REC Ltd.

•

recindia.nic.inBSE: 532955NSE: RECLTD

Market Cap₹ 82,394 Cr.

Current Price

High / Low₹ 390 / 304

Stock P/E5.2

Book Value₹ 334

Price to Book0.96

Dividend Yield5.93 %

ROCE9.7 %

ROE20.3 %

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%
Company has a good return on equity (ROE) track record: 3 Years ROE 21.4%
Solid return on assets for a lender - ROA of 2.6%
Company has a consistent dividend-paying track record
Offers a healthy dividend yield of 5.9%

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

Standalone Figures in Rs. Crores / View Consolidated

	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
	10,976	11,576	11,982	12,613	13,023	13,571	14,157	15,159	14,646	15,084	14,911	14,386	14,296
	213	6,783	227	-406	684	44	219	1,013	145	404	586	1,071	9,122
Operating Profit	10,763	12,149	11,755	13,020	12,339	13,528	13,938	14,146	14,501	14,681	14,324	13,315	13,929
OPM %	98.06%	104.95%	98.11%	103.22%	94.75%	99.68%	98.45%	93.32%	99.01%	97.32%	96.07%	92.56%	97.43%
Other Income	5	14	18	30	14	25	16	15	87	10	42	20	35
Interest	7,050	7,350	7,653	7,896	8,021	8,507	8,837	8,770	8,935	9,132	9,243	8,932	8,748
Depreciation	6	6	6	6	6	6	6	6	7	7	7	7	7
	3,712	4,807	4,114	5,148	4,326	5,040	5,110	5,385	5,647	5,553	5,116	4,397	5,209
Tax %	20.24%	21.51%	20.54%	21.98%	20.42%	20.52%	21.15%	21.33%	21.18%	20.29%	20.98%	23.53%	20.35%
Net Profit	2,961	3,773	3,269	4,016	3,442	4,005	4,029	4,236	4,451	4,426	4,043	3,362	4,149
	11	1	12	15	13	15	15	16	17	17	15	13	2

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	23,587	22,455	25,310	29,813	35,388	39,132	39,208	47,146	55,911	59,140	58,677
	1,456	3,252	1,577	3,881	3,153	4,732	1,744	811	1,954	2,198	11,183
Operating Profit	22,131	19,202	23,733	25,932	32,235	34,401	37,464	46,336	53,957	56,942	47,494
OPM %	93.83%	85.52%	93.77%	86.98%	91.09%	87.91%	95.55%	98.28%	96.51%	96.28%	80.94%
	185	26	34	64	23	98	45	1,435	68	47	108
Interest	13,450	13,339	15,660	19,003	21,492	22,056	23,746	29,966	34,142	36,250	36,055
Depreciation	5	6	7	10	10	18	24	24	24	27	27
Profit before Tax	8,861	5,884	8,100	6,983	10,756	12,425	13,739	17,781	19,860	20,713	20,276
Tax %	29.51%	24.88%	28.85%	30.03%	22.26%	19.15%	19.54%	21.15%	20.88%	21.39%	21.18%
Net Profit	6,246	4,420	5,764	4,886	8,362	10,046	11,055	14,019	15,713	16,282	15,981
EPS	31.63	22.38	29.18	24.74	42.34	38.02	41.85	53.24	59.67	61.83	—
Dividend Payout %	30.51%	40.88%	37.69%	44.46%	30.02%	30.08%	30.01%	30.05%	30.16%	30.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 11%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 14%
3 Years:: 14%

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

Standalone Figures in Rs. Crores / View Consolidated

	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
	31,351	30,328	32,328	33,102	40,893	48,452	54,488	65,592	74,446	81,099
	1,49,502	2,04,529	2,44,321	2,86,340	3,29,782	3,33,102	3,80,836	4,70,239	5,21,311	5,51,422
Trade Payables	0	0	0	0	0	0	0	7	11	8
	29,023	4,112	18,543	24,656	27,910	26,867	26,299	9,701	16,302	4,106
Total Liabilities	2,11,851	2,40,944	2,97,167	3,46,073	4,00,560	4,10,396	4,64,256	5,48,173	6,14,703	6,39,268
	121	128	162	162	266	628	641	631	580	567
Capital Work in Progress	59	127	197	288	336	6	3	24	76	128
	2,696	2,825	2,398	2,313	1,910	2,158	3,138	5,320	6,642	9,799
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	4,490	1,782	1,596	3,700	3,070	2,422	1,987	2,499	1,750	927
	2,04,484	2,36,082	2,92,813	3,39,610	3,94,979	4,05,182	4,58,488	5,39,699	6,05,656	6,27,847
Total Assets	2,11,851	2,40,944	2,97,167	3,46,073	4,00,560	4,10,396	4,64,256	5,48,173	6,14,703	6,39,268

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,320	-30,612	-33,970	-30,716	-40,838	2,182	-34,847	-57,885	-39,182	5,914
Cash from Investing	139	288	585	-136	864	-210	-804	-1,875	-1,146	-3,319
Cash from Financing	-4,173	28,236	35,559	33,919	42,119	68	38,111	59,588	40,034	-2,375
	2,760	-4,254	131	1,335	-538	-1,014	-175	-173	-295	220

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

10,976

11,576

11,982

12,613

13,023

13,571

14,157

15,159

14,646

15,084

14,911

14,386

14,296

213

6,783

227

-406

684

219

1,013

145

404

586

1,071

9,122

Operating Profit

10,763

12,149

11,755

13,020

12,339

13,528

13,938

14,146

14,501

14,681

14,324

13,315

13,929

OPM %

98.06%

104.95%

98.11%

103.22%

94.75%

99.68%

98.45%

93.32%

99.01%

97.32%

96.07%

92.56%

97.43%

Other Income

Interest

7,050

7,350

7,653

7,896

8,021

8,507

8,837

8,770

8,935

9,132

9,243

8,932

8,748

Depreciation

3,712

4,807

4,114

5,148

4,326

5,040

5,110

5,385

5,647

5,553

5,116

4,397

5,209

Tax %

20.24%

21.51%

20.54%

21.98%

20.42%

20.52%

21.15%

21.33%

21.18%

20.29%

20.98%

23.53%

20.35%

Net Profit

2,961

3,773

3,269

4,016

3,442

4,005

4,029

4,236

4,451

4,426

4,043

3,362

4,149

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

23,587

22,455

25,310

29,813

35,388

39,132

39,208

47,146

55,911

59,140

58,677

1,456

3,252

1,577

3,881

3,153

4,732

1,744

811

1,954

2,198

11,183

Operating Profit

22,131

19,202

23,733

25,932

32,235

34,401

37,464

46,336

53,957

56,942

47,494

OPM %

93.83%

85.52%

93.77%

86.98%

91.09%

87.91%

95.55%

98.28%

96.51%

96.28%

80.94%

185

1,435

108

Interest

13,450

13,339

15,660

19,003

21,492

22,056

23,746

29,966

34,142

36,250

36,055

Depreciation

Profit before Tax

8,861

5,884

8,100

6,983

10,756

12,425

13,739

17,781

19,860

20,713

20,276

Tax %

29.51%

24.88%

28.85%

30.03%

22.26%

19.15%

19.54%

21.15%

20.88%

21.39%

21.18%

Net Profit

6,246

4,420

5,764

4,886

8,362

10,046

11,055

14,019

15,713

16,282

15,981

EPS

31.63

22.38

29.18

24.74

42.34

38.02

41.85

53.24

59.67

61.83

—

Dividend Payout %

30.51%

40.88%

37.69%

44.46%

30.02%

30.08%

30.01%

30.05%

30.16%

30.00%

—

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

31,351

30,328

32,328

33,102

40,893

48,452

54,488

65,592

74,446

81,099

1,49,502

2,04,529

2,44,321

2,86,340

3,29,782

3,33,102

3,80,836

4,70,239

5,21,311

5,51,422

Trade Payables

29,023

4,112

18,543

24,656

27,910

26,867

26,299

9,701

16,302

4,106

Total Liabilities

2,11,851

2,40,944

2,97,167

3,46,073

4,00,560

4,10,396

4,64,256

5,48,173

6,14,703

6,39,268

121

128

162

266

628

641

631

580

567

Capital Work in Progress

127

197

288

336

128

2,696

2,825

2,398

2,313

1,910

2,158

3,138

5,320

6,642

9,799

Cash & Bank

4,490

1,782

1,596

3,700

3,070

2,422

1,987

2,499

1,750

927

2,04,484

2,36,082

2,92,813

3,39,610

3,94,979

4,05,182

4,58,488

5,39,699

6,05,656

6,27,847

Total Assets

2,11,851

2,40,944

2,97,167

3,46,073

4,00,560

4,10,396

4,64,256

5,48,173

6,14,703

6,39,268

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

9,320

-30,612

-33,970

-30,716

-40,838

2,182

-34,847

-57,885

-39,182

5,914

Cash from Investing

139

288

585

-136

864

-210

-804

-1,875

-1,146

-3,319

Cash from Financing

-4,173

28,236

35,559

33,919

42,119

38,111

59,588

40,034

-2,375

2,760

-4,254

131

1,335

-538

-1,014

-175

-173

-295

220

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