REC Ltd.

•

recindia.nic.inBSE: 532955NSE: RECLTD

Market Cap₹ 82,394 Cr.

Current Price

High / Low₹ 390 / 304

Stock P/E5.1

Book Value₹ 337

Price to Book0.95

Dividend Yield5.93 %

ROCE9.7 %

ROE20.1 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

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

Financial ServicesFinanceFinance Term Lending

Part ofNIFTY NEXT 50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY FIN SERVICE

S.No.	Name
1.	PFC	353.25	4.48	116576.09	5.25	8997.92	0.18	28526.86	0.32	10.05	99.88
2.	IRFC	81.07	14.73	105946.38	2.59	1927.21	10.40	8261.11	451.73	5.64	99.49
3.	RECLTD	312.90	5.14	82393.58	5.93	4192.76	-6.11	14434.92	-1.51	9.71	96.90
4.	IFCI	82.32	127.15	22179.60	0.00	60.27	-3.46	327.06	4.79	7.56	57.66
5.	TFCILTD	140.55	76.12	6507.15	0.43	18.38	-8.25	51.00	-17.46	11.13	90.10
6.	SATIN	216.75	5.84	2394.46	0.00	1226.46	2619.42	7621.36	983.89	12.15	62.96
7.	TRU	4.32	0.00	51.35	0.00	-10.58	-16.29	11.27	-62.55	3.48	-79.12

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
52.63	52.63	52.63	52.63	52.63	52.63	52.63	52.63	52.63
20.43	21.22	21.74	20.48	19.16	17.97	16.46	15.79	15.76
14.68	14.25	13.91	14.79	15.51	15.86	16.21	16.36	16.98
0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
12.20	11.84	11.68	12.05	12.65	13.49	14.64	15.18	14.57

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Change in Management

2026-09-10 - Intimation regarding change in Senior Management.

2026-09-09

General Updates

2026-09-09 - Intimation of sale and transfer of project specific SPV/Subsidiary.

2026-09-08

Change in Auditors

2026-09-08 - REC Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-07

General Updates

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

Credit Rating- Revision

2026-09-07 - Intimation of revision in Credit Rating and its Outlook.

2026-08-27

Shareholders meeting

2026-08-27 - Declaration of voting results of 57th Annual General Meeting of REC Limited.

2026-08-26

General Updates

2026-08-26 - Intimation regarding imposition of fines by Stock Exchanges.

2026-08-25

Shareholders meeting

2026-08-25 - Proceedings of 57th Annual General Meeting of REC Limited held on Tuesday, August 25,2026.

2026-08-25

General Updates

2026-08-25 - Intimation of incorporation of subsidiary companies.

News

Recent coverage and analyst commentary for RECLTD

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REC Ltd.

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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

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

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

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

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

3,790

3,460

4,038

4,076

4,310

4,466

4,415

4,052

3,375

4,193

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

1,446

Interest

13,462

13,335

15,657

18,997

21,492

22,054

23,741

29,965

34,138

36,247

36,051

Depreciation

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,975

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

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

128

2,617

2,948

2,463

2,386

1,981

2,190

3,170

5,352

6,674

9,831

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

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

457

-149

861

-287

-943

-1,831

-1,302

-3,308

Cash from Financing

-3,947

28,244

35,543

33,926

42,113

38,123

59,588

40,034

-2,375

2,757

-4,220

134

1,336

-538

-1,038

-180

-333

289

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

52.63

20.43

21.22

21.74

20.48

19.16

17.97

16.46

15.79

15.76

14.68

14.25

13.91

14.79

15.51

15.86

16.21

16.36

16.98

0.05

12.20

11.84

11.68

12.05

12.65

13.49

14.64

15.18

14.57

REC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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REC Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI