Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - H1 FY27 loan book reached INR6.17 lakh crores, +6% y-y; net profit INR7,541 crores - Disbursements strong at INR90,000 crores in H1; power sector accounts for ~INR80,000 crores - Net NPA reduced by 50% to 0.11%; Stage 2 assets down 80% to ~INR3,300 crores - Renewable energy portfolio grew 27% y-y to INR86,000 crores; infrastructure now 10% of loan book - FY27 loan book growth guidance at 10-12%; disbursement target over INR2 lakh crores - NIM stable at 3.22%; margin pressure expected but REC maintains highest NIM in sector - Long-term growth driven by power sector investments, including INR1.85 lakh crores transmission project - Merger with PFC expected to create synergies; merged entity to remain government-controlled - Credit cost stable with ~1% ECL on new loans; asset quality strong with no new NPAs in 19 quarters