Lends to India's power sector and adjacent infrastructure, earning primarily through interest on a Rs 5.82 lakh crore loan book as of Q2 FY26. Operates as a Maharatna public-sector non-banking finance company (NBFC) and acts as the nodal agency for government schemes including the Revamped Distribution Sector Scheme (RDSS) and the PM Surya Ghar rooftop solar programme, where 17 lakh households were covered as of H1 FY26. The loan book spans renewables, thermal, hydro, nuclear, pump storage, battery storage and transmission & distribution; the renewable book stood at Rs 75,347 crore (13% of total) in FY26, with a stated target of 30% (~Rs 3 lakh crore) by 2030 against an overall Rs 10 lakh crore loan book target. Disbursements were a record Rs 1.15 lakh crore in H1 FY26 (+27% YoY) and Rs 2.11 lakh crore for FY26 as a whole. Profit comes from the gap between cost of funds (7.17% in H1 FY26) and the yield on its assets, with guided NIMs of 3.5–3.75% and spread of 2.75–3.5%. Capital adequacy was 23.74% against a 15% requirement and net NPA was 0.24%. The business is expanding beyond power into infrastructure and logistics under a new MoU with the Ministry of Shipping, and has an announced merger with PFC at an 88:100 share-swap ratio with appointed date April 1, 2027. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Renewable energy lending (13%), Conventional power lending, Infrastructure and logistics lending. Policy-driven PSU NBFC lending to power and infrastructure; margins set by the gap between cost of funds and on-asset yields
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 39,269 | 39,478 | 47,505 | 56,367 | 59,584 |
| EBITDA (ex other income) | 34,441 | 37,613 | 47,865 | 54,206 | 56,987 |
| margin % | 87.7 | 95.3 | 100.8 | 96.2 | 95.6 |
| Owners' profit | 0 | 11,167 | 14,145 | 15,884 | 16,308 |
| EPS, as reported (₹) | 50.82 | 42.28 | 53.59 | 60.20 | 61.81 |
| ROE % · ROCE % | 19.6 · — | 19.2 · — | 20.4 · — | 20.3 · — | 19.2 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (3,910) | (37,360) | (57,723) | (39,101) | 5,972 |
| Capex | (22) | (18) | (34) | (81) | (75) |
| ₹ crore | 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 | 15,018 | 14,564 | 14,435 |
| Profit before tax | 5,097 | 5,181 | 5,490 | 5,666 | 5,549 | 5,136 | 4,415 | 5,268 |
| Net profit | 4,038 | 4,076 | 4,310 | 4,466 | 4,415 | 4,052 | 3,375 | 4,193 |
| EPS (₹) | 15.33 | 15.48 | 16.24 | 16.96 | 16.77 | 15.39 | 12.69 | 15.92 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,16,642 | 4.5 | 0.67 | 1.0 | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 1,05,973 | 14.7 | 1.87 | — | 12.4 | — | — | 101.1 |
| REC LIMITED ◆ | 82,341 | 5.2 | 0.97 | 1.4 | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 34,513 | 8.1 | 1.57 | 2.8 | 18.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · REC appoints Ms. Isha Duhan, IAS as Executive Director | management changes | medium | — | — |
| 10 Sept 2026 · REC appoints Isha Duhan as Executive Director | management changes | high | — | — |
| 9 Sept 2026 · REC subsidiary divests Musalgaon Power Transmission SPV | strategic transactions | medium | — | — |
| 8 Sept 2026 · REC Limited appoints statutory auditors for FY 2026-27 | management changes | medium | — | — |
| 8 Sept 2026 · LIC crosses 5% stake in REC Limited via market purchase | ownership changes | high | — | — |
| 7 Sept 2026 · REC issues India's first pilot tokenized corporate bonds under SEBI sandbox | compliance | low | — | — |
| 7 Sept 2026 · JCR upgrades REC credit rating from BBB+ to A-, outlook stable | credit debt | high | — | — |
| 27 Aug 2026 · REC 57th AGM voting results declared, all 11 resolutions passed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · REC Limited faces stock exchange fines for Board composition non-compliance | regulatory legal | high | — | — |
| 25 Aug 2026 · REC Limited 57th AGM held via video conferencing; 11 resolutions voted on | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| — |
| 12.7 |
| 97.6 |
| INDIAN RENEWABLE ENERGY | 31,382 | 15.9 | 2.28 | 4.3 | 13.6 | — | — | 78.5 |
| IFCI LTD | 22,274 | 129.2 | 1.44 | 20.9 | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 6,563 | 15.0 | 6.74 | 27.7 | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,246 | 1200.0 | — | — | — | 4.9 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.2 | 14.7 | 3 of 9 | 75% |
| P/B | 1.0 | 1.6 | 2 of 7 | 83% |
| ROE | 19.2 | 13.6 | 2 of 7 | 83% |
| Debt / Equity | 0.0 | 0.0 | 1 of 7 | 0% |
| EBITDA margin | 97.1 | 97.1 | 4 of 7 | 50% |
| Revenue growth | (2.0) | (0.0) | 5 of 7 | 33% |
| Profit growth | (6.1) | (1.6) | 7 of 8 | 14% |
| Market cap | 82341 | 31382 | 3 of 9 | 75% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
