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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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
REC Ltd Declares ₹4.60 Interim Dividend; Q3 Revenue Rises to ₹14,911 Crore
REC Limited has declared its third interim dividend of ₹4.60 per share for FY 2025-26, with the record date set for February 6, 2026. The company reported a standalone total revenue from operations of ₹14,910.88 crore for Q3 FY26, a steady increase from ₹14,157.19 crore in the same period last year. Interest income from loan assets remains the primary revenue driver at ₹14,238.65 crore. Additionally, fees and commission income saw a significant jump to ₹392.48 crore from ₹75.73 crore year-on-year.
Key Highlights
Declared 3rd interim dividend of ₹4.60 per equity share (46% of face value).
Standalone Total Revenue from Operations grew to ₹14,910.88 crore in Q3 FY26.
Interest income on loan assets reached ₹14,238.65 crore for the quarter.
Fees and commission income increased sharply to ₹392.48 crore from ₹75.73 crore YoY.
Dividend record date is February 6, 2026, with payment scheduled by February 27, 2026.
💼 Action for Investors
Investors seeking regular income should ensure they hold the stock before the February 6 record date to qualify for the ₹4.60 dividend. The consistent revenue growth and high dividend payout ratio continue to support a positive outlook for this Maharatna PSU.
REC Ltd Q3 Results: Standalone Income at ₹14,952 Cr; Declares ₹4.60 Interim Dividend
REC Limited reported a standalone total income of ₹14,952.50 crore for the quarter ended December 31, 2025, a 5.5% increase from ₹14,172.71 crore in the previous year. Interest income on loan assets grew to ₹14,238.65 crore, reflecting steady credit demand in the power sector. The Board declared a third interim dividend of ₹4.60 per share, maintaining its reputation for high shareholder payouts. While finance costs rose to ₹9,242.93 crore, the overall operational performance remains robust with a record date for dividend set as February 6, 2026.
Key Highlights
Standalone total income for Q3 FY26 rose to ₹14,952.50 crore vs ₹14,172.71 crore YoY.
Declared 3rd interim dividend of ₹4.60 per equity share (46% of face value) for FY 2025-26.
Interest income on loan assets increased to ₹14,238.65 crore from ₹13,692.03 crore in Q3 FY25.
Finance costs for the quarter stood at ₹9,242.93 crore compared to ₹8,837.34 crore YoY.
Consolidated subsidiary REC Power Development contributed ₹107.76 crore to the total income for the quarter.
💼 Action for Investors
Investors should hold for the attractive dividend yield and steady growth in the power-financing loan book. The record date of February 6 is key for those seeking the ₹4.60 per share dividend.
REC Ltd Declares ₹4.60 Interim Dividend; Q3 Total Income Rises to ₹14,952 Crore
REC Limited has declared its third interim dividend of ₹4.60 per equity share for FY 2025-26, maintaining its track record of strong shareholder payouts. The company reported a steady growth in standalone total income for Q3 FY26, reaching ₹14,952.50 crore compared to ₹14,172.71 crore in the previous year. Interest income from loan assets remains the primary driver, contributing ₹14,238.65 crore during the quarter. For the nine-month period ended December 2025, total income grew to ₹44,780.92 crore, reflecting stable operational performance.
Key Highlights
Declared 3rd interim dividend of ₹4.60 per share (46% of face value of ₹10 each)
Standalone Q3 total income increased to ₹14,952.50 crore from ₹14,172.71 crore YoY
Interest income on loan assets for the nine-month period rose to ₹42,770.34 crore
Record date for dividend entitlement is February 6, 2026, with payment by February 27, 2026
Nine-month standalone finance costs stood at ₹27,309.64 crore compared to ₹25,365.05 crore YoY
💼 Action for Investors
Investors should maintain their positions to benefit from the attractive dividend yield and consistent revenue growth. Ensure bank account details and KYC are updated before the February 6 record date to receive the dividend credit.
REC Board to Consider 3rd Interim Dividend for FY 2025-26 on January 29
REC Limited has announced an update to its upcoming Board of Directors meeting scheduled for January 29, 2026. In addition to previously scheduled items, the Board will now consider a proposal for the declaration of a 3rd Interim Dividend for the financial year 2025-26. This follows the company's established practice of frequent dividend distributions to its shareholders. As a Maharatna PSU, REC's dividend decisions are closely watched by income-seeking investors for yield consistency.
Key Highlights
Board meeting scheduled for January 29, 2026, to consider financial results and dividend.
Proposal for the 3rd Interim Dividend for FY 2025-26 is on the agenda.
This update follows an earlier board meeting intimation dated January 19, 2026.
The meeting will be held in compliance with Regulation 29 of SEBI (LODR) Regulations, 2015.
💼 Action for Investors
Investors should monitor the outcome of the January 29 meeting for the dividend amount and the announced record date. REC remains a strong candidate for dividend-yield portfolios given its Maharatna status and consistent payout history.
REC Limited Achieves 'Excellent' MoU Rating for FY 2024-25 for Third Consecutive Year
REC Limited has been awarded an 'Excellent' rating by the Department of Public Enterprises (DPE) for its performance under the Memorandum of Understanding (MoU) for the financial year 2024-25. This rating is based on the performance agreement signed with its holding company, Power Finance Corporation (PFC). Significantly, this marks the third consecutive year that REC has secured the highest possible rating from the Ministry of Finance. This consistent achievement highlights the company's sustained excellence in operational and financial execution.
Key Highlights
Achieved 'Excellent' rating from the Department of Public Enterprises (DPE) for FY 2024-25.
The rating is based on performance targets set in the MoU with holding company Power Finance Corporation.
This is the third consecutive financial year that REC has maintained the 'Excellent' rating status.
The recognition underscores the company's consistent operational efficiency and financial discipline.
💼 Action for Investors
Investors should take this as a positive sign of management's ability to meet and exceed government-mandated performance targets. The stock remains a strong PSU play with proven execution consistency.