RECLTD
REC share price & financials
- Price
- ₹355.35
- Market cap
- ₹82.3k Cr
- Sector
- Financial Services
- Calls analysed
- 4
Earnings Conference Call - Quarter Ended December 31st, 2025
PAT ₹917 cr (+45% YoY). Total MF AUM reached INR 10.8 trillion, up 6.1% QoQ and 23.2% YoY.
Read the full call →What REC Ltd does
REC Limited is a Maharatna Central Public Sector Enterprise and non-banking financial company (NBFC) that provides long-term and short/medium-term loans, equipment-financing, debt-refinancing and revolving bill-payment facilities to state, central and private-sector entities for power-sector infrastructure. It finances the full power value chain — conventional and renewable generation, transmission and distribution — and has expanded into non-power infrastructure and logistics such as metro rail, airports, ports and waterways, roads and highways, health and IT/fibre infrastructure. REC also acts as the Government of India's nodal agency for several national power-sector programmes and lends to state electricity boards, discoms, rural electric cooperatives, NGOs and private power developers, earning primarily through interest income on its loan portfolio.
Segments
- Conventional Generation
- Renewable Energy
- Transmission
- Distribution
- Infrastructure & Logistics (non-power)
- Regional & state offices
- 22 across India (20 regional offices + 2 state offices)
- Total renewable energy capacity sanctioned
- ~66 GW (FY26)
- Government nodal agency for
- RDSS, SAUBHAGYA, PM Surya Ghar Muft Bijli Yojana, DDUGJY and National Electricity Fund
- Domestic credit rating
- AAA (highest domestic rating)
- International credit ratings
- Baa3 (Moody's) and BBB- (S&P), at par with India's sovereign rating
- Wholly owned subsidiary
- REC Power Development and Consultancy Limited (RECPDCL)
Guidance record · Q2 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Corporate Action Timeline open said Q2 FY26 Promised: Demerger appointed date target of July 1, 2025 Q2 FY26: July 1, 2025
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 2.0%, net profit down 6.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,682 | 14,272 | 15,334 | 14,737 | 15,153 +11% | 15,051 +5% | 14,564 −5% | 14,435 −2% |
| EBITDA | 13,585 | 14,009 | 14,250 | 14,521 | 14,677 +8% | — | — | — |
| Net profit | 4,038 | 4,076 | 4,310 | 4,466 | 4,415 +9% | 4,052 −1% | 3,375 −22% | 4,193 −6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −15.7% 1Y
1Y: ₹370.95 on 10 Sept 2025 → ₹312.7. High ₹386.7 (23 Sept 2025), low ₹305.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- +0.8%
- 14 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.7% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹39.5k Cr | ₹47.5k Cr | ₹56.4k Cr | ₹59.5k Cr |
| Operating profit | ₹37.6k Cr | ₹47.9k Cr | ₹54.2k Cr | — |
| Operating margin | 95.3% | 100.7% | 96.2% | — |
| Interest | ₹23.7k Cr | ₹29.9k Cr | ₹34.1k Cr | ₹36.2k Cr |
| Depreciation | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹28 Cr |
| Net profit | ₹11.2k Cr | ₹14.1k Cr | ₹15.9k Cr | ₹16.3k Cr |
| Net margin | 28.3% | 29.8% | 28.2% | 27.4% |
| Cash from operations | ₹-37.4k Cr | ₹-57.7k Cr | ₹-39.1k Cr | ₹6.0k Cr |
| Free cash flow | ₹-37.4k Cr | ₹-57.8k Cr | ₹-39.1k Cr | ₹5.9k Cr |
| ROE | 20.0% | 22.0% | 22.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.0k Cr | ₹2.0k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹2.6k Cr |
| Reserves | ₹41.8k Cr | ₹49.3k Cr | ₹55.5k Cr | ₹66.7k Cr | ₹80.8k Cr | ₹81.9k Cr |
| Borrowings | ₹329.7k Cr | ₹333.0k Cr | ₹380.8k Cr | ₹445.6k Cr | ₹516.2k Cr | ₹515.3k Cr |
| Other liabilities | ₹27.4k Cr | ₹26.5k Cr | ₹26.6k Cr | ₹33.3k Cr | ₹40.7k Cr | ₹40.4k Cr |
| Total liabilities | ₹400.9k Cr | ₹410.9k Cr | ₹465.5k Cr | ₹548.2k Cr | ₹640.4k Cr | ₹640.2k Cr |
| Fixed assets | ₹267 Cr | ₹628 Cr | ₹641 Cr | ₹632 Cr | ₹618 Cr | ₹616 Cr |
| Capital work in progress | ₹336 Cr | ₹6 Cr | ₹3 Cr | ₹24 Cr | ₹105 Cr | ₹128 Cr |
| Investments | ₹2.0k Cr | ₹2.2k Cr | ₹3.2k Cr | ₹5.4k Cr | ₹8.2k Cr | ₹9.8k Cr |
| Other assets | ₹398.3k Cr | ₹408.0k Cr | ₹461.7k Cr | ₹542.2k Cr | ₹631.5k Cr | ₹629.6k Cr |
| Total assets | ₹400.9k Cr | ₹410.9k Cr | ₹465.5k Cr | ₹548.2k Cr | ₹640.4k Cr | ₹640.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.40 pp while the public added +1.92 pp. The shareholder count grew 4% to 11,75,194.
- Promoters
- 52.6%
- FIIs
- 15.8%
- DIIs
- 17.0%
- Government
- 0.1%
- Public
- 14.6%
Since Jun 2025
- FIIs −3.40 pp
- Public +1.92 pp
- DIIs +1.47 pp
How it drifted, 12 quarters
Over this window FIIs fell from 20.4% to 15.8% — −4.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.6%, FIIs 20.4%, DIIs 14.1%, Government 0.0%, Public 12.9%.Dec '23: Promoters 52.6%, FIIs 20.6%, DIIs 14.2%, Government 0.0%, Public 12.6%.Mar '24: Promoters 52.6%, FIIs 19.9%, DIIs 15.4%, Government 0.1%, Public 12.0%.Jun '24: Promoters 52.6%, FIIs 20.4%, DIIs 14.7%, Government 0.1%, Public 12.2%.Sep '24: Promoters 52.6%, FIIs 21.2%, DIIs 14.3%, Government 0.1%, Public 11.8%.Dec '24: Promoters 52.6%, FIIs 21.7%, DIIs 13.9%, Government 0.1%, Public 11.7%.Mar '25: Promoters 52.6%, FIIs 20.5%, DIIs 14.8%, Government 0.1%, Public 12.1%.Jun '25: Promoters 52.6%, FIIs 19.2%, DIIs 15.5%, Government 0.1%, Public 12.7%.Sep '25: Promoters 52.6%, FIIs 18.0%, DIIs 15.9%, Government 0.1%, Public 13.5%.Dec '25: Promoters 52.6%, FIIs 16.5%, DIIs 16.2%, Government 0.1%, Public 14.6%.Mar '26: Promoters 52.6%, FIIs 15.8%, DIIs 16.4%, Government 0.1%, Public 15.2%.Jun '26: Promoters 52.6%, FIIs 15.8%, DIIs 17.0%, Government 0.1%, Public 14.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund newly disclosed 1.86% held
- Tata AIG General Insurance Company Limited Insurer newly disclosed 1.19% held
- ICICI Prudential Equity Arbitrage Fund Mutual fund newly disclosed 1.16% held
- Life Insurance Corporation Of India Insurer +0.49 pp 3.33% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of REC Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Power Finance Corporation Ltd NBFC / DFI | 52.63% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.33% | +0.49 pp |
| Nippon Life India Trustee Ltd- A/C Nippon India Growth Mid Cap Fund Mutual fund | 1.86% | newly disclosed |
| NPS Trust- A/C LIC Pension Fund Scheme - State Govt Pension / PF | 1.55% | unchanged |
| Tata AIG General Insurance Company Limited Insurer | 1.19% | newly disclosed |
| ICICI Prudential Equity Arbitrage Fund Mutual fund | 1.16% | newly disclosed |
| President Of India | 0.00% | unchanged |
| ICICI Prudential Equity & Debt Fund Mutual fund | — | off the list |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RECLTD
Filings to Aug 2026
1 new, 10 added, 3 trimmed, 0 sold out — net −61.02 L shares (−6.5%).
- Held by funds
- ₹2.9k Cr
- 21 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.2k Cr · 2.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹1.2k Cr | +15.00 L | Aug '23 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹634 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹372 Cr | held | Feb '26 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹200 Cr | held | Jul '23 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹143 Cr | +1.42 L | Mar '24 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹140 Cr | held | Mar '24 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹89 Cr | −78.97 L | Sep '23 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹50 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 3 trimmed — net −61.02 L shares (−6.5%)
- Funds are sitting on
- +13%
- vs est. average cost
- Held by funds
- ₹2.9k Cr
- 21 schemes · ≈ 3.8% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹1.2k Cr · 2.2% of that fund
- Longest holder
- Nippon India ETF Nifty Dividend Opportunities 50
- 12y 5m · since Apr '14
Shares held by these funds −32%
Aug '23 9.37 cr shares Jul '26
All earnings calls (3)
Read the Q2 FY26 call →Learn to analyse REC Ltd
Guides on how to read this kind of business and the numbers that matter.