RECLTD

REC Limited

Maharatna power-sector financier — generation, transmission and distribution lending

Financial Services›Financial Services›Finance›Financial Institution

recindia.nic.in(opens the company website in a new tab)
Ask AI

Key metrics

Price as of 2026-10-16

Stock price
₹307.80
Market cap
81,064 Cr
Stock P/E
5.1
P/B
0.95
Dividend yield
7.5%
ROE (FY26)
19.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

REC lends to power sector borrowers, mainly state power utilities, state entities and private developers of generation, transmission, distribution and renewable projects, and also to infrastructure and logistics projects.

Company snapshot

3rdBy market cap

Ranked among 7 companies in Financial Institution.

What we see

Positives
  • ✓Net margin of 27.4% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Debt-to-equity of 6.05x — the company carries significant debt relative to its equity base.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Net Interest Income4,050 Cr4,296 Cr4,494 Cr4,675 Cr4,979 Cr5,141 Cr6,179 Cr5,578 Cr5,459 Cr5,284 Cr5,188 Cr5,453 Cr
Other income13 Cr20 Cr29 Cr14 Cr24 Cr15 Cr15 Cr87 Cr10 Cr41 Cr20 Cr35 Cr
Net operating income4,063 Cr4,316 Cr4,524 Cr4,689 Cr5,003 Cr5,156 Cr6,194 Cr5,665 Cr5,469 Cr5,325 Cr5,208 Cr5,488 Cr
Employee cost49 Cr69 Cr66 Cr62 Cr65 Cr55 Cr86 Cr64 Cr67 Cr71 Cr70 Cr74 Cr
Other expenses220 Cr109 Cr234 Cr183 Cr166 Cr288 Cr221 Cr176 Cr210 Cr204 Cr508 Cr1,033 Cr
Provisions & contingencies————————————
Depreciation6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr6 Cr7 Cr7 Cr7 Cr7 Cr7 Cr
Profit before tax4,838 Cr4,172 Cr5,229 Cr4,349 Cr5,097 Cr5,181 Cr5,490 Cr5,666 Cr5,549 Cr5,136 Cr4,415 Cr5,268 Cr
Tax %21.7%20.7%22.0%20.4%20.8%21.3%21.5%21.2%20.4%21.1%23.5%20.4%
Net profit3,790 Cr3,308 Cr4,079 Cr3,460 Cr4,038 Cr4,076 Cr4,310 Cr4,466 Cr4,415 Cr4,052 Cr3,375 Cr4,193 Cr
EPS (₹)₹14.39₹12.56₹15.36₹13.14₹15.33₹15.48₹16.24₹16.96₹16.77₹15.39₹12.69₹15.92

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income——9,344 Cr10,680 Cr13,204 Cr16,144 Cr15,113 Cr16,484 Cr20,974 Cr21,622 CrSign in free for the trailing twelve months
Other income166 Cr47 Cr32 Cr77 Cr23 Cr70 Cr42 Cr66 Cr67 Cr44 CrSign in free for the trailing twelve months
Net operating income166 Cr47 Cr9,377 Cr10,758 Cr13,227 Cr16,214 Cr15,155 Cr16,550 Cr21,041 Cr21,667 CrSign in free for the trailing twelve months
Employee cost193 Cr198 Cr177 Cr193 Cr164 Cr180 Cr204 Cr238 Cr268 Cr272 CrSign in free for the trailing twelve months
Other expenses221 Cr1,757 Cr900 Cr2,819 Cr674 Cr1,161 Cr1,502 Cr757 Cr857 Cr1,098 CrSign in free for the trailing twelve months
Provisions & contingencies——————————Sign in free for the trailing twelve months
Depreciation40 Cr70 Cr8 Cr12 Cr11 Cr18 Cr24 Cr24 Cr25 Cr27 CrSign in free for the trailing twelve months
Profit before tax8,972 Cr6,941 Cr8,090 Cr7,030 Cr10,780 Cr12,431 Cr13,898 Cr17,960 Cr20,117 Cr20,766 CrSign in free for the trailing twelve months
Tax %29.6%32.4%29.0%29.3%22.3%19.3%19.6%21.2%21.0%21.5%Sign in free for the trailing twelve months
Net profit6,313 Cr4,689 Cr5,741 Cr4,972 Cr8,378 Cr10,036 Cr11,167 Cr14,145 Cr15,884 Cr16,308 CrSign in free for the trailing twelve months
EPS (₹)₹31.97₹23.75₹29.07₹25.18₹42.42₹50.82₹42.28₹53.59₹60.20₹61.81Sign in free for the trailing twelve months
Dividend payout %————25.9%24.0%27.9%20.2%35.3%37.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,975 Cr1,975 Cr1,975 Cr1,975 Cr1,975 Cr1,975 Cr2,633 Cr2,633 Cr2,633 Cr2,633 Cr
Reserves31,696 Cr33,929 Cr32,571 Cr33,422 Cr41,789 Cr49,339 Cr55,487 Cr66,717 Cr75,743 Cr82,421 Cr
Borrowings1,49,792 Cr1,67,163 Cr2,44,249 Cr2,86,289 Cr3,29,723 Cr3,33,043 Cr3,80,790 Cr4,45,568 Cr4,96,243 Cr5,14,725 Cr
Other liabilities26,782 Cr45,572 Cr19,659 Cr25,345 Cr27,380 Cr26,503 Cr26,592 Cr33,273 Cr39,883 Cr40,378 Cr
Total liabilities2,10,245 Cr2,48,639 Cr2,98,454 Cr3,47,030 Cr4,00,867 Cr4,10,860 Cr4,65,503 Cr5,48,191 Cr6,14,502 Cr6,40,158 Cr
Fixed assets (net)354 Cr424 Cr157 Cr157 Cr261 Cr624 Cr639 Cr631 Cr626 Cr613 Cr
CWIP164 Cr530 Cr197 Cr288 Cr336 Cr6 Cr3 Cr24 Cr76 Cr128 Cr
Investments2,617 Cr2,581 Cr2,283 Cr2,127 Cr1,724 Cr2,190 Cr3,170 Cr5,352 Cr6,675 Cr9,832 Cr
Loans & advances——2,70,451 Cr3,12,084 Cr3,65,261 Cr3,71,931 Cr4,22,084 Cr4,99,192 Cr5,59,088 Cr5,79,243 Cr
Inventories51 Cr102 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables438 Cr542 Cr138 Cr111 Cr140 Cr95 Cr113 Cr154 Cr235 Cr293 Cr
Cash & bank4,651 Cr2,368 Cr382 Cr1,718 Cr1,179 Cr141 Cr49 Cr263 Cr234 Cr293 Cr
Other assets2,01,969 Cr2,42,091 Cr24,846 Cr30,546 Cr31,966 Cr35,873 Cr39,445 Cr42,576 Cr47,568 Cr49,756 Cr
Total assets2,10,245 Cr2,48,639 Cr2,98,454 Cr3,47,030 Cr4,00,867 Cr4,10,860 Cr4,65,503 Cr5,48,191 Cr6,14,502 Cr6,40,158 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6,805 Cr-30,678 Cr-35,866 Cr-32,712 Cr-43,512 Cr-3,910 Cr-37,360 Cr-57,723 Cr-39,101 Cr5,972 Cr
Cash from investing-101 Cr-393 Cr457 Cr121 Cr861 Cr-287 Cr-943 Cr-1,831 Cr-1,265 Cr-3,308 Cr
Cash from financing-3,947 Cr28,622 Cr35,543 Cr33,926 Cr42,113 Cr3,159 Cr38,123 Cr59,588 Cr40,034 Cr-2,375 Cr
Net cash flow2,757 Cr-2,449 Cr134 Cr1,336 Cr-538 Cr-1,038 Cr-180 Cr34 Cr-333 Cr289 Cr
Free cash flow (OCF − Capex)6,601 Cr-31,184 Cr-35,957 Cr-32,812 Cr-43,512 Cr-3,931 Cr-37,377 Cr-57,756 Cr-39,184 Cr5,896 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %18.8%13.1%16.6%14.0%19.1%19.6%19.2%20.4%20.3%19.2%
Debt / equity4.454.667.078.097.536.496.556.426.336.05