Rec Limited · NSE:RECLTD
Rec — H1 FY2026 Earnings Presentation
32 slides from Rec's earnings presentation
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 agency for PM Surya Ghar Muft Bijli REC Journey 2022: Conferred Yojana, Maiden Yen Bond issuance of JPY 61.1 Bn and USD ‘Maharatna’ status, Bond issuance of $500 Mn highest status for a PSU. Forayed into 2019: As Nodal Infrastructure 2024 Agency, ac
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 Major player in Strategic player Healthy Asset Renewable Energy in the Indian Quality with segment and Power and adequate
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 Conventional Renewable Generation Energy Transmission Infrastructure REC Distribution Logistics
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: Sanctions – Composition
Sanctions – Composition Highest Ever Quarterly and 97% growth in Total Sanctions Half Yearly Sanctions (YoY Q2 FY26 vs. Q2 FY25) (₹ in crore) Q2 H1 12 M Discipline-wise FY 26 FY 25 FY 26 FY 25 FY 25 Conventional Generation 85,107 18,326 1,13,344 53,879 89,632 Renewable Energy 26,050 20,737 45,692 60
Slide 15: Disbursements – Composition
Disbursements – Composition Highest Ever Half 27% growth in Total Yearly Disbursements 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 16: 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 17: 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 18: Asset Quality
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Slide 19: 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% 70.64% 71.73% 7.00% 6.59% 68.45% 67.40% 6.00% 65% 4.84% 64.59% 5.00% 4.45% 3.79% 4.00% 3.32% 3.42% 3.00% 2.71% 55% 1.71% 2.00% 1.45% 1.35% 1.01% 1.06% 0.86% 49.64% 1
Slide 20: 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 21: 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 77.18% provision Resolution status of Credit Impaired Assets ₹12 crore worth projects outside NCLT Outside
Slide 22: Shareholders Outlook
05 SHAREHOLDERS OUTLOOK
Slide 23: Dividend History
Dividend History Dividend Payout History 200% Interim 180.00% Consistently dividend for 175% 160.00% High Dividend Q2 FY26 of paying 150% ₹4.60 (46%) 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 24: 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 25: ESG at REC
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Slide 26: 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 27: ESG at REC Limited: ESG Ratings
ESG at REC REC’s ESG Rating Limited S. Rating Agency ESG Score of REC ESG Score Grading No. Morningstar Negligible Risk: 0-10 || Low Risk: 10-20 || Medium: 1 Sustainalytics 15.7 (Low Risk) 20-30 || High Risk: 30-40 || Severe Risk: 40+ ESG Risk Rating Weak (0-40) || Below average (41-50) || Adequate
Slide 28: REC's Contribution for Clean Energy Projects
REC’s Contribution for Clean Energy Projects (₹ in crore) Wind Solar 11,052 Renewable Loan Book 28,459 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 29: Highlights of ESG Performance
Highlights of ESG Performance Environmental Social Governance 6.1 mn ton Avoided Emissions of RE Zero Complaints on Human Rights & 15 Total Board Meetings CO2 Projects funded for FY25 POSH (PCAF Method) 52 GW Total RE Capacity 289 Cr. Community Expenditure 100% Training on NGRBC and ESG to Sanctione
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 : Complianceofficer@recindia.com Investorcell@recl.in
Slide 32: REC
a REC ais al, area Endless energy infinite possiblties. AMAHARATNA COMPANY C6U,~_ (€)@) x) in) @RECLindia | & www.recindia.nic.in