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State-owned Indian non-bank lender financing power generation, transmission, distribution and rural electrification projects.
State-owned Indian non-bank lender financing power generation, transmission, distribution and rural electrification projects.
Earns the spread between what it pays to borrow through bonds and loans and what it lends at to state electricity utilities, generators and transmission firms. Power Finance Corporation, also state-owned, bought the government's controlling stake in 2019. A large share of lending goes to state-run distribution companies, whose finances are the key credit risk.
In one line: A state-owned US power/infrastructure project lender.
Moat: narrow (regulatory licence, state ownership, scale). A state-backed mandate to finance India's power sector gives privileged, low-cost access to funding.
Headquarters: New Delhi, India · Founded: 1969 · Employees: 1,213
Size REC (RECLTD.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $8.27B, the 141st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹296.65 on 6 Nov 2026.
Performance Over six months the shares fell 17.5%, against -9.3% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +7.4%); the operating margin is 34.6% (peer median 33.3%).
Valuation It trades at 0.83× book value against a peer median of 1.82× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 15.1%; REC delivers 17.0%, so the price asks less than the business earns today.
Credit REC has 3 bonds outstanding ($1.70B), rated Baa3 by the agencies and trading like BBB- at a weighted spread of 104 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹572B | ₹586B | ₹562B | ₹467B | ₹387B |
| Revenue growth | — | +4% | +20% | +21% | — |
| Gross profit | ₹203B | ₹539B | ₹537B | ₹450B | ₹368B |
| EBITDA | ₹198B | ₹532B | ₹532B | ₹453B | ₹362B |
| Net income | ₹151B | ₹163B | ₹159B | ₹141B | ₹111B |
| Free cash flow | n/a | ₹195B | ₹208B | ₹173B | ₹130B |
| Capital expenditure | n/a | ₹696M | ₹829M | ₹336M | ₹177M |
| Total debt | ₹5.37T | ₹5.15T | ₹4.97T | ₹4.46T | ₹3.81T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| REC RECLTD.NS | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% |
| Power Finance PFC.NS | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% |
| State Bank of India SBIN.NS | $99.5B | -7% | +6% | 15% | 1.40× | 20.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RECLTD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | +0.9% | 9th lowest of 21 |
| 6-month return | -17.5% | -9.3% | 7th lowest of 21 |
| Return on equity | 17.0% | 12.4% | 7th highest of 21 |
| Price / book | 0.83× | 1.82× | 3rd cheapest of 21 |
| Trailing P/E | 5.2× | 14.0× | 2nd cheapest of 21 |
| ROE the price implies | 15.1% | 16.4% | 11th least demanding of 21 |
| ROE delivered | 17.0% | 12.3% | 6th highest of 20 |
| Bond spread | 104 bp | 108 bp | 5th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| REC RECLTD.NS | India | $8.27B | -18% | -3% | 17% | 0.83× | 15.1% | 17.0% |
| Ayvens AYV.PA | France | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% | 9.2% |
| FirstCash FCFS | United States | $7.96B | -18% | +23% | 18% | 3.50× | 19.9% | 18.2% |
| Tokyo Century 8439.T | Japan | $7.50B | +12% | +8% | 12% | 1.01× | 7.7% | 11.6% |
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Chailease 5871.TW | Taiwan | $5.74B | -10% | -4% | 12% | 0.97× | 3.8% | 11.5% |
| Element Fleet Management EFN.TO | Canada | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% | 10.6% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Credit Acceptance CACC | United States | $5.37B | -1% | +2% | 23% | 3.86× | 38.2% | 22.7% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
REC has 3 bonds outstanding with $1.70B face value. The agencies rate it Baa3; its bonds trade like BBB-. Weighted yield 5.51%, a spread of 104 bp over government bonds.