REC Limited — Q2FY27 earnings call summary

Filed 04 November 2026 · Official transcript

NIM stable at 3.22%; margin pressure expected but REC maintains highest NIM in sector
H1 FY27 loan book reached INR6.17 lakh crores, +6% y-y; net profit INR7,541 crores
FY27 loan book growth guidance at 10-12%; disbursement target over INR2 lakh crores
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
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