REC

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• DebtA lenderBorrowing and lending money is this company's business, so its debt is not compared to its net worth.
• ResultsMixedIn the Jun 2026 quarter, sales fell 2% and profit fell 6.1% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 53% of the company, about the same as in Jun 2025.
• ValuationNormal for this stockThe share trades at 4.8 times its yearly earnings (P/E), cheaper than 64% of the time in the last 5 years. Its usual P/E is about 6.

REC against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)4.8 against a typical 13.8: cheaper than most peers (1st = cheapest).2nd of 8
• Sales growth−2% against a typical +14% from a year earlier.6th of 7
• Profit growth−6.1% against a typical +0.9% from a year earlier.7th of 7
• Share price, 3 months−23.4% against a typical −20.5%.5th of 8
• Size₹ 77,324.6 Cr. market value against a typical ₹ 11,402.4 Cr. (1st = largest).2nd of 6

Exchange filings and their impact on the company.

• 26 Oct 2026Outcome of Board MeetingMedium impactNegativePrice −3.9% on 27 Oct
  Q2 profit fell 23% YoY despite 5% sequential loan growth to Rs 6.17 lakh crore; Rs 3.5 interim dividend declared.

  REC's board approved Q2 and H1 FY27 results with Q2 standalone net profit of Rs 3,391 crore, down 23% from last year, and H1 profit of Rs 7,541 crore, while the loan book grew 5% sequentially to Rs 6.17 lakh crore and net worth rose 14% YoY to Rs 94,325 crore. The board declared a second interim dividend of Rs 3.50 per share with record date October 30, 2026. The company also disclosed RBI and stock exchange no-objections for its merger into Power Finance Corporation, which still needs shareholder, creditor and MCA approvals.

  Full analysisFiling
• 19 Oct 2026Scheme of ArrangementMedium impactPositivePrice +0.1% on 21 Oct
  REC got stock-exchange NOC for its merger into PFC, moving the mega-merger one step closer but still awaiting RBI, shareholder and NCLT approvals.

  REC Limited received No Objection Letters on October 19, 2026 from NSE and BSE for its proposed merger with and into Power Finance Corporation Limited under Sections 230-232. The board had approved the scheme on June 28, 2026. The merger still needs RBI approval, shareholder and creditor approvals, and NCLT sanction, with SEBI conditions on disclosures, share-swap ratio and transfer of liabilities.

  Full analysisFiling
• 16 Oct 2026General UpdatesLow impactPositivePrice −1.8% on 19 Oct
  REC sold its Nawada Durgapur transmission SPV for Rs 18.4 cr, a routine negligible-value disposal.

  REC's wholly owned arm RECPDCL sold its entire 50,000-share holding in Nawada Durgapur Power Transmission Limited to Shivalaya Construction Limited on October 16, 2026 via tariff-based competitive bidding. The consideration was Rs 18.44 crore including taxes, professional fee and expense reimbursement. The company said the SPV's contribution to turnover and net worth was negligible and it ceases to be a subsidiary of RECPDCL and REC.

  Full analysisFiling
• 15 Oct 2026General UpdatesLow impactPositivePrice −0.6% on 16 Oct
  REC got RBI nod for its proposed merger into PFC, moving the deal one step closer with no near-term earnings change.

  REC Limited said it received a No Objection Certificate from the Reserve Bank of India on October 15, 2026 for its proposed merger into Power Finance Corporation. The merger was approved by both boards on June 28, 2026 and still needs shareholder, creditor and other statutory approvals. The RBI nod moves the amalgamation forward but does not change REC's lending business or finances for now.

  Full analysisFiling
• 12 Oct 2026General UpdatesLow impactPositivePrice +2% on 13 Oct
  REC sold two transmission SPVs for about Rs 16.8 crore, with negligible impact on its large lending business.

  REC said its wholly owned subsidiary REC Power Development and Consultancy sold its entire stake in two project SPVs on October 12, 2026. Jam Khambhaliya Jamnagar Power Transmission was sold to Ceigall India for Rs 8.40 crore and Lakadia II Power Transmission to Power Grid Corporation of India for Rs 8.43 crore, including taxes, fees and expense reimbursement. The company said the SPVs had negligible turnover and net worth contribution, so the deal is routine fee income and does not change REC's core lending business.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Jitendra Srivastava

Chairman of the Board, Managing Director, Director - Projects

Harsh Baweja

Chief Financial Officer, Director - Finance, Executive Director

Rajesh Kumar

Executive Director, Director - Finance

Dinesh Garg

Compliance Officer, Company Secretary

Prince Dhawan

Executive Director

Ajay Kumar

Executive Director

Hemant Kumar

Executive Director

Mohan Lal Kumawat

Executive Director (Finance-Bonds)