MarketFriction

REC Ltd

NSE RECLTD · BSE 532955 · Financial Institution
₹287.75 -3.76%
NSE close2026-10-01
52 week range292.20 - 390.30
Market cap₹77,009 Cr.
P/E4.80
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Financial ServicesNifty PSE No price band Delivery 57.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue11,68812,05212,67713,07913,68214,27215,33414,73715,15315,05114,56414,435
Interest7,3507,6547,8968,0208,5068,8378,7688,9349,1319,2438,9318,748
Expenses-492240-425717972631,0842174766551,231447
Financing Profit4,8314,1585,2064,3415,0795,1725,4825,5875,5465,1544,4025,241
Financing Margin %41%34%41%33%37%36%36%38%37%34%30%36%
Other Income132029142415158710-112035
Depreciation666666677777
Profit before tax4,8384,1725,2294,3495,0975,1815,4905,6665,5495,1364,4155,268
Tax %22%21%22%20%21%21%21%21%20%21%24%20%
Net Profit3,7903,3084,0793,4604,0384,0764,3104,4664,4154,0523,3754,193
EPS in Rs14.3912.5615.4913.1415.3315.4816.3716.9616.7715.3912.8215.92
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue24,12524,33822,65825,40829,94235,55739,27639,48647,51756,36959,58659,202
Interest14,28213,46213,33315,63918,99121,48922,05123,73329,94834,13136,23836,051
Expenses1,6801,8883,3791,7023,9813,2924,8381,858-3662,1532,5682,809
Financing Profit8,1628,9885,9468,0666,96910,77612,38713,89417,93620,08420,78020,342
Financing Margin %34%37%26%32%23%30%32%35%38%36%35%34%
Other Income42418337215622848581353
Depreciation2040781211182424252727
Profit before tax8,1478,9725,9588,0907,03010,78012,43113,89817,96020,11720,76620,368
Tax %30%30%25%29%29%22%19%20%21%21%21%
Net Profit5,6916,3134,4515,7414,9728,37810,03611,16714,14515,88416,30816,035
EPS in Rs21.6123.9816.9021.8018.8831.8238.1142.4153.7260.3261.9360.90
Dividend Payout %30%30%41%38%44%30%30%30%30%30%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%11%15%2%
Compounded Profit Growth11%14%14%-5%
Stock Price CAGR12%20%1%-22%
Return on Equity20%21%21%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital9879871,9751,9751,9751,9751,9751,9752,6332,6332,6332,633
Reserves24,08527,90631,69630,61332,57133,42241,78949,33955,48766,71775,18481,863
Borrowing150,979169,212167,852204,367244,249286,289329,723333,043380,790445,568496,801515,284
Other Liabilities7,4048,8408,7235,41619,65925,34527,38026,50326,59233,27339,88340,378
Total Liabilities183,456206,945210,245242,370298,454347,030400,867410,860465,503548,191614,502640,158
Fixed Assets110254355132165166267628641632629616
CWIP1078166129199288336632476128
Investments1,5962,3522,6172,9482,4632,3861,9812,1903,1705,3526,6749,831
Other Assets181,740204,261207,108239,162295,627344,190398,282408,035461,689542,184607,123629,583
Total Assets183,456206,945210,245242,370298,454347,030400,867410,860465,503548,191614,502640,158
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 Activity151-756-10146457121861-287-943-1,831-1,302-3,308
Cash from Financing Activity23,09815,291-3,94728,24435,54333,92642,1133,15938,12359,58840,034-2,375
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
CFO/OP-111%-48%42%-157%-143%-119%-126%-2%-92%-114%-64%17%
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%52.63%
FIIs20.36%20.60%19.91%20.43%21.22%21.74%20.48%19.16%17.97%16.46%15.79%15.76%
DIIs14.10%14.16%15.44%14.68%14.25%13.91%14.79%15.51%15.86%16.21%16.36%16.98%
Government0.04%0.04%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public12.87%12.55%11.96%12.21%11.84%11.67%12.05%12.65%13.48%14.64%15.17%14.57%
No. of Shareholders6,21,5786,89,1927,70,80810,33,68410,40,88810,41,31710,82,79811,26,51111,54,54211,79,93112,08,64711,75,194

Fundamentals

Market Cap₹ 77,009 Cr.
Current Price₹ 292
Stock P/E4.80
Book Value₹ 321
ROCE9.71 %
ROE20.1 %
Dividend Yield6.34 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)2%
Compounded Profit Growth (TTM)-5%
Consolidated figures.
Valuation
Market capRs 75,771 Cr
Enterprise valueRs 589,444 Cr
P/E (TTM)4.73x
Price to book0.90x
Price to sales1.28x
EV / EBITDA10.44x
EV / EBIT10.45x
EV / sales9.96x
Price to cash flow12.69x
Earnings yield21.16%
Dividend yield6.45%
P/E, 3-year average6.81x
P/B, 3-year average1.37x
P/E, 5-year average5.00x
P/B, 5-year average1.00x
Profitability
Operating margin (excl. other income)95.69%
Operating margin (incl. other income)95.71%
EBITDA margin95.35%
Pre-tax margin34.40%
Net profit margin27.09%
Net margin, latest quarter29.05%
ROE20.09%
ROCE9.71%
ROA2.60%
ROE, 3-year average21.29%
ROCE, 3-year average9.90%
ROA, 3-year average2.71%
ROE, 5-year average21.08%
ROCE, 5-year average9.59%
ROA, 5-year average2.63%
ROIC (approx.)7.41%
Tax rate21.47%
Other income / net worth0.02%
Growth
Sales growth (latest year)5.71%
Profit growth (latest year)2.67%
Sales CAGR, 3 years14.70%
Sales CAGR, 5 years10.88%
Profit CAGR, 3 years13.45%
Profit CAGR, 5 years14.25%
Sales growth QoQ-0.89%
Profit growth QoQ24.23%
Sales growth YoY (latest quarter)-2.05%
Profit growth YoY (latest quarter)-6.11%
Per share
EPS (TTM)Rs 60.90
EPS (latest year)Rs 61.93
EPS (latest quarter)Rs 15.92
EPS, 3-year averageRs 58.66
EPS, 5-year averageRs 53.84
Book value per shareRs 320.88
Sales per shareRs 224.83
Cash flow per shareRs 22.68
Free cash flow per shareRs 22.59
Dividend per share (latest year)Rs 18.55
Dividend per share, 3-year averageRs 17.52
Dividend per share, 5-year averageRs 16.09
Dividends
Dividend payout29.95%
Dividend payout, 3-year average29.86%
Dividend payout, 5-year average29.88%
Efficiency
Asset turnover0.09x
Fixed asset turnover96.81x
Debtor days2 days
Debtors turnover203.22x
Leverage
Total debtRs 515,284 Cr
Cash and bankRs 1,611 Cr
Net debtRs 513,672 Cr
Debt to equity6.10x
Net debt / EBITDA9.10x
Interest coverage1.56x
Owners' fund to total sources13.20%
Debt to assets80.49%
Cash flow
Cash from Operating Activity (latest year)Rs 5,972 Cr
Cash from Investing Activity (latest year)Rs -3,308 Cr
Cash from Financing Activity (latest year)Rs -2,375 Cr
Net Cash Flow (latest year)Rs 289 Cr
Free cash flow (latest year)Rs 5,948 Cr
FCFE (approx.: FCF + change in debt)Rs 24,431 Cr
Cash from ops / profit, 5 years-1.96x
Sales to cash flow9.98x
Statement figures
Net sales (TTM)Rs 59,202 Cr
Net sales (latest year)Rs 59,586 Cr
Sales (latest quarter)Rs 14,435 Cr
Operating profit excl. other income (latest year)Rs 57,018 Cr
Operating profit (latest quarter)Rs 13,988 Cr
Other income (TTM)Rs 53 Cr
EBITDA (TTM)Rs 56,447 Cr
PBDT (TTM)Rs 20,395 Cr
Profit before tax (TTM)Rs 20,368 Cr
Tax (latest year)Rs 4,458 Cr
Net profit (TTM)Rs 16,035 Cr
Net profit (latest year)Rs 16,308 Cr
Net profit (latest quarter)Rs 4,193 Cr
Depreciation (TTM)Rs 27 Cr
Depreciation (latest quarter)Rs 7 Cr
Interest (TTM)Rs 36,051 Cr
Cost of goods sold (latest year)Rs 1,583 Cr
Total expenditure (latest year)Rs 2,568 Cr
Total income (latest year)Rs 59,599 Cr
Share capitalRs 2,633 Cr
ReservesRs 81,863 Cr
Shareholders' fundsRs 84,496 Cr
Total assetsRs 640,158 Cr
Net blockRs 616 Cr
Capital work in progressRs 128 Cr
InvestmentsRs 9,831 Cr
ReceivablesRs 293 Cr
Other liabilitiesRs 40,378 Cr
Shares outstanding (crore)263.32
Ownership
Promoter holding52.63% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 4.7 is at the 38th percentile of its own 9.4-year range (median 5.0, low 2.4, high 12.7).
P/B 0.90 is at the 56th percentile (median 0.82).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodRECLTDNifty 50Difference
1 week-6.7%-2.8% -3.9 pts
1 month-8.4%-6.8% -1.6 pts
3 months-21.2%-7.6% -13.6 pts
6 months-5.7%+0.4% -6.1 pts
1 year-23.3%-9.9% -13.4 pts
2 years-47.0%-13.6% -33.4 pts
3 years+0.1%+14.2% -14.1 pts
5 years+145.8%+27.9% +117.9 pts
177 mutual fund schemes hold about ₹5,729 Cr. Over three months 114 bought more and 51 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Growth Mid Cap Fund2.20%1,150 +41%
Bandhan Small Cap Fund2.42%826 -4%
Kotak Mid Cap Fund0.99%703 +17%
HDFC Balanced Advantage Fund0.51%550 +12%
Nippon India Small Cap Fund0.45%372 +7%
Nippon India ELSS Tax Saver Fund1.36%200 +14%
ICICI Pru Nifty Next 50 Index Fund1.59%161 +9%
ICICI Pru ELSS-Tax Saver Fund1.04%149 +11%
SBI Energy Opportunities Fund1.68%140 +18%
UTI Nifty Next 50 Index Fund1.59%120 +9%
ICICI Pru Dividend Yield Fund1.71%115 +11%
Franklin Build India Fund3.18%100 +16%
SBI Arbitrage Fund0.19%89 -70%
Kotak Aggressive Hybrid Fund0.75%69 +8%
Motilal Oswal BSE Enhanced Value Index Fund2.83%64 +11%
WOC Mid Cap Fund0.79%59 -26%
Templeton India Value Fund2.30%46 +20%
HDFC Large & Mid Cap Fund0.14%44 +9%
HDFC NIFTY Next 50 Index Fund1.59%43 +9%
Tata Multicap Fund1.13%40 +9%
PGIM India Midcap Fund0.35%39 +10%
SBI Nifty Next 50 Index Fund1.59%38 +9%
HDFC Dividend Yield Fund0.58%32 +14%
UTI Large & Mid Cap Fund0.42%27 -65%
Edelweiss Balanced Advantage Fund(Q0.19%25 -43%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -196% of net profit over the last 3 years
lookAuditor change Auditor change 2026-09-08: REC Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-07Life Insurance Corporation of IndiAcquirerbuy993,000SAST Others
2019-03-28The President of India (Acting thrPromotersother1,039,399,343Rs 1039.40 CrOff Market
2019-02-21The President of India (Acting thrPromotersother4,336,057Rs 4.34 CrOff Market
2018-12-04President of IndiaPromotersother101,470,139Rs 101.47 CrOff Market
2018-06-18The President of India (acting thrPromotersother6,473,244Rs 69.92 CrOff Market
2017-11-23PRESIDENT OF INDIAPromotersother10,825,689Rs 10.83 CrOff Market
2017-11-09GEETA SAMTANIEmployees/Designated Employesell17,800Rs 0.29 CrMarket Sale
2017-04-17BalrajEmployees/Designated Employesell5,000Rs 0.11 CrMarket Sale
2017-03-22President of India acting through Promotersother9,897,155Rs 9.90 CrOff Market
2017-01-25President of IndiaPromotersother25,133,733Rs 25.13 CrOff Market
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Revenue ₹14,435 Cr -2.0% vs Jun 2025. Net profit ₹4,193 Cr -6.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-14Dividend - Rs 1.55 Per Share
2026-07-31Interim Dividend - Rs 4.25 Per Share
2026-03-20Interim Dividend - Rs 3.20 Per Share
2026-02-06Interim Dividend - Rs 4.60 Per Share
2025-10-27Interim Dividend - Rs 4.60 Per Share
2025-08-14Dividend - Rs 2.60 Per Share
2025-08-01Interim Dividend - Rs 4.60 Per Share
2025-03-26Interim Dividend - Rs 3.60 Per Share
2025-02-14Interim Dividend - Rs 4.30 Per Share
2024-11-08Interim Dividend - Rs 4 Per Share
2024-08-09Interim Dividend - Rs 3.50 Per Share
2024-06-28Dividend - Rs 5 Per Share
2024-03-28Interim Dividend - Rs 4.50 Per Share
2023-11-13Interim Dividend - Rs 3.50 Per Share
2023-08-14Interim Dividend - Rs 3 Per Share
2023-07-14Dividend - Rs 4.35 Per Share
2023-02-09Interim Dividend - Rs 3.25 Per Share
2022-11-07Interim Dividend - Rs 5 Per Share
2022-08-17Bonus 1:30.7500
2022-07-12Dividend - Rs 4.80 Per Share
2022-02-15Interim Dividend - Rs 6 Per Share
2021-11-11 Interim Dividend - Rs 2.50 Per Share
2021-09-16 Dividend - Rs 1.71 Per Share
2021-08-13 Interim Dividend - Rs 2 Per Share
2021-03-18 Interim Dividend - Rs 5 Per Share
2020-11-13 Interim Dividend - Rs 6 Per Share
2020-09-17 Annual General Meeting
2020-02-11 Interim Dividend - Rs 11 Per Share
2019-08-21 Annual General Meeting
2019-03-11 Interim Dividend - Rs 11 Per Share
2018-09-17 Dividend Rs 1.75 Per Share
2018-02-15 Interim Dividend Rs 7.40 Per Share
2017-09-14 Annual General Meeting/Dividend - Rs 2.65 Per Share
2017-02-27 Interim Dividend Rs 7/- Per Share
2016-09-28 Bonus 1:10.5000
2016-08-22 Annual General Meeting/Dividend-Rs 5.10/- Per Share
2016-02-17 Interim Dividend - Rs 12/- Per Share (Purpose Revised)
2015-09-09 Annual General Meeting/ Dividend - Rs 2.70/- Per Share
2015-02-18Interim Dividend - Rs 8.00/- Per Share (Purpose Revised)
2014-09-02Annual General Meeting / Final Dividend - Rs 1.75/- Per Share
2014-02-20Interim Dividend - Rs 7.75/- Per Share (Purpose Revised)
2013-08-28Annual General Meeting And Dividend Rs.1.50 Per Share
2013-02-08Interim Dividend Rs 6.75 Per Share (Purpose Revised)
2012-09-04Annual General Meeting/Dividend Rs 2.50 Per Share
2012-01-30Interim Dividend Rs.5/- Per Share (Purpose Revised)
2011-08-30Annual General Meeting And Dividend Rs.4/- Per Share
2011-02-11Interim Dividend-Rs.3.50 Per Share (Purpose Revised)
2010-08-24Annual General Meeting And Dividend Rs.3.50 Per Share
2010-01-04Int Div-Rs.3/- Per Share Purpose Revised
2009-09-03Agm/Div-Rs.2.50 Per Share
2009-02-26Int Div-Rs.2/- Per Share Purpose Revised
2008-09-08Agm/Dividend - 30%
DateTypeWhat it says
2026-09-28General UpdatesBoard comments on fine levied by the Exchanges.
2026-09-28General UpdatesIntimation of sale and transfer of project specific SPV/Subsidiary.
2026-09-26General UpdatesIntimation of sale and transfer of project specific SPV /Subsidiary.
2026-09-23General UpdatesIntimation of sale and transfer of project specific SPVs/Subsidiaries.
2026-09-22Director changeChange in Director(s) of the company.
2026-09-10Change in ManagementIntimation regarding change in Senior Management.
2026-09-09General UpdatesIntimation of sale and transfer of project specific SPV/Subsidiary.
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-07General UpdatesPress Release REC Limited Successfully issued India s First Pilot Issue on Tokenized Corporate Bonds under SEBI Regulatory Sandbox Framework.
2026-09-07Credit Rating- RevisionIntimation of revision in Credit Rating and its Outlook.
2026-08-27Shareholder meetingDeclaration of voting results of 57th Annual General Meeting of REC Limited.
2026-08-26General UpdatesIntimation regarding imposition of fines by Stock Exchanges.
2026-08-25Shareholder meetingProceedings of 57th Annual General Meeting of REC Limited held on Tuesday, August 25,2026.
2026-08-25General UpdatesIntimation of incorporation of subsidiary companies.
2026-08-21General UpdatesIntimation of sale and transfer of project specific SPV/Subsidiary .
2026-08-14General UpdatesIntimation of sale and transfer of project specific SPV /Subsidiary.
2026-08-04Change in ManagementChange in Senior Management.
2026-08-01Change in ManagementIntimation regarding change in Internal Auditor.
2026-07-30General UpdatesBusiness Responsibility and Sustainability Report (BRSR) for the financial year 2025-26.
2026-07-30Shareholder meetingNotice of 57th Annual General Meeting to be held on August 25, 2026
2026-07-30General UpdatesIntimation of sale and transfer of project specific SPV/Subsidiary.
2026-07-30General UpdatesIntimation of incorporation of subsidiary company.
2026-07-29General UpdatesIntimation of sale and transfer of project specific SPVs/Subsidiaries.
2026-07-24General UpdatesPress Release - Financial Results of REC Limited for the quarter ended June 30, 2026.
2026-07-24Record DateRecord date for the purpose of Payment of finai Dividend for the FY 2025-26 is 14-Aug-2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest1.17
Max pain (expiry 2026-10-27)310
Largest call open interest at300
Largest put open interest at300
Implied volatility, at the money29.0%
Underlying at snapshot287.75
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-3060
2026-09-291,325
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-07-09NCLTREC LTD Vs Jayashree S Iyer (IRP) (Bhadreshwar vidyut pvt ltd )
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of REC Ltd?

REC Ltd (RECLTD) has a market capitalisation of Rs 77,009 Cr. at the 2026-10-01 close.

What is the P/E ratio of REC Ltd?

REC Ltd trades at a P/E of 4.80 on trailing twelve-month profit, at the 2026-10-01 close.

What were REC Ltd's latest quarterly results?

In the Jun 2026 quarter, REC Ltd revenue was Rs 14,435 Cr (-2.0% vs Jun 2025) and net profit was Rs 4,193 Cr.

What is the 52-week high and low of REC Ltd?

The 52-week high is Rs 390.30 and the 52-week low is Rs 292.20.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03