Arthneeti

REC Q2 FY27 Share Price & Earnings Call Analysis

₹296.15+2.12% today
Market cap
₹78,126 Cr
P/E
4.87
ROE
20.12%
PEG
0.36
Price to sales
1.33
Debt to equity
6.10
52W high / low
₹386 / ₹286
Sales growth (5Y)
10.88%
EBITDA margin
95.26%
Net profit margin
27.41%
Promoter holding
52.63%
Sales (last year)
₹59,202 Cr

REC is a Central Public Sector Undertaking under the Ministry of Power involved in financing projects in the complete power sector value chain from generation to distribution. [1]

Guidance scorecard · Q2 FY27 call

What REC Ltd's management guided
and where it ranks in Finance

#47of 59 in
Finance
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ2 FY26 call

10–20%
  • REC Limited targets loan book growth of 11% to 12% in FY 2025-26, despite elevated prepayments in H1.
  • The company has a committed order book of nearly Rs. 2.5 lakh crores supporting future growth.
  • By 2030, REC aims for a Rs. 10 lakh crores loan book, with renewable energy expected to contribute 30% (~Rs. 3 lakh crores).
  • Highest half-yearly sanctions of Rs. 2.5 lakh crores reflect a 34% growth, with half-yearly disbursements at Rs. 1.15 lakh crores, a 27% increase YoY.
  • The power sector investment requirement over the next 4-5 years is estimated at Rs. 46 lakh crores, offering significant market potential.

2 more points from REC Ltd's call on revenue

Create a free account to keep reading this call

Full Q2 FY26 analysis

MarginsQ2 FY26 call

Flat

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

Full Q2 FY26 analysis

CapexQ2 FY26 call

Planned
  • REC has a committed order book of nearly Rs. 2.5 lakh crores indicating strong future capital investment opportunities.
  • Growth expectations include increasing share of renewables, generation, and distribution sectors, reflecting ongoing and future capex.
  • The company is optimistic about growth in sanctioned projects, with generation sanctions increasing from Rs. 53,000 crores in H1 ’25 to Rs. 1,13,000 crores.
  • Distribution sanctions have also grown substantially from Rs. 36,000 crores to Rs. 71,000 crores.

2 more points from REC Ltd's call on capex

Create a free account to keep reading this call

Full Q2 FY26 analysis

FundraisingQ2 FY26 call

Planned

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

Full Q2 FY26 analysis

Order bookQ2 FY26 call

Rising
  • REC Limited has a committed order book of nearly Rs. 2.5 lakh crores as of October 29, 2025.
  • This robust order book supports future growth and underpins the company's confidence in achieving an 11% to 12% loan growth rate in the coming years.
  • With plans to increase the loan book to Rs. 10 lakh crores by 2030, the current order book is a significant foundation toward that target.
  • The company sees a large market potential across various power sector segments including renewables, thermal, hydro, nuclear, storage, transmission, and distribution investment totaling approximately Rs. 46 lakh crores over the next 4-5 years.
Full Q2 FY26 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does REC Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,742 Cr71.8
240%+Up 2%+₹464 Cr23.9
340%+Up 0–2%₹961 Cr32.7
440%+Flat₹23,820 Cr21.1
540%+Flat₹16,498 Cr72.4
640%+Flat₹15,549 Cr—

Sign up free to see every company in the sector ranking and track REC Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Finance ranking

REC Ltd announcements

All announcements →

Financials of REC Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

REC Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%
FIIs +20.60%19.91%20.43%21.22%21.74%20.48%19.16%17.97%16.46%15.79%15.76%16.78%
DIIs +14.16%15.44%14.68%14.25%13.91%14.79%15.51%15.86%16.21%16.36%16.98%16.55%
Government +0.04%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public +12.55%11.96%12.21%11.84%11.67%12.05%12.65%13.48%14.64%15.17%14.57%13.97%
No. of Shareholders6,89,1927,70,80810,33,68410,40,88810,41,31710,82,79811,26,51111,54,54211,79,93112,08,64711,75,19411,48,579

Financials of REC Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +11,68812,05212,67713,07913,68214,27215,33414,73715,15315,05114,56414,43515,000
Interest7,3507,6547,8968,0208,5068,8378,7688,9349,1319,2438,9318,7489,522
Expenses +-492240-425717972631,0842174766551,2314471,090
Financing Profit4,8314,1585,2064,3415,0795,1725,4825,5875,5465,1544,4025,2414,388
Financing Margin %41%34%41%33%37%36%36%38%37%34%30%36%29%
Other Income +132029142415158710-11203510
Depreciation6666666777777
Profit before tax4,8384,1725,2294,3495,0975,1815,4905,6665,5495,1364,4155,2684,391
Tax %22%21%22%20%21%21%21%21%20%21%24%20%21%
Net Profit +3,7903,3084,0793,4604,0384,0764,3104,4664,4154,0523,3754,1933,478
EPS in Rs14.3912.5615.4913.1415.3315.4816.3716.9616.7715.3912.8215.9213.21
Gross NPA %
Net NPA %

Financials of REC Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +20,54424,12524,33822,65825,40829,94235,55739,27639,48647,51756,36959,58659,050
Interest11,84014,28213,46213,33315,63918,99121,48922,05123,73329,94834,13136,23836,443
Expenses +1,1491,6801,8883,3791,7023,9813,2924,8381,858-3662,1532,5683,423
Financing Profit7,5558,1628,9885,9468,0666,96910,77612,38713,89417,93620,08420,78019,184
Financing Margin %37%34%37%26%32%23%30%32%35%38%36%35%32%
Other Income +642418337215622848581353
Depreciation82040781211182424252727
Profit before tax7,5528,1478,9725,9588,0907,03010,78012,43113,89817,96020,11720,76619,210
Tax %29%30%30%25%29%29%22%19%20%21%21%21%
Net Profit +5,3445,6916,3134,4515,7414,9728,37810,03611,16714,14515,88416,30815,098
EPS in Rs20.3021.6123.9816.9021.8018.8831.8238.1142.4153.7260.3261.9357.34
Dividend Payout %20%30%30%41%38%44%30%30%30%30%30%30%

Financials of REC Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital9879871,9751,9751,9751,9751,9751,9752,6332,6332,6332,6332,633
Reserves24,08527,90631,69630,61332,57133,42241,78949,33955,48766,71775,18481,86392,586
Borrowing150,979169,212167,852204,367244,249286,289329,723333,043380,790445,568496,801515,284536,536
Other Liabilities +7,4048,8408,7235,41619,65925,34527,38026,50326,59233,27339,88340,37842,434
Total Liabilities183,456206,945210,245242,370298,454347,030400,867410,860465,503548,191614,502640,158674,188
Fixed Assets +110254355132165166267628641632629616606
CWIP1078166129199288336632476128145
Investments1,5962,3522,6172,9482,4632,3861,9812,1903,1705,3526,6749,8319,734
Other Assets +181,740204,261207,108239,162295,627344,190398,282408,035461,689542,184607,123629,583663,704
Total Assets183,456206,945210,245242,370298,454347,030400,867410,860465,503548,191614,502640,158674,188

Financials of REC Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-23,898-13,2786,805-32,510-35,866-32,712-43,512-3,910-37,360-57,723-39,0645,972
Cash from Investing Activity +151-756-10146457121861-287-943-1,831-1,302-3,308
Cash from Financing Activity +23,09815,291-3,94728,24435,54333,92642,1133,15938,12359,58840,034-2,375
Net Cash Flow-6491,2572,757-4,2201341,336-538-1,038-18034-333289
Free Cash Flow-23,943-13,5376,601-32,584-35,957-32,812-43,586-3,958-37,377-57,756-39,0705,948

Financials of REC Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %23%21%20%13%17%14%21%21%20%22%22%20%
13out of 100

Momentum score · price trend

13 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−23.2%32%
Last 6 months−16.4%25%
Last 3 months−21.0%14%

The price is 53.5% below its all-time high of ₹637.35 (12 Jul 2024). Stocks more than 20% below their peak have their score halved, so 26 became 13.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For REC Ltd: 0.4 × 32 + 0.4 × 25 + 0.2 × 14 = 26, halved to 13 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What REC Ltd's management said in earlier quarters

Others in Finance this season

  • JSW Holdings (Q2 FY27)

    Total revenue from operations: ₹16,658.63 lakhs . Key results statement takeaways from JSW Holdings Ltd's Q2 FY27 results statement — and how it ranks against s

  • Indostar Capital Finance Ltd (Q2 FY27)

    Revenue from operations for Q2 FY27: ₹381.9 crore . Key investor presentation takeaways from Indostar Capital Finance Ltd's Q2 FY27 investor presentation — and

  • TruCap Finance Ltd (Q2 FY27)

    (74) lakhs, down 90% YoY . Key results statement takeaways from TruCap Finance Ltd's Q2 FY27 results statement — and how it ranks against sector peers.

  • Onemi Technology Solutions Ltd (Q2 FY27)

    Total Income for Q2 FY27: ₹740 Cr, up 43.1% YoY (Page 39) . Key investor presentation takeaways from Onemi Technology Solutions Ltd's Q2 FY27 investor presentat

Compare:vs Bajaj Financevs Bajaj Finservvs Shriram Finance Ltd