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Stock Analysis

Description

REC Limited is a Maharatna Central Public Sector Undertaking under the Ministry of Power, engaged in financing projects across the entire power sector value chain, including generation, transmission, and distribution. It also provides lending for infrastructure and logistics sectors.

Key Growth Triggers

Financing projects in power generation (conventional and renewable), transmission, and distribution.
Lending to the infrastructure and logistics sector, including metros, roads, highways, ports, and steel.
Continued development and divestment of Special Purpose Vehicles (SPVs) for power transmission projects.

Order Book

Currently no data available for Order Book.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

January 9, 2026: Completion date for the sale and transfer of Velgaon Power Transmission Limited and Jejuri Hinjewadi Power Transmission Limited SPVs.

Corporate Announcements

17th Apr 26

Impact Rating: 2

REC Limited announced Dr. Gambheer Singh & Dr. Durgesh Nandini completed their one-year tenure as Independent Directors. Their appointments from April 2025 concluded, and they ceased directorships from April 17, 2026.

15th Apr 26

Impact Rating: 8

REC Limited announced that its Board of Directors, during a meeting on April 15, 2026, approved the appointment of Shri Rajesh Kumar to key financial roles: Director (Finance) and Chief Financial Officer.

9th Apr 26

Impact Rating: 5

REC Limited announced the appointment of Shri Mohan Lal Kumawat as Executive Director (Finance-Bonds) from April 9, 2026. Kumawat brings over 30 years of experience and holds ACA, ACS, and MBA (Finance) qualifications.

7th Apr 26

Impact Rating: 6

REC Limited informed that Shri Rajiv Ranjan Jha, Director (Projects) at Power Finance Corporation Limited (PFC), will join REC's Board as Nominee Director effective April 6, 2026, following approvals.

6th Apr 26

Impact Rating: 3

REC Limited has filed its quarterly SEBI compliance certificate for the period ending March 31, 2026. The certificate, obtained from Registrar Alankit Assignments, confirms the proper processing of dematerialized shares and their listing on stock exchanges.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	I R F C	128.04	24.48	167355.46	1.25	1776.98	10.19	6371.89	-7.65	5.83	26774.19	99.33	6835.20	1776.98	2.98	1.34	7.25
2.	Power Fin.Corpn.	376.95	5.03	124446.95	4.19	7834.39	8.31	28890.24	12.32	9.73	113492.35	96.22	24754.75	5743.25	0.98	2.75	7.88
3.	REC Ltd	385.25	5.92	101458.20	4.67	4425.86	10.50	15084.13	11.15	9.92	59065.52	96.95	17142.17	4425.86	1.23	2.71	6.24
4.	H U D C O	226.82	16.20	45403.06	1.83	709.83	3.08	3219.03	27.85	9.62	11761.56	97.44	2802.83	709.83	2.52	2.44	7.03
5.	Indian Renewable	146.03	23.82	41037.49	0.00	549.00	41.59	2056.88	26.22	9.37	7606.77	88.78	1722.85	549.00	3.18	2.39	5.41
6.	IFCI	51.72	36.58	13929.65	0.00	317.40	71.83	732.28	18.66	8.08	2010.62	70.73	380.79	142.96	1.57	1.57	0.40
7.	Tour. Fin. Corp.	67.31	27.70	3114.92	0.89	29.07	13.64	66.45	2.90	10.67	255.42	87.79	112.46	29.07	2.49	4.67	0.82
–	Median: 9 Co.	128.04	23.82	41037.49	0.89	549.0	10.5	2056.88	11.15	9.49	7606.77	88.78	1722.85	549.0	2.5	2.39	5.83

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	9,695	11,982	14,157	10,976	13,023	14,646	10,113	12,613	15,178	9,940	11,576	13,571	15,084
Expenses	12	227	219	213	684	145	-191	-406	1,031	785	-573	44	404
Operating Profit	9,683	11,755	13,938	10,763	12,339	14,501	10,304	13,020	14,146	9,155	12,149	13,528	14,681
Other Income	17	18	16	5	14	87	11	30	15	9	14	25	10
Profit before tax	3,559	4,114	5,110	3,712	4,326	5,647	3,811	5,148	5,385	3,429	4,807	5,040	5,553
Tax %	19%	21%	21%	20%	20%	21%	21%	22%	21%	20%	22%	21%	20%
Net Profit	2,878	3,269	4,029	2,961	3,442	4,451	3,001	4,016	4,236	2,728	3,773	4,005	4,426
EPS in Rs	10.93	12.42	15.30	11.24	13.07	16.90	11.40	15.25	16.09	10.36	14.33	15.21	16.81

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	17,115	20,384	23,752	23,753	22,461	25,318	29,773	35,392	39,169	39,216	47,159	55,912	59,066
Expenses	547	1,110	1,422	1,456	3,240	1,591	3,837	3,152	4,734	1,746	-545	1,953	1,800
Operating Profit	16,568	19,275	22,330	22,297	19,222	23,727	25,936	32,240	34,435	37,470	47,704	53,960	57,266
Other Income	6	4	4	19	5	22	54	15	61	30	50	60	128
Interest	10,038	11,845	14,283	13,450	13,337	15,642	18,997	21,489	22,053	23,738	29,949	34,135	35,674
Depreciation	4	7	5	5	6	7	10	10	18	24	24	24	26
Profit before tax	6,531	7,427	8,045	8,861	5,884	8,100	6,983	10,756	12,425	13,739	17,781	19,860	21,694
Net Profit	4,684	5,260	5,628	6,246	4,420	5,764	4,886	8,362	10,046	11,055	14,019	15,713	17,142
EPS in Rs	17.79	19.98	21.37	23.72	16.79	21.89	18.56	31.76	38.15	41.98	53.24	59.67	65.10
Dividend Payout %	20%	20%	30%	31%	41%	38%	44%	30%	30%	30%	30%	30%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	987	987	987	1,975	1,975	1,975	1,975	1,975	1,975	2,633	2,633	2,633	2,633
Reserves	19,682	23,870	27,630	31,351	30,328	32,328	33,102	41,451	49,011	55,046	66,150	75,005	80,106
Borrowings	126,240	151,024	169,106	167,517	204,439	244,321	286,340	329,782	333,102	380,836	445,614	496,289	516,546
Other Liabilities	5,943	7,294	8,629	8,393	4,927	19,093	25,071	27,025	26,325	26,361	33,043	39,628	40,086
Total Liabilities	152,853	183,175	206,353	209,236	241,669	297,717	346,488	400,233	410,413	464,877	547,440	613,555	639,371
Fixed Assets	72	74	119	121	128	162	162	266	628	641	631	628	618
Gross Block	100.64	107.33	156.60	159.63	170.17	210.45	209.59	315.76	692.62	720.27	727.43	735.96	–
Accumulated Depreciation	28.52	33.40	37.86	38.52	41.82	47.95	47.78	49.53	64.70	79.74	96.70	107.72	–
CWIP	10	7	32	60	129	199	288	336	6	3	24	76	105
Investments	1,708	1,613	2,467	2,696	2,825	2,398	2,313	1,910	2,158	3,138	5,320	6,642	8,140
Other Assets	151,063	181,480	203,736	206,359	238,587	294,959	343,724	397,721	407,621	461,096	541,466	606,210	630,509
Total Assets	152,853	183,175	206,353	209,236	241,669	297,717	346,488	400,233	410,413	464,877	547,440	613,555	639,371

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-17,283	-23,992	-13,205	6,794	-32,778	-36,013	-32,448	-43,520	-872	-37,482	-57,885	-39,182
Cash from Investing Activity	139	245	-740	139	288	585	-136	864	-210	-804	-1,875	-1,146
Cash from Financing Activity	16,853	23,076	15,150	-4,173	28,236	35,559	33,919	42,119	68	38,111	59,588	40,034
Net Cash Flow	-291	-670	1,206	2,760	-4,254	131	1,335	-538	-1,014	-175	-173	-295

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	0	0	0	0	0	0	0	0	0	0	0	0
Working Capital Days	-159	-167	566	271	2	21	10	-1	35	69	33	19
ROCE %	12%	12%	12%	11%	9%	9%	9%	9%	9%	9%	10%	10%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
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%
FIIs	21.50%	21.52%	21.90%	20.36%	20.60%	19.91%	20.43%	21.22%	21.74%	20.48%	19.16%	17.97%
DIIs	12.11%	11.87%	12.02%	14.10%	14.16%	15.44%	14.68%	14.25%	13.91%	14.79%	15.51%	15.86%
Public	13.73%	13.93%	13.41%	12.87%	12.55%	11.96%	12.21%	11.84%	11.67%	12.05%	12.65%	13.48%