REC Ltd

Q3 FY26Finance

REC Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 investor presentation: what the company reported on revenue, margins and projects.

Price₹308

Market cap₹82.2K Cr

P/E5.1

Updated24 Sept 2026

Read4 min read

Based on REC Ltd's Q3 FY26 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the presentation reports, not management guidance.

The short version

Interest Income on Loan Assets (including DIPI) for Q3 FY26: ₹14,314 crore vs ₹13,771 crore in Q3 FY25, reflecting a growth of approximately 3.9%. The investor presentation does not explicitly report EBITDA or operating margin figures for the quarter.

From REC Ltd's Q3 FY26 earnings-call transcript · updated 24 Sept 2026.

Revenue & Sales Performance

Interest Income on Loan Assets (including DIPI) for Q3 FY26: ₹14,314 crore vs ₹13,771 crore in Q3 FY25, reflecting a growth of approximately 3.9%. (Page 11)
Net Interest Income for Q3 FY26: ₹5,068 crore vs ₹4,930 crore in Q3 FY25, about a 2.9% increase. (Page 11)
Profit After Tax for Q3 FY26: ₹4,043 crore vs ₹4,029 crore in Q3 FY25, nearly stable with slight growth. (Page 11)

2 more points management made on revenue & sales performance

Profitability & Margins

The investor presentation does not explicitly report EBITDA or operating margin figures for the quarter. However, it does provide Profit After Tax (PAT) data: - **Profit After Tax (Q3 FY26):** ₹4,043 crore - **Profit After Tax (Q3 FY25):** ₹4,029 crore - **Year-on-Year (YoY) Change in PAT:** Approximately 0.35% increase No explicit EBITDA or operating margin figures or any margin outlook are stated in the presentation. The document focuses more on net interest income, profit after tax, and other financial metrics rather than EBITDA or operating margins.

See what REC Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The investor presentation does not explicitly detail specific capex amounts, capacity expansions, or new plants/projects with status and timelines. However, it indicates: - REC has a sanctioned Renewable Energy (RE) loan book of ₹70,429 crore as of 31.12.2025 backing ~64 GW total RE capacity. - The renewable loan book shows strong growth (>3.7x in 5 years), indicating ongoing financing of new RE projects (solar, wind, hydro, hybrid, PSP, E-Mobility). - Total sanctions for 9M FY26: ₹3,33,354 crore with 19% towards Renewable Energy and 32% towards Distribution. - Highest ever disbursements in 9M FY26: ₹1,65,458 crore, with 12% to Renewable Energy and 66% to Distribution.

2 more points management made on capital expenditure plans

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Fundraising & Capital Structure

Outstanding Borrowings as of Dec 31, 2025: ₹4,98,829 crore, increased from ₹4,89,595 crore as of Dec 31, 2024, and ₹4,88,259 crore as of Mar 31, 2025.
Domestic borrowings: ₹3,55,002 crore (up from ₹3,30,536 crore Dec 2024)
Foreign currency borrowings: ₹1,43,827 crore (down from ₹1,59,059 crore Dec 2024)
Over 99% of foreign currency borrowings are hedged.
Bonds constitute 55% of borrowings; Term loans 15%; External Commercial Borrowings 27%.
Loan book grew to ₹5.82 lakh crore from ₹5.66 lakh crore (YoY growth).
Net interest income increased by 10% to ₹15,677 crore vs ₹14,191 crore (9M FY26 vs 9M FY25).

2 more points management made on fundraising & capital structure

See what REC Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The investor presentation does not explicitly mention "order book," "order inflow," or "pending orders." However, it provides details related to disbursements and loan assets, which reflect ongoing business activities: - **Disbursements (9M FY26):** ₹1,65,458 crore, representing a 14% growth year-on-year and the highest ever for 9 months (Page 15). - **Outstanding Loan Assets (as of Dec 31, 2025):** ₹5,81,787 crore, a 3% year-on-year increase from ₹5,65,621 crore (Page 16). - Loan Assets grew robustly at 10% Y-o-Y excluding Stage-III assets; Stage-III assets reduced by 54% Y-o-Y (Page 16). There is no direct statement on order book, inflow, or pending orders in the presentation.

What REC Ltd's management said in earlier quarters

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Frequently Asked Questions

What were REC Ltd Q3 FY26 results?

What is REC Ltd share price analysis?

REC Ltd currently shows a neutral. The stock trades at a P/E of 5.1 with a market cap of ₹82,157 Cr. Investors should review the full earnings analysis for detailed insights.

Is REC Ltd planning capital expenditure?

The investor presentation does not explicitly detail specific capex amounts, capacity expansions, or new plants/projects with status and timelines.

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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.