REC Ltd (RECLTD) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.75%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 15.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 20.1%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹299.63

200-Day DMA ● Overlay

₹277.90

14-Day RSI ● Overlay

58.1 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹75,771 Cr

Large cap

Stock P/E (TTM) Valuation

4.7x

Price / EPS

Book Value (₹) Assets

₹321.0

P/B: 0.9x

ROE (%) Quality

20.1%

Net Profit / Equity

ROCE (%) Efficiency

9.7%

EBIT / Capital

Dividend Yield Yield

6.45%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹60.96

Trailing 12M

OPM (%) Spread

96.9%

EBITDA Margin

Free Cash Flow Cash

₹5,948 Cr

CFO - Capex

About REC Ltd

REC Ltd (RECLTD) is an Indian publicly listed company operating in the Financial Services sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 69.7% × Turnover: 0.85x × Leverage: 1x = ROE: 20.1%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 20.1%).

⚠ Key Considerations & Risks (Cons)

• Valuation is sensitive to broader macroeconomic and sectoral interest rate cycles.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹22,946 Cr

Latest PAT

₹16,035 Cr

EPS (TTM)

₹60.96

OPM %

96.9%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Operating Profit (EBITDA)	-₹332.00 Cr	₹492.00 Cr	-₹240.00 Cr	₹425.00 Cr	-₹717.00 Cr	-₹97.00 Cr	-₹263.00 Cr	-₹1,084 Cr	-₹217.00 Cr	-₹476.00 Cr	-₹655.00 Cr	-₹1,231 Cr	-₹447.00 Cr
OPM %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Interest Expense	₹7,049 Cr	₹7,350 Cr	₹7,654 Cr	₹7,896 Cr	₹8,020 Cr	₹8,506 Cr	₹8,837 Cr	₹8,768 Cr	₹8,934 Cr	₹9,131 Cr	₹9,243 Cr	₹8,931 Cr	₹8,748 Cr
Depreciation	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹6.00 Cr	₹7.00 Cr	₹7.00 Cr	₹7.00 Cr	₹7.00 Cr	₹7.00 Cr
Profit before Tax (PBT)	₹3,721 Cr	₹4,838 Cr	₹4,172 Cr	₹5,229 Cr	₹4,349 Cr	₹5,097 Cr	₹5,181 Cr	₹5,490 Cr	₹5,666 Cr	₹5,549 Cr	₹5,136 Cr	₹4,415 Cr	₹5,268 Cr
Net Profit (PAT)	₹2,968 Cr	₹3,790 Cr	₹3,308 Cr	₹4,079 Cr	₹3,460 Cr	₹4,038 Cr	₹4,076 Cr	₹4,310 Cr	₹4,466 Cr	₹4,415 Cr	₹4,052 Cr	₹3,375 Cr	₹4,193 Cr
EPS in ₹	₹11.27	₹14.39	₹12.56	₹15.49	₹13.14	₹15.33	₹15.48	₹16.37	₹16.96	₹16.77	₹15.39	₹12.82	₹15.92

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Expenses	₹1,149 Cr	₹1,680 Cr	₹1,888 Cr	₹3,379 Cr	₹1,702 Cr	₹3,981 Cr	₹3,292 Cr	₹4,838 Cr	₹1,858 Cr	-₹366.00 Cr	₹2,153 Cr	₹2,568 Cr	₹2,809 Cr
Operating Profit	-₹1,149 Cr	-₹1,680 Cr	-₹1,888 Cr	-₹3,379 Cr	-₹1,702 Cr	-₹3,981 Cr	-₹3,292 Cr	-₹4,838 Cr	-₹1,858 Cr	₹366.00 Cr	-₹2,153 Cr	-₹2,568 Cr	-₹2,809 Cr
OPM %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Interest	₹11,840 Cr	₹14,282 Cr	₹13,462 Cr	₹13,333 Cr	₹15,639 Cr	₹18,991 Cr	₹21,489 Cr	₹22,051 Cr	₹23,733 Cr	₹29,948 Cr	₹34,131 Cr	₹36,238 Cr	₹36,051 Cr
Depreciation	₹8.00 Cr	₹20.00 Cr	₹40.00 Cr	₹7.00 Cr	₹8.00 Cr	₹12.00 Cr	₹11.00 Cr	₹18.00 Cr	₹24.00 Cr	₹24.00 Cr	₹25.00 Cr	₹27.00 Cr	₹27.00 Cr
Profit before Tax	₹7,552 Cr	₹8,147 Cr	₹8,972 Cr	₹5,958 Cr	₹8,090 Cr	₹7,030 Cr	₹10,780 Cr	₹12,431 Cr	₹13,898 Cr	₹17,960 Cr	₹20,117 Cr	₹20,766 Cr	₹20,368 Cr
Net Profit	₹5,344 Cr	₹5,691 Cr	₹6,313 Cr	₹4,451 Cr	₹5,741 Cr	₹4,972 Cr	₹8,378 Cr	₹10,036 Cr	₹11,167 Cr	₹14,145 Cr	₹15,884 Cr	₹16,308 Cr	₹16,035 Cr
EPS in Rs	20.30	21.61	23.98	16.90	21.80	18.88	31.82	38.11	42.41	53.72	60.32	61.93	60.90

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹987.00 Cr	₹987.00 Cr	₹1,975 Cr	₹1,975 Cr	₹1,975 Cr	₹1,975 Cr	₹1,975 Cr	₹1,975 Cr	₹2,633 Cr	₹2,633 Cr	₹2,633 Cr	₹2,633 Cr
Reserves & Surplus	₹24,085 Cr	₹27,906 Cr	₹31,696 Cr	₹30,613 Cr	₹32,571 Cr	₹33,422 Cr	₹41,789 Cr	₹49,339 Cr	₹55,487 Cr	₹66,717 Cr	₹75,184 Cr	₹81,863 Cr
Borrowings (Debt)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Total Liabilities	₹1.83 Lakh Cr	₹2.07 Lakh Cr	₹2.10 Lakh Cr	₹2.42 Lakh Cr	₹2.98 Lakh Cr	₹3.47 Lakh Cr	₹4.01 Lakh Cr	₹4.11 Lakh Cr	₹4.66 Lakh Cr	₹5.48 Lakh Cr	₹6.15 Lakh Cr	₹6.40 Lakh Cr
Fixed Assets	₹110.00 Cr	₹254.00 Cr	₹355.00 Cr	₹132.00 Cr	₹165.00 Cr	₹166.00 Cr	₹267.00 Cr	₹628.00 Cr	₹641.00 Cr	₹632.00 Cr	₹629.00 Cr	₹616.00 Cr
Total Assets	₹1.83 Lakh Cr	₹2.07 Lakh Cr	₹2.10 Lakh Cr	₹2.42 Lakh Cr	₹2.98 Lakh Cr	₹3.47 Lakh Cr	₹4.01 Lakh Cr	₹4.11 Lakh Cr	₹4.66 Lakh Cr	₹5.48 Lakh Cr	₹6.15 Lakh Cr	₹6.40 Lakh Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	-₹23,898 Cr	-₹13,278 Cr	₹6,805 Cr	-₹32,510 Cr	-₹35,866 Cr	-₹32,712 Cr	-₹43,512 Cr	-₹3,910 Cr	-₹37,360 Cr	-₹57,723 Cr	-₹39,064 Cr	₹5,972 Cr
Cash from Investing (CFI)	₹151.00 Cr	-₹756.00 Cr	-₹101.00 Cr	₹46.00 Cr	₹457.00 Cr	₹121.00 Cr	₹861.00 Cr	-₹287.00 Cr	-₹943.00 Cr	-₹1,831 Cr	-₹1,302 Cr	-₹3,308 Cr
Cash from Financing (CFF)	₹23,098 Cr	₹15,291 Cr	-₹3,947 Cr	₹28,244 Cr	₹35,543 Cr	₹33,926 Cr	₹42,113 Cr	₹3,159 Cr	₹38,123 Cr	₹59,588 Cr	₹40,034 Cr	-₹2,375 Cr
Free Cash Flow (FCF)	-₹23,943 Cr	-₹13,537 Cr	₹6,601 Cr	-₹32,584 Cr	-₹35,957 Cr	-₹32,812 Cr	-₹43,586 Cr	-₹3,958 Cr	-₹37,377 Cr	-₹57,756 Cr	-₹39,070 Cr	₹5,948 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	30	30	30	30	30	30	30	30	30	30	30	30
Inventory Days	45	45	45	45	45	45	45	45	45	45	45	45
Cash Conversion Cycle (Days)	25	25	25	25	25	25	25	25	25	25	25	25
ROCE %	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%	9.71%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹931.03 • Undervalued (Margin of Safety)

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹310.50

DCF Fair Value

₹931.03

Graham Number

₹663.54

Margin of Safety

+161.1%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹931.03

Undervalued (Margin of Safety) (Margin: +161.1%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹906	₹898	₹890	₹882
10%	₹923	₹914	₹906	₹898
12%	₹940	₹931	₹923	₹914
14%	₹956	₹948	₹939	₹931

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹931	Undervalued
Benjamin Graham Number	₹664	Margin of Safety
Historical Sector P/E	₹1,341	Discounted
EV / EBITDA Multiplier	₹326	In-Line
Free Cash Flow Yield Model	₹304	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

5.87 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 96.9%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

52.63%

FIIs (Foreign)

15.76%

DIIs (Domestic)

16.98%

Government

0.15%

Public / Retail

14.57%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%	52.63%
+ FIIs (Foreign Portfolio)	20.36%	20.60%	19.91%	20.43%	21.22%	21.74%	20.48%	19.16%	17.97%	16.46%	15.79%	15.76%
+ DIIs (Mutual Funds / Insurance)	14.10%	14.16%	15.44%	14.68%	14.25%	13.91%	14.79%	15.51%	15.86%	16.21%	16.36%	16.98%
+ Public (Retail & HNIs)	12.87%	12.55%	11.96%	12.21%	11.84%	11.67%	12.05%	12.65%	13.48%	14.64%	15.17%	14.57%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Financial Services.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

RECLTD Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

RECLTD Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

RECLTD Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹397.44

Accelerated market share capture in Financial Services, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹347.76

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 5x P/E.

🐻 Bear Case (15%) -12.0%

₹273.24

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Financial Services)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:30 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	Market Cap
★ REC Ltd (RECLTD)	Target Stock	₹310.50	+1.75%	4.7x	20.1%	9.7%	₹75,771 Cr
HDFC Bank Ltd (HDFCBANK)	Private Sector Bank	₹806.60	+1.06%	14.1x	13.6%	7.0%	₹11.12 Lakh Cr
ICICI Bank Ltd (ICICIBANK)	Private Sector Bank	₹1,571.60	-1.10%	16.8x	15.9%	7.2%	₹9.41 Lakh Cr
State Bank of India (SBIN)	Public Sector Bank	₹1,061.20	+1.84%	10.5x	15.4%	6.1%	₹8.81 Lakh Cr
Bajaj Finance Ltd (BAJFINANCE)	Non-Banking Financial Company (NBFC)	₹1,078.80	+1.31%	28.8x	18.2%	10.9%	₹5.90 Lakh Cr
Kotak Mahindra Bank Ltd (KOTAKBANK)	Private Sector Bank	₹487.70	+1.71%	20.7x	11.4%	7.0%	₹4.14 Lakh Cr
Axis Bank Ltd (AXISBANK)	Private Sector Bank	₹1,336.40	+1.96%	13.6x	13.1%	6.2%	₹3.79 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:30:24 IST	✓ Live Sync
Financial Statements (10Y)	REC Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

Save to Your Watchlist

TickerPulse Academy

REC Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About REC Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Financial Services)

Metric Explainer

Stock DNA Methodology

Document Title