REC RECLTD
State lender to power utilities and a nodal agency for RDSS; its REC Power Development & Consultancy arm runs TBCB bids and incubates project SPVs
Mapped in 1 theme: Power Transmission & Grid.
Where REC sits in the supply chain
REC appears in 1 supply-chain layer in one theme, Power Transmission & Grid.
Power Transmission & Grid › Power markets & grid finance
EnablerOther companies in this layer
Revenue and profit
| ₹ Cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 39,276 | 39,486 | 47,517 | 56,369 | 59,586 |
| Net profit | 10,036 | 11,167 | 14,145 | 15,884 | 16,308 |
Latest-year revenue ₹59,586 Cr (FY26, company-wide).
Note: Lender: enabler, not a grid owner.
Strengths
- Funds and designs a large share of the transmission pipeline
- Government-backed borrowing costs
Risks
- Exposure to weak state discoms
- Transmission is a minority of its loan book
Common questions
What does REC do?
State lender to power utilities and a nodal agency for RDSS; its REC Power Development & Consultancy arm runs TBCB bids and incubates project SPVs.
Where does REC sit in the supply chain?
REC (NSE: RECLTD) is mapped in 1 supply-chain layer: Power markets & grid finance (Power Transmission & Grid).
Who are REC's peers?
In the Power markets & grid finance layer of Power Transmission & Grid: Indian Energy Exchange, PTC India, Power Finance Corporation and Grid Controller of India (Grid-India) (not NSE-listed).
What is REC's market cap and valuation?
As of 6 Nov 2026: market cap ₹78,022 Cr, P/E 5.2x, ROCE 9.7%, ROE 20.1%, dividend yield 6.25%.