Rec Limited · NSE:RECLTD
Rec — H1 FY2025-26 Earnings Presentation
32 slides from Rec's earnings presentation, Oct 25, 2025
Slide 1: Investor Presentation: Performance Highlights H1 FY 2025-26
REC Limited A Maharatna Company INVESTOR PRESENTATION Performance Highlights H1 FY 2025-26
Slide 2: Table of Contents
Table of Contents 01 Financial Highlights 03 Asset Quality 05 ESG Shareholders 06 Operational 02 04 REC Outlook Overview Performance
Slide 3: REC Overview
01 REC OVERVIEW
Slide 4: REC Journey
2024: Appointed as National programme implementing REC Journey agency for PM Surya Ghar Muft Bijli Yojana, Maiden 2022: Conferred Yen Bond issuance of JPY ‘Maharatna’ status, 61.1 Bn and USD Bond highest status for a issuance of $500 Mn PSU. Forayed into Infrastructure 2019: As Nodal 2024 sector Age
Slide 5: Key Strengths
Key Strengths International Nodal Agency Highest Ratings of “Baa3” for major Govt. Domestic & “BBB-” at par of India’s Rating of with Sovereign Power Sector “AAA” Rating Programs First Indian Public Major player in Sector NBFC Renewable Energy Strategic player in compliant with ISO segment and the I
Slide 6: Government's Trusted Arm
Government’s Trusted Arm RDSS SAUBHAGYA Rooftop Solar (RTS) LPS Programme REC Consumer Services NEF Ratings of Discoms (Operational) Integrated Rating DDUGJY of Discoms (Financial)
Slide 7: Diversified Portfolio
Diversified Portfolio Infrastructure & Logistics Sub-Sector we Finance Conventional Renewable Generation Energy Transmission Infrastructure REC Distribution Logistics E-Mobility
Slide 8: Awards and Accolades
Awards and Accolades Best Financial Sustainability CSR Award Adam Smith Services Icons Award from National Awards ASIA Company 2025 Culture Fund, 2024 Awarded by Dun For Excellence in Ministry of Culture For Best Funding & Bradstreet ESG Initiatives Solution Emerging Golden Editors Technology Techno
Slide 9: Financial Highlights
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Slide 10: Key Financial Highlights for H1 FY26 vs H1 FY25
Key Financial Highlights for H1 FY26 vs H1 FY25 Highest Ever Total Net Half Yearly Profit Income Interest Income ₹8,877 crore vs ₹29,828 crore vs ₹10,608 crore vs ₹7,448 crore ₹26,633 crore ₹9,261 crore (19% growth) (12% growth) (15% growth) Highest Loan Book Net Credit Net Worth ₹5.82 lakh crore vs
Slide 11: Revenue & Profits
Revenue & Profits (₹ in crore) Particulars H1 FY26 H1 FY25 Q2 FY26 Q2 FY25 12M FY25 Interest Income on Loan assets (including DIPI) 28,686 25,798 14,348 13,284 54,321 Less: Finance Costs (including fee & comm) 18,078 16,537 9,133 8,511 34,149 Net Interest Income 10,608 9,261 5,215 4,773 20,172 Profi
Slide 12: Key Ratios
Key Ratios Particulars H1 FY26 H1 FY25 12M FY25 Yield on Loan Assets (%) 10.06 10.08 10.05 Cost of Funds (%) 7.17 7.12 7.11 Interest Spread (%) 2.89 2.96 2.94 Net Interest Margin (%) 3.64 3.64 3.63 Return on Net Worth (%) 22.14 21.03 21.46 Interest Coverage Ratio (Times) 1.62 1.57 1.58 Debt Equity R
Slide 13: Operational Performance
03 OPERATIONAL PERFORMANCE
Slide 14: Disbursements - Composition
Disbursements - Composition Highest Ever Half 27% growth in Total Yearly Disbursement Disbursements YoY (₹ in crore) Q2 H1 12 M Discipline-wise FY 26 FY 25 FY 26 FY 25 FY 25 Conventional Generation 8,616 6,493 11,934 11,161 27,478 Renewable Energy 5,809 5,946 13,042 11,297 26,186 Transmission 1,437
Slide 15: Outstanding Loan Assets
Outstanding Loan Assets (₹ in crore) Loan Book has grown at As on robust rate of ~7% YoY September 30, 2025 September 30, 2024 March 31, 2025 Discipline-wise Amount % Amount % Amount % Distribution State 4,99,918 86 4,80,818 88 4,94,578 87 40% Private 82,249 14 65,299 12 72,305 13 Total 5,82,167 100
Slide 16: Outstanding Borrowings
Outstanding Borrowings (₹ in crore) September September March 31, Particulars 30, 2025 30, 2024 2025 (A) Domestic Borrowings Bonds 56% Bonds 2,85,671 2,55,532 2,65,670 Term Loans 63,796 71,508 56,550 Others 3,000 - - Borrowing Profile Term Loans Sub Total (A) 3,52,467 3,27,040 3,22,220 13% (B) Forei
Slide 17: Asset Quality
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Slide 18: Asset Quality and provisioning coverage
Asset Quality and provisioning coverage Continuously Improving Asset Quality Bettering Provision Coverage Ratio 77.06% 75% 8.00% 7.24% 6.59% 71.73% 70.64% 7.00% 68.45% 67.40% 6.00% 65% 64.59% 4.84% 5.00% 4.45% 3.79% 3.32% 4.00% 3.42% 3.00% 2.71% 55% 2.00% 1.71% 1.45% 1.35% 1.01% 1.06% 0.86% 49.64% 1
Slide 19: Loan Portfolio and ECL provisioning
Loan Portfolio and ECL provisioning (₹ in crore) Outstanding Loan Assets Stage I Stage II Stage III Total State Sector 4,89,426 10,492* - 4,99,918 Private Sector 70,483 5,620 6,146 82,249 Total Outstanding 5,59,909 16,112 6,146 5,82,167 % of Total Loan Assets 96.18% 2.77% 1.06% 100% Provisioning 4,8
Slide 20: Credit Impaired Assets – Resolution Status
Credit Impaired Assets – Resolution Status One stressed asset having outstanding loan of ₹1,504 crore has been resolved during H1 FY26 ₹6,134 crore worth projects in NCLT Under NCLT 10 projects Resolution status of 77.18% provision Credit Impaired Assets ₹12 crore worth projects outside NCLT Outside
Slide 21: Shareholders Outlook
05 SHAREHOLDERS OUTLOOK
Slide 22: Dividend History
Dividend History Dividend Payout History 200% Interim 180.00% Consistently dividend for 175% 160.00% High Dividend Q2 FY26 of paying ₹4.60 (46%) 150% company 126.00% per share 125% 114.75% 100% 95.33% 82.50% 82.50% 75% Earnings per Book Value per 50% Share (EPS) - Share (BVPS) - FY19 FY20 FY21 FY22
Slide 23: Shareholding Pattern
Shareholding Pattern Promoter - PFC Limited 52.63% MFs/ AIFs/ VCFs/ PFs 11.04% Shareholding Pattern Sep-25 Banks/ FIs/ Insurance Cos 4.82% Govt PSUs/ Other Domestic Instituitions 0.05% Non-Institutional 13.49% Foreign Instituitions 17.97%
Slide 24: ESG at REC
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Slide 25: ESG at REC Limited
ESG at REC Limited ESG Gap ESG Report ESG Report REC ESG Policy Assessment Stakeholders ESG Published 1st ever Published 2nd ESG New ESG related Assessment Formalized ESG ESG report referenced report referenced to GRI policies introduced, ESG Assessment of implementation by to GRI format. format. Mo
Slide 26: REC's ESG Rating
ESG at REC REC’s ESG Rating Limited S. No. Rating Agency ESG Score of REC ESG Score Grading Morningstar Sustainalytics Negligible Risk: 0-10 || Low Risk: 10-20 || Medium: 20- 1 15.7 (Low Risk) ESG Risk Rating 30 || High Risk: 30-40 || Severe Risk: 40+ Weak (0-40) || Below average (41-50) || Adequate
Slide 27: REC's Contribution for Clean Energy Projects: Renewable Loan Book
REC’s Contribution for Clean Energy Projects (₹ in crore) Wind Solar 11,052 Renewable Loan Book 28,459 H Grows >3x in 5 Years Large Hydro 10,639 (₹ in crore) 80,000 70,000 68,033 60,000 57,994 k 50,000 newable Loan Boo 38,971 40,000 30,000 27,095 18,824 20,000 10,000 Re - FY22 FY23 FY24 FY25 H1 FY26
Slide 28: REC's Contribution for Clean Energy Projects
REC’s Contribution for Clean Energy Projects Solar - 26,213 MW REC has sanctioned 61,400+ MW projects which has the emission avoidance potential of 71.2 million Hydro/PSP - 18,310 MW tonnes equivalent to 2.85 Billion Trees Hybrid - 9,242 MW Wind - 7,024 MW Others - 617 MW
Slide 29: Highlights of ESG Performance
Highlights of ESG Performance Environmental Social Governance 6.1 mn Avoided Emissions of RE Projects Zero Complaints on Human Rights & 15 Total Board Meetings ton CO2 funded for FY25 (PCAF Method) POSH 52 GW Total RE Capacity Sanctioned by 289 Cr. Community Expenditure 100% Training on NGRBC and ES
Slide 30: Investor Resources
Investor Resources Join us: @reclindia https://recindia.nic.in/ Annual Report: Investor Announcements: Recent reports relevant to power sector : https://recindia.nic.in/annual-reports https://recindia.nic.in/notice https://powermin.gov.in/en/content/ Financial Results: annual-reports-year-wise-minis
Slide 31: Contact Information
Contact Information Join us: @reclindia https://recindia.nic.in/ Investor Relations/ 54EC & Other Equity Share Queries: Bond Queries : [email protected] [email protected]
Slide 32: REC
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