Key Metrics of REC Limited
Revenue₹59,140 Cr▲ 5.8% YoYFY 2025-26
EBITDA₹56,981 Cr▲ 5.5% YoY
Net profit₹16,282 Cr▲ 3.6% YoY
Net worth₹84,290 Cr▲ 8.6% YoY
Competitors10identified
About REC Limited
Sectors
Company details
- Website
- recindia.nic.in
- Founded
- 1997
- Registered office
- Core-4, Scope Complex, 7, Lodi Road, New Delhi, In-dl, 110003
- Listed
- NSE: RECLTD · ₹293.95
Operational Areas of REC Limited
Public Sector (PSU) & Government›Maharatna & Navratna PSUs
Banking & Financial Services›NBFC, Lending & Housing Finance
Company summary
Entity details
CINL40101DL1969GOI005095
LEI code335800B4YRYWAMIJZ374
State codeDL
PIN code110003
Current legal nameREC LIMITED
Classification—
Listing statusListed
Registration no.005095
Company age29 years, 9 months
PAN—
CountryIndia
CityNew Delhi
StateDelhi
Current statusActive
Date of incorporation01 Jan 1997
Registrar of companies—
Authorised capital—
Paid-up capital—
Employee count—
Compliance
Last AGM date—
Last balance sheet—
Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026
Industry classification
NIC code40101
Description of main activityElectricity, gas, steam and hot water supply
Description of business activityElectricity, gas, steam and hot water supply
SectorPublic Sector (PSU) & Government · Maharatna & Navratna PSUs
Premium
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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AGM for FY 2025-2630 Sep 2026
Statutory due date passed
AOC-4 for FY 2025-2630 Oct 2026
Statutory due date · 6 days left
MGT-7 for FY 2025-2629 Nov 2026
Statutory due date · 36 days left
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
ICRA · 09 Oct 2026
ICRA AAA
Stable outlook · Short term A1+ · Reaffirmed
Change in last 12 months—
Change since first rating on record—since Oct 2026
Rating actions10 up · 0 down
Liquidity (ICRA)Adequate
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 09 Oct 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹7,47,315 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ Majority ownership of GoI; strategic role in implementing various GoI schemes and dominant position in power sector financing
As a nodal agency for implementing various GoI schemes aimed at developing the country’s power sector (such as Revamped Distribution Sector Scheme (RDSS), Sahaj Bijli Har Ghar Yojana (Saubhagya), Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY), PM Suryoday Scheme), REC and PFC remain strategically important to the GoI for achieving its objective of augmenting power capacity across the country .
+ Established track record of healthy profitability
On a consolidated basis, range-bound net interest margins (NIMs) and low credit cost and operating cost ratios have supported the healthy profitability profile over the past five years.
Credit challenges
− High concentration risk and portfolio vulnerability
The Group’s exposure to a single sector (i.e. power), large-ticket loans, the high concentration of exposure towards financially weak state power utilities and the vulnerability of its exposure to private sector borrowers increase portfolio vulnerability.
− Moderate capitalisation
The leverage remains moderate with a consolidated gearing of 5.3x as on June 30, 2026.
Could lead to a downgrade
Pressure on the ratings could emerge on the ratings with a change in the ownership and/or a change in REC’s strategic role or importance to the GoI. The ratings would also be revised if there is any change in the credit profileof REC’s parent, i.e., PFC. A deterioration in the consolidated solvency (net stage 3/net worth) to a level above 40% on a sustained basis will be a negative for the credit profile.
Agency-reported financials (ICRA, 09 Oct 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|---|---|---|
| Total income | ₹55,980 Cr | ₹58,225 Cr | ₹14,032 Cr | ₹91,175 Cr | ₹1,15,527 Cr | ₹28,563 Cr |
| Profit after tax | ₹15,713 Cr | ₹16,282 Cr | ₹4,149 Cr | ₹26,461 Cr | ₹33,625 Cr | ₹8,998 Cr |
| Total managed assets | ₹6,24,351 Cr | ₹6,45,970 Cr | ₹6,52,490 Cr | ₹10,67,081 Cr | ₹12,61,871 Cr | ₹12,61,989 Cr |
| Return on managed assets | 2.7% | 2.6% | 2.6% | 2.7% | 2.7% | 2.9% |
| Gearing (managed; times) | 6.40× | 6.10× | 5.60× | 6.40× | 5.80× | 5.30× |
| Gross NPA | 1.4% | 0.2% | 0.2% | 3.0% | 0.7% | 0.7% |
| Capital adequacy ratio | 26.0% | 23.1% | 23.1% | — | — | — |
| Revenue growth (YoY) | — | 4.0% | — | — | 26.7% | — |
| PAT margin | 28.1% | 28.0% | 29.6% | 29.0% | 29.1% | 31.5% |
Borrowings & rated debt
Rated borrowing limits (latest)₹7,47,315 Cr
Limits raised1 time1 new facility rated
Weighted average coupon5.55%
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Capital gains 54EC bonds | Debentures & bonds | ₹1,119 Cr | ₹1,119 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Bonds | Debentures & bonds | ₹12,495 Cr | ₹12,495 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term bank facilities fund-based Non-fund-based limits | Non-fund based limits | ₹6,488 Cr | ₹6,488 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term borrowing programme FY2027 | Working capital & bank lines | ₹1,14,898 Cr | ₹1,14,898 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Short-term borrowing programme FY2027 | Working capital & bank lines | ₹0 | ₹5,000 Cr | — | A1+ | Assigned | ICRA |
| Short-term borrowing programme FY2027 | Working capital & bank lines | ₹20,000 Cr | ₹20,000 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Short-term borrowing programme FY2026 | Working capital & bank lines | ₹25,000 Cr | ₹25,000 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Long-term/Short-term fund-based/Non-fund based limits | Non-fund based limits | ₹21,000 Cr | ₹21,000 Cr | 0.0% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
| Bonds | Debentures & bonds | ₹2,06,606 Cr | ₹2,06,606 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Tax-free bonds | Debentures & bonds | ₹8,593 Cr | ₹8,593 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Infrastructure bonds | Debentures & bonds | ₹3.90 Cr | ₹3.90 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| GoI fully serviced bonds | Debentures & bonds | ₹16,877 Cr | ₹16,877 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Capital gains 54EC bonds | Debentures & bonds | ₹40,594 Cr | ₹40,594 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term bank facilities – Fund-based/Non-fund based limits Long-term borrowing programme of earlier | Non-fund based limits | ₹2,19,985 Cr | ₹2,19,985 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| years | Other | ₹33,657 Cr | ₹33,657 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| GoI fully serviced bonds | Debentures & bonds | ₹15,000 Cr | ₹15,000 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term borrowing programme FY2027 | Working capital & bank lines | ₹5,000 Cr | ₹0 | −100.0% | AAA (Stable) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE020B07MK9 | CG bonds Oct Oct | Debentures & bonds | 5.00% | — | — | ₹490 Cr | AAA | Not stated |
| INE020B07ML7 | CG bonds Nov Nov | Debentures & bonds | 5.00% | — | — | ₹485 Cr | AAA | Not stated |
| INE020B07MM5 | CG bonds Dec Dec | Debentures & bonds | 5.00% | — | — | ₹725 Cr | AAA | Not stated |
| INE020B07MN3 | CG bonds Jan Jan | Debentures & bonds | 5.00% | — | — | ₹586 Cr | AAA | Not stated |
| INE020B07MO1 | CG bonds Feb Feb | Debentures & bonds | 5.00% | — | — | ₹655 Cr | AAA | Not stated |
| INE020B07MP8 | CG bonds Mar Mar | Debentures & bonds | 5.00% | — | — | ₹1,270 Cr | AAA | Not stated |
| INE020B07MQ6 | CG bonds Apr Apr | Debentures & bonds | 5.00% | — | — | ₹797 Cr | AAA | Not stated |
| INE020B07MR4 | CG bonds May May | Debentures & bonds | 5.00% | — | — | ₹942 Cr | AAA | Not stated |
| INE020B07MS2 | CG bonds Jun Jun | Debentures & bonds | 5.00% | — | — | ₹930 Cr | AAA | Not stated |
| INE020B07MT0 | CG bonds Jul Jul | Debentures & bonds | 5.00% | — | — | ₹1,231 Cr | AAA | Not stated |
| INE020B07MU8 | CG bonds Aug Aug | Debentures & bonds | 5.00% | — | — | ₹699 Cr | AAA | Not stated |
| INE020B07MV6 | CG bonds Sep Sep | Debentures & bonds | 5.00% | — | — | ₹1,023 Cr | AAA | Not stated |
| INE020B07MW4 | CG bonds Oct Oct | Debentures & bonds | 5.00% | — | — | ₹820 Cr | AAA | Not stated |
| INE020B07MX2 | CG bonds Nov Nov | Debentures & bonds | 5.00% | — | — | ₹957 Cr | AAA | Not stated |
| INE020B07MY0 | CG bonds Dec Dec | Debentures & bonds | 5.00% | — | — | ₹1,048 Cr | AAA | Not stated |
| INE020B07MZ7 | CG bonds Jan Jan | Debentures & bonds | 5.00% | — | — | ₹862 Cr | AAA | Not stated |
| INE020B07NA8 | CG bonds Feb Feb | Debentures & bonds | 5.00% | — | — | ₹959 Cr | AAA | Not stated |
| INE020B07NB6 | CG bonds Mar Mar | Debentures & bonds | 5.00% | — | — | ₹1,884 Cr | AAA | Not stated |
| INE020B07NC4 | CG bonds Apr Apr | Debentures & bonds | 5.25% | — | — | ₹746 Cr | AAA | Not stated |
| INE020B07NK7 | CG bonds May May | Debentures & bonds | 5.25% | — | — | ₹892 Cr | AAA | Not stated |
| INE020B07NL5 | CG bonds Jun Jun | Debentures & bonds | 5.25% | — | — | ₹905 Cr | AAA | Not stated |
| INE020B07NJ9 | CG bonds Jul Jul | Debentures & bonds | 5.25% | — | — | ₹1,324 Cr | AAA | Not stated |
| INE020B07NG5 | CG bonds Aug Aug | Debentures & bonds | 5.25% | — | — | ₹772 Cr | AAA | Not stated |
| INE020B07NI1 | CG bonds Sep Sep | Debentures & bonds | 5.25% | — | — | ₹817 Cr | AAA | Not stated |
| INE020B07NH3 | CG bonds Oct Oct | Debentures & bonds | 5.25% | — | — | ₹819 Cr | AAA | Not stated |
| INE020B07NF7 | CG bonds Nov Nov | Debentures & bonds | 5.25% | — | — | ₹779 Cr | AAA | Not stated |
| INE020B07ND2 | CG bonds Dec Dec | Debentures & bonds | 5.25% | — | — | ₹944 Cr | AAA | Not stated |
| INE020B07NE0 | CG bonds Jan Jan | Debentures & bonds | 5.25% | — | — | ₹841 Cr | AAA | Not stated |
| INE020B07NN1 | CG bonds Feb Feb | Debentures & bonds | 5.25% | — | — | ₹953 Cr | AAA | Not stated |
| INE020B07NM3 | CG bonds Mar Mar | Debentures & bonds | 5.25% | — | — | ₹1,627 Cr | AAA | Not stated |
| INE020B07NP6 | CG bonds Apr Apr | Debentures & bonds | 5.25% | — | — | ₹699 Cr | AAA | Not stated |
| INE020B07NO9 | CG bonds May May | Debentures & bonds | 5.25% | — | — | ₹740 Cr | AAA | Not stated |
| INE020B07NQ4 | CG bonds Jun Jun | Debentures & bonds | 5.25% | — | — | ₹717 Cr | AAA | Not stated |
| INE020B07NR2 | CG bonds Jul Jul | Debentures & bonds | 5.25% | — | — | ₹1,071 Cr | AAA | Not stated |
| INE020B07NS0 | CG bonds Aug Aug | Debentures & bonds | 5.25% | — | — | ₹492 Cr | AAA | Not stated |
| INE020B07NT8 | CG bonds Sep Sep | Debentures & bonds | 5.25% | — | — | ₹535 Cr | AAA | Not stated |
| INE020B07NU6 | CG bonds Oct Oct | Debentures & bonds | 5.25% | — | — | ₹538 Cr | AAA | Not stated |
| INE020B07NV4 | CG bonds Nov Nov | Debentures & bonds | 5.25% | — | — | ₹472 Cr | AAA | Not stated |
| INE020B07NW2 | CG bonds Dec Dec | Debentures & bonds | 5.25% | — | — | ₹535 Cr | AAA | Not stated |
| INE020B07NX0 | CG bonds Jan Jan | Debentures & bonds | 5.25% | — | — | ₹468 Cr | AAA | Not stated |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Indicative long-term—
Indicative short-term—
Score—
LiquidityStretchedAgency: Adequate
DirectionStableAgency outlook: Stable
ICRA rating · Oct 2026AAA5 notches above indicative
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 85% |
| Information on file | 67% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
Can it borrow more?Further funding possible with conditions
Next rating action stable or better: 85% (Stable or improving) · scorecard until enough rating history is collected
Rated limits₹7,47,315 Cr
Not yet allocated—
Extra debt within 3.5× EBITDA—
Interest coverage—
Limit utilisation—
Open bank charges0 · —
- Credit outlook model: 85% chance the next rating action is stable or better
- Current rating AAA (investment grade)
Rated limits by facility
Timeline
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Registered officeCORE-4, SCOPE COMPLEX, 7, LODI ROAD, NEW DELHI, IN-DL, 110003
GSTIN—
Email—
Websitehttps://www.recindia.nic.in
Members / shareholders—
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of REC Limited
Competitors10identified
Locations2most in India
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Indian Oil Corporation |
Outlets operated by Indian Oil. | iocl.com | 1964 | Mumbai, India |
 Oil and Natural Gas Corporation |
Oil Refining & Marketing · Oil, Gas & Energy | ongcindia.com | 1955 | New Delhi, India |
 NTPC Limited |
Power Generation & Utilities · Oil, Gas & Energy | ntpc.co.in | 1975 | New Delhi, India |
| Stainless Steel & Non-Ferrous Metals · Steel, Metals & Pipes | coalindia.in | 1975 | Kolkata, India | |
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Power Finance Corporation |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | pfc.gov.in | 1986 | New Delhi, India |
| Integrated Steel Producers · Steel, Metals & Pipes | sail.co.in | — | India | |
| Part of Gujarat Urja Vikas Nigam Limited. | getcogujarat.com | — | India | |
| Maharatna & Navratna PSUs · Public Sector (PSU) & Government | guvnl.com | — | India | |
| Gujarat State Electricity Corporation Limited | Maharatna & Navratna PSUs · Public Sector (PSU) & Government | — | — | Gujarat, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Power sector finance
Filings
No filings on record yet.