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REC Long-Term Issuer Credit Rating Upgraded to 'A-' from 'BBB+' by JCR
Japan Credit Rating Agency, Ltd. (JCR) has upgraded REC Limited's long-term issuer credit rating to 'A-' with a Stable Outlook from 'BBB+' with a Stable Outlook. This international rating upgrade reflects improved creditworthiness and institutional strength. A higher international credit rating typically helps lower overseas borrowing costs and broadens global access to capital for REC's large balance sheet. The revision was communicated by the rating agency on September 7, 2026.
Confidence: HIGH
What changedJCR upgraded REC Limited's international long-term issuer rating by one notch from 'BBB+' to 'A-' with a Stable outlook.
Why it mattersThe upgrade enhances REC's global borrowing profile, potentially lowering interest spreads on foreign currency debt and expanding institutional investor participation overseas.
Rating Agency: Japan Credit Rating Agency, Ltd. (JCR)Revised Long-Term Rating: A-Previous Long-Term Rating: BBB+Outlook: StableAnnouncement Date: September 7, 2026
📅 Short termPositive sentiment for the stock and REC's existing international debt instruments as borrowing costs in overseas markets may soften.
📈 Long termStrengthens REC's structural advantage in cost of funds, supporting margins as it scales funding for renewables and infrastructure projects.
⚠ Risk flags
- Currency volatility and USD/INR hedging costs on foreign borrowings
- High borrower concentration in state DISCOMs
Key Highlights
Japan Credit Rating Agency (JCR) revised the long-term issuer credit rating to 'A-' from 'BBB+'
Credit rating outlook reaffirmed as 'Stable'
Filing dated September 7, 2026 under SEBI LODR Regulation 30
👀 What to Watch
Track the impact on upcoming foreign currency borrowings, spread compression on international bond issuances, and management commentary in the next quarterly earnings.
₹4,149 Cr PAT: REC Q1 FY27 Profit Up 23% QoQ; Declares ₹4.25 Interim Dividend
REC Limited reported a strong start to FY27 with a net profit of ₹4,149 crore, marking a 23% sequential increase from Q4 FY26. The company declared its first interim dividend of ₹4.25 per share, continuing its consistent payout track record. The loan book reached a record ₹5.90 lakh crore, the largest among CPSU-NBFCs, with a significant shift toward renewable energy which now constitutes 13.32% of the portfolio. Asset quality remains a key strength, with Stage-3 assets reaching a near-zero level of 0.11%.
Confidence: HIGH
What changedREC reported its Q1 FY27 financial results, showing a 23% sequential profit jump and declaring a ₹4.25 per share interim dividend.
Why it mattersThe results demonstrate REC's ability to maintain exceptional asset quality (0.11% Stage-3) while aggressively diversifying into renewables and infrastructure, supported by a strong capital base (23.06% CRAR).
Net Profit (Q1 FY27): ₹4,149 croreInterim Dividend: ₹4.25 per shareLoan Book Size: ₹5.90 lakh croreNet Interest Margin (NIM): 3.34%Stage-3 Assets: 0.11%Net Worth vs Market Cap: ~96.5%
📅 Short termThe stock is likely to react positively to the sequential profit growth and the dividend announcement in the coming weeks.
📈 Long termThe structural shift toward green energy (13.32% of book) and infrastructure (10% of book) diversifies the risk away from traditional state DISCOMs, potentially leading to a long-term re-rating.
⚠ Risk flags
- High customer concentration (top 10 borrowers constitute 36% of loan book)
- Exposure to state DISCOMs (40% of book) remains a systemic risk
- Yield compression due to lending rate rationalization (9.55%)
Key Highlights
Net Profit increased 23% QoQ to ₹4,149 crore from ₹3,362 crore in the previous quarter.
Standalone loan book reached ₹5.90 lakh crore, maintaining its position as the largest CPSU-NBFC lender.
Renewable energy portfolio grew to ₹78,596 crore, representing 13.32% of the total loan composition.
Stage-3 loan assets (NPAs) reduced to a near-zero level of 0.11% of the total portfolio.
Capital Adequacy Ratio (CRAR) remains robust at 23.06%, well above the regulatory minimum of 15%.
👀 What to Watch
Investors should monitor the execution of the 30% renewable energy target by 2030 and the impact of lending rate rationalization on Net Interest Margins (NIMs), which currently stand at 3.34%.
REC Ltd Declares ₹4.25 Interim Dividend; Sets Record Date for ₹1.55 Final Dividend
REC Limited has declared its first interim dividend of ₹4.25 per share for FY 2026-27, with a record date of July 31, 2026. Additionally, the company has fixed August 14, 2026, as the record date for the previously recommended final dividend of ₹1.55 per share for FY 2025-26. Combined, these payouts total ₹5.80 per share, representing a yield of approximately 1.6% on the current market price of ₹361.6. The board also approved Q1 FY27 results and appointed Smt. Poonam Chauhan as an Independent Director.
Confidence: HIGH
What changedREC has formalized the timeline for two separate dividend payments and reported its initial Q1 FY27 financial performance.
Why it mattersConsistent dividend distribution is a core part of REC's investment thesis as a PSU financier; the payouts are supported by a TTM PAT of ₹16,308 Cr.
Interim Dividend (FY27): ₹4.25 per shareFinal Dividend (FY26): ₹1.55 per shareCombined Dividend Yield: 1.60%Subsidiary Q1 Revenue: ₹139.74 crSubsidiary Q1 PAT: ₹43.30 cr
📅 Short termThe stock is likely to remain supported in the short term as investors track the two upcoming record dates in July and August.
📈 Long termREC's structural growth remains tied to its 16% expected growth rate and strategic shift toward renewable energy financing (30% target by 2030).
⚠ Risk flags
- High customer concentration (top 10 borrowers at 36% of loan book)
- Exposure to financially weak state DISCOMs
Key Highlights
Declared 1st Interim Dividend of ₹4.25 per equity share for FY 2026-27
Fixed Record Date for ₹1.55 Final Dividend (FY 2025-26) as August 14, 2026
Interim dividend payment to be completed on or before August 23, 2026
Subsidiary REC Power Development reported Q1 FY27 net profit of ₹43.30 crore
Total dividend payout of ₹5.80 per share announced/finalized in this board meeting
👀 What to Watch
Investors should note the ex-dividend dates (typically one business day prior to record dates) to be eligible for the ₹4.25 and ₹1.55 payouts.
REC Declares ₹4.25 Interim Dividend; Sets Record Dates for Interim and Final Dividends
REC Limited has declared its first interim dividend of ₹4.25 per share for FY 2026-27, with a record date of July 31, 2026. Additionally, the company has fixed August 14, 2026, as the record date for the previously recommended final dividend of ₹1.55 per share for FY 2025-26. Combined, shareholders are eligible for a total payout of ₹5.80 per share over the next two months. The board also approved Q1 FY27 results and appointed Smt. Poonam Chauhan as an Independent Director.
Confidence: HIGH
What changedThe company has formalized the payout schedule for both the first dividend of the new fiscal year and the final dividend of the previous year.
Why it mattersFor a PSU NBFC like REC, dividend consistency is a key driver of investor total returns; the combined ₹5.80 payout reinforces its high-yield profile.
1st Interim Dividend (FY27): ₹4.25 per shareFinal Dividend (FY26): ₹1.55 per shareTotal Dividend Yield (this announcement): ~1.6%Subsidiary Net Profit (Q1): ₹43.30 crSubsidiary Revenue (Q1): ₹139.74 cr
📅 Short termThe stock is likely to remain supported in the short term as it approaches the two upcoming ex-dividend dates in late July and mid-August.
📈 Long termREC continues to demonstrate stable cash flow distribution, though long-term growth depends on its successful transition toward 30% renewable energy financing by 2030.
⚠ Risk flags
- High client concentration (Top 10 borrowers = 36% of loan book)
- Exposure to financially weak state DISCOMs (40% of book)
Key Highlights
Declared 1st Interim Dividend of ₹4.25 per equity share for the financial year 2026-27
Fixed Record Date of August 14, 2026, for the ₹1.55 per share final dividend of FY 2025-26
Interim dividend payment to be completed on or before August 23, 2026
Subsidiary REC Power Development and Consultancy reported a net profit of ₹43.30 crore for the quarter
Total combined dividend of ₹5.80 represents a yield of approximately 1.6% on the current price of ₹361.6
👀 What to Watch
Investors should note the two distinct record dates (July 31 and August 14) to ensure they hold shares in their demat accounts by these dates to receive the respective payouts.
REC Declares ‡4.25 Interim Dividend; Fixes Record Date for ‡1.55 Final Dividend
REC Limited has approved its Q1 FY27 financial results and declared a first interim dividend of ‡4.25 per share for the current fiscal year. The company also finalized August 14, 2026, as the record date for the ‡1.55 final dividend of FY26, bringing the total upcoming payout to ‡5.80 per share. On the operational front, its subsidiary REC Power Development reported a Q1 PAT of ‡43.30 crore. The board also strengthened governance with the appointment of a new Independent Director and Internal Auditor.
Confidence: HIGH
What changedREC has initiated its dividend cycle for FY27 with a ‡4.25 payout and confirmed the timeline for the FY26 final dividend.
Why it mattersThe combined dividend of ‡5.80 represents a yield of approximately 1.6% on the current price, reinforcing REC's status as a high-yield PSU stock. Consistent payouts are critical for investor sentiment in the power-financing sector.
1st Interim Dividend: ‡4.25 per shareFinal Dividend (FY26): ‡1.55 per shareSubsidiary Q1 PAT: ‡43.30 crTotal Dividend Yield (Immediate): ~1.6%Interim Dividend Record Date: July 31, 2026
📅 Short termThe stock is likely to see positive interest leading up to the July 31 record date as investors position for the interim dividend.
📈 Long termREC's structural shift toward non-power infrastructure and renewable energy (aiming for 30% of book) remains the primary long-term value driver beyond routine dividends.
⚠ Risk flags
- High customer concentration (top 10 borrowers at 36%)
- Exposure to financially weak state DISCOMs
Key Highlights
Declared 1st Interim Dividend of ‡4.25 per equity share for FY 2026-27
Fixed August 14, 2026, as the Record Date for the ‡1.55 final dividend of FY 2025-26
Subsidiary REC Power Development and Consultancy reported Q1 revenue of ‡139.74 crore
Interim dividend payment to be completed on or before August 23, 2026
Appointed Smt. Poonam Chauhan as Independent Director effective July 21, 2026
👀 What to Watch
Investors should note the two distinct record dates: July 31, 2026, for the interim dividend and August 14, 2026, for the final dividend. Monitor the full Q1 results for updates on the 30% renewable energy loan book target by 2030.
88:100 Swap Ratio: REC Board Approves Merger with PFC to Create ₹11 Lakh Cr Loan Book
The Board of REC Limited has approved a scheme of merger to merge REC into Power Finance Corporation (PFC), creating a massive financing entity with a combined loan book exceeding ₹11,00,000 crore. Under the approved terms, REC shareholders will receive 88 equity shares of PFC (₹10 face value) for every 100 equity shares of REC (₹10 face value). The merger is contingent on regulatory approvals and the condition that the Government of India retains majority control and the merged entity remains a 'Government Company'. This consolidation brings together REC's ₹5,82,167 crore AUM (as of Sept 2025) with PFC's portfolio to form a dominant infrastructure lender.
Confidence: HIGH
What changedREC Limited is set to cease being an independent listed entity and will merge into Power Finance Corporation (PFC).
Why it mattersThis is a massive consolidation in the Indian power financing space, creating a mega-NBFC that could benefit from lower borrowing costs and unified operations, though it removes REC as a standalone investment option.
Swap Ratio: 88:100Combined Loan Book: > ₹11,00,000 crREC AUM (Sept 2025): ₹5,82,167 crREC TTM Revenue: ₹59,955 crREC Net Worth: ₹84,290 cr
📅 Short termThe stock price is likely to align with the 0.88 swap ratio relative to PFC's market price. Expect high trading activity as arbitrageurs and institutional investors adjust positions.
📈 Long termThe merger creates a dominant, large-scale lender for India's energy transition and infrastructure needs, potentially improving capital efficiency and systemic importance.
⚠ Risk flags
- Regulatory approval delays (RBI, CCI, NCLT)
- Integration risks of two large PSU organizations
- Potential for valuation adjustments before the record date
Key Highlights
Share exchange ratio fixed at 88 PFC shares for every 100 REC shares held.
Merged entity to command an aggregate loan book of over ₹11,00,000 crore.
REC's standalone AUM was ₹5,82,167 crore as of September 30, 2025.
Government of India must maintain majority voting rights and control in the merged entity.
Advisors include Deloitte, Cyril Amarchand Mangaldas, EY, and SBI Capital Markets.
👀 What to Watch
Monitor the price parity between REC and PFC based on the 0.88 swap ratio and track the timeline for NCLT and regulatory approvals. Investors should watch for the announcement of the record date which will determine eligibility for PFC shares.
88:100 Swap Ratio: REC to Merge into PFC; Board Approves ₹1,40,000 Cr Fundraise
REC Limited has approved a major scheme of merger by absorption into its parent company, Power Finance Corporation (PFC). Under the swap ratio, REC shareholders will receive 88 shares of PFC for every 100 shares of REC held. Simultaneously, the board approved a massive fundraise of up to ₹1,40,000 crore through private placement of bonds, which is approximately 145% of REC's current market capitalization. This consolidation aims to create a single, massive entity to lead India's energy transition and infrastructure financing.
Confidence: HIGH
What changedREC Limited will be dissolved without winding up and absorbed into PFC, consolidating the two largest power-sector NBFCs in India into a single entity.
Why it mattersThe merger creates a unified 'Maharatna' giant with a stronger balance sheet, potentially lowering borrowing costs and improving the ability to fund large-scale renewable energy and infrastructure projects.
Share Swap Ratio: 88 PFC : 100 RECProposed Fundraise: ₹1,40,000 croreFundraise vs Market Cap: ~145%REC FY26 Standalone Turnover: ₹59,140 crorePFC FY26 Standalone Turnover: ₹58,504 crore
📅 Short termThe stock prices of REC and PFC are likely to align with the 0.88x swap ratio in the coming days as the market adjusts to the merger terms.
📈 Long termStructural consolidation will create a dominant financier for India's power sector, though long-term success depends on managing high client concentration and state DISCOM risks.
⚠ Risk flags
- Regulatory approval delays
- Arbitrage-driven price volatility
- High client concentration (Top 10 borrowers = 36% of book)
Key Highlights
Share exchange ratio fixed at 88 equity shares of PFC (₹10 each) for every 100 equity shares of REC (₹10 each).
Proposed fundraise of up to ₹1,40,000 crore via unsecured/secured non-convertible bonds over the next year.
REC reported a standalone net worth of ₹84,290 crore and turnover of ₹59,140 crore for FY 2025-26.
PFC currently holds a 52.63% stake in REC, making this a merger of a subsidiary into its parent.
The merged entity's consolidated net worth is projected to be approximately ₹1,73,441 crore based on PFC's FY26 consolidated figures.
👀 What to Watch
Investors should monitor the price parity between REC and PFC based on the 0.88x swap ratio and track the timeline for regulatory approvals from SEBI, Stock Exchanges, and the NCLT.
Presidential Approval Granted for Merger of REC Limited into PFC
REC Limited has received official Presidential approval via the Ministry of Power for its proposed merger into Power Finance Corporation Limited (PFC). This follows the REC Board's decision on May 16, 2026, to reserve the proposal for such approval. The Ministry of Power conveyed the Competent Authority's clearance on June 10, 2026, marking a significant regulatory milestone in the consolidation of these two Maharatna power-sector financiers.
Key Highlights
Ministry of Power conveyed Presidential approval for the REC-PFC merger on June 10, 2026.
The merger proposal was previously moved by the Board of Directors on May 16, 2026.
The consolidation involves two major Maharatna PSUs specializing in power sector infrastructure lending.
The approval clears a major sovereign hurdle for the completion of the merger process.
👀 What to Watch
Investors should watch for the announcement of the share swap ratio and the effective date of the merger. Existing REC shareholders will eventually receive PFC shares, so monitoring PFC's stock performance and valuation is now equally critical.
REC Ltd Transfers Two Transmission SPVs for Total Consideration of ₹16.67 Crore
REC Limited's wholly-owned subsidiary, RECPDCL, has completed the sale and transfer of two project-specific Special Purpose Vehicles (SPVs) to private bidders. Hampapura Power Transmission Limited was sold to Resonia Limited for ₹8.61 crore, and Mekhali Power Transmission Limited was sold to Dilip Buildcon Limited for ₹8.06 crore. These transfers follow a tariff-based competitive bidding process and include the transfer of 50,000 equity shares for each entity. The financial impact on REC's total turnover and net worth is negligible as these were project-specific entities.
Key Highlights
Sale of 100% equity (50,000 shares each) in Hampapura Power and Mekhali Power Transmission SPVs.
Hampapura Power Transmission Limited acquired by Resonia Limited for a consideration of ₹8,60,77,476.
Mekhali Power Transmission Limited acquired by Dilip Buildcon Limited for a consideration of ₹8,05,99,524.
The transactions were completed on May 30, 2026, following a tariff-based competitive bidding process.
Both SPVs contributed negligible revenue and net worth to REC Limited in the last financial year.
👀 What to Watch
Investors should view this as a routine operational activity, as REC frequently develops and divests transmission SPVs as part of its role in the power sector. No immediate portfolio changes are required based on this update.
REC Limited Board Approves Proposed Merger into Power Finance Corporation (PFC)
The Board of REC Limited has officially approved the proposal to merge the company into its parent entity, Power Finance Corporation Limited (PFC). The merger is subject to the approval of the President of India and will be executed via a share exchange ratio to be determined by independent valuers. Upon the merger becoming effective, REC will be dissolved, and all its assets and liabilities will be transferred to PFC. Additionally, the board appointed Mr. Mohammed Azaz Ali as the Chief Compliance Officer effective May 17, 2026.
Key Highlights
Board approved the merger of REC Limited into PFC pursuant to Sections 230-232 of the Companies Act, 2013.
CMD authorized to seek formal approval from the Hon'ble President of India for the proposed consolidation.
The share exchange ratio for the merger will be determined by independent valuers at a later stage.
Appointment of Mr. Mohammed Azaz Ali as Chief Compliance Officer until his superannuation on June 30, 2028.
The merged entity will maintain its status as a 'Government Company' under applicable laws.
👀 What to Watch
Investors should await the announcement of the share swap ratio to assess the valuation impact on REC shareholders. Monitor the progress of regulatory and presidential approvals which are critical for the completion of this mega-merger.
REC Ltd Recommends ₹1.55 Final Dividend; Total FY26 Payout Reaches ₹8.55 Per Share
REC Limited's Board has recommended a final dividend of ₹1.55 per equity share for the financial year 2025-26. This is in addition to four interim dividends totaling ₹7.00 already paid during the year, bringing the total annual dividend to ₹8.55 per share on a face value of ₹10. The company also approved its audited financial results for the quarter and full year ended March 31, 2026, with an unmodified audit opinion from statutory auditors. Notably, all future dividend payments will be made exclusively through electronic modes, discontinuing physical cheques.
Key Highlights
Recommended final dividend of ₹1.55 per equity share for FY 2025-26
Total dividend for the full financial year stands at ₹8.55 per share
Audited standalone and consolidated financial results for FY26 approved with unmodified opinion
Final dividend to be paid within 30 days of shareholder approval at the upcoming AGM
Discontinuation of physical dividend warrants; payments to be strictly electronic
👀 What to Watch
Investors should ensure their bank account details are updated in their demat accounts to receive the electronic credit. The consistent dividend payout reinforces REC's status as a high-yield PSU stock for income-focused portfolios.
REC Ltd Recommends ₹1.55 Final Dividend; Total FY26 Dividend Reaches ₹8.55 Per Share
REC Limited has approved its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The Board recommended a final dividend of ₹1.55 per share, which, combined with four interim dividends of ₹7, brings the total payout for FY26 to ₹8.55 per share. The statutory auditors have provided an unmodified opinion on the financial statements, indicating healthy reporting standards. Notably, the company has transitioned to 100% electronic dividend payments, discontinuing physical cheques.
Key Highlights
Recommended a final dividend of ₹1.55 per equity share of ₹10 each for FY 2025-26.
Total dividend for the full financial year 2025-26 stands at ₹8.55 per share.
Audited standalone and consolidated financial results for FY26 approved with an unmodified audit opinion.
Dividend payment will be made exclusively through electronic mode, discontinuing physical warrants.
Final dividend is subject to shareholder approval at the upcoming Annual General Meeting.
👀 What to Watch
Investors should ensure their bank account details are updated in their demat accounts to receive the electronic dividend credit. The consistent dividend payout reinforces REC's status as a reliable income-generating stock for long-term portfolios.
REC Limited Appoints Shri Rajesh Kumar as Director (Finance) and CFO
REC Limited, a Maharatna CPSE, has officially approved the appointment of Shri Rajesh Kumar as the Director (Finance) and Chief Financial Officer (CFO). The appointment is effective from April 2, 2026, as confirmed in the Board meeting held on April 15, 2026. This leadership transition is a key administrative update for the state-owned power sector financier. The Board meeting concluded at 4:50 p.m. following the initial intimation provided on April 2, 2026.
Key Highlights
Shri Rajesh Kumar appointed as Director (Finance) and Chief Financial Officer (CFO)
Appointment is effective retrospectively from April 2, 2026
Board meeting held on April 15, 2026, from 3:00 p.m. to 4:50 p.m.
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
👀 What to Watch
Investors should monitor the new CFO's commentary during upcoming earnings calls for any shifts in financial strategy. No immediate portfolio action is required as this is a standard leadership appointment.
REC Ltd Appoints Rajesh Kumar as Director (Finance) for a 5-Year Term
REC Limited has appointed Shri Rajesh Kumar as Director (Finance) for a five-year term effective April 2, 2026. A seasoned professional with over 30 years of experience, Mr. Kumar previously served as Executive Director (Finance) at REC and CEO of its subsidiary, RECPDCL. He is credited with optimizing the company's borrowing costs through innovative bond structures and managing complex financial portfolios. This appointment provides specialized leadership to the finance department, which was previously under the additional charge of the CMD.
Key Highlights
Shri Rajesh Kumar appointed as Director (Finance) for a 5-year tenure starting April 2, 2026.
Brings over 30 years of expertise in power sector financing, resource mobilization, and treasury management.
Credited with introducing innovative instruments like Tax-Efficient Hybrid Bonds and CBDT-notified Zero Coupon Bonds.
The appointment concludes the additional charge of the finance portfolio held by CMD Shri Jitendra Srivastava.
Mr. Kumar is a dual-qualified professional (Chartered Accountant and Cost & Management Accountant) from SRCC.
👀 What to Watch
Investors should view this as a positive step toward management stability and specialized financial oversight. No immediate action is required as this ensures continuity in REC's successful resource mobilization strategy.
REC Board Approves ₹1.60 Lakh Crore Market Borrowing Programme for FY 2026-27
REC Limited's Board has approved a massive market borrowing plan of ₹1,60,000 crore for the financial year 2026-27 to fund its growth and lending operations. The programme includes ₹1,40,000 crore via long-term instruments like domestic bonds, Rupee term loans, and External Commercial Borrowings (ECBs). Additionally, the company has set limits of ₹10,000 crore each for short-term loans and commercial papers. This large-scale borrowing plan reflects the company's aggressive expansion strategy in the power and infrastructure sectors.
Key Highlights
Total market borrowing programme of ₹1,60,000 crore approved for FY 2026-27.
₹1,40,000 crore allocated for long-term domestic bonds, Rupee term loans, and foreign currency borrowings.
Short-term loans and Commercial Papers capped at ₹10,000 crore each within the primary borrowing limit.
Additional ₹20,000 crore limit approved for very short-term facilities like Cash Credit and Overdrafts.
Borrowing instruments include specialized options like Green Bonds, ESG Bonds, and Masala Bonds.
👀 What to Watch
Investors should see this as a positive indicator of REC's robust loan pipeline and its capacity to raise large-scale capital. Maintain focus on the company's ability to maintain its Net Interest Margins (NIMs) as it deploys these funds.
REC Ltd Declares 4th Interim Dividend of ₹3.20 Per Share; Record Date March 20, 2026
REC Limited has declared its fourth interim dividend for the financial year 2025-26 at a rate of 32%, amounting to ₹3.20 per equity share of ₹10 face value. The company has established March 20, 2026, as the record date to determine shareholder eligibility for this payout. The dividend is scheduled to be disbursed to eligible shareholders on or before April 14, 2026. This announcement highlights REC's commitment to regular income distribution for its investors.
Key Highlights
Declared 4th interim dividend of ₹3.20 per equity share (32% of face value) for FY 2025-26
Record date for determining dividend eligibility is fixed as March 20, 2026
Dividend payment to be completed on or before April 14, 2026
Payment will be made exclusively through electronic mode as per SEBI regulations
Deadline for submitting TDS-related documents (Form 15G/15H) is March 20, 2026
👀 What to Watch
Investors interested in the dividend should ensure they hold the shares before the ex-dividend date and verify that their bank account details are correctly updated in their demat accounts.
REC Ltd Declares 4th Interim Dividend of ₹3.20 Per Share for FY 2025-26
REC Limited has declared its fourth interim dividend of ₹3.20 per equity share for the financial year 2025-26, representing a 32% payout on the face value of ₹10. The company has fixed March 20, 2026, as the record date to identify eligible shareholders. The dividend is scheduled to be paid to beneficial owners on or before April 14, 2026. This consistent payout highlights the company's commitment to returning capital to shareholders during the fiscal year.
Key Highlights
Declared 4th interim dividend of ₹3.20 per equity share (32% of face value)
Record date for dividend eligibility is set for March 20, 2026
Dividend payment to be completed on or before April 14, 2026
Payment will be made exclusively through electronic mode as per SEBI regulations
👀 What to Watch
Investors looking for dividend income should ensure they hold the stock before the record date of March 20, 2026. Existing shareholders should verify that their bank account details are correctly updated in their demat accounts for seamless credit.
REC Board Grants In-Principle Approval for Merger with Power Finance Corporation (PFC)
The Board of REC Limited has officially accorded in-principle approval for a merger with Power Finance Corporation (PFC) following a proposal in the Union Budget 2026-27. This restructuring aims to create a larger, more efficient public sector NBFC to support the power sector. The merged entity will continue to operate as a Government Company under the Companies Act, 2013. A detailed merger scheme, including swap ratios and valuation, is currently being formulated for future regulatory approval.
Key Highlights
In-principle approval granted for the merger of REC Limited and PFC.
Restructuring follows the Union Budget 2026-27 announcement by the Finance Minister.
The move is designed to achieve greater scale and operational efficiency in public sector NBFCs.
The merged entity is confirmed to remain a 'Government Company' post-restructuring.
A detailed merger proposal and scheme are currently under formulation.
👀 What to Watch
Investors should closely monitor the upcoming announcement regarding the share swap ratio and valuation, which will be the primary drivers of short-term price movement. Long-term holders should consider the potential for improved borrowing power and operational synergies from the combined entity.
REC Clarifies on PFC Merger News Following Union Budget 2026-27 Restructuring Proposal
REC Limited has responded to stock exchange queries regarding media reports of a potential merger with Power Finance Corporation (PFC). While the company stated it is not currently engaged in any such negotiations, it acknowledged the Union Budget 2026-27 announcement proposing the restructuring of PFC and REC to improve scale and efficiency. The company confirmed that this budget proposal will be deliberated in its upcoming Board meeting. Investors should prepare for potential structural changes in the state-run NBFC sector as the government pursues its 'Viksit Bharat' vision.
Key Highlights
REC denies being in active negotiations or discussions regarding a merger with PFC as of February 3, 2026.
Union Budget 2026-27 explicitly proposed restructuring PFC and REC to enhance efficiency in public sector NBFCs.
The company plans to deliberate the government's restructuring proposal in its next scheduled Board meeting.
Management maintains that no undisclosed material information currently exists that would impact stock movement.
👀 What to Watch
Investors should closely monitor the outcomes of the next Board meeting for clarity on whether 'restructuring' implies a full merger or a different operational alignment. Maintain a watch on both REC and PFC as any consolidation could lead to significant valuation re-rating.
REC Limited CFO Harsh Baweja Retires; CMD Jitendra Srivastava Takes Additional Charge
Shri Harsh Baweja has retired as the Director (Finance) and Chief Financial Officer of REC Limited effective February 1, 2026, following his superannuation. The Ministry of Power has assigned the additional charge of the Director (Finance) post to the current Chairman & Managing Director, Shri Jitendra Srivastava. This interim arrangement is effective for a period of 3 months or until a regular appointment is made. Investors should note that such transitions are routine in Public Sector Undertakings (PSUs) upon reaching retirement age.
Key Highlights
Shri Harsh Baweja ceased to be Director (Finance) and CFO effective February 1, 2026.
CMD Shri Jitendra Srivastava (IAS) takes additional charge of the finance portfolio for 3 months.
The transition follows the scheduled superannuation of the outgoing director on January 31, 2026.
The interim appointment is subject to further orders from the Ministry of Power, Government of India.
👀 What to Watch
This is a routine management change due to retirement and does not alter the company's fundamental outlook. Investors should monitor for the appointment of a permanent CFO to ensure continued financial leadership stability.
