REC

RECLTD · NSE · Large Cap

K
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Financing·Listed·Directness 50/100

REC

Power-sector financier with growing renewable book.

Financing
Sell / Avoid
Last price
₹354.00
52W: ₹304 – ₹429
-17.5% from 52W high
Mkt Cap
₹93.31K Cr
P/E
5.8x
EV/EBITDA
29.3x
ROCE
9.7%
ROE
20.0%
Book Value
₹323.0
Promoter
52.6%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
48
Valuation (20%)
69
Technical (20%)
50
Solar exposure (10%)
50
Policy beneficiary (7.5%)
78
Project pipeline (5%)
80
Governance safety (7.5%)
35

52-week position

Real snapshot from Screener

₹304Current: ₹354₹429
P/E
5.8x
P/B
1.1x
Div Yield
5.06%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. REC: renewable lending book compounds at 20%+ with widening NIMs in a green-financing tailwind.

Bull case

Bull case for REC: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for REC: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentFinancing
Directness50/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)5.8x—
Forward P/E——
EV/EBITDA29.3x—
EV/Sales10.2x—
P/B1.1x—
FCF Yield2.9%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker RECLTD · last updated 2026-05-11

Open on Screener.in
Market Cap
₹93.31K Cr
Price
₹354.00
Stock P/E
5.8x
Book Value
₹323.0
ROCE
9.7%
ROE
20.0%
Div Yield
5.06%
52W Range
₹304 – ₹429

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y5.7%
Sales 3Y CAGR14.7%
Sales 5Y CAGR11.0%
PAT 1Y2.7%
PAT 3Y CAGR13.5%
PAT 5Y CAGR12.9%
Profitability
OPM latest35.0%
PAT margin latest27.4%
PAT margin 3Y avg28.4%
ROE20.0%
ROCE9.7%
Asset turnover0.09x
Leverage & cash
D / E6.05x
Net Debt / EBITDA24.79x
Borrowings / Assets80.4%
CFO / EBITDA0.29x
CFO / PAT0.37x
FCF (TTM proxy)₹2.66K Cr
Valuation
P/E5.8x
EV/EBITDA29.3x
EV/Sales10.20x
P/B1.10x
FCF Yield2.86%
Div Yield5.06%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales39,27639,48647,51756,36959,584
Operating Profit12,38713,89417,93620,08420,767
OPM %32%35%38%36%35%
Net Profit10,03611,16714,14515,88416,308
EPS (₹)38.1142.4153.7260.3261.93

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales14,27215,33414,73715,153
OPM %36%36%38%37%
Net Profit4,0764,3104,4664,415

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,9752,6332,6332,6332,633
Reserves49,33955,48766,71775,74382,421
Borrowings3,33,0433,80,7904,45,5684,96,2435,14,725
Fixed Assets—————
Total Assets4,10,8604,65,5035,48,1916,14,5026,40,158

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating-819-37,360-57,723-39,0645,972
Investing-287-943-1,831-1,302-3,308
Financing6838,12359,58840,034-2,375
Net Cash Flow-1,038-18034-332289

Shareholding pattern

Latest disclosed

Promoters
52.63%
FII
15.79%
DII
16.36%
Public
15.17%
Government
0.05%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.