd has a market capitalisation of ₹78,997 Cr as of 9 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of REC Ltd?
REC Ltd trades at a PE ratio of 4.93 as of 9 Oct 2026, on earnings per share of ₹60.9, against a book value of ₹320.88 per share.
What is the 52-week high and low of REC Ltd?
Over the last 52 weeks REC Ltd has traded between ₹286.2 and ₹388.3 as of 9 Oct 2026.
Does REC Ltd pay dividends?
REC Ltd has a dividend yield of 1.44%.
What is the Return on Equity (ROE) of REC Ltd?
REC Ltd reported a return on equity of 19.17%. Its debt-to-equity ratio is 6.19.

Company Information

REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. [1]

Website recindia.nic.in
CEO Mr. Harsh Baweja
Listed 2008-03-12
Face Value ₹ 10
Shares Outstanding 2,63,32,24,000

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