| Revenue growth | H1 total income reached ₹29,068 Cr with a 6% sequential AUM rise. |
|---|---|
| Margins | NIM slightly contracted to 3.22% due to intense bank competition. |
| Order book | Committed order book of ₹2.56 lakh Cr supports multi-year disbursement targets. |
| Demand visibility | Strong visibility from ₹185 lakh Cr transmission and RDSS schemes. |
| Management confidence | Highly optimistic, citing 25% market share in a ₹500 lakh Cr sector. |
Growth
H1 disbursements hit a record ₹90,000 Cr; Renewables grew 27% YoY, and total loan book rose 6% sequentially.
Outlook
Management guides for 12-13% loan book growth and ₹2 lakh Cr+ disbursements in FY27.
Risks
Bank competition and sector de-risking are compressing NIMs, though management aims to defend a 3.2% floor.
Last quarter's promises, checked
Delivered
- Maintain 20–25% market share → cited 25% (= BEAT)
- Committed order book ~₹2.5L Cr → ₹2.56L Cr (= BEAT)
Partly delivered
- ₹10L Cr loan book, 30% renewables by 2030 → ₹6.17L Cr, renewables ₹86,000 Cr (= PARTIAL, 2030 not yet due)
Missed
- 11–12% loan growth by FY26-end → ~6% YoY, ₹5.82L→₹6.17L Cr (= MISS)
- NIM 3.5–3.75% → 3.22% (= MISS)
- Sustained disbursements (H1 ₹1,15,470 Cr) → ₹90,000 Cr (= MISS)
Earnings Call Transcript filed with NSE, NSE: RECLTD. Summary written with AI assistance from the document.
REC Ltd: key numbers
- Share price
- ₹296.15
- Market cap
- ₹77,983 Cr
- Revenue (annual)
- ₹59,584 Cr
- Net profit (annual)
- ₹16,308 Cr
- P/E (TTM)
- 5.2×Sector 19.1×
- Promoter holding
- 52.63%+0.00% QoQ
- FII holding
- 16.78%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from REC Ltd
All →REC Dividend
REC Limited declared an interim dividend of Rs.3.5 per share for 2026-27. Record date is 30 October 2026, with payment by 21 November 2026.
REC Q2 FY27 Results: Net Profit ₹3,478 Cr, Down 21.2% YoY
REC Ltd reported revenue from operations of ₹15,000 Cr (-1.0% YoY) and net profit of ₹3,478 Cr (-21.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹3,478 Cr · -21.2% YoY
REC Merger & Restructuring Worth ₹0.05 Cr
REC Limited disclosed incorporation of Bikaner V Part D Power Transmission Limited, a wholly owned subsidiary via RECPDCL. Cash consideration of ₹0.05 Crore was paid for 100% subscription.
- Value
- ₹0.05 Cr
REC Merger & Restructuring
REC Limited disclosed incorporation of three wholly owned power transmission subsidiaries. Each has paid-up capital of ₹5,00,000 and no turnover yet.
REC Debt & Borrowing: ₹3,000 Cr
REC Limited successfully completed the full redemption of Commercial Papers worth ₹3,000 Crore on the maturity date of October 22, 2026.
- Value
- ₹3,000 Cr
REC Debt & Borrowing
REC Limited confirmed the timely redemption and payment of its commercial papers due on October 22, 2026, in compliance with SEBI regulations.