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REC

RECLTD NSE
₹287.00 +2.50 (+0.88%)
P/E
4.71
View as Markdown
MCP
Close 4 Nov 2026 ₹287.00 −75.70 −20.9% 1Y
Start ₹362.70

Key Fundamentals

MidcapFinanceFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

Debt to Equity
6.10
EPS (TTM)
₹60.90
Book Value
₹361.61
Market Cap
—
P/E (TTM)
4.71
P/B
0.79
ROE
20.10%
Dividend Yield
2.72%
52W High
₹387.80
52W Low
₹281.90
Day Range
₹281.90 – ₹289.40
Volume
71,79,047
ROCE
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
EBITDA
Not meaningful for a lender: the ratio describes an industrial company’s balance sheet

Peer Comparison

Financial Services › Financial Institution

REC peer comparison
Power Finance Corporation
₹322.504.09₹1,05,884 Cr0.741.23%20.70%—₹1,15,431 Cr₹33,642 Cr
IRFC
₹77.8413.80₹1,00,876 Cr1.681.52%12.80%—₹30,125 Cr₹7,371 Cr
REC (this company)
₹287.004.71₹75,534 Cr0.792.72%20.10%—₹59,202 Cr₹16,035 Cr
HUDCO
₹153.067.20₹29,482 Cr1.490.86%20.00%—₹13,930 Cr₹4,255 Cr
IREDA
₹106.0015.14₹29,202 Cr2.081.32%15.60%—₹8,897 Cr₹1,970 Cr
IFCI
₹59.4292.84₹15,778 Cr1.790.00%1.97%—₹1,988 Cr₹432 Cr
Tourism Finance Corporation of India
₹160.8948.32₹7,170 Cr5.660.37%9.75%—₹291 Cr₹154 Cr
Median 7 companies₹153.0613.80₹29,482 Cr1.681.23%15.60%—₹13,930 Cr₹4,255 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 94/100

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
90
Strong
Cheap vs sector & own history 24% weight
Growth
18
Poor
Sales & profit trajectory 9% weight
Financial Health
29
Poor
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Stock is trading at 0.95 times its book value
  • Stock is providing a good dividend yield of 6.15%.
  • Company has been maintaining a healthy dividend payout of 29.9%

Weaknesses

3
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.9% over past five years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
40.29
Neutral
MACD (12,26,9)
−6.02
Bearish
SMA (50)
305.86
Bearish
SMA (200)
340.57
Bearish

As of

Analyst Rating

Based on 13 analysts
BUY77%

10 of 13 analysts rate Buy, 3 Hold, 0 Sell.

As of

BUY
10
77%
HOLD
3
23%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.46%
5Y+10.88%
3Y+14.70%
1Y+5.71%
TTM+2.03%

Net profit

Net profit growth by window
10Y+11.10%
5Y+14.25%
3Y+13.45%
1Y+2.67%
TTM−5.06%

Operating cash flow

Not meaningful

A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹24,338 Cr
Mar 2018₹22,658 Cr
Mar 2019₹25,408 Cr
Mar 2020₹29,942 Cr
Mar 2021₹35,557 Cr
Mar 2022₹39,276 Cr
Mar 2023₹39,486 Cr
Mar 2024₹47,517 Cr
Mar 2025₹56,369 Cr
Mar 2026₹59,586 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹6,313 Cr
Mar 2018₹4,451 Cr
Mar 2019₹5,741 Cr
Mar 2020₹4,972 Cr
Mar 2021₹8,378 Cr
Mar 2022₹10,036 Cr
Mar 2023₹11,167 Cr
Mar 2024₹14,145 Cr
Mar 2025₹15,884 Cr
Mar 2026₹16,308 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹21,911 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 2.7× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

REC Ltd trades at ₹287 as of 2026-11-04 with a market cap of ₹75,534 Cr, a P/E of 4.71x and a P/B of 0.79x, placing it at a significant discount to book value. The company has delivered a 5-year compounded profit growth of 14% and maintains a return on equity around 19-21%, but TTM profit growth has turned negative at -5% and the stock has declined 20% over the past year.

Bull Case 7
  • P/B ratio of 0.79x means the stock trades well below its book value, suggesting the market is pricing it at a steep discount to its net asset base
  • P/E of 4.71x on TTM EPS of ₹60.9 is exceptionally low for a company with a 5-year compounded profit CAGR of 14%
  • Dividend yield of 2.72% with a consistent payout ratio of 29.9% provides a regular income stream to shareholders
  • Return on equity has remained stable at 19-21% across 3-year, 5-year and 10-year periods, indicating consistent profitability relative to shareholder funds
  • Compounded profit growth of 14% over both 3-year and 5-year periods demonstrates a sustained earnings expansion track record
  • Compounded sales growth of 15% over the 3-year period shows recent revenue momentum above the 10-year average of 9%
  • 10-year stock CAGR of 11% and 5-year stock CAGR of 22% reflect meaningful long-term wealth creation for shareholders
Bear Case 8
  • TTM profit growth has turned negative at -5%, marking a reversal from the 14% compounded growth seen over longer periods
  • The stock has declined 20% over the past one year and is down 26% from its 52-week high of ₹387.8, reflecting weakening market sentiment
  • Low interest coverage ratio raises concerns about the company's ability to comfortably service its debt obligations from operating earnings
  • Potential capitalisation of interest costs could mean reported profits overstate true operating performance
  • TTM sales growth has slowed sharply to just 2%, well below the 5-year compounded rate of 11%, pointing to a growth deceleration
  • ROCE of 9.64% is significantly lower than the ROE of 19.17%, indicating high leverage in the capital structure and modest returns on total capital employed
  • 5-year sales CAGR of roughly 11% has been characterised as poor relative to sector expectations, suggesting limited top-line momentum
  • 3-year stock CAGR of only 2% indicates that recent earnings growth has not translated into share price appreciation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: A quiet period for REC Ltd with no material positive or negative catalysts. Recent activity is limited to routine corporate housekeeping — leadership transition, SPV divestiture, and new SPV incorporations for transmission projects under standard TBCB processes. The power infrastructure project pipeline remains active, but none of these developments alter the fundamental outlook. Watch for a replacement appointment for the ED vacancy and broader macro signals on infrastructure lending.

Neutral 3
  • ED Nayak resigns for IREDA Oct 31

    Executive Director J.K. Nayak ceased his role at REC Ltd on October 30, 2026, following his appointment as CMD of IREDA. A senior leadership vacancy may need to be filled.

  • Subsidiary sells SPV for ₹18.44Cr Oct 16

    RECPDCL transferred 100% stake in Nawada Durgapur Power Transmission Ltd to Shivalaya Construction for ₹18.44 crore, completing a routine exit from the project SPV.

  • Three new transmission SPVs formed Oct 6

    REC incorporated three wholly owned subsidiaries for power transmission projects in Bikaner and Mirzapur. These SPVs will be transferred to successful bidders under TBCB guidelines.

Quarterly Results

₹ Cr
RECLTD quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
11,104
11,688
12,052
12,677
13,079
13,682
14,272
15,334
14,737
15,153
15,051
14,564
14,435
Expenses
332
−492
240
−425
717
97
263
1,084
217
476
655
1,231
447
Financing Profit
3,723
4,831
4,158
5,206
4,341
5,079
5,172
5,482
5,587
5,546
5,154
4,402
5,241
Fin. Margin %
34%
41%
34%
41%
33%
37%
36%
36%
38%
37%
34%
30%
36%
Other Income
4
13
20
29
14
24
15
15
87
10
−11
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
PBT
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%
22%
21%
22%
20%
21%
21%
21%
21%
20%
21%
24%
20%
Net Profit
2,968
3,790
3,308
4,079
3,460
4,038
4,076
4,310
4,466
4,415
4,052
3,375
4,193
EPS (₹)
11.27
14.39
12.56
15.49
13.14
15.33
15.48
16.37
16.96
16.77
15.39
12.82
15.92

Profit & Loss

₹ Cr
RECLTD profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
20,544
24,125
24,338
22,658
25,408
29,942
35,557
39,276
39,486
47,517
56,369
59,586
59,202
Expenses
1,149
1,680
1,888
3,379
1,702
3,981
3,292
4,838
1,858
−366
2,153
2,568
2,809
Financing Profit
7,555
8,162
8,988
5,946
8,066
6,969
10,776
12,387
13,894
17,936
20,084
20,780
20,342
Fin. Margin %
37%
34%
37%
26%
32%
23%
30%
32%
35%
38%
36%
35%
34%
Other Income
6
4
24
18
33
72
15
62
28
48
58
13
53
Interest
11,840
14,282
13,462
13,333
15,639
18,991
21,489
22,051
23,733
29,948
34,131
36,238
36,051
Depreciation
8
20
40
7
8
12
11
18
24
24
25
27
27
PBT
7,552
8,147
8,972
5,958
8,090
7,030
10,780
12,431
13,898
17,960
20,117
20,766
20,368
Tax %
29%
30%
30%
25%
29%
29%
22%
19%
20%
21%
21%
21%
—
Net Profit
5,344
5,691
6,313
4,451
5,741
4,972
8,378
10,036
11,167
14,145
15,884
16,308
16,035
EPS (₹)
20.3
21.61
23.98
16.9
21.8
18.88
31.82
38.11
42.41
53.72
60.32
61.93
60.9
Div. Payout %
20%
30%
30%
41%
38%
44%
30%
30%
30%
30%
30%
30%
—

Balance Sheet

₹ Cr
RECLTD balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
987
987
1,975
1,975
1,975
1,975
1,975
1,975
2,633
2,633
2,633
2,633
Reserves
24,085
27,906
31,696
30,613
32,571
33,422
41,789
49,339
55,487
66,717
75,184
81,863
Borrowing
1,50,979
1,69,212
1,67,852
2,04,367
2,44,249
2,86,289
3,29,723
3,33,043
3,80,790
4,45,568
4,96,801
5,15,284
Other Liabilities
7,404
8,840
8,723
5,416
19,659
25,345
27,380
26,503
26,592
33,273
39,883
40,378
Total Liabilities
1,83,456
2,06,945
2,10,245
2,42,370
2,98,454
3,47,030
4,00,867
4,10,860
4,65,503
5,48,191
6,14,502
6,40,158
Fixed Assets
110
254
355
132
165
166
267
628
641
632
629
616
CWIP
10
78
166
129
199
288
336
6
3
24
76
128
Investments
1,596
2,352
2,617
2,948
2,463
2,386
1,981
2,190
3,170
5,352
6,674
9,831
Other Assets
1,81,740
2,04,261
2,07,108
2,39,162
2,95,627
3,44,190
3,98,282
4,08,035
4,61,689
5,42,184
6,07,123
6,29,583
Total Assets
1,83,456
2,06,945
2,10,245
2,42,370
2,98,454
3,47,030
4,00,867
4,10,860
4,65,503
5,48,191
6,14,502
6,40,158

Cash Flow

₹ Cr
RECLTD cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−23,898
−13,278
6,805
−32,510
−35,866
−32,712
−43,512
−3,910
−37,360
−57,723
−39,064
5,972
Investing
151
−756
−101
46
457
121
861
−287
−943
−1,831
−1,302
−3,308
Financing
23,098
15,291
−3,947
28,244
35,543
33,926
42,113
3,159
38,123
59,588
40,034
−2,375
Net Cash Flow
−649
1,257
2,757
−4,220
134
1,336
−538
−1,038
−180
34
−333
289
Free Cash Flow
−23,943
−13,537
6,601
−32,584
−35,957
−32,812
−43,586
−3,958
−37,377
−57,756
−39,070
5,948

Ratios

RECLTD financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
23%
21%
20%
13%
17%
14%
21%
21%
20%
22%
22%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view REC insights

49 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 52.63%
  • FIIs 16.78%
  • DIIs 16.55%
  • Public 11.49%
  • Others 2.49%
  • Government 0.05%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about REC

What does REC Ltd do?
REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution.
Where is REC Ltd (RECLTD) listed?
REC Ltd trades as RECLTD on the NSE and under code 532955 on the BSE.
Which sector does REC Ltd belong to?
REC Ltd is classified under the Financial Services sector, in the Financial Institution industry.
What is the PE ratio of REC Ltd?
REC Ltd trades at a PE ratio of 4.71 as of 4 Nov 2026, on earnings per share of ₹60.9, against a book value of ₹361.61 per share.
What is the 52-week high and low of REC Ltd?
Over the last 52 weeks REC Ltd has traded between ₹281.9 and ₹387.8 as of 4 Nov 2026.
Does REC Ltd pay dividends?
REC Ltd has a dividend yield of 2.72%.
What is the Return on Equity (ROE) of REC Ltd?
REC Ltd reported a return on equity of 20.10%. Its debt-to-equity ratio is 6.10.

Company Information

REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution.

Website recindia.nic.in
CEO Mr. Harsh Baweja
Listed 12 Mar 2008
Face Value ₹10

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