REC Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 23.1%
- Asset quality is healthy - gross NPA of just 0.2%
- Solid return on assets for a lender - ROA of 2.6%
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.4%
- Company has consistently been profitable over the last 5 years
CONS
- Company has a low return on capital employed of 9.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PFC | 353.25 | 4.48 | 116576.09 | 5.25 | 8997.92 | 0.18 | 28526.86 | 0.32 | 10.05 | 99.88 |
| IRFC | 81.07 | 14.73 | 105946.38 | 2.59 | 1927.21 | 10.40 | 8261.11 | 451.73 | 5.64 | 99.49 |
| RECLTD | 312.90 | 5.14 | 82393.58 | 5.93 | 4192.76 | -6.11 | 14434.92 | -1.51 | 9.71 | 96.90 |
| IFCI | 82.32 | 127.15 | 22179.60 | 0.00 | 60.27 | -3.46 | 327.06 | 4.79 | 7.56 | 57.66 |
| TFCILTD | 140.55 | 76.12 | 6507.15 | 0.43 | 18.38 | -8.25 | 51.00 | -17.46 | 11.13 | 90.10 |
| SATIN | 216.75 | 5.84 | 2394.46 | 0.00 | 1226.46 | 2619.42 | 7621.36 | 983.89 | 12.15 | 62.96 |
| TRU | 4.32 | 0.00 | 51.35 | 0.00 | -10.58 | -16.29 | 11.27 | -62.55 | 3.48 | -79.12 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,978 | 11,688 | 11,988 | 12,620 | 13,028 | 13,531 | 14,143 | 15,153 | 14,657 | 15,064 | 14,919 | 14,383 | 14,435 | |
| 332 | 6,864 | 240 | -425 | 717 | 97 | 263 | 1,084 | 217 | 476 | 655 | 1,231 | 9,201 | |
| Operating Profit | 10,771 | 12,180 | 11,812 | 13,102 | 12,362 | 13,585 | 14,009 | 14,250 | 14,521 | 14,677 | 14,327 | 13,333 | 13,988 |
| OPM % | 98.12% | 104.21% | 98.53% | 103.82% | 94.88% | 100.40% | 99.05% | 94.04% | 99.07% | 97.43% | 96.03% | 92.70% | 96.90% |
| Other Income | 4 | 13 | 20 | 29 | 14 | 24 | 15 | 15 | 87 | 10 | 41 | 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 |
| 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 % | 20.24% | 21.66% | 20.69% | 22.00% | 20.44% | 20.79% | 21.32% | 21.49% | 21.19% | 20.44% | 21.10% | 23.55% | 20.42% |
| Net Profit | 0 | 3,790 | 0 | 0 | 3,460 | 4,038 | 4,076 | 4,310 | 4,466 | 4,415 | 4,052 | 3,375 | 4,193 |
| 11 | 1 | 13 | 15 | 13 | 15 | 15 | 16 | 17 | 17 | 15 | 13 | 2 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 24,195 | 22,652 | 25,399 | 29,952 | 35,553 | 39,269 | 39,478 | 47,505 | 56,367 | 59,584 | 58,801 | |
| 1,889 | 3,391 | 1,688 | 3,999 | 3,291 | 4,825 | 1,857 | 1,002 | 2,154 | 2,570 | 11,563 | |
| Operating Profit | 22,306 | 19,260 | 23,711 | 25,953 | 32,262 | 34,444 | 37,621 | 46,503 | 54,213 | 57,014 | 47,238 |
| OPM % | 92.19% | 85.03% | 93.35% | 86.65% | 90.74% | 87.71% | 95.30% | 97.89% | 96.18% | 95.69% | 80.34% |
| 168 | 28 | 35 | 77 | 23 | 70 | 42 | 1,446 | 67 | 26 | 86 | |
| Interest | 13,462 | 13,335 | 15,657 | 18,997 | 21,492 | 22,054 | 23,741 | 29,965 | 34,138 | 36,247 | 36,051 |
| Depreciation | 40 | 7 | 8 | 12 | 11 | 18 | 24 | 24 | 25 | 27 | 27 |
| Profit before Tax | 8,972 | 5,958 | 8,090 | 7,030 | 10,780 | 12,431 | 13,898 | 17,960 | 20,117 | 20,766 | 20,368 |
| Tax % | 29.64% | 25.30% | 29.04% | 29.27% | 22.28% | 19.27% | 19.65% | 21.24% | 21.04% | 21.47% | 21.27% |
| Net Profit | 6,313 | 4,451 | 5,741 | 4,972 | 8,378 | 10,036 | 11,167 | 14,145 | 15,884 | 16,308 | 16,035 |
| EPS | 31.97 | 22.54 | 29.07 | 25.18 | 42.42 | 37.98 | 42.28 | 53.72 | 60.32 | 61.93 | — |
| Dividend Payout % | 30.19% | 40.60% | 37.84% | 43.69% | 29.96% | 30.11% | 29.71% | 29.78% | 29.84% | 29.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 14%
- 3 Years:
- 13%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 22%
- 3 Years:
- 8%
- 1 Year:
- -17%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 21%
- 3 Years:
- 21%
- Last Year:
- 20%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,975 | 1,975 | 1,975 | 1,975 | 1,975 | 1,975 | 2,633 | 2,633 | 2,633 | 2,633 |
| 31,696 | 30,613 | 32,571 | 33,422 | 41,231 | 48,781 | 54,929 | 66,159 | 75,184 | 81,863 | |
| 1,49,805 | 2,04,477 | 2,44,249 | 2,86,289 | 3,29,723 | 3,33,043 | 3,80,790 | 4,70,192 | 5,21,256 | 5,51,461 | |
| Trade Payables | 160 | 63 | 67 | 46 | 62 | 36 | 42 | 98 | 134 | 180 |
| 29,361 | 4,605 | 19,141 | 24,929 | 28,165 | 26,983 | 26,499 | 9,825 | 12,425 | 482 | |
| Total Liabilities | 2,12,997 | 2,41,733 | 2,98,003 | 3,46,660 | 4,01,156 | 4,10,818 | 4,64,893 | 5,48,907 | 6,11,633 | 6,36,618 |
| 355 | 132 | 165 | 166 | 267 | 628 | 641 | 632 | 628 | 615 | |
| Capital Work in Progress | 164 | 127 | 197 | 288 | 336 | 6 | 3 | 24 | 76 | 128 |
| 2,617 | 2,948 | 2,463 | 2,386 | 1,981 | 2,190 | 3,170 | 5,352 | 6,674 | 9,831 | |
| 51 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 154 | 235 | 293 | |
| Cash & Bank | 4,651 | 2,195 | 2,115 | 3,975 | 3,403 | 2,660 | 2,396 | 2,939 | 2,343 | 1,611 |
| 2,05,159 | 2,36,331 | 2,93,063 | 3,39,846 | 3,95,169 | 4,05,333 | 4,58,683 | 5,39,807 | 6,01,677 | 6,24,140 | |
| Total Assets | 2,12,997 | 2,41,733 | 2,98,003 | 3,46,660 | 4,01,156 | 4,10,818 | 4,64,893 | 5,48,907 | 6,11,633 | 6,36,618 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 9,375 | -30,310 | -33,795 | -30,681 | -40,828 | 2,260 | -34,685 | -57,723 | -39,064 | 5,972 | |
| Cash from Investing | -101 | 46 | 457 | -149 | 861 | -287 | -943 | -1,831 | -1,302 | -3,308 |
| Cash from Financing | -3,947 | 28,244 | 35,543 | 33,926 | 42,113 | 68 | 38,123 | 59,588 | 40,034 | -2,375 |
| 2,757 | -4,220 | 134 | 1,336 | -538 | -1,038 | -180 | 34 | -333 | 289 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Intimation regarding change in Senior Management.
2026-09-09 - Intimation of sale and transfer of project specific SPV/Subsidiary.
2026-09-08 - REC Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-07 - Press Release REC Limited Successfully issued India s First Pilot Issue on Tokenized Corporate Bonds under SEBI Regulatory Sandbox Framework.
2026-09-07 - Intimation of revision in Credit Rating and its Outlook.
2026-08-27 - Declaration of voting results of 57th Annual General Meeting of REC Limited.
2026-08-26 - Intimation regarding imposition of fines by Stock Exchanges.
2026-08-25 - Proceedings of 57th Annual General Meeting of REC Limited held on Tuesday, August 25,2026.
2026-08-25 - Intimation of incorporation of subsidiary companies.
News
Recent coverage and analyst commentary for RECLTD
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