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REC Limited (RECLTD)

₹307.80 -0.63% last close, 16 Oct

📊 NSE: RECLTD 🏢 Finance - Term-Lending Institutions 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, REC's net interest income was ₹5,687 Cr (+2.0% year on year, +1.0% on the previous quarter), and net profit ₹4,193 Cr (-6.1% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹5,687	+2.0%	+1.0%
Operating profit	₹5,268	+4.2%	—
Net profit	₹4,193	-6.1%	+24.2%
EPS (₹)	15.92	-6.1%	+24.2%

Full quarterly financials → Results calendar →

RECLTD delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 58.35% of the RECLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.08%. That is close to its usual level. In RECLTD futures, open interest fell 2.71% while the futures price fell 1.08%: long unwinding (longs closing out).

58.35%Delivery, 16 Oct

57.08%Own 20-session average

0.8×Volume vs its average

-2.71%Futures open interest

₹307.80NSE close · -0.63%

Delivery in the last 5 sessions: 60.2% · 64.6% · 62.0% · 55.0% · 58.4%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

REC Transfers Transmission SPV to Shivalaya Construction for Rs 18.45 Cr

🟡 NEUTRAL ⭐ 3/10

M&A 📅 16 Oct 2026, 06:16 PM

REC Limited's subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has transferred its entire 100% shareholding (50,000 equity shares) in Nawada Durgapur Power Transmission Limited to Shivalaya Construction Limited. The sale consideration received is Rs 18,44,62,442 (inclusive of taxes, professional fees, and expense reimbursement). The divestment was executed on October 16, 2026, via tariff-based competitive bidding. Given REC's TTM revenue of Rs 59,274 Cr, the financial magnitude of this transaction is negligible.

Transferred 100% equity comprising 50,000 shares in Nawada Durgapur Power Transmission Limited
Total consideration received is Rs 18,44,62,442 (including taxes and professional fees)
Successful bidder selected through tariff-based competitive bidding is Shivalaya Construction Limited
Share Purchase Agreement executed and completed on October 16, 2026

💡 Track subsequent SPV bid-process completions by RECPDCL and quarterly earnings for routine consulting fee income recognition.

REC Receives RBI No Objection Certificate for Proposed Merger into PFC

🟢 POSITIVE ⭐ 9/10

M&A 📅 15 Oct 2026, 10:36 PM

REC Limited has received a No Objection Certificate (NOC) from the Reserve Bank of India on October 15, 2026, regarding its proposed scheme of merger into Power Finance Corporation (PFC). This follows the respective board approvals announced earlier on June 28, 2026. The merger brings together REC (market cap of Rs 81,558 Cr) and parent entity PFC under Sections 230-232 of the Companies Act, 2013. The completion of the scheme remains contingent on pending approvals from shareholders, creditors, and other statutory authorities.

Received RBI No Objection Certificate (NOC) on October 15, 2026, for the proposed scheme of merger.
Scheme involves the merger of REC Limited (Transferor Company) into Power Finance Corporation Limited (Transferee Company).
Follows previous Board approval granted on June 28, 2026.
Merger remains subject to instructions/conditions specified by RBI, as well as approvals from shareholders and creditors.

💡 Track the upcoming notices for shareholder and creditor meetings, the determination of the final swap ratio, and subsequent filings with the NCLT and other statutory authorities.

REC Transfers 2 Transmission SPVs to Ceigall India and Power Grid for ~₹36.82 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Oct 2026, 06:24 PM

REC Limited's wholly owned subsidiary, RECPDCL, has completed the transfer of two project-specific transmission SPVs to winning bidders on October 12, 2026. Jam Khambhaliya Jamnagar Power Transmission Limited was transferred to Ceigall India Limited for ₹18.40 crore, while Lakadia II Power Transmission Limited was transferred to Power Grid Corporation of India Limited for ₹18.43 crore. The total consideration received across both SPVs is ₹36.82 crore (inclusive of professional fees and expenses). These project SPVs contributed negligible turnover and net worth to REC Limited, making the overall financial impact immaterial compared to REC's TTM revenue of ₹59,274 crore.

RECPDCL transferred 100% equity (50,000 shares each) in two project SPVs on October 12, 2026
Ceigall India acquired Jam Khambhaliya Jamnagar Power Transmission for ₹18,39,86,174
Power Grid Corporation of India acquired Lakadia II Power Transmission for ₹18,42,62,593
Total consideration of ~₹36.82 crore includes professional fees and expense reimbursements

💡 Track standard operational progress and bid pipeline in RECPDCL's transmission consultancy business alongside REC's upcoming quarterly financial results.

REC Incorporates Three Project SPVs with Paid-Up Capital of Rs 5 Lakh Each for TBCB Transmission

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Oct 2026, 12:55 PM

REC Limited announced that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has incorporated three new project-specific Special Purpose Vehicles (SPVs) on October 5, 2026. These SPVs include Bikaner V Part A Power Transmission Ltd, Bikaner V Part B Power Transmission Ltd, and Mirzapur Power Transmission Ltd, each incorporated with an authorized and paid-up capital of Rs 5,00,000. RECPDCL is acting as the Bid Process Coordinator (BPC) for tariff-based competitive bidding (TBCB) transmission schemes, including Rajasthan REZ Ph-IV (6GW) and Mirzapur pooling lines. Once successful bidders are selected, these SPVs alongside their assets and liabilities will be fully transferred to the winners, making this a standard operational process with minimal balance sheet impact.

Incorporated three wholly owned subsidiaries on October 5, 2026: Bikaner V Part A, Bikaner V Part B, and Mirzapur Power Transmission Limited
Each subsidiary has an authorized and paid-up capital of Rs 5,00,000, 100% subscribed in cash at face value
Bikaner entities cater to the 6GW evacuation scheme under Rajasthan REZ Ph-IV allocated via Gazette Notification dated June 19, 2026
Mirzapur entity covers 765 kV & 400 kV lines associated with Mirzapur Substation, allocated via letter dated August 10, 2026
All three SPVs will be transferred entirely to winning bidders upon completion of the TBCB process

💡 Track the completion of the bidding process and subsequent transfer of the SPVs to the winning transmission service providers, as well as fee generation within RECPDCL.

REC Transfers Balsane Power Transmission SPV to Resonia for ₹5.59 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 05:13 PM

REC Limited's wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has transferred 100% equity in Balsane Power Transmission Limited to successful bidder Resonia Limited on September 28, 2026. The total consideration received is ₹5,59,19,024 (including taxes), covering acquisition price, professional fees, and expense reimbursements. The financial contribution of this unit to REC's revenue and net worth is negligible compared to REC's TTM revenue of ₹59,274 Cr. The divestment was conducted under the standard tariff-based competitive bidding process in line with Ministry of Power guidelines.

Transferred 100% shareholding (50,000 equity shares) of Balsane Power Transmission Limited to Resonia Limited on September 28, 2026
Total consideration received is ₹5,59,19,024 inclusive of taxes, professional fees, and expense reimbursements
Target SPV had negligible contribution to REC's turnover and net worth
Divestment executed via tariff-based competitive bidding (TBCB) and does not fall under related party transactions

💡 Track RECPDCL's ongoing pipeline of transmission SPV bid-process coordinator assignments, though financial impact remains negligible at the consolidated REC level.

REC Transfers Ranipur Chunar Power SPV to H.G. Infra for ₹1.88 Cr

🟡 NEUTRAL ⭐ 3/10

M&A 📅 26 Sep 2026, 03:56 PM

REC Limited's wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has completed the sale and transfer of its project-specific SPV, Ranipur Chunar Power Transmission Limited. The entire equity stake of 50,000 shares was transferred on September 26, 2026, to the successful bidder, H.G. Infra Engineering Limited, selected via tariff-based competitive bidding. The total consideration received was ₹1,88,49,228 (inclusive of taxes, professional fees, and expenses reimbursement). The financial impact is negligible relative to REC's TTM revenue of ₹59,274 Cr, representing standard operational turnaround of transmission bid SPVs.

Transferred 100% shareholding (50,000 equity shares) of Ranipur Chunar Power Transmission Limited
Total consideration received is ₹1,88,49,228 (including taxes, professional fees, and reimbursed expenses)
Successful bidder identified as H.G. Infra Engineering Limited via tariff-based competitive bidding
Share Purchase Agreement executed and transfer completed on September 26, 2026

💡 Track REC's quarterly loan book growth and asset quality trends, as this routine SPV transfer has no material bearing on financial performance.

REC Transfers 2 Transmission SPVs for Combined Consideration of ₹22.03 Cr

🟡 NEUTRAL ⭐ 3/10

M&A 📅 23 Sep 2026, 06:00 PM

REC Limited's wholly-owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), completed the sale and transfer of two project-specific transmission SPVs on September 23, 2026. Barmer HVDC Power Transmission Limited was transferred to Power Grid Corporation of India Limited for ₹18.98 Cr, while Sakoli Power Transmission Limited was transferred to Ashoka Buildcon Limited for ₹3.06 Cr. Combined consideration stands at ₹22.03 Cr, covering acquisition price, professional fees, and reimbursement of expenses. The financial impact is negligible relative to REC's TTM revenue of ₹59,274 Cr, reflecting ordinary course transmission bidding activity.

RECPDCL transferred 100% equity (50,000 shares each) in two SPVs on September 23, 2026.
Barmer HVDC Power Transmission Limited sold to Power Grid Corporation of India for ₹18,97,52,835.
Sakoli Power Transmission Limited transferred to Ashoka Buildcon for ₹3,05,84,508.
Total consideration received is ₹22.03 Cr, which is negligible (<0.04%) against TTM revenue of ₹59,274 Cr.

💡 Track quarterly consultancy and fee income from RECPDCL's bidding processes, but recognize these SPV transfers as standard operational procedures.

REC Announces Cessation of Two Independent Directors Following 3-Month Tenure Completion

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Sep 2026, 01:24 PM

REC Limited announced the completion of tenure of two Part-time Non-Official (Independent) Directors, Dr. Anil Kumar Gupta and Dr. Kanchiappan Ghayathri Devi, effective September 22, 2026. The directors were originally appointed by the Ministry of Power for a brief period of 3 months starting June 22, 2026. Their tenure concluded on September 21, 2026, leading to their formal cessation from the Board. This represents a routine administrative board restructuring in line with government appointment orders.

Tenure of 2 Independent Directors ended on September 21, 2026
Cessation from REC Board effective September 22, 2026
Appointments were made for a 3-month term starting June 22, 2026, per Ministry of Power order

💡 Track subsequent filings from the Ministry of Power regarding new appointments to ensure regular board composition and compliance with independent director quotas.

REC Appoints Isha Duhan, IAS, as Executive Director Effective September 10, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Sep 2026, 06:50 PM

REC Limited has announced the appointment of Ms. Isha Duhan, IAS (UP Cadre, 2014 Batch), as Executive Director with effect from September 10, 2026. The appointment is at the senior management level, one level below the Board of Directors. Prior to joining REC, Ms. Duhan served as Managing Director in the Sugar Industries & Cane Development Department. The management change is a routine public sector deputation/posting and does not alter the company's financial profile.

Appointment of Ms. Isha Duhan, IAS (2014 Batch, UP Cadre), as Executive Director
Effective date of appointment is September 10, 2026
Position is classified under Senior Management, one level below the Board of Directors
Previously served as Managing Director in the Sugar Industries & Cane Development Department

💡 Monitor upcoming quarterly operational disclosures for any portfolio reallocation across business verticals under the new executive leadership.

REC's Subsidiary RECPDCL Transfers Musalgaon Power Transmission SPV for ₹1.21 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Sep 2026, 05:53 PM

REC Limited's wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has completed the sale and transfer of its project-specific SPV, Musalgaon Power Transmission Limited. The entire equity holding of 50,000 shares was transferred on September 9, 2026, to the successful bidder, Maharashtra State Electricity Transmission Company Limited, via a tariff-based competitive bidding process. The total consideration received was ₹1,20,89,930 (including taxes, professional fees, and expense reimbursement). Given REC's TTM revenue of ₹59,274 Cr, the transaction size is negligible and represents a standard operating procedure for RECPDCL's transmission bidding consultancy business.

RECPDCL transferred 100% equity (50,000 shares) of Musalgaon Power Transmission Limited on September 9, 2026.
Consideration received stands at ₹1,20,89,930 (inclusive of taxes, professional fee, and reimbursement of expenses).
Acquiring party is Maharashtra State Electricity Transmission Company Limited, selected via tariff-based competitive bidding.
Financial contribution of the SPV to REC's turnover and net worth was negligible.

💡 Track the regular pipeline of transmission SPV bid completions at RECPDCL; no operational or earnings impact expected for REC Limited.

C&AG Appoints G. S. Mathur & Co. and S. K. Mehta & Co. as Statutory Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 07:02 PM

REC Limited announced that the Comptroller and Auditor General of India (C&AG) has appointed two Chartered Accountant firms as statutory auditors for FY 2026-27. The firms appointed are M/s. G. S. Mathur & Co. and M/s. S. K. Mehta & Co. pursuant to Section 139 of the Companies Act, 2013, vide C&AG letter dated September 7, 2026. This is a standard statutory rotation and annual appointment process mandated for public sector undertakings.

C&AG appointed statutory auditors for FY 2026-27 via letter dated September 7, 2026
Appointed firm M/s. G. S. Mathur & Co. has 16 partners and about 50 professional staff
Appointed firm M/s. S. K. Mehta & Co. has 18 partners and 11 qualified paid chartered accountants
Appointments made under Section 139 of the Companies Act, 2013 for PSU compliance

💡 Track the upcoming quarterly financial results for Q2 FY27 and review statutory audit disclosures in the upcoming annual report.

REC raises ₹500 Cr via India's first tokenized corporate bond pilot at 7.30% coupon

🟢 POSITIVE ⭐ 4/10

FUNDRAISE 📅 07 Sep 2026, 07:25 PM

REC Limited has successfully completed India's first pilot issuance of tokenized corporate bonds under the SEBI Regulatory Sandbox framework. The company raised ₹500 crore (base issue of ₹100 crore plus ₹400 crore green shoe) at a coupon rate of 7.30% per annum for a tenor of 1 year 9 months. The offering received bids worth ₹796 crore (oversubscribed ~8x on base size) on NSE's EBP platform. The transaction utilized Demat 2.0 and distributed ledger technology to enable same-day pay-in, allotment, and listing on NSE and BSE.

Issued ₹500 crore pilot tokenized corporate bonds (₹100 crore base + ₹400 crore green shoe)
Issue oversubscribed ~8x on base size, garnering bids totaling ₹796 crore
Priced at a coupon rate of 7.30% p.a. with a tenor of 1 year 9 months
Achieved same-day pay-in, allotment, and listing on NSE and BSE via Demat 2.0

💡 Track broader adoption of SEBI's Demat 2.0 architecture and whether DLT-based bond issuance yields lower transaction costs or compressed borrowing spreads in future large-scale debt raises.

REC Long-Term Issuer Credit Rating Upgraded to 'A-' from 'BBB+' by JCR

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 07 Sep 2026, 02:16 PM

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.

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

💡 Track the impact on upcoming foreign currency borrowings, spread compression on international bond issuances, and management commentary in the next quarterly earnings.

REC Shareholders Approve All 11 AGM Resolutions, Including Private Placement of Securities

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 07:26 PM

REC Limited has announced the voting results for its 57th Annual General Meeting (AGM) held on August 25, 2026. Shareholders approved all 11 proposed resolutions with requisite majority, including the adoption of FY26 financial statements and approval of the final dividend. Key special resolutions passed include the enabling approval for private placement of securities (97.81% votes in favor) and multiple director appointments.

All 11 ordinary and special resolutions set out in the 57th AGM notice were passed with requisite majority.
Special resolution for private placement of securities approved with 97.81% votes cast in favor (2,07,17,66,779 votes).
Adoption of FY26 audited standalone and consolidated financial statements approved with 96.23% votes in favor.
Declaration of final dividend and noting of 4 interim dividends approved with 99.53% votes in favor.
Appointments of Director (Projects), Director (Finance), and Non-Official Independent Directors duly approved.

💡 Track the upcoming quarterly operational updates and debt issuance notices under the newly refreshed private placement authorization.

NSE and BSE Impose ₹10.77 Lakh Fine Each on REC for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 26 Aug 2026, 11:34 AM

REC Limited has received notices dated August 25, 2026, from both NSE and BSE levying a fine of ₹10,77,340 each (total ₹21.55 lakh) for the quarter ended June 30, 2026. The penalty relates to non-compliance with SEBI Listing Regulations regarding the requisite composition of the Board of Directors and its committees. REC clarified that director appointments are solely under the purview of the Ministry of Power (Government of India) pursuant to its Articles of Association, and it has requested the Ministry to appoint the necessary Independent Directors. The financial impact is negligible relative to REC's TTM net profit of ₹16,035 crore.

NSE and BSE imposed a penalty of ₹10,77,340 each on REC Limited.
Non-compliance pertains to the quarter ended June 30, 2026, regarding Board and Committee composition.
Notices of fine were dated August 25, 2026.
Total fine of ~₹0.22 crore is completely immaterial against TTM PAT of ₹16,035 crore.

💡 Track subsequent Ministry of Power notifications regarding appointments of Independent Directors to resolve Board composition compliance.

View All RECLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew 12% YoY to INR 29,828 Cr in H1 FY26. Net Interest Income (NII) increased 15% to INR 10,608 Cr. Sanctions grew 34% YoY to INR 2.5 lakh Cr, while disbursements grew 27% to INR 1.15 lakh Cr. Distribution segment dominated disbursements at 69%, followed by conventional generation at 11% and renewables at 11%.

Geographic Revenue Split

Not specifically disclosed by region, but the portfolio is split by sector ownership: State sector constitutes 86% of the portfolio (INR 5,00,663 Cr) and the private sector constitutes 14% (INR 81,504 Cr) as of September 30, 2025.

Profitability Margins

Profit After Tax (PAT) for H1 FY26 was INR 8,877 Cr, a 19% YoY increase. Return on Managed Assets (RoMA) stood at 2.6% for 9M FY25 and 2.7% for FY24. Return on Average Total Assets (RoTA) improved to 2.9% in Q1 FY26 compared to 2.8% in FY25.

EBITDA Margin

Core profitability is measured via RoMA, which remained stable at 2.6% in 9M FY25. Net Interest Margin (NIM) remains stable but faces potential pressure from the increasing share of lower-yield renewable energy loans.

Capital Expenditure

As a financial institution, CAPEX is represented by loan disbursements, which reached a record INR 1,15,470 Cr in H1 FY26, a 27% increase YoY. Planned expansion is focused on the infrastructure and logistics sector, which now constitutes 10% of the loan book.

Credit Rating & Borrowing

REC maintains a quasi-sovereign credit rating. Average cost of borrowing was 7.15% for 9M FY25, compared to 7.13% in FY24. Total borrowings reached INR 5,07,000 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Capital/Debt Funds (100% of operational input). The cost of these funds is 7.15%.

Import Sources

Global capital markets for foreign currency borrowings and domestic markets for bonds/NCDs. Foreign currency exposure includes USD and EUR.

Key Suppliers

Diversified lenders including domestic banks, international banks, and bondholders (e.g., tax-free bonds at 11% of mix, capital gains bonds).

Capacity Expansion

Current loan book (AUM) is INR 5,82,167 Cr as of September 30, 2025, growing 7% YoY. Growth would have been 16% if not for INR 49,000 Cr in prepayments. Target is to increase clean energy financing to 30% of the loan book by 2030.

Raw Material Costs

Interest expense is the primary cost. Total income (net of interest) was INR 17,265 Cr in FY24. Borrowing costs are stable at 7.15% due to diversified sourcing.

Manufacturing Efficiency

Operating expense ratio is highly efficient at 0.1% due to the wholesale nature of the lending business.

📈 Strategic Growth

Expected Growth Rate

16%

Growth Strategy

Diversification into non-power infrastructure and logistics (now 10-12% of book), aggressive expansion in renewable energy (aiming for 30% share by 2030), and leading government schemes for DISCOMs. Sanctions growth of 34% indicates a strong pipeline for future disbursements.

Products & Services

Long-term and short-term loans, debt refinancing, and financial assistance for power generation, transmission, distribution, renewable energy, and infrastructure/logistics projects.

Brand Portfolio

REC Limited (formerly Rural Electrification Corporation), RECPDCL (REC Power Development and Consultancy Limited), REC Foundation.

New Products/Services

Infrastructure and logistics financing (forayed Q3FY23), now 12% of loan book. New focus on clean energy projects expected to contribute significantly to the 30% target by 2030.

Market Expansion

Expansion into non-power infrastructure sectors like roads, metros, and airports. Strategic focus on renewable energy projects where REC offers the lowest market rates.

Market Share & Ranking

REC and PFC each maintain a 20-25% market share in power sector financing.

Strategic Alliances

Partnership with PFC (Power Finance Corporation) which holds a 53% stake in REC. Both entities lead major government power sector reform schemes.

🌍 External Factors

Industry Trends

Shift from conventional thermal power (declined from 39% to 27-28% of book) to renewable energy and infrastructure. The industry is evolving toward green energy transition and integrated infrastructure financing.

Competitive Landscape

Primary competition from PFC and large public sector banks, though REC/PFC often act as lead lenders for large-scale power projects.

Competitive Moat

Moat is derived from GoI ownership and 'Maharatna' status, allowing for the lowest borrowing costs in the industry. This cost leadership is sustainable as long as GoI/PFC ownership remains high.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and Government of India (GoI) power sector policies. 86% of loans are to state-owned entities.

Consumer Behavior

Increased demand for green energy and infrastructure financing from state utilities and private developers.

Geopolitical Risks

Indirect exposure through global borrowing markets; however, quasi-sovereign status provides a buffer during global volatility.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RBI guidelines for NBFC-IFCs. Currently reviewing draft RBI guidelines on project financing, which REC views as a refined replacement for earlier PPP guidelines.

Environmental Compliance

CSR spend of INR 294.01 Cr in FY25. Focus on ESG with a target of 30% clean energy portfolio by 2030.

Taxation Policy Impact

Standard corporate tax rates apply; profit after tax was INR 14,019 Cr in FY24.

Legal Contingencies

Most NPA accounts (GNPA 1.06%) are under resolution process or at advanced stages of resolution in NCLT/other tribunals. 16% of the private sector book is recognized as Stage III assets.

⚠️ Risk Analysis

Key Uncertainties

Sectoral concentration in power (88-90% of book) and customer concentration (Top 10 = 36%). Potential for 1-2% impact on credit costs if Stage II assets (2.77% of book) migrate to Stage III.