REC Ltd logo

REC Ltd

RECLTD NSE

Key Fundamentals

MidcapFinancial InstitutionFinancial Services
Market Cap
₹86,436 Cr
Volatility
Low Risk
P/E Ratio
5.29
EBITDA
₹57,050 Cr
Return on Equity
19.17%
Debt to Equity
6.19
Book Value
₹320.88
EPS
₹55.59
52W High
₹390.5
52W Low
₹304.05

Insights

Beta

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

Log in to view REC Ltd insights

39 extracted metrics + investor summaries across FY14–FY26.

Log in — free

Tapetide Score

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

Technical Indicators

Key Insights

Strengths

3
  • Stock is trading at 1.02 times its book value
  • Stock is providing a good dividend yield of 5.69%.
  • 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% ↗
Net Income Growth
2.67% ↘
Cash Flow Change
115.29% ↗
ROE
-5.43% ↘
ROCE
1.69% ↘
EBITDA Margin (Avg.)
-0.51% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 6d ago
AI opinion · based on fundamentals
Risk medium

REC Ltd trades at a PE of 5.5x and 1.05x book value with a market cap of Rs 87,212 crore. The company has delivered consistent ROE of ~20% over the past decade but faces slowing revenue growth at 2% TTM and a 5% decline in trailing twelve-month profit.

Bull Case 8
  • Extremely low PE ratio of 5.5x suggests deep value relative to earnings, well below financial sector averages
  • Trading at just 1.05x book value, offering near-asset-value entry with limited downside from a valuation perspective
  • Consistent ROE of 20-21% maintained across 3-year, 5-year, and 10-year periods indicates durable return generation on equity
  • Attractive dividend yield of 5.50% with a healthy payout ratio of 29.9%, providing meaningful income to shareholders
  • Compounded profit growth of 14% over both 3-year and 5-year periods demonstrates sustained earnings expansion
  • Stock CAGR of 26% over 5 years and 14% over 10 years shows long-term wealth creation track record
  • Compounded sales growth of 15% over 3 years indicates improving revenue momentum relative to the 10-year average of 9%
  • Market cap of Rs 87,212 crore provides large-cap stability and institutional liquidity
Bear Case 8
  • Low interest coverage ratio raises concerns about the company's ability to service debt from operating profits
  • TTM profit growth has turned negative at -5%, signalling near-term earnings pressure
  • Revenue growth has decelerated sharply to just 2% TTM from 15% three-year CAGR, indicating a slowdown
  • Five-year sales CAGR of only 10.9% is considered poor for a financial services company in a growing economy
  • Potential capitalisation of interest costs may be overstating reported profitability and asset quality
  • Stock has declined 12% over the past 1 year, underperforming broader markets and indicating negative sentiment
  • As a government-owned infrastructure lender, asset quality risks are tied to power sector stress and policy changes
  • Dividend payout of 29.9% while seemingly healthy also reflects constraints from regulatory capital requirements on lending growth

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Headwinds 1
  • Loan growth slows, target cut Aug 10

    CLSA cut target price to ₹420 after Q1 loan growth slowed to 1% YoY, driven by RBPF run-down, core margin moderation, and sharp FX loss. FY27 PAT estimate trimmed by 2%-3%.

Positives 3
  • Renewable loan book up 30% Jul 30

    REC's BRSR FY2025-26 shows 30% YoY growth in renewable loan book to ₹75,347 crore, 76% reduction in Scope 2 emissions, and ₹338 crore CSR outlay.

  • Two new transmission subsidiaries Aug 26

    REC incorporated two new subsidiary companies to support participation in power transmission project bids in India, expanding its infrastructure footprint.

  • New Executive Director appointed Aug 4

    Somya Kant promoted to Executive Director effective August 3, 2026, bringing over 35 years of finance experience to senior management.

Neutral 5
  • SPV divestments completed Jul 29

    REC sold Ryapte Power Transmission to Tata Power for ₹10.86 crore and transferred two other SPVs to Power Grid Corp and Terralight Solar for ₹33.26 crore combined.

  • ₹20.42 crore block trade Aug 7

    Block trade of ~556,728 shares executed on NSE at ₹366.85 per share, totaling ₹20.42 crore, suggesting institutional participation.

  • 57th AGM held, directors approved Aug 25

    Shareholders approved FY26 financial statements and appointed new directors including independent members at the August 25 AGM.

  • New internal auditor appointed Aug 1

    Mukul Agarwal appointed as Internal Auditor effective August 1, 2026, succeeding Sahab Narain who retired on superannuation.

  • Kukshi Alirajpur subsidiary formed Jul 30

    Wholly owned subsidiary incorporated on July 29, 2026 to manage an intra-state transmission project in Madhya Pradesh.

TL;DR: REC is actively expanding its power transmission and renewable energy infrastructure footprint, with strong 30% growth in renewable loan book and multiple new subsidiaries for project bids. The key risk is near-term earnings moderation from slowing loan growth (1% YoY in Q1), margin compression, and FX headwinds, prompting CLSA to trim estimates. The strategic direction remains constructive but quarterly execution needs to recover for sentiment to improve.

Quarterly Results

  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 in Rs
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

  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 in Rs
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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 52.63%
DIIs 16.98%
FIIs 15.76%
Public 11.88%
Others 2.69%
Government 0.05%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
52.63%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.02%
0.02%
0.00%
0.00%
20.60%
19.92%
20.43%
21.23%
21.73%
20.48%
19.16%
17.97%
16.46%
15.79%
15.76%
DIIs
12.28%
12.51%
9.48%
9.94%
9.43%
8.68%
11.85%
12.11%
11.87%
12.01%
13.00%
14.17%
15.44%
14.68%
14.25%
13.90%
14.79%
15.50%
15.86%
16.22%
16.35%
16.98%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Public
6.29%
6.47%
6.08%
7.38%
8.35%
9.82%
9.73%
10.80%
11.06%
10.53%
10.07%
10.06%
9.66%
10.14%
9.85%
9.64%
9.94%
10.58%
11.31%
12.19%
12.48%
11.88%
Others
28.80%
28.39%
31.81%
30.04%
29.58%
28.87%
25.73%
24.39%
24.37%
24.78%
24.26%
2.49%
2.29%
2.07%
1.98%
2.03%
2.11%
2.07%
2.17%
2.44%
2.70%
2.69%
No. of Shareholders
0
3,32,824
3,42,008
3,31,546
3,81,990
4,23,518
4,67,024
5,20,507
5,76,759
5,71,815
6,21,578
6,89,192
7,70,808
10,33,680
10,40,890
10,41,320
10,82,800
11,26,510
11,54,540
11,79,930
12,08,650
11,75,190

Documents

Frequently Asked Questions about REC Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: RECLTD and BSE: 532955. You can view its live share price, financials, and ratios on Tapetide.
Which sector does REC Ltd belong to?
REC Ltd operates in the Financial Services sector within the Financial Institution industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of REC Ltd?
REC Ltd has a market capitalisation of approximately ₹86435.58 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of REC Ltd?
The Price-to-Earnings (PE) ratio of REC Ltd is 5.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of REC Ltd?
Over the past 52 weeks, REC Ltd has traded between a low of ₹304.05 and a high of ₹390.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does REC Ltd pay dividends?
Yes, REC Ltd has a dividend yield of 1.30%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of REC Ltd?
REC Ltd has a Return on Equity (ROE) of 19.17%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research REC Ltd on Tapetide?
On Tapetide, you can view REC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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
Issued Size 2,63,32,24,000

Explore More

More in Financial Services → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List