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REC Limited is a Maharatna central public sector enterprise under the Ministry of Power and a systemically important non-deposit-taking non-banking financial company. It finances projects across the power-sector value chain and selected infrastructure and logistics categories.
Its lending covers conventional and renewable generation, transmission, distribution, smart metering, energy storage and related infrastructure. The borrower base includes state-sector utilities, central and state entities, private developers and other eligible project sponsors.
Key investor monitorables include loan-book growth, disbursements, cost of funds, yield on loans, interest spread, net interest margin, asset quality, provision coverage, capital adequacy, return on net worth and dividend payout.
REC is primarily a project financier rather than an operating power producer. Investors should evaluate the quality and concentration of its loan assets, funding profile, government-sector exposure, renewable-energy growth and stressed-asset resolution.
REC raises money through domestic and international bonds, bank loans and other borrowings. It lends these funds to eligible power and infrastructure projects and earns interest income, fees and a spread between the yield on loans and its cost of funds.
The loan book spans generation, renewable energy, transmission, distribution, short- and medium-term lending and approved infrastructure and logistics projects. State-sector borrowers form a major portion of the portfolio, while private-sector exposure is smaller but important for asset-quality monitoring.
For beginners, the most useful indicators are loan growth, disbursements, net interest income, interest spread, net interest margin, gross and net NPA, provision coverage, capital adequacy and the mix of state and private borrowers.
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Interest Income on Loan Assets | ₹45,659 Cr | Verify filing | Verify filing |
| Finance Costs | ₹29,974 Cr | Verify filing | Verify filing |
| Net Interest Income | ₹15,685 Cr | Verify filing | Verify filing |
| Profit Before Tax | Verify filing | Verify filing | Verify filing |
| Net Profit | ₹14,019 Cr | ₹15,713 Cr | ₹16,282 Cr |
| Earnings Per Share | Verify filing | Verify filing | Verify filing |
Financial figures are educational summaries. Verify audited or reviewed numbers from official exchange filings.
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Gross Loan Assets | ₹4.35 lakh Cr | About ₹5.09 lakh Cr | Verify FY26 filing |
| Net Worth | ₹57,680 Cr | Verify filing | Verify FY26 filing |
| Outstanding Borrowings | ₹3.75 lakh Cr | Verify filing | Verify FY26 filing |
| Renewable Energy Loan Book | Verify filing | ₹57,994 Cr | Verify FY26 filing |
| Capital Adequacy Ratio | Verify filing | 25.99% | Verify FY26 filing |
| Gross NPA | Verify filing | Verify filing | Verify FY26 filing |
| Net NPA | Verify filing | Verify filing | Verify FY26 filing |
Verify the latest balance sheet and notes from the company’s audited filings.
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Loan Disbursements | Power and infrastructure projects | Record annual disbursements reported | Verify FY26 filing |
| Operating Cash Flow | Financing-company cash flows can be volatile | Review with borrowings and loan growth | Verify filing |
| Borrowing Programme | Domestic and foreign currency funding | Diversified funding sources | Verify latest borrowing plan |
| Dividend Payments | Regular shareholder distributions | ₹2.60 final dividend reported for FY25 | ₹18.55 total dividend reported for FY26 |
| Asset Quality Focus | State-sector and private-sector exposures | Provision coverage and stressed assets | Monitor gross and net NPA |
Verify current cash-flow figures and dividend payments from official filings.
| Metric | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Yield on Loan Assets | 9.99% | 10.05% | Verify FY26 filing |
| Cost of Funds | 7.13% | 7.11% | Verify FY26 filing |
| Interest Spread | 2.86% | 2.94% | Verify FY26 filing |
| Net Interest Margin | 3.57% | Verify filing | Verify FY26 filing |
| Capital Adequacy Ratio | Verify filing | 25.99% | Verify FY26 filing |
| Return on Net Worth | 22.17% | Verify filing | Verify FY26 filing |
| Company | Primary Business | Brand / Positioning | Key Monitorable |
|---|---|---|---|
| REC Limited | Power and infrastructure finance | Government-owned NBFC | Loan growth, spreads and asset quality |
| Power Finance Corporation Ltd | Power-sector finance | Government-owned NBFC | Loan book, margins and stressed assets |
| Indian Renewable Energy Development Agency Ltd | Renewable-energy finance | Government-owned NBFC | Renewable pipeline and funding cost |
| IFCI Ltd | Development finance | Government-linked institution | Asset quality and capital position |
| Rural-focused and infrastructure financiers | Specialised lending | Different borrower mixes | Credit cost and liability profile |
| Year | Dividend Detail | Note |
|---|---|---|
| FY 2025-26 | ₹18.55 per share total dividend reported | Verify each interim/final dividend, record date and entitlement |
| FY 2024-25 | ₹2.60 per share final dividend reported | Verify total annual payout and record dates |
| Earlier Years | Regular dividend-paying history | Check official exchange announcements for complete history |
| Action | Detail | Note |
|---|---|---|
| Face Value | ₹10 per equity share | Verify latest face value from exchange filings |
| Stock Split | No recent split included here | Confirm complete split history and new announcements |
| Bonus Issue | Bonus history should be checked officially | Check NSE, BSE and company announcements |
Always verify the latest dividend, bonus, split, face value, record date and entitlement from company and exchange filings.
These FAQs explain REC’s financing model, loan segments, 54EC bonds, risks, dividends and investor monitorables.
REC Limited is a government-owned non-banking financial company that finances power generation, transmission, distribution, renewable energy and selected infrastructure projects.
The Yahoo Finance-compatible NSE symbol is RECLTD.NS. The NSE symbol is RECLTD and the BSE code is 532955.
REC borrows funds through bonds, loans and other instruments and lends to eligible power and infrastructure borrowers at a higher yield, earning a spread and fee income.
The Government of India is the promoter through Power Finance Corporation, and the latest promoter percentage should be verified from exchange filings.
REC issues eligible capital-gains bonds under the applicable tax law. Investors should verify the current issue terms, lock-in, limits and tax treatment from official documents and a tax adviser.
Monitor loan growth, disbursements, yield, cost of funds, interest spread, net interest margin, gross and net NPA, provision coverage, capital adequacy and sector concentration.
Risks include borrower stress, policy changes, concentration in the power sector, funding-cost increases, interest-rate movements, foreign-currency exposure and delays in project execution.
Renewable energy is a growing part of REC’s loan book and strategic pipeline, alongside conventional generation, transmission, distribution and infrastructure lending.
REC has a history of regular dividends, but amounts, record dates and entitlement must be verified from official company and exchange filings.
Investors should verify the complete bonus and split history and any new announcement directly from NSE, BSE and REC filings.
Power Finance Corporation and IREDA are commonly reviewed alongside REC, although their loan mix, funding profile and valuation can differ.
Use REC investor relations, NSE, BSE and audited or reviewed financial filings for the latest numbers.
