Inve
IN ⇄ US

REC share price & results

REC Ltd· Financial Services

Results to
Sept 2026
Latest analysed call
Q2 FY27
Ownership as of
Sept 2026

Maharatna Govt-owned NBFC financing India's power generation, transmission, distribution & infra.

Company research is public. Sign in to keep your own companies, notes and cases.

Inve AI Signals on RECLTD
Direct bridge to live research & tools watching REC Ltd
Guidance Hit Rate
13 targets · 40% hit rate 2 achieved · 8 active →
Segment Shift
Sector & Mix Compare sector growth & peers →
Reverse DCF
Implied Growth Test priced-in growth in DCF tool →
Concall & Tone
Q2 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹296.65 +0.30% · +₹0.9

Last close 6 Nov 2026 · NSE · INR · Source: Inve

Performance −20.0% 1Y

₹280₹300₹320₹340₹360₹380Nov 25Dec 25Feb 26Mar 26May 26Jun 26Aug 26Sept 26Nov 26Q2 FY26 — 14 Jan 2026Q2 FY27 — 29 Oct 2026

1Y: ₹370.65 on 4 Nov 2025 → ₹296.65. High ₹385.25 (7 Jan 2026), low ₹284.5 (3 Nov 2026).

Previous close
₹295.75
Market cap
₹75.6k Cr
52-week range
₹284.5 – ₹385.25
One year
−18.21%
Price to earnings (TTM to Sept 2026)
5.00×
Return on equity (TTM to Sept 2026)
15.87%

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue-2.0 ₹ crore−118.2% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating marginUnavailable—Operating profit / revenueQuarter to Sept 2026Not in the filed figures for the quarter to sept 2026. No older figure is substituted.
Net profit3,391 ₹ crore−23.4% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity15.87 %−1.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow marginUnavailable—Fiscal yearFY ending Mar 2026Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)-0.75 %−12.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

2 of 5 judged targets kept · 8 open · verdicts reflect calls analysed to Q2 FY27.

REC Ltd management guidance track record on Inve: 13 targets tracked across analysed earnings calls (2 achieved, 3 missed, 8 open).

Watch execution in Growth & Demand (1 achieved · 2 delayed/missed).

TargetOriginal wordingSaidLatest callVerdict
Growth Provision ReversalsComplete provision reversals of Rs. 2,200 crores by December 2025
Call transcript, Q3 FY25 · 29 Jan 2025		Q3 FY25Q2 FY27:December 2025 deadline passed; management confirmed provision write-backs have ended and credit costs are transitioning to incremental provisioning
Call transcript, Q2 FY27 · 29 Oct 2026		Achieved
Growth Net NPANet zero NPA company by the end of '25-'26
Call transcript, Q4 FY25 · 14 May 2025		Q4 FY25Q2 FY27:End of FY26 deadline passed; Net NPA stands at 0.11% (GNPA 0.22%), falling short of absolute zero
Call transcript, Q2 FY27 · 29 Oct 2026		Missed
Growth Loan GrowthSustain loan growth of 15-17% in coming years
Call transcript, Q3 FY25 · 29 Jan 2025		Q3 FY25Q2 FY27:Guided 10-12% loan book growth for FY27; H1 FY27 growth stood at 6% YoY
Call transcript, Q2 FY27 · 29 Oct 2026		Diluted

Source: Inve Guidance Tracker for REC Ltd · to Q2 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

3 of REC Ltd's 13 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 10 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Mentioned on other companies' calls

  • Power Finance Corporation Limited (PFC) → acquires or invests in → REC Ltd (Q4 FY26)

    Acquires / invests · Positive · Announced · Linked listed company

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    To unlock better scale, strong capital efficiency, faster decision-making, deeper sector reach and larger financing capabilities, positioning as a single window financing partner for India's power sector.

    “As you know that this was announced by Hon'ble Finance Minister in the Union Budget on 1st of February 2026. And as you all know, PFC already holds 52.63% stake in the REC since the acquisition in 2019. We believe this is a defining step which can create long-term value for all stakeholders. ... Both PFC and REC boards have already given in-principle approval for restructuring in the form of merger of PFC and REC. ... We are targeting for the merged entity to come into existence by 1st of April 2027.”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “As you know that this was announced by Hon'ble Finance Minister in the Union Budget on 1st of February 2026. And as you all know, PFC already holds 52.63% stake in the REC since the acquisition in 2019. We believe this is a defining step which can create long-term value for all stakeholders. ... Both PFC and REC boards have already given in-principle approval for restructuring in the form of merger of PFC and REC. ... We are targeting for the merged entity to come into existence by 1st of April 2027.”

    Source company: Power Finance Corporation Limited (PFC) · Call date: 2026-05-13 · Period: Q4 FY26 · Review status: Structured call extraction

Counterparties named by REC Ltd

  • REC Ltd → acquires or invests in → REC Limited absorbed into Power Finance Corporation (PFC).

    Q2 FY27 · Announced · Positive · Counterparty named; listed-company identity not verified.

    1. Proposed
    2. Announced
    3. Active
    4. Completed / ended

    Synergies of borrowing, lending and a large capital base; a combined loan book of about ₹12 lakh crores as the dominant power-sector financier with policy advocacy strengths

    “both the Boards have passed a merger resolution and REC will get absorbed into PFC. And this has received NOC from RBI as well as from the stock exchanges. The draft merger scheme is currently pending Cabinet approval”

    Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.

    Evidence drawer

    Evidence type: Transcript excerpt

    “both the Boards have passed a merger resolution and REC will get absorbed into PFC. And this has received NOC from RBI as well as from the stock exchanges. The draft merger scheme is currently pending Cabinet approval”

    Source company: REC Ltd · Counterparty: REC Limited absorbed into Power Finance Corporation (PFC) · Call date: 2026-10-29 · Period: Q2 FY27 · Review status: Structured call extraction

Mentions over time

First observed: Q1 2026 · Latest observed: Q3 2026

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q3 202601
Q1 202610

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

RECLTD ₹296.65 +0.30%
Guidance Verdict (13 tracked) 2 kept · 8 open· 3 missed
AI Call Brief · Q2 FY27

REC Ltd Q2 FY27

Overview

Symbol
NSE:RECLTD
Exchange
NSE
Currency
INR

What REC Ltd does

Based on the company's own presentations, annual report and earnings calls.

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)
Founded 1969Headquarters Gurugram, Haryana (Corporate Office / REC World Headquarters); Registered Office: New Delhi Company website

How the price took the results

Moved an average of ±1.5% across the last 2 priced result releases

Close before → close after
QuarterReleaseRevenue (₹ Cr) Net profit (₹ Cr)Rev YoYBefore → AfterReaction
Q2 FY2729 Oct 26-2 3,391−118.2%₹290 → ₹296.15+2.1%
Q2 FY2614 Jan 266 4,043−66.7%₹366.9 → ₹369.9+0.8%

The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.

Your own record

Start an Inve Case for REC Ltd

Free account: one company. Everything above stays public.

Write why you follow REC Ltd and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Financial Services companies

PEER COMPARISON
Median ₹75,574 Cr Mkt Cap
₹0 Cr₹50,000 Cr₹1.0L Cr₹1.5L CrREC Ltd (RECLTD): ₹75,574 Cr₹75,574 CrRECLTDMulti Commodity Exchange of India Limited (MCX): ₹89,961 Cr₹89,961 CrMCXIDBI Bank (IDBI): ₹85,482 Cr₹85,482 CrIDBIThe Federal Bank Limited (FEDERALBNK): ₹85,166 Cr₹85,166 CrFEDERALBNKICICI Lombard General Insurance Company Limited (ICICIGI): ₹82,442 Cr₹82,442 CrICICIGIIndusInd Bank Limited (INDUSINDBK): ₹70,922 Cr₹70,922 CrINDUSINDBKAU Small Finance Bank Limited (AUBANK): ₹70,267 Cr₹70,267 CrAUBANKMotilal Oswal Financial Services Limited (MOTILALOFS): ₹66,448 Cr₹66,448 CrMOTILALOFSBajaj Housing Finance Limited (BAJAJHFL): ₹64,534 Cr₹64,534 CrBAJAJHFL

All Financial Services companies → · Financial Services earnings growth →

Quick Answers

Frequently asked questions on REC Ltd

Compiled directly from RECLTD's filed financial statements, earnings call transcripts, and ownership disclosures.

How did REC Ltd (RECLTD) perform in its latest reported quarter (Sept 2026)?

For the quarter ended Sept 2026, REC Ltd reported revenue of ₹-2 Cr, net profit of ₹3.4k Cr. Diluted earnings per share stood at ₹12.88.

How is REC Ltd (RECLTD) valued today, and what growth does the stock price imply?

REC Ltd (RECLTD) trades at ₹296.65, with a market capitalization of ₹75.6k Cr.

Who owns REC Ltd (RECLTD) — promoters, FIIs, DIIs, and mutual funds?

As of Sept 2026, Promoters hold 52.6%, FIIs hold 16.8%, DIIs hold 16.6%, Public shareholders hold 14.0%.

Learn to analyse REC Ltd

Guides on how to read this kind of business and the numbers that matter.