Rec Limited · NSE:RECLTD
Rec — H1 FY2026-27 Earnings Presentation
30 slides from Rec's earnings presentation, October 2026
Slide 1: Investor Presentation: Performance Highlights H1 FY 2026-27
REC LIMITED | A MAHARATNA COMPANY Investor Presentation Performance Highlights | H1 FY 2026-27
Slide 2: Table of Contents
Table of Contents 01 02 03 REC Overview Financial Highlights Operational Performance 04 05 06 Asset Quality Shareholders Outlook ESG at REC REC Limited | Investor Presentation | H1 FY 2026-27 2
Slide 3: REC Overview
01 REC Overview
Slide 4: REC Journey
REC OVERVIEW REC Journey 1969 1998 2003 2008 2010 2014 2017 Journey began to Registered as NBFC Mandate Conferred Conferred IFC Appointed as develop power with RBI broadened to Navratna status status by RBI Appointed as the Nodal Agency infrastructure in financing all power and became a nodal agency
Slide 5: Key Strengths
REC OVERVIEW Key Strengths Highest domestic rating of Robust asset quality with Nodal agency for major Govt. of "AAA" healthy Provision Coverage India's power sector programs Ratio International ratings of A- , Strategic leader in India's Major player in Renewable "Baa3" and "BBB-" at par with Power
Slide 6: Government's Trusted Arm
REC OVERVIEW Government's Trusted Arm Rooftop Solar (RTS) India Energy Stack (IES) Revamped Distribution Programme Sector Scheme (RDSS) OTHER SCHEMES Consumer Services Pradhan Mantri Sahaj Deen Dayal Upadhyaya Late Payment Surcharge National Electricity Ratings of Discoms Bijli Har Ghar Yojana Gram
Slide 7: Diversified Portfolio
REC OVERVIEW Diversified Portfolio Renewable Energy Conventional Transmission REC Generation Financing across the power and infrastructure value chain Distribution Infrastructure Logistics REC Limited | Investor Presentation | H1 FY 2026-27 7
Slide 8: Awards and Accolades
REC OVERVIEW Awards and Accolades NBFC of the Year AI & GenAI Adoption India's Most Influential CFO Excellence Award 2026 3rd Annual Bharat NBFC & FinTech 2nd Bharat PSU Manthan & National Leadership Summit & Summit & Awards 2026 Excellence Awards 2026 Awards 2026 Global CSR Excellence and Best Corp
Slide 9: Financial Highlights
02 Financial Highlights
Slide 10: Key Financials: H1 FY27 vs H1 FY26
FINANCIAL HIGHLIGHTS Key Financials: H1 FY27 vs H1 FY26 Loan Book Net Worth Net Credit-Impaired Assets ₹6.17 lakh cr ₹94,325 cr 0.11% H1 FY26: ₹5.82 lakh cr H1 FY26: ₹82,739 cr H1 FY26: 0.24% Total Income Net Interest Income Net Profit ₹29,068 cr ₹10,116 cr ₹7,541 cr H1 FY26: ₹29,828 cr H1 FY26: ₹10
Slide 11: Revenue & Profits
FINANCIAL HIGHLIGHTS Revenue & Profits ₹ in crore Particulars H1 FY27 H1 FY26 Interest income on loan assets (incl. DIPI) 28,398 28,765 Less: Finance costs (incl. fee & comm.) 18,282 18,078 Net Interest Income 10,116 10,687 Profit Before Tax 9,483 11,200 Tax 1,942 2,323 Profit After Tax 7,541 8,877
Slide 12: Key Ratios
FINANCIAL HIGHLIGHTS Key Ratios Particulars H1 FY27 12M FY26 Yield on Loan Assets (%) 9.57 9.96 3.22% Net Interest Margin 12M FY26: 3.43% Cost of Funds (%) 7.19 7.34 Interest Spread (%) 2.38 2.62 Net Interest Margin (%) 3.22 3.43 Return on Net Worth (%) 16.89 20.11 5.60x Debt Equity Ratio 12M FY26:
Slide 13: Operational Performance
03 Operational Performance
Slide 14: Disbursements: Composition
OPERATIONAL PERFORMANCE Disbursements: Composition ₹ in crore Q2 FY27 disbursement mix Sector Q2 FY27 Q2 FY26 12M FY26 Conventional Generation 6,132 8,616 25,653 Renewable Energy 9,656 5,809 28,896 Transmission 1,202 1,437 9,076 Distribution (excl. RBPF) 12,465 19,441 67,258 Infra & Logistics 2,915
Slide 15: Outstanding Loan Assets
OPERATIONAL PERFORMANCE Outstanding Loan Assets State vs Private (30 Sep 2026) ₹ in crore Discipline-wise 30 Sep 2026 % 31 Mar 2026 % State 5,14,904 84 4,94,596 85 Private 1,01,633 16 89,063 15 Total 6,16,537 100 5,83,659 100 Distribution 2,27,583 37 2,22,353 38 Conventional Generation 1,52,292 25 1
Slide 16: Outstanding Borrowings
OPERATIONAL PERFORMANCE Outstanding Borrowings ₹ in crore Borrowing profile (30 Sep 2026) Particulars 30 Sep 2026 31 Mar 2026 (A) Domestic Bonds 2,90,042 2,76,613 Loans from Banks, FIs, NSSF, etc. 86,637 79,775 Commercial Papers 10,000 3,000 Sub Total (A) 3,86,679 3,59,388 (B) Foreign Currency Bonds
Slide 17: Asset Quality
04 Asset Quality
Slide 18: Asset Quality and Provisioning Coverage
ASSET QUALITY Asset Quality and Provisioning Coverage Continuously improving asset quality (% of loan assets) 5% 4.84 4.45 ~51% Provision Coverage Ratio 4% 3.42 3% 2.71 0.22% 2% Gross credit-impaired assets, from 1.71 4.84% in Mar-21 1.45 1.35 1.01 0.86 1% 0.38 0.12 0.24 0.22 0.11 0.11% 0% Net credi
Slide 19: Loan Portfolio and ECL Provisioning
ASSET QUALITY Loan Portfolio and ECL Provisioning As on 30 Sep 2026 | ₹ in crore Outstanding Loan Assets Stage I Stage II Stage III Total State Sector 5,12,947 1,957 - 5,14,904 Private Sector 98,975 1,278 1,380 1,01,633 Total Outstanding 6,11,922 3,235 1,380 6,16,537 % of Total Loan Assets 99.26% 0.
Slide 20: Credit Impaired Assets: Resolution Status
ASSET QUALITY Credit Impaired Assets: Resolution Status 1 project resolved during H1 FY27 worth ₹4.16 crore settled outside NCLT Resolution status of 2 projects Under NCLT worth ₹1,380 crore in NCLT credit-impaired assets 51% provision REC Limited | Investor Presentation | H1 FY 2026-27 20
Slide 21: Shareholders Outlook
05 Shareholders Outlook
Slide 22: Dividend History
SHAREHOLDERS OUTLOOK Dividend History Dividend payout history (%) 160.00% 180.00% 185.50% ₹3.50 Dividend per share for Q2 FY27, this is in addition to Rs. 126.00% 4.25 declared for Q1 FY 27 114.75% 95.33% 82.50% Consistently high dividend- paying company FY20 FY21 FY22 FY23 FY24 FY25 FY26 Dividend a
Slide 23: Shareholding and Per-Share Metrics
SHAREHOLDERS OUTLOOK Shareholding and Per-Share Metrics Shareholding pattern Earnings per Share (EPS) ₹57.27 Annualized for H1 FY 27 Promoter: PFC Limited 52.63% Foreign Institutions 16.78% Non-Institutional 13.98% MFs/AIFs/VCFs/PFs 7.57% Banks/FIs/Insurance Cos 8.99% Book Value per Share (BVPS) Gov
Slide 24: ESG at REC
angat REC Endess energy. Infinite posebites, A MAHARATNA COMPANY 06 ESG at REC
Slide 25: ESG at REC Limited
ESG AT REC ESG at REC Limited JAN 2023 APR 2024 OCT 2024 APR 2025 REC ESG Policy ESG Gap Assessment REC Net Zero Plan Green Power for APR 2026 Formalized ESG GHG emission assessment Committed to Net Zero in Operations ESG Incentivization implementation by adopting across REC; 5 ESG-related Scope 1 &
Slide 26: REC's Renewable Energy Portfolio
ESG AT REC REC’s Renewable Energy Portfolio Renewable loan book grew >3x in 5 years (₹ crore) ₹86,660 crore 86,660 Renewable loan book as on 30.09.26 75,347 57,994 38,971 27,095 Solar (35%) Hybrid (18%) PSP (14%) Wind (13%) FY23 (6%) FY24 (8%) FY25 (10%) FY26 (13%) H1 FY27 (14%) Hydro (13%) Others (
Slide 27: REC's ESG Ratings
ESG AT REC REC's ESG Ratings Rating Agency Market Focus Score Performance Level ESG Grading Scale NSE Domestic 79 Leadership 0 -100 || 100 being maximum Weak (0-40) || Below average (41-50) || Adequate (51- CRISIL Domestic 73 Leadership 60) || Strong (61-70) || Leadership (71-100) SES (Stakeholder E
Slide 28: Contact Information
Contact Information Join us: @reclindia https://recindia.nic.in/ EQU ITY SHA RE QU ERIES INV ESTOR RELA TIONS / 5 4 EC & OTHER A NNU A L REPORT complianceofficer@recindia.com BOND QU ERIES https://recindia.nic.in/annual-reports investorcell@recl.in INV ESTOR A NNOU NCE ME N TS FINA NCIA L RESU LTS E
Slide 29: Disclaimer
IMPORTANT NOTICE Disclaimer • This presentation is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of REC. Any action taken on the basis of the information contained in the presentation is the responsibility of investors, and REC or its
Slide 30: Thank You
Thank You https://recindia.nic.in/ | @reclindia