REC LIMITED
₹285.00-₹12.00 (-4.0%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹96,561 Cr
- P/E
- 5.6x
- EV / EBITDA
- 9.1x
- Revenue
- ₹55,912 Cr
- Net margin
- 29.7%
- ROCE
- 8.8%
Price chart
Technical chartScreen technicals →-24.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -4.8%
- 3M
- -24.0%
- 6M
- -19.6%
- 1Y
- -24.7%
- 5Y
- +147.6%
52-week range
Day change -₹12.00 (-4.0%) from ₹297 to ₹285 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in RECLTD, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year net profit CAGR of 23.5%
Concerns1
- Negative free cash flow (₹40328 Cr)
Rule-based from financial data. Not advice.
About the company
REC Limited, together with its subsidiaries, engages in the provision of financing services for power generation, transmission, and distribution projects in India.
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REC Limited, together with its subsidiaries, engages in the provision of financing services for power generation, transmission, and distribution projects in India. The company primarily offers long, medium, and short-terms loans; debt refinancing, equity financing, financing of equipment manufacturing for power sector and coal mines; policy for funding against regulatory assets, and revolving bill payment facility services; and provides letter of undertaking in lieu of bank guarantee, etc. It also acts as a nodal agency for the implementation of Pradhan Mantri Sahaj Bijli Har Ghar Yojana, Pradhan Mantri Surya Ghar Muft Bujli Yojana, Deen Dayal Upadhyaya Gram Jyoti Yojana, and National Electricity Fund. In addition, the company acts as the bid process coordinator for selection of transmission service provider through tariff based competitive bidding process for independent inter-state and intra-state transmission projects; provides project implementation and consultancy services in power sector; and operates National Feeder Monitoring System, a cloud-based IT and analytical platform, designed to monitor the reliability and quality of power. It serves central/state government power utilities, as well as private sector power utilities. REC Limited was formerly known as Rural Electrification Corporation Limited and changed its name to REC Limited in October 2018. The company was incorporated in 1969 and is based in Gurugram, India. REC Limited is a subsidiary of Power Finance Corporation Limited.
- Sector
- Financial Services
- Shares outstanding
- 263 Cr shares
- ISIN
- INE020B01018
- BSE code
- 532955
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹96,561 Cr
- P/E
- 5.6x
- P/B
- 1.2x
- EV / EBITDA
- 9.1x
- EV / Sales
- 9.2x
- P/S
- 2.0x
- Earnings yield
- 17.8%
- 52-week high
- ₹386.00
- 52-week low
- ₹285.00
Profitability
- Operating margin
- 101.2%
- Net margin
- 29.7%
- EBITDA margin
- 101.3%
- ROE
- 20.2%
- ROCE
- 8.8%
- ROA
- 2.6%
- Dividend payout
- 30.0%
- Tax rate
- 21.0%
- Other income, % of PBT
- 0.3%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹55,912 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 18.6%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.6%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹47,754 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 27.3%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 12.1%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 23.5%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹57,885 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 54.4%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹295 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 17.8%
Solvency and efficiency
- Current ratio
- 16.55
- Debt / Assets
- 0.81
- Debt / EBITDA
- 9.33
- Financial leverage
- 7.96
- CFO / Net profit
- -4.13
- Cash / Market cap
- 560.8%
- Cash per share
- ₹2,057.95
- Asset turnover
- 0.09
- Fixed asset turnover
- 74.74
- Capital intensity
- 0.01
- Debtor days
- 0 days
- Cash conversion cycle
- 0 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹28 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,952 Cr |
| Sales | Operating profit | ₹53,960 Cr |
| Operating profit | Interest | ₹34,135 Cr |
| Operating profit | Depreciation | ₹24 Cr |
| Operating profit | Profit before tax | ₹19,801 Cr |
| Other income | Profit before tax | ₹60 Cr |
| Profit before tax | Tax and other | ₹4,147 Cr |
| Profit before tax | Net profit | ₹15,713 Cr |
Revenue and net profit
Revenue grew 18.6% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹35,392 Cr | ₹8,362 Cr |
| FY2022 | ₹39,169 Cr | ₹10,046 Cr |
| FY2023 | ₹39,216 Cr | ₹11,055 Cr |
| FY2024 | ₹47,159 Cr | ₹14,019 Cr |
| FY2025 | ₹55,912 Cr | ₹15,713 Cr |
Cash flows
FY2025: -₹39,182 Cr from operations, -₹40,328 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | -₹43,520 Cr | -₹42,656 Cr |
| FY2022 | -₹872 Cr | -₹1,082 Cr |
| FY2023 | -₹37,482 Cr | -₹38,286 Cr |
| FY2024 | -₹57,885 Cr | -₹59,760 Cr |
| FY2025 | -₹39,182 Cr | -₹40,328 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹55,912 Cr+18.6%1Y
- Net profit
- ₹15,713 Cr+12.1%1Y
- Cash from operations
- -₹39,182 Cr
- Free cash flow
- -₹40,328 Cr
- Revenue CAGR, 5Y
- 9.6%
- EBITDA CAGR, 5Y
- 12.9%
- Net profit CAGR, 5Y
- 23.5%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹55,912 Cr | ₹53,960 Cr | — | ₹15,713 Cr | -₹39,182 Cr | -₹40,328 Cr | 20.2% | +18.6% | +12.1% |
Monthly returns
Month-by-month returns of RECLTD across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹6.1 L Cr |
| Equity capital | ₹2,633 Cr |
| Reserves | ₹75,005 Cr |
| Borrowings | ₹5.0 L Cr |
| Other liabilities | ₹39,628 Cr |
| Assets | ₹6.1 L Cr |
| Fixed assets | ₹628 Cr |
| Capital work in progress | ₹76 Cr |
| Investments | ₹6,642 Cr |
| Other assets | ₹6.1 L Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
RECLTD trades at 5.6x earnings against a peer median of 26.9x (a 79% discount).
Not shown (no positive earnings and no EV / Sales): One 97 Communications Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| REC LIMITEDRECLTDthis companyP/E ↓ discount | ₹96,561 Cr | 5.6x | 1.2x | 20.2% | 9.1x |
| IDBI Bank LtdIDBI | ₹1.1 L Cr | 11.6x | 1.7x | 12.5% | — |
| Indian BankINDIANB | ₹1.1 L Cr | 9.3x | 1.5x | 15.8% | — |
| HDFC Asset Management Company LimitedHDFCAMC | ₹1.1 L Cr | 38.8x | 13.7x | 30.3% | 41.9x |
| ICICI Prudential Life Insurance Company LimitedICICIPRULI | ₹98,790 Cr | 71.7x | 7.3x | 7.3% | 85.9x |
| ICICI Lombard General Insurance Company LimitedICICIGI | ₹93,966 Cr | 34.4x | 5.7x | 17.3% | 33.9x |
| Aditya Birla Capital LtdABCAPITAL | ₹91,754 Cr | 32.1x | 3.4x | 11.7% | 15.7x |
| One 97 Communications LimitedPAYTM | ₹81,975 Cr | — | 6.4x | -6.1% | -109.4x |
| SBI CARDS AND PAYMENT SERVICES LIMITEDSBICARD | ₹81,669 Cr | 42.6x | 5.5x | 13.9% | — |
| Peer median | — | 26.9x | 2.8x | 12.3% | 33.9x |
Year-to-date ROI
RECLTD since 1 January, against earlier years.
Historical volatility
RECLTD's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 91.0% |
| FY2022 | 88.0% |
| FY2023 | 96.0% |
| FY2024 | 101.0% |
| FY2025 | 97.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹55,912 Cr |
| Costs | |
| Interest | ₹34,135 Cr |
| Expenses | ₹1,953 Cr |
| Operating profitOperating Profit | ₹53,960 Cr |
| Other income and charges | |
| Profit before tax | ₹19,860 Cr |
| Tax | |
| Net profitNet Profit | ₹15,713 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹6.1 L Cr |
| Equity capitalEquity Capital | ₹2,633 Cr |
| Reserves | ₹75,005 Cr |
| Borrowings | ₹5.0 L Cr |
| Other liabilitiesOther Liabilities | ₹39,628 Cr |
| AssetsTotal Assets | ₹6.1 L Cr |
| Fixed assetsFixed Assets | ₹628 Cr |
| Capital work in progressCWIP | ₹76 Cr |
| Investments | ₹6,642 Cr |
| Other assetsOther Assets | ₹6.1 L Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹39,182 Cr |
| Investing cash flowCash from Investing Activity | -₹1,146 Cr |
| Financing cash flowCash from Financing Activity | ₹40,034 Cr |
| Change in cashNet Cash Flow | -₹295 Cr |
Learn while you research
Academy chapters picked for REC LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Value InvestingA P/E of 5.6 could be a value opportunity, or a value trap. Know the difference.7 min read
- 04 Sector AnalysisBanks & financials are uniquely sensitive to rates and credit cycles.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read