RECLTD · NSE · Financial Institution
REC Ltd
What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Financial Services
cheap
low confidence
No valuation within 120 days; P/E 4.9 vs peers 20.5 (2nd of 25); P/B 0.96 vs peers 2.4 (3rd of 25).
Statements through FY2026Prices adjusted for 2 corporate actionsNot yet reviewed by the adversarial model
What is REC's share price today?
REC last traded at ₹301.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.3% on the day, down 19.2% over a year. Its 52-week range is ₹286 to ₹388. The live price is in the app.
₹301.00
+0.3% today
−19.2% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range14% of the way up
Low ₹286High ₹388
What is REC's market cap?
REC's market capitalisation is about ₹78,997 crore: what it would cost to buy every share at today's price. That makes it the 39th largest mid cap company we cover.
₹78,997 Cr
Mid Cap39th largest mid cap company
Share price₹301.00
×
Shares in issue262 crore
=
Market cap₹78,997 Cr
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →
Key facts
From the exchange
- Symbol
- NSE: RECLTD
- ISIN
- INE020B01018
- Cap bucket
- Mid Cap, 39th largest by market cap
- Industry (NSE)
- Financial Services › Finance › Financial Institution
- Listed since
- 2008
- Futures and options
- Traded
Is REC overvalued?
Cheap, with low confidence: no valuation within 120 days; P/E 4.9 vs peers 20.5 (2nd of 25); P/B 0.96 vs peers 2.4 (3rd of 25).
Valuation
Latest price and trailing 12 months
P/E
4.94
vs peers 20.5 · 2nd of 25
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B
0.96
vs peers 2.4 · 3rd of 25
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap
₹78,997 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield
6.1%
vs peers 1.1% · 1st of 18
Last year's dividends as a share of today's price. Learn more →
PEG (vendor)
Not available
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth
0.37
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
Is REC a quality business?
Quality score 56.1, 11th of 24 in its peer set; CLEAN on 15 of 22 lender flags judged.
Quality and risk
Data as of 12 Oct 2026
Business quality
Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score
56.1
vs peers 52.3 · 11th of 24
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level
CLEAN
15 of 22 lender flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →
Lender scorecard
Statements through FY2026 (Mar-26)
Basis: consolidated accounts, FY2026 (Mar-26) against FY2025; NSE/BSE XBRL, the Q4 results filing; NIM is interest earned less expended over average advances and investments; cost to income is operating expenses over net interest income plus other income; credit cost is FY2026 provisions over average advances (the loan book from the Q4 filing); ROA over average total assets; ROE over average equity
Net interest margin
3.7%
vs peers 4.6% · 16th of 24
What a lender earns on its loans and investments less what it pays for deposits and borrowings, as a share of the assets that earn interest (or of all assets where the split is not filed). Learn more →
Gross NPA
Not available
Loans on which repayment has stopped, as a share of all loans, before any provision against them; from the latest results filing. Learn more →
Net NPA
Not available
Bad loans after the provisions already set aside against them, as a share of loans. Learn more →
Provision coverage
Not available
How much of the gross bad loans has already been provided for. Learn more →
Credit cost
0.0%
vs peers 0.9% · 6th of 20
The year's provisions for bad loans as a share of the average loan book. Learn more →
Cost to income
6.5%
vs peers 45.3% · 2nd of 25
Operating expenses (staff, branches, technology) over net interest income plus other income. Learn more →
Return on assets
2.6%
vs peers 2.2% · 7th of 24
Profit as a share of average total assets. Learn more →
CET1 ratio
Not available
Common equity tier 1 capital, the hardest kind, against risk-weighted assets; from the latest results filing. Learn more →
Loan growth YoY
3.6%
vs peers 19.8% · 15th of 16
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth YoY
Not available
Growth in deposits over the latest fiscal year. Learn more →
CASA ratio
Not available
Current and savings account balances as a share of all deposits. Learn more →
Inside the app
Get a sneak peek of Valarth
Has REC made money for shareholders?
Mixed: −19.2% over one year and +20.4% a year over five years.
Shareholder returns
5-year return
+20.4% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer
No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →
Returns
3Y and 5Y are yearly averages
1W
+1.5%1M
−2.8%3M
−14.5%6M
−13.5%1Y
−19.2%3Y
+1.3%5Y
+20.4%Does REC pay a dividend?
Yes. REC's dividend yield is 6.08% at the latest price; the last payout was ₹1.55 a share, ex-dividend 14 Aug 2026.
Dividends
Per share, by ex-dividend date
Dividend yield6.08%
The past 12 months' dividends as a share of today's price.
14 Aug 2026 · Final₹1.55
31 Jul 2026 · Interim 1₹4.25
20 Mar 2026 · Interim 4₹3.20
6 Feb 2026 · Interim 3₹4.60
27 Oct 2025 · Interim 2₹4.60
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.
Is REC growing?
Loan growth 3.6%; revenue 3 years 14.7% a year; eps 3 years 13.4% a year.
Growth
Statements through FY2026 (Mar-26)
Loan growth
3.6%
vs peers 19.8% · 15th of 16
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth
Not available
Growth in deposits over the latest fiscal year. Learn more →
Revenue 3 years
14.7% a year
vs peers 18.0% · 14th of 24
Compound annual growth of revenue over three years. Learn more →
EPS 3 years
13.4% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
Revenue 5 years
8.5% a year
Compound annual growth of revenue over five years. Learn more →
EPS 5 years
14.2% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
How did REC do last quarter?
REC reported income of ₹14,469 Cr, up 5.7% on a year earlier and a net profit of ₹4,193 Cr, up 2.7% in the Jun 2026 quarter.
Latest quarter
Jun 2026
Income, latest quarter₹14,469 Cr
+5.7% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹4,193 Cr
+2.7% on a year earlier
What was left for shareholders after every cost and tax.
How does REC compare with its peers?
Compared with 24 Finance (the industry, as the basic industry was too small); 2nd of 25 on P/E; 11th of 24 on quality score.
Compared with 24 Finance (the industry, as the basic industry was too small)
24 companies
- REC Ltd (this page)
- Jio Financial Services Ltd
- Cholamandalam Investment & Finance Company Ltd
- Tata Capital Ltd
- Bajaj Holdings & Investment Ltd
- Power Finance Corporation Ltd
- Muthoot Finance Ltd
- Aditya Birla Capital Ltd
- Indian Railway Finance Corporation Ltd
- Bajaj Housing Finance Ltd
- L&T Finance Ltd
- SBI Cards & Payment Services Ltd
- HDB Financial Services Ltd
- Authum Investment & Infrastructure Ltd
- Piramal Finance Ltd
- Sundaram Finance Ltd
- Mahindra & Mahindra Financial Services Ltd
- Poonawalla Fincorp Ltd
- CRISIL Ltd
- Housing & Urban Development Corporation Ltd
- LIC Housing Finance Ltd
- Tata Investment Corporation Ltd
- PNB Housing Finance Ltd
- Manappuram Finance Ltd
- Indian Renewable Energy Development Agency Ltd
REC against its peers
Largest 10 of 24 peers, by market cap
CompanyMarket capP/EP/BROE1YQuality 🔒Rank 🔒
REC Ltd₹78,997 Cr4.91.020.2%−19.2%
Jio Financial Services Ltd₹1.4 L Cr66.75.62.5%−30.4%
Peer median—20.52.412.9%−13.0%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.
Who owns REC?
REC is held by promoters 52.6%, foreign institutions 15.8%, domestic institutions 17.0%.
Shareholding pattern
Latest filing, percent of shares
Promoters52.6%
The founders and controlling group.
Foreign institutions15.8%
Overseas funds investing through the FPI route.
Domestic institutions17.0%
Indian insurers, banks, pension and mutual funds together.
Mutual funds8.5%
Indian mutual fund schemes; part of domestic institutions.
Retail and others9.8%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.
What do analysts say about REC?
12 analysts cover REC, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.
Analyst consensus
12 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.
What does REC do and what is it sensitive to?
REC Limited is a public sector NBFC that lends to the power, logistics and infrastructure sectors, mainly to state utilities, state governments and other power-sector borrowers. Sensitive to: market interest rates.
Business-model card
FY2026 · 39 verified
5Revenue
3Channels
4Regulators
3Reg. dependencies
5Sensitivities
4Costs
3Geographies
REC Limited is a public sector NBFC that lends to the power, logistics and infrastructure sectors, mainly to state utilities, state governments and other power-sector borrowers. It earns mainly from income on loan assets, supplemented by treasury income and a small fee for implementing government schemes.
Revenue by segment
Year ended 31-03-2026 (consolidated, Group)
Income from Loan Assets97.7%
Fee for Implementation of Government Schemes0.1%
Income from Treasury Operations1.4%
Revenue from sale of services0.8%
Revenue engine
5 verified
Income from Loan Assets
Largest revenue line: ₹58,217.54 crore in FY2025-26 out of ₹59,068.17 crore total. Interpretation: loan interest income moves with the size of the loan book and its lending rates.
Financial and Credit leasing activities (main activity) (99.9%)
Excerpt gives this as the main activity with 99.88% of turnover; the excerpt does not state the revenue mechanism.
Income from Treasury Operations
Second revenue line at ₹783.65 crore in FY2025-26. The excerpts do not describe its drivers.
2 more statements
Revenue from sale of services (Group, consolidated)
Appears only in the consolidated notes at ₹448.57 crore for FY2025-26. The excerpts do not say which entity earns it, so it is not attributed to the parent.
Fee for Implementation of Government Schemes
Fee line of ₹66.98 crore in FY2025-26. The excerpts do not state the fee basis.
Customers & channels
3 verified
State utilities and state power entities
Primary borrowers. The Company is a wholesale lender, so the borrower base is institutional rather than retail electricity users.
State and private power utilities as the 'consumers' of its financing
The filing says the consumers of its financing are institutional utilities, not end-users of electricity. Its disruption disclosures therefore go to institutional borrowers and the financial market.
State governments, public sector undertakings and private developers
Wider borrower set named in the channel description: state governments, PSUs and private developers, in addition to state utilities.
Regulators
4 verified
Reserve Bank of India (RBI)
Sets the norms that govern the Company as an NBFC, including its income recognition and provisioning rules.
Ministry of Power
The Company is a Central Public Sector Enterprise under this ministry, so its public mandate and regulatory risk link to the ministry's directives.
Department of Public Enterprises (DPE)
Issues the corporate governance guidelines the Company adheres to as a CPSE.
1 more statement
Central Vigilance Commission (CVC)
Vigilance Division functions under CVC guidelines, which govern corruption and misconduct controls in the Company.
Regulatory dependencies
3 verified
RBI Income Recognition, Asset Classification and Provisioning Directions (Stage III non-recognition)
Interest on credit-impaired (Stage III) loans is not recognised. Stage III non-recognition was ₹147.86 crore in FY2025-26, down from ₹2,163.17 crore. Interpretation: a change in these directions would move recognised interest income and provisions.
RBI requirement for a Chief Risk Officer
The Board has appointed a CRO under an RBI notification to strengthen risk management. This is a compliance cost and governance requirement rather than a revenue driver.
Regulatory penalties for violations
Filing lists potential fines and penalties for violations, which reduce earnings. Interpretation: the excerpt gives no amount.
Sensitivities
5 verified
Market interest rates
Company periodically reviews lending rates and its weighted average cost of borrowing against prevailing market rates. Interpretation: rate moves change both lending income and borrowing cost, and the Company tries to match them.
Variable-rate borrowings
Borrowings, debt securities and subordinated liabilities at variable interest rates are subject to sensitivity analysis. Interpretation: a rise in market rates raises interest cost on these liabilities.
Foreign exchange and currency
Foreign exchange and interest rate risk are managed through hedging. Interpretation: unhedged currency moves would affect foreign-currency liabilities.
2 more statements
Liquidity and funding markets
The Company could be forced to raise funds or sell assets on unfavourable terms if liquidity tightens.
Monsoon and weather on power demand
Early monsoon and rainfall reduced cooling demand and tempered peak demand in FY2025-26. Interpretation: weaker demand growth can slow borrower generation and capacity build-out.
Cost inputs
4 verified
Interest on Domestic Debt Securities
Bond interest of ₹19,176.45 crore in FY2025-26, the largest borrowing cost line in the excerpt. Bonds are the main funding source.
External Commercial Borrowings (ECB)
Foreign-currency borrowing with interest of ₹6,018.03 crore in FY2025-26. Exposed to currency and rate movements, which the Company hedges.
Loans from Government of India (NSSF)
Government-sourced borrowing with interest of ₹822.50 crore in FY2025-26.
1 more statement
Swap premium in other interest expense
Swap premium of ₹1,796.86 crore in FY2024-25, an interest-related cost tied to hedging.
Geographies
3 verified
India only
All lending is carried out within the country, so there is no reportable geographical segment.
National coverage across states
Operations span 28 states nationally, with no international locations.
Exports
Contribution of exports to turnover is stated as not applicable.
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.
What changed recently?
Dividend - Rs 1.55 Per Share (14 Aug 2026).
Change log
8 entries · newest first
- Corporate actionDividend - Rs 1.55 Per Share.
- Corporate actionInterim Dividend - Rs 4.25 Per Share.
- Results filedQ1 FY2027 results filed.
- Results filedQ4 FY2026 results filed.
- Corporate actionInterim Dividend - Rs 3.20 Per Share.
- Corporate actionInterim Dividend - Rs 4.60 Per Share.
- Results filedQ3 FY2026 results filed.
- Corporate actionInterim Dividend - Rs 4.60 Per Share.
Get alerts →Sign in to be told when any of these change.
What this page does not tell you
What could not be judged, and why. Never empty.
- Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
- FlagsCLEAN on 15 of 22 lender flags judged; no red flag; 7 could not be judged.
- Data gapsPEG (vendor), Business quality, Gross NPA, Net NPA, Provision coverage, CET1 ratio and 3 more: not available yet.
Not applicable to a bank, lender or insurer · 12
- Altman ZAltman Z reads working capital and sales over assets, which a lender's balance sheet does not have.
- Piotroski F-scorePiotroski's leverage and liquidity checks read deposits and borrowings as weakness.
- Beneish M-scoreThe Beneish model reads receivables, margins and depreciation that a lender's accounts do not report.
- Operating marginInterest is a lender's cost of goods, so operating profit before interest is not defined.
- Interest coverageInterest is a lender's main cost, not a charge on operating profit.
- Debt to equityBorrowings and deposits are a lender's raw material; gearing is judged by capital adequacy instead.
- EV/EBITDAEnterprise value adds borrowings to market cap; for a lender borrowings are the business, not a claim on it.
- FCF yieldOperating cash flow less capex is not free cash flow for a lender: loan growth sits in operating cash flow.
- Cash conversion cycleA lender's receivables are its loan book, not invoices waiting to be paid.
- Asset turnoverA lender earns a spread on its assets, not a turnover of them.
- ROCEEBIT over capital employed reads a lender's interest income against its borrowings; return on assets and return on equity are the lender's measures.
- ROCE, 10-year averageEBIT over capital employed reads a lender's interest income against its borrowings; return on assets is the lender's measure (HDFC Bank's 1.7% ten-year ROCE means nothing).
What this page rests on
✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓223 months of month-end prices, adjusted for bonuses and splits (2 corporate actions)○no valuation of ours yet✓business-model card FY2026 · 39 verified
Questions people ask
What is REC's share price today?
REC last traded at ₹301.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.3% on the day, down 19.2% over a year. Its 52-week range is ₹286 to ₹388. The live price is in the app.
What is REC's market cap?
REC's market capitalisation is about ₹78,997 crore: what it would cost to buy every share at today's price. That makes it the 39th largest mid cap company we cover.
Is REC Ltd a large cap, mid cap or small cap?
REC Ltd (RECLTD) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.
What is REC Ltd's P/E ratio?
4.94, vs peers 20.5 · 2nd of 25. Price divided by last year's earnings per share: how many years of today's profit you pay for.
Is REC Ltd overvalued?
Cheap, with low confidence: no valuation within 120 days; P/E 4.9 vs peers 20.5 (2nd of 25); P/B 0.96 vs peers 2.4 (3rd of 25).
How does REC Ltd make money?
REC Limited is a public sector NBFC that lends to the power, logistics and infrastructure sectors, mainly to state utilities, state governments and other power-sector borrowers. It earns mainly from income on loan assets, supplemented by treasury income and a small fee for implementing government schemes.
Why is there no Altman Z or debt to equity for REC?
Borrowing is a bank's or lender's raw material, so those ratios mislead. Net interest margin, gross NPA, return on assets and the capital ratios are shown instead.
Who are REC Ltd's peers?
Compared with 24 Finance (the industry, as the basic industry was too small): Jio Financial Services Ltd, Cholamandalam Investment & Finance Company Ltd, Tata Capital Ltd, Bajaj Holdings & Investment Ltd, Power Finance Corporation Ltd and 19 more. The app shows how they compare on every figure.
Is this investment advice?
No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.
How did REC do last quarter?
REC reported income of ₹14,469 Cr, up 5.7% on a year earlier and a net profit of ₹4,193 Cr, up 2.7% in the Jun 2026 quarter.
Who owns REC?
REC is held by promoters 52.6%, foreign institutions 15.8%, domestic institutions 17.0%.
Does REC pay a dividend?
Yes. REC's dividend yield is 6.08% at the latest price; the last payout was ₹1.55 a share, ex-dividend 14 Aug 2026.
What do analysts say about REC?
12 analysts cover REC, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.