Interim report
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am-lm REC , 31'Rl "!l~ Endless energy. Infinite possibi lities. A MAHARATNA COMPANY SEC-II 187(2)/2026/3077 Listing Department REC Limited I 3lltt~r fFffll~s ("ffiO ~ <I>T 11i!> ~ ~) / (A Government of India Enterprise) Regd. Office: Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi -110003 Corporate Office: Plot No. 1-4, Near IFFCO Chowk Metro Station, S e ctor -2 9 , Gurugram - 122001 ( Ha ry ana ) Te l: +91 124 444 1300 I Website : www .recind ia .nic .in CIN L40101DL 1969GOI005095 I GST No.: 06AAACR4512R3Z3 Dated: October 26, 2026 National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra East), Mumbai - 400051. Corporate Relationship Department BSE Limited 1 SI Floor, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai - 400001. Scri Code-RECLTD Scri Code-532955 Sub: Outcome of Board Meeting held on October 26,2026. In compliance with the provisions of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors ofREC Limited ("REC" I "the Company") in its meeting held on October 26,2026 inter-alia considered and approved the following: 1. Unaudited rmancial results (Standalone and Consolidated): Unaudited financial results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30,2026, which have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meetings held on October 26, 2026. The said financial results have been subjected to Limited Review by Mis. G. S. Mathur & Co. and Mis. S. K. Mehta & Co., Statutory Auditors of the Company. A copy of Financial Results and Limited Review Report thereof, are enclosed herewith. Further, press release related to financial results for the quarter and half year ended September 30,2026, is also enclosed herewith. 2. 2nd Interim Dividend for the financial year 2026-27: Declared 2nd Interim Dividend @ ~3.501- (Rupees Three and Paise Fifty only) per equity share of~lO/- each for the financial year 2026-27. Further , the record date for reckoning the eligibility of shareholders for the purpose of payment of said interim dividend is Friday, October 30,2026 and the said interim dividend shall be paid on or before November 21,2026 to those shareholders, whose names appear (i) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on October 30, 2026 Page 1 of 2 r@ Regional Offices: Bengaluru, Bhopal, Bhubaneswa r, Chennai , Dehradun, Guwahati , Hyderabad, Jaipur, Jammu, Kolkata Lucknow, Mumbai, Panchkula, Patna, Raipur, Ranchi, Shillong, Shimla, Thiruvanantha puram & Vijaywada State Offices : Vadodara, Varanasi Training Centre : REC Institute of Power Management & Training (RECIPMT), Hyderabad
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in respect of shares held in electronic form; and (ii) as members in the register of members on October 30, 2026 in respect of physical shares. It is further informed that as per the provisions of the Income Tax Act, 2025, dividend income is taxable in the hands the shareholders and the Company is required to deduct tax at source (TDS) at the time of making payment of dividend, at the rates prescribed under the Income Tax Act, 2025. In view of the same, it is once again reiterated that in case a shareholder desires that his/her tax should be deducted at lower rates or no tax should be deducted, then he/she is required to submit scanned copy of PAN, other requisite forms / documents for the financial year 2026-27, on or before November 1,2026, unless already submitted, through email at virendersCtL alan kit. com with a copy marked to reciW@alankit.com . Further, shareholders can also submit their requisite documents for TDS exemption or lower deduction using the weblink: (https: / / ein ward. alankh. com). No communication on the tax determination / deduction of tax at lower rates shall be entertained after November 1,2026. Further, it is pertinent to mention that pursuant to the amendments in the Listing Regulations, the dividend payment shall be made exclusively through electronic mode. The provision for remittance of dividend via physical instruments such as cheques or warrants has been discontinued. In view of the same, members are therefore advised to update their bank account details to enable seamless credit of dividends as follows: • For shares held in Demat form: Please contact your Depository / Depository Participant (DP) and register or update your bank details in your demat account as per the process advised byyourDP. • For shares held in Physical form: Please contact the R TA of the Company and register or update your KYC and Bank Account details in your folio by submitting the requisite documents. The Board meeting commenced at 11:30 a.m. and concluded at . 4. :.l.~ ... p.m. Thanking you, Encl.: As Above Page 2 of 2 Yours faithfully, For REC Limited ~ \0 (Dinesh Garg Company Secretary & Compliance Officer
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G.S. Mathur & Co. Chartered Accountants A-160, Ground Floor Defence Colony New Delhi- 110024 S.K. Mehta & Co. Chartered Accountants 302-306, Pragati Tower 26, Rajendra Place New Delhi - 110008 Independent Auditor's Review Report on the Unaudited Standalone Financial Results for the quarter and half year ended 30th September 2026 of REC Limited, pursuant to Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Board of Directors, REC Limited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of REC Limited (lithe Company") for the quarter and half year ended 30th September 2026 (lithe Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard - 34 'Interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("the Act") as amended read with relevant rules issued thereunder and the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time, applicable to NBFC (,the RBI Guidelines') and other accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of . making H4 "0
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inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the Ind AS 34 prescribed under Section 133 of the Act, as amended read with relevant rules issued there under, the RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning, to the extent applicable to the Company , and other related matters. 5. Other Matters a. The Statement for the quarter and half year ended 30th September 2026 have been reviewed and recommended by the Audit Committee (consisting of one Independent Director and two Non-Executive Directors, pending appointment of requisite number of Independent Directors by Govt. of India) and subsequently approved by the Board of Directors of the Company, at their respective meetings held on 26th October 2026. b. The Company has measured the Expected Credit loss (ECl) on loan assets, undrawn loan exposures and undisbursed letter of comfort as per requirement of Ind AS 109, which IS certified by an outside agency appointed by the company . The assumptions/criteria's (i.e. risk score/probability of default matrix etc. with respect to the borrowers) considered in the calculation of ECl are technical in nature and we have relied upon the same . c. The Statement includes comparative figures for quarter ended June 30,2026, corresponding quarter & half year ended September 30, 2025, which were reviewed by the Predecessor Joint Statutory Auditors of the Company, where they had expressed an unmodified conclusion on Unaudited Standalone Financ ial Resu lts vide their reports dated 24thJuly 2026 and 17th Octobe r 2025, respectively.
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Results vide their report dated 28th April 2026 . Our conclusion on the Statement is not modified in respect of these matters . For G.S. Mathur & Co. Chartered Accountants, ICAI Firm Registration: 008744N ~~ CA Abhishek Chandna Partner Membership Number: 444331 UDIN: 26444331 DUTESN1879 Place: New Delhi Date: 26th October 2026 For S.K. Mehta & Co. Chartered Accountants, ICAI Firm Registration:000478N CA R hit Mehta Partner Membership Number: 091382 UDIN: 26091382YDSOIU2130
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G.S. Mathur & Co. Chartered Accountants A-160, Ground Floor Defence Colony New Delhi- 110024 S.K. Mehta & Co. Chartered Accountants 302-306, Pragati Tower 26, Rajendra Place New Delhi - 110008 Independent Auditor's Review Report on the Unaudited Consolidated Financial Results for the quarter and half year ended 30th September 2026 of REC Limited Pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The Board of Directors, REC Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of REC Limited ("the Parent Company") and its Subsidiary (the Parent Company and its Subsidiary together referred to as "the Group") for the quarter and half year ended 30th September 2026 ("the Statement"), being submitted by the Parent Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Soard of India ("SESI") (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulations"). 2. This Statement, which is the responsibility of the Parent Company's Management and approved by the Parent Company's Soard of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard - 34 'Interim Financial Reporting' ("Ind AS 34"), prescribed under section 133 of the Companies Act, 2013, as amended ("the Act") read with relevant rules issued thereunder and other accounting principles generally accepted in India, and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. E.HT~
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We also performed procedures in accordance with the Circular No. CIR/CFD/CMD1/44/2019 dated 29th March 2019 issued by the SEBI under Regulation 33(8) of the Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: a. Parent Company: REC Limited b. Subsidiary: REC Power Development and Consultancy Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with recognition and measurement principles laid down in Ind AS 34 prescribed under section 133 of the Act, as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. Other Matters a. We did not review the interim financial information / financial results of the subsidiary included in the Statement, whose interim financial information / financial results reflect total assets of ~ 1,611.65 Crores as at 30th September 2026, total revenues of ~ 285.60 Crores and ~ 425.35 Crores, total net profit after tax of ~ 96.82 Crore and ~ 140.13 Crore and total comprehensive income of ~ 96.82 Crore and ~ 140.13 Crore for the quarter and half year ended 30th September 2026, respectively, and net cash inflows of ~ 145.94 Crore for the half year ended 30th September 2026, as considered in the Unaudited Consolidated Financial Results. These interim financial results/ information have been reviewed by other auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. b. The Statement for the quarter and half year ended 30th September 2026 has been reviewed and recommended by the Audit Committee (consisting of one Independent Director and two Non-Executive Directors pending appointment of requisite number of Independent Directors by Govt. of India) and subsequently approved by the Board of Directors of the Parent Company, at their respective meetings held on 26th October 2026. c. The Parent Company has measured the Expected Credit Loss (ECl) on loan assets, undrawn loan exposures and undisbursed letter of comfort as per requirement of Ind AS 109, which is certified by an outside agency appointed by the Parent Company. The assumptions/criteria (i.e. risk score/probability of default matrix etc. with respect to the borrowers) considered in the calculation of ECl are technical in nature and we have relied upon the same. d. The Statement
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expressed an unmodified conclusion on Unaudited Consolidated Financial results vide their reports dated 24th July 2026 and 17th October 2025 respectively . The Statement also includes figures for year ended 31 st March 2026, which was audited by the Predecessor Joint Statutory Auditors of the Parent Company, where they had expressed an unmodified opinion on the Consolidated Financial Results vide their report dated 28th April 2026. Our conclusion on the Statement is not modified in respect of these matters . For G.S. Mathur & Co. ~~ CA Abhishek Chandna Partner Membership Number: 444331 UDIN: 26444331KBLCAY3202 Place: New Delhi Date: 26th October 2026 For S.K. Mehta & Co. CA Rohit Mehta Partner Membership Number: 091382 UDIN: 26091382DIENKZ2349
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51. No. A B C 1. 2 3 A B C D E F G H I 4 5 A B 6 7 (\) A 8 un A B REC Limited Registered Office· Core·4, SCOPE Comple" 7, lad hi Road, New Delhi ·110003 CIN: l4010lDl1969GOI005095 Statement of Unaudited Standalone Financi . 1 Results for the Quarter and H.lf Year ended 30·09·2026 Quarter Ended Halt Year Ended Particulars 30·09·2026 30·06·1026 30·09·2025 30-09·2026 30·09·2025 (Unaudited ) ( Unaud ited ) ( Unaud ited) (Unaudited ) ( Unaudited ) Re\'enue from Operations Interes t Income 14,657 .41 It 186.73 I ~ . 5 77 09 28,844.14 29.1 ;8A 6 D"'ldend In(ome 10.56 o 2~ 3329 10.80 33 .29 Fee~ ltnd commi> slon Income 59.72 10913 473.75 168.85 617.94 Total Revenue from Operation s (A to C) 14,727.69 14,296.10 I 15,084.13 29,013.79 29,809.69 Other Incom(' 9.08 35.30 10,48 44.38 IS.73 Total income (1+2) 14,736 .77 14,331.40 15,094.61 29,068.17 29.828.42 Expenses FlIlance costs 9.522.98 8. 7~ 8 ~2 9.13161 18,271.40 lS,066.71 , et trnns iation/ transa ction exchange loss 262.94 911 29 79 ~5 1,17423 13092 Fees and commis sion e;..pense 4.31 632 115 10.63 11 15 ,et loss on i.lir '"dille ch • .1n g~s 0.53 29916 '866 300.09 635 16 Imp a irm ent 011 illl.lIld. 11 instruments 374.52 (962 52) 1~~ 67 (588.00) (~81 931 Employee beneiit s e).penses 69.04 67.43 59.98 \36 .47 116.T' rNpre ciJtio n and amort iza.tion 6.62 665 658 13.27 13 20 Corp or,ltc SOci di resp('l ns ibilit~ , C'>..pens('s 186.32 5.73 17.16 19205 ~9.4S Othe r expense s 35.56 39 20 52.55 74.76 8728 Total expenses (A to I) 10,462 .82 9,122.08 9.5~1 . 81 19,584.90 18,628.72 Profit before tax (3·4) 4,273.95 5,209.32 5.552. 80 9,483.27 11.199.70 Tax expense Curre n t tax - Curr en t year 1,001.88 \,070 .58 1.155.85 2,On 46 2.190.68 - F.drlier ye,us Deferr ed tax (119.11) (10 72) (2891\ (12983 ) 1'2. 14 Total tax expense (A+B) 882.77 1,059.86 1,126.94 1,942.63 2,322.82 Net pro fit for the peri od (5·6) 3,391.18 4,149.46 4,425.86 7,540.64 8.876.88 Other comprehens ive Income/(loss) Items that will not be reclassified to profit or J05S Rt!-me.l~uremenl gillns/(It' sses} ('In dftlned 7.62 ( ~ 421 6.74 3.20 8.96 benetlt plilns - Tax Imp.lCt 011 abO\ e (192) 11 1 (1.70) (0.81) (2.26 ) Ch.lnge!) in F.lIr \' .lllie 01 EqUity Instruments (47.40) 4512 64.02 (1.88) 68.52 meJsllred .It i-air \ 'Jlue through Other Comprehensi\'e Incomc.? (F\'OCI I - Tax impact on Jbo\' e ( 3 . ~3) ( ' ,4~ ) Sub·total (1) (41.70) 42.21 65.63 0.51 71.79 Items that will be reclassified to profit or loss Errective portion of ga ins and los s all hedging 3.62 96029 (2~6 .1 ~ 1 963.91 (~ . S96 25) instruments in c.lsh flo\\ ' hedg es - Tax imp.let on above (0.91) (141 691 6195 (24260) 98061 Cost of hedging resen e 798.91 3,32262 1.051.79 4,121.53 1.400.75 - T.IX imp.let on above (201.07) (83624 ) (264. 71) (1,037.31) (35254 ) Sub·tot.1 (II) 600.55 3,20~.98 602.89 3805.53 (1,867.43) Encrgllln~ .md Empllwl 'rlllg IndlJ Sin(:l' 1969 (f in crores) Year Ended 31·03·1026 (Audited) " .S1181 6321 1,264 93 59,139.96 ~7 26 59,187.22 36.241 29 :!7:! 60 1~ 62 962 ~6 1(1112 2H29 2661 .U S07 172.86 38,474.03 20.713.19 3,71817 (0.08) 712 7~ ~,430.93 16,282.26 1.09 (0.27) (75.76) (74.9~) (6,424.40) 1,616.89 956.95 ( 2~0. 85) (4,091.41) .,
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8 Other comprehensive Income/(loss) for the 558.85 3,247.19 668.52 3,806.04 0,795.64) (4,166.35) period (I+II) 9 Total comprehensive income for the period 3,950.03 7,396.65 5,094.38 11,346.68 7,081.24 12,115.91 (7+8) 10 r.lid up equity shc1re CdpII.l) (F.1Ce Vdllle ~IO per 2,633.22 2.633.22 2,6'3 .22 2,63322 2.633.22 l .b'322 shMe) 11 Other equity (as per audited bJl;lIlce sheet <1S at 81.65719 3151 ~I.rch) 12 Basic earnings per equity share of t 10 each (in f) ' A For continuing oper.u ions 12.88 15.76 16.81 2864 33.71 61 71 B For discontinued oper'Hions C For continuil~.lIld disLOntinued operations 12.88 15.76 1681 28.64 :JJ.71 61 ;' 1 13 Dil uted earnings per equity share of ' 10 each (in W A For continuing operatio ns 12.88 15.76 16.81 28.64 3'.71 6171 B For discontinued oper.ltions C For continuing ,1I1d discontinued oper.ltions 12.88 15.76 1681 28.64 J371 6171 • [,lmillS Per SI/IIn' (£PS);5 ,wt ,lIl1Hl frl;Sl'd for tIlt' tlln'l' six 1I/011t:'5 (',II11'cl. Enl'qpzin~ .md Empt'\'h'ring It,di.r Smel' 1969
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Energizing and REC Limited Regd Office - Core-4, SCOPE Complex, 7, lodhi Road, New Delhi -110003 CIN: l4010lD11969GOlO05095 Statement of Assets and liabilities ( ~ in crore s) s. Particulars Standalone No. As at As at 30-09-2026 31-03-2026 (Unaudited) (Audited) ASSETS (1) Financial Assets (a) Cash and cash equivalents 64.93 45.36 (b) Bank balances other than (a) above 995.13 881.52 (c) Derivative financial instruments 21,419.89 19,960.94 (d) Receivables -Trade Receivables - - -Other Receivables 0.01 3.87 (e) Loans 6,12,677.74 5,79,243.08 (f) Investments 9,701.14 9,799.43 (g) Other financial assets 24,519.96 24,552.10 Total - Fillallcial Assets (1) 6,69,378.80 6,34,486.30 (2) Non-Financial Assets (a) Current tax asset s (net) 67.79 261.67 (b) Deferred tax assets (net) 2,365.97 3,516.05 (c) Investment Property 46.99 47.41 (d) Property, Plant & Equipment 556.39 565.36 (e) Capital Work ·in-Progress 144.61 127.71 (f) Other Intangible Assets 1.31 1.50 (g) Other non-financial assets 79.47 70.30 Total - NOIl-Fillallcial Assets (2) 3,262.53 4,590.00 (3) Assets classified as held for sale 0.01 0.01 Total ASSETS (1+2+3) 6,72,641.34 6,39,076.31 LIABILITIES AND EQUITY LIABILITIES (1) Financial liabilities (a) Derivative financial instruments 1,148.92 1,949.15 (b) Trade payables -Total outstanding dues of micro enterprises and small enterprises 0.02 0.03 ·Total outstanding dues of creditors other than micro enterprises and small enterprises 8.80 7.79 Other payables -Total outstanding dues of micro enterprises and small enterprises 1.42 2.07 -Total outstanding dues of creditors other than micro enterprises and small enterprises 9.80 14.21 (c) Debt securities 3,25,610.94 3,10,029.49 (d) Borrowings (other than debt securities) 2,01,540.71 1,95,315.61 (e) Subordinated liabilities 9,432.51 9,426.75 (f) Other financial liabilities 39,098.47 37,104.44 Total - Fillallcial Liabilities (1) 5,76,851.59 5,53,849.53 (2) Non-Financial liabilities (a) Current tax liabilities (net) 269.02 - (b) Provisions 1,003.57 598.65 (fl. Other non-financial liabilities 192.25 337.72 Total - NOIl-Fillallcial Liabilities (2) 1,464.84 936.37 (3) Equity (a) Equity Share Capital 2,633.22 2,633.22 (b) Instruments Fntirely Equity In Nature 558.40 558.40 (c) Other equitv 91,133.29 81,098.79 Total - Equity (3) 94,324.91 84,290.41 Total- LIABILITIES AND EQUITY (1+2+3) 6,72,641.34 6,39,076.31 V LlM/)' t- - ~p..iHU~ ~1 "'. <f 0 a *-" (' "J" C? ej A.~ 0 1* * • • I< • Delene lony·.) (") en I \" ~ :r. , l- e) New elhi ~ r .J. ~ .IN,Q I A ' A.~ Empowering India: Since 1969 ~ ,f "I. ~~ ~r v -~ ~DACC~ f:'red ACCO'V -
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S. No. A. 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 1 B. 1 2 3 4 5 6 7 8 9 c. 1 2 3 4 5 REC Limited Regd Office - Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi - 110003 CIN: L4010lDL1969G01005095 Statement of Cash Flows for the Half Year ended 30-09-2026 ( ~ in crore ) Particulars Standalone Half Year Ended 30-09-2026 30-09-2025 (Unaudited) (Unaudited) Cash Flow from Operating Activities: Net Profit before tax 9,483.27 11,199.70 Adjustments for: Loss! (Gain) on derecognition of Property, Plant and Equipment (net) 3.28 4.20 Depreciation & Amortization 13.27 13.20 Impairment losses on Financial Instruments (588.00) (481.93) Loss! (Gain) on Fair Value Changes (net) 300.09 60.97 Effective Interest Rate in respect of Loan Assets and Borrowings 168.25 218.45 Interest on Commercial Paper 143.04 37.93 Interest Accrued on Zero Coupon Bonds 90.31 85.00 Unrealised Foreign Exchange Translation Loss/ (Gain) 989.95 (785.67) Provision made for unspent CSR created 166.57 Provision / Provision written back (others) (0.08) 6.37 Interest on Investments & others (31.43) (32.60) Operating profit before Changes in Operating Assets & Liabilities 10,738.52 10,325.61 Inflow / (Outflow) on account of : Loan Assets (32,880.35) (15,675.90) Derivatives 4,535.50 2,815.13 Other Financial and Non- Financial Assets 61.77 1,685.23 Other Financial and Non- Financial Liabilities & Provisions 1,568.60 (201.481 Cash flow from Operations (15,975.96) (1,051.40) Income Tax Paid (including TDS and Income Tax Refund) (1,610.34 (1,915.441 Net Cash Inflow / (Outflow) from Operating Activities (17,586.30) (2,966.84) Cash Flow from Investing Activities Sale of Propert~', Plant & Fquipment 0.04 0.01 Investment in Property, Plant & Equipment (incl. CWIP & Capital Advances) (20.35) (32.73) Investment in Intangible As,ets (including intangible assets under development & (0.04) (0.22) Capital Advances) Finance Costs Capitalised (3.52) (2.85) Redemption/ (Investment) in High Quality Liquid Assets (HQLAs) (net) 116.85 (1 ,386.24) Redemption/ (Investment) in Debt Securities other than HQLAs (net) 2.15 2.15 Sale/(Investment) of/in shares of associates (Net) - Interest Income from investments - - Maturityf(lnvestment) of Corporate and Term deposits - Net Cash Inflow / (Outflow) from Investing Activities 95.13 (1,419.88) Cash Flow from Financing Activities Issue/ (Redemption) of Rupee Debt Securities (net) 13,338.86 19,916.91 Issue! (Redemption) of Comm ercial Paper (net) 6,733.89 2,839.54 Raising/ (Repayments) of Rupee Term Loans/ WCDL from Banks/ Fls (net) 7,202.95 7,816.66 Raisingl (Repayments) of Foreign Currency Debt Securities and Borrowings (net) (7,896.03) (17,813.58) Payment of Diyidend on Equity Shares (1,527.27 (2,843.88) Net Cash Inflow / (Outflow) from Financing Activities 17,852.40 9,915.65 Net Increase/Decrease in Cash & Cash Equivalents 361.23 5,528.93 Cash & Cash Equivalents as at the beginning of the period (296.35) (516.09) Cash & Cash Equivalents as at the end of the period 64.88 5,012.84 I " II Energizing and Empowering India: Since 1969
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Notes to the Standalone Financial Results: 1 The unaudited standalone financial results of the Company were recommended by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on October 26, 2026. These results have been limited reviewed by the Joint Statutory Auditors of the Company. 2. The unaudited standalone financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind-AS) 34 - 'Interim Financial Reporting', as notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India. 3 Pursuant to the Scheme of Merger of the Company into Power Finance Corporation Limited (PFC), approved by the Board of Directors on June 28, 2026, the Company has received Reserve Bank of India's no-objection certificate on October 15, 2026, and no objection letters from BSE and NSE on October 19, 2026. The Scheme remains subject to requisite statutory and regulatory approvals and fulfilment of the conditions to the effectiveness of the Scheme, including the approval of the shareholders and creditors of the Company and PFC and sanction by Ministry of Corporate Affairs (MCA), as may be required in accordance with the applicable laws and the provisions of the Scheme. 4 Provisioning on loan assets is based on "Expected Credit loss (ECl) methodology" under Ind-AS norms, duly approved by the Board of Directors of the Company and upon the report provided by an independent agency appointed by the Company, which inter alia considers ratings as issued/updated by the Ministry of Power for Distribution Companies (DJSCOMs). This is further reviewed wherever necessary considering the different factors as forming part of management overlays. The details of provisioning on loans assets are as follows: (~ in crore) SI.No. Particulars As at 30.09.2026 As at 31.03.2026 Stage 1 & 2 Stage 3 Total Stage 1 &2 Stage 3 Total I. Loan asset s 615,156.95 1,380.40 616,537.35 582,274.61 1,384.75 583,659.36 2. Impairment loss dllowancc* 5,356.91 705.62 6,062.53 6,185.47 707.98 6,893.45 3 . Provisioning Coverage (%) (2/1) 0.87% 51.12% 0.98% 1.06% 51.13% 1.18% • III additiollto the a/lOl'e, impairmellt allmt'allce I~f < 556.36 crore as al September 30,2026 «316.25 C((lre a, al March .H, 2026) is mai/ll aill ed t 01L'ard ~ Leifer I!f Comfort l LeIter of Ullderlakillg mId Ulldrll!PIl Comlllitmellts of Ihe Compally. 5 Interest and other income on credit-impaired loan assets is not being recognised as a matter of prudence, pending the outcome of resolutions of such assets, management is not expecting realisation of any income on such assets. 6 The Company's operation comprise of only one business segment - lending to power, logistics and infrastructure sector. Hence, there is no other reportable segment in terms of Indian Accounting Standard (Ind-AS) 108 "Operating Segments". 7 The Company has declared 2nd interim dividend of n.50/-per equity share (on face value of ~ 10/- each) and 30lh October 2026 has been fixed as Record Date for reckoning eligibility for payment of Interim Dividend and the same will be paid on or before 21s1 November 2026. The Company had earlier paid ~ 4.25 /- as 1st interim dividend for the FY 2026-27. 8 The Company has not issued any redeemable preference shares till date. 9 The additional information as required under Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as Annexure -A. 10 Pursuant to Regulation 54 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the secured listed non convertible debt securities iss lied by the Company and outstanding as at September 30, 2026 arc fully secured (1.42 times), sufficient to discharge the principal amollnt and the interest thereon at all times, by way of mortgage on certain immovable properties and/or charge on the loan assets of the Company, in terms of respecti ve offer document / information memorandum and/ or Debenture Trust Deed. Further, security cover for secured non -convertible debt securities (listed and unlisted) issued by the Company is 1.55 times as at September 30,2026. The Security Cover in the prescribed format has been annexed as Annexure-B. Energizing and Empowering India: Since 1969 I " II
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11 The Company raises funds in different currencie~ through a mix of term loan~ from banks / financial institutions / Government agencies and issuance of non-convertible securities of different tenors through private placement. The issue proceeds have been fully utilized and there are no material deviation(s) from the stated objects in the offer document / information memorandum of such non-convertible securities. The statement as prescribed under Regulation 52(7) & 52(7A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been annelled as Annellure-c. Further, there has been no default as on September 30, 2026 in the repayment of debt securities, borrowings and ~ubordinated liabilities and the Comoanv has met all its debt servicine oblillations. whether nrincinal or interest. durine the neriod. 12 There are no case of loans transferred /acquired during the quarter ended September 30, 2026 (corresponding pre\' ious three months- Nil) under Reserve Bank of India (l':on-Banking Financial Companies -Financial Statements: Presentation and Disclosures) Directions, 2025 dated November 28, 2025. 13 During the quarter, the Reserve Bank of India (RBI) classified the Company as an Upper Layer Non-Banking Financial Company (UL-NBFC). As such, the Comp<lIlv is in compliance with all regulato\'\ ' requirements applicable to UL-NBFCs. 14 The figures for the quarter ended September 30, 2026 and September 30, 2025 have been derived by deducting the ~'ear to date figures for the quarter ended June 30, 2026 and June 30, 2025 which were subject to limited review by joint statutory auditors. 15 Previous period /year's figures have been regrouped / reclassified, wherever necessary, in order to make them comparable with current period/year's figure. Place : Delhi Date : October 26, 2026 EnergIzing and Empower ing Indm- Smce 1969 I .. Jitendra Srivastava Chairman & Managing Director DIN - 06817799 "
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3m"lm REC ,..".-S1II ~"''''om~ Er>eJ,a1roeovt.In IMloJlOlWtllIt_ REC Limited Registered Office· Core·~, SCOPE Complex, 7, lodhi Road, New Delhi ·110003 CIN: l4010lD11969GOl005095 Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended 30·09·2026 51. Duarter Ended Half Year Ended No. Particulars 30-09·2026 30·06·2026 30-09·2025 30-09·2026 30-09·2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from Operations A Interest Income 14,669.49 H,2 00.47 14.5&997 28,869.96 29.18143 B DI\',Jend "Kome 0.28 024 0.53 052 053 C Fees and commiSSi on IIlcomt? 59.n 10911 -47375 168.85 61 7 94 D Sale of services 270.91 12508 8842 395.99 16936 1. Total Revenue from Operations (A to D) 15,000.40 14,434.92 15,152.67 29,435.32 29.969.26 2 Other (IlLome 10.03 34 57 9.71 44.60 171 0 3 Total income (1+2) 15,010.43 14,469.49 15,162.38 29479 .92 29.986.36 Expenses A FII1JI1ce costs 9,522.05 8,74750 9.130.68 18,269.55 13.064 86 B :'\et tr.tn,>lJ,tion/ tr.mS.lCtlOll e,dh1l1ge h' )~ 262.94 911 29 79 ·r; 1.174.23 13092 C Fee:. ilnd co mml!>~lon e\.pen!>e 4.31 632 1.1:; 10.63 II 15 D :\et 105S on ;.ur \'ollue eh.mges 0.53 29956 53.66 300.09 6~~.16 E Impalrmt?nt on fll1ancl.,llIlstrume nts 352.00 (96658 ) 13970 (614.58) (47009 ) F Cost (If ser\' h:es rend ered 170.70 746 9 ~7.65 245.39 112.~2 G Emplo yee benefits e~pcnses 76.50 7425 6670 150.75 130.68 H Depreci ,ltion clOd amorlizatlOn 6.74 6.79 666 13.53 13.36 I Corp orJte sodal resp onsl bllllY e~-pensec; 186.32 573 IS 04 192.05 50.90 J Other e>.pellSI!S 37.20 41.64 547' 78.84 91.55 4 Total Expenses (A to J) 10,619.29 9.201.19 9,613.44 19,820.48 18.771.01 5 Profit before ExceDtionalltems and Tax (3·4) 4391 .14 5.268.30 5.548.94 9659 .44 11.215.35 6 E>.cepti on,lIl tems 7 Profit before Tax (5·61 4,391.14 5,26B.30 5,548.94 9,659.44 11,215.35 Tax expense A CUl1'ent tax Curre nt YColr 1,026.88 1.08538 1.1641 9 2.112.26 2.205.6J ~ Earher years B Deterred tax (1\3.47) (984 ) (30.IS) (123.31) 129.08 B Total tax expense (A+B) 913.41 1,075.54 1,13M1 1,988.95 2.334.71 9 Net profit for Ihe period (7·B) 3,477.73 4,192.76 4,414.93 7,670.49 8,BBO.64 Other comprehensive Income/(loss) (J) Items that will not be reclassified to profit or loss A Re-meJsur eme nt g<lills/llosses) on defined 7.62 (H2) 6.74 3.20 39b benefit pldns - T .... , imp .,et Oil abo \'e (1.92) 1.11 (1 70) (081) (226) B Chang es in Fair V.Jlue of EqUity Instrumen ts (47.40) 45.52 6402 (1.88) 6852 measured .1 Fair Value thr ough Olher Comprehensi\'e Income (F\ 'OCI) - Tax imp.let on "bo\,e (343 ) (343 ) Sub·total (I) (41.70) 42.21 65.63 0.51 71.79 (Il) Items that will be reclassified to profit Or loss A Efieeti\'e portion of gains .md loss on hedging 3.62 960.29 ( ~~6.1 ~ 1 963.91 (3.896.25) instruments in cash fl o\\' hedges - T.n: imp.let on abo\'e (0.91) (241.69) 61.95 (242.60) 980.61 B Cost of hedgi ng reser\'e 798.91 3.322.62 1.051.79 4,121.53 1.400.75 - Tax impact on abo\'e (201.07) (836.24) (264 71) (1,03731) (352.5~) Sub·total (Il) 600.55 3,204.9B 602.89 3,805.53 (1,867.43) '" Enl'rgi .,illE: .1I1ct EmptWh·ring Indi., Smel' 1969 (f ' In crores Year Ended 31-03·2026 (AudIted) 57.860 49 1017 1.26493 ·H857 59,5B4.16 H 19 59,628.35 36.238 12 27::! 60 1562 96246 23140 lOl16 271 51 27 O~ 3429 9 18 0S~ 3B,B43.74 20,784.61 1828 20.766.33 3,752.6i 033 70516 4,458.16 16.308.17 1.09 (0.27) (75.76) m.941 (6.42~ 40) 1.616.89 95695 (240.85) (4,091.411
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10 Other comprehensiv e Incorne/(loss) for the 558.85 3,247.19 668.52 3,806.04 (1,795.64) (4,166.35) period (I+1l) 11 Total comprehensiv e Income for the period 4,036.58 7,439.95 5,083.45 11,476.53 7,085.00 12,141.82 (9+10) 12 Pdld up equih ~1l.1re cclpit.11 (r,Ke \ '.llue ~JO per 2,633.22 2,633.22 2,633.22 2,633.22 2.633 22 2,63322 share) 13 Other equity (as per audited balance sheet as at 82.-121 19 31st ~(.rch) 14 Basic earnings per equity share of' 10 each (in f)' A For continuing operillions 13.21 15.92 16.77 29.13 33.73 6181 B For discontinued oper.1tions C For ,onlinum~ Jnd discontinued operations 13.21 15.92 16.77 2913 33.7~ 6181 15 Diluted earnings per equity share of f "10 each A For continUing operations 13.21 15.92 16.77 29.13 33.73 61.~1 B For discontinued operations - C For contillulOR. ,lI1d discontinued oper.Hions 13.21 15.92 16.1'1 29.13 33.73 6181 • EflrtllllS P,,/, Shl!n' (EPS) 1:0 Hot flIUHlflh~t'dfor lilt' tlm'l' SIX 1Il(lllth~ ,'"dl'd. Encrgi'l.il1~ .md Emp'l\\l 'f1ng Indl,l: Slne,,-' 1969 '" .,
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Energizing and S. No. (1) (a) (b) (c) (d) (e) (f) 1&2 (2) (a) (b) (c) (d) (e) (f) (g) (3) (1) (a) (b) (c) (d) (e) (f) (2) (a) (b) JQ (3) (a) (b) (c) REC Limited Regd Office - Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi -110003 ClN: L4010lDL1969GOJ005095 Statement of Assets and Liabilities (~ in crore s) Particulars Consolidated As at As at 30-09-2026 31-03-2026 !Unaudited) (Audited) ASSETS Financial Assets Cash and cash equivalents 458.90 293.39 Bank balances other than (a) above 1,893.81 1,317.70 Derivative financial instruments 21,419.89 19,960.94 Receivables -Trade Receivables 183.13 293.21 ·Other Receivables 0.01 3.87 Loans 6,12,677.74 5,79,243.08 Investments 9,734.05 9,831.45 Other financial assets 24,508.48 24,556.23 Total - Fillfl1lcial Assets (1) 6,70,876.01 6,35,499.87 Non-Financial Assets Current tax assets (net) 79.98 280.15 Deferred tax assets (net) 2,382.99 3,539.59 Investment Propert~' 0.96 0.98 Property, Plant & Equipment 603.10 612.51 Capital Work-in-Progress 144.61 127.71 Other Intangible Assets 1.73 2.01 Other non-financial assets 88.38 79.64 Total - NOli-Financial Assets (2) 3,301.75 4,642.59 Assets classified as held for sale 10.71 15.54 Total ASSETS (1+2+3) 6,74,188.47 6,40,158.00 LIABILITIES AND EQUITY LIABILITIES Financial liabilities Derivative financial instruments l,l48 .92 1,949.15 Trade payables -Total outstanding dues of micro enterprises and small enterprises 0.02 0.03 -Total outstanding dues of creditors other than micro enterprises and small enterprises 167.87 179.67 Other payables -Total outstanding dues of micro enterprises and small enterprises 1.42 2.07 -Total outstanding dues of creditors other than micro enterprises and small enterprises 9.80 14.21 Debt securities 3,25,562.44 3,09,982.83 Borrowings (other than debt securities) 2,01,540.71 1,95,315.61 Subordinated liabilities 9,432.51 9,426.75 Other financial liabilities 39,632.73 37,290.26 Total - Fillallcial Liabilities (1) 5,77,496.42 5,54,160.57 Non-Financial Liabilities Current tax liabilitie s (net) 269.02 - Provisions 1,004.94 599.88 Other non -financial liabilities 199.33 343.1 4 Total - N07I-Fillfillcial Liabilities (2) 1,473.29 943.02 Equity Equity Share Capital 2,633.22 2,633.22 Instruments Entirely Equity In Nature 558.40 558.40 Other equitv 92,027.14 81,862.79 Total - Ei/llitll (3) 95,218.76 85,054.41 Total- LIABILITIES AND EQUITY (1+2+3) 6,74,18M7 6,40,158.00 - (j LlM/;- ~~THUIi> ~. C' ~. A- 60, 0 * * "J' <? ( • Detenc olony·. I) y~ a ., ~ of" \ .J LfI ~ ( h C'l New elhi " Empowering India: Since 1969 ~ 1:! '// ""I. ~'I:i ~ ~~~ &I'&d AccO'\>~ '?cD Ar:COV>
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S. No. A. 1 2 3 4 5 6 7 8 9 10 11 1 2 3 4 1 B. 1 2 3 4 5 6 7 8 9 C. 1 2 3 4 5 REC Limited Regd Office - Core-4, SCOPE Complex, 7, lodhi Road, New Delhi -110003 CIN: l40101D11969GOI005095 Statement of Cash Flows for the Half Year ended 30-09-2026 (~ in crore s) Particulars Consolidated Half Year Ended 30-09-2026 30-09-2025 ~(Unaudited) . (Unaudited) Cash Flow from Operating Activities: Net Profit before tax 9,659.44 11,215.35 Adjustments for: loss ! (Gain) on derecognition of Property, Plant and Equipment (net) 3.28 4.20 Depreciation & Amortization 13.53 13.36 Impairment losses on Financial Instruments (614.58) (470.09) Loss! (Gain) on Fair Value Changes (net) 300.09 60.97 Effective Interest Rate in respect of Loan Assets and Borrowings 168.25 218.45 Intere~t on Commerciall'aper 143.04 37.93 Interest Accrued on Zero Coupon Bonds 90.31 85.00 Unrealised Foreign Exchange Translation Loss! (Gain) 989.95 (785.67) Provision made for unsp ent CSR created 166.57 - Provision / Provision written back (others) (0.08) 6.37 Interest on Investments & others (59.10) J54.04) Operating£fofit before ChanS.-es in O~eratingAssets & Liabilities 10,860.70 10,331.83 Inflow / (Outflow) on account of: Loan Assets (32,880.35) (15,675.90) Derivatives 4,535.50 2,815.13 Other Financial and Non- Financial Assets (188.54) 1,637.22 Other Financial and Non- Financial Liabilities & Provisions 1,906.04 (169.92\ Cash flow from Operations (15,766.65) (1,061.64) Income Tax Paid (including TDS and Income Tax Refund) (1,643.85 (1,943.63) Net Cash Inflow I (Outflow) from Operating Activities (17,410.50) (3,005.27) Cash Flow from Investing Activities Sale of Property, Plant & Fquipment 0.04 0.01 Investment in Property, Plant & Fquipment (incl. CWIP & Capital Advances) (20.48) (32.88) Investment in Intangible Assets (including intangible assets under development & (0.04) (0.22) Capital Advanc es) finance Costs Capitalised (3.52) (2.85) Redemption/ (Investment) in High Quality Liquid Assets (HQ LAs) (net) 116.85 (1,386.24) Redemption/ (Investment) in Debt Securities other than HQLAs (net) 2.15 2.15 Sale!(lnvestment) of lin shares of associates (Net) 4.83 (5.35) Interest Income from investments 16.78 14.97 Maturitv/(hwestment) of Corporate and Term deposits (51.34) (58.03\ Net Cash Inflow I (Outflow) from Investing Activities 65.27 (1,468.44) Cash Flow from Financing Activities Issue! (Redemption) of Rupee Debt Securities (net) 13,338.86 19,916.91 Issuel (Redemption) of Commercial Paper (net) 6,733.89 2,839.54 Raisingl (Repayments) of Rupee Term Loansl WCDL from Banks/ F1s (net) 7,202.95 7,816.66 Raising! (Repayments) of Foreign Currency Debt Securities and Borrowings (net) (7,896.03) (17,813.58) Pavment of Dividend on Equitv Shares (1,527.27 (2,843.88 Net Cash Inflow I (Outflow) from Financing Activities 17,852.40 9,915.65 Net Increase/Decrease in Cash & Cash Equivalents 507.17 5,441.94 Cash & Cash Equivalents as at the beginning of the period (48.32) (337.22) Cash & Cash Equivalents as at the end of theJ,_eriod 458.85 5,104.72 II Energizing and Empowering India: Since 1969 I "
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Notes to the Consolidated financial results: 1 The unaudited consolidated financial results of the holding company were recommended by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on October 26, 2026. These results have been limited reviewed by the Joint Statutory Auditors of the holding company. 2 The unaudited consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind-AS) 34 - 'Interim Financial Reporting', notified under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time, and other accounting principles generally accepted in India. 3 Pursuant to the Scheme of Merger of the Company into Power Finance Corporation Limited (PFC), approved by the Board of Directors on June 28, 2026, the Company has received Reserve Bank of India's no-objection certificate on October 15, 2026, and no objection letters from BSE and NSE on October 19, 2026. The Scheme remains subject to requisite statutory and regulatory approvals and fulfilment of the conditions to the effectiveness of the Scheme, including the approval of the shareholders and creditors of the Company and PfC and sanction by Minishy of Corporate Affairs (MCA), as may bt~ required in accordance with the applicable laws and the provisions of the Scheme . 4 The limited reviewed consolidated financial results of the subsidiary company REC Power Devc10pment and Con sultancy Limited has been consolidated in accordance with the Indian Accounting Standard 110 'Consolidated Financial Statements'. 5 Provisioning on loan assets is based on "Expected Credit Loss (ECL) methodology" under Ind-AS norms, duly approved by the Board of Director s of the Company and upon the report provided by an independent agency appointed by the Company, which inter alia considers ratings as issued/updated by the Ministry of Power for Distribution Companies (DTSCOMs). This is further revit?wed wherever necessary considering the different factor s as forming part of management overlays. The detail s of provisioning on loans assets are as follows: (~ in crore) S1. No. Particulars As at 30.09.2026 As at 31.03.2026 Stage 1 & 2 Stage 3 Total Stage 1 & 2 Stage 3 Total 1. Loan ass~ts 615,156.95 1,380.40 616,537.35 582,274.61 1,384.75 583,659.36 2. Impaimlent loss allowance' 5,356.91 705.62 6,062.53 6,11\5.47 707.98 6,1193.45 3. Provisioning Coverage (%) (2/1) 0.87% 51.12% 0.98% 1.06% 51.13% 1.18% '/11 additioll to tile a/lOllc. impairmellt al/owullce of (556 .36 crore as lit September 30, 2026 «(316.25 crore liS lit Marcil 31,2026) IS mamtalllcd towards Leiter of Comfort! Letter of Ulldcrfakillg alld tll/drawl/ Com mifmell fs of the COl1qJam/. 6 Interest and other income on credit-impaired loan assets is not being recognised as a matter of prudence, pending the outcome of resolutions of such assets, management is not expecting realisation of any income on such assets. 7 The Group operation comprise of only one business segment - lending to power, logistics and infrastructure sector . Hence, there is no other reportable segment in terms of Indian Accounting Standard (Ind -AS) 108 "Operating Segments". 8 The Company has declared 2nd interim dividend of B.50/ -per equity share (on face value of ~ 10/- each) and 30th October 2026 has been fixed as Record Date for reckoning eligibility for payment of Interim Dividend and the same will be paid on or before 21st November 2026. The Company had earlier paid ~ 4.25/ - as 1st interim dividend for the FY 2026-27. 9 The Company has not issued any redeemable preference shares till date. 10 The additional information as required under Regulation 52(4) of SEBI (Listing Regulations, 2015 is annexed as Annexure -A. Energizing and Empowering India: Sine," 1969 Requirements) II
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11 There are no case of loans transferred/acquired during the quarter ended Sept ember 30, 2026 (corresponding prev ious three months- Nil) under Reserve Bank of India (Non-Banking Financial Companies -Financial Statements : Presentation and Disclosures) Directions, 2025 dated November 28, 2025. 12 During the quarter, the Reserv e Bank of India (RBI) classified the Holding Company as an Upper layer Non-Banking Financial Company (Ul-NBFC). As such, the Holding Company is in compliance with all regulatory requirements applicable to Ul-NBFCs. 13 The figures for the quarter ended September 30, 2026 and September 30, 2025 have been derived by deducting the year to date figures for the quarter ended June 30, 2026 and June 30, 2025 which ",ere subject to limited review by joint statutory auditors. 14 Previous period /year's figures have been regrouped/ recla~sified, wherever necessary , in order to make them comparable with current period/year's figure. Place : Delhi Date: October 26, 2026 Energizing .md Empow er lllg India: Since 1969 I , Jitendra Srivastava Chairman & Managing Director DIN - 06817799 II
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Disclosure in compliance with Regulation 52(4) of Secur ities and Exchange Board of Ind ia (listing Obligations and Disclosur e Requireme nts ) Regulations . 2015 A atl Fo the 0 rte IHalf Y ~ r y a r U [ ~ nded Sellte b 30 2026 OJ ~[ Sta ndalo ne S. No. rarticulars Unit As atJ For th e quarter As at! For the pe rio d ended 30.09.2026 ended 30.09.2026 I Debt Equity R.lIio1 times 560 2 Oubt~1I1ding Redeem.lble prd~rl!llI.:e ~hMe) t in Crore~ ,\ ,1 3 tcaPitill Redemption Reserve I Debenture Redemption Resen e tin Crorc!:> ,\,1 4 'et \Vorth} tin Crores 94,1249 1 , 'et Profit Afler Tin, t in Crore~ ',391.15 7,54064 6 Earnings Per Share (not al1l1l.1ahsed) (.1) Basic ~ I~ 88 2864 (0) Dllute..-t ~ 1288 2864 7 Total debts to total assets} times 078 8 10perolling \1arglll 04 .. .. 2896 32 5~ 9 'el proiit ~larglO!o " . 2301 2594 10 Sector specific equi\'alent r.ll/os (.,) CRAfl' " " 2~ O~ "D (0) CET - " " 20.91 ". (,) Gross Credit Impaired Assets Ratio " " t) ::!2 (d) 'et Credit Imp.Hred ,\ssets H.lllo , " , 011 As at/ For the quarter/period ended September 30 2025 Standalone S. No. Particulars Outst.lndlng Hedeem.lble preference sh.\res Clpit&ll Redemption Reserve I Debenture H.cdemption H.escrve \'el Proiil .Afler Ta, Earnings Per Share (nol anllualised) (.,) Basic (b) Diluled TOtoll debts to total assets 3 Operating ~fargin· ~et protit \Jargin!o 10 Sector specit'iccquivalent rallios (b) CET (I:) Gross Credit Impaired Ao;sets Ratio ~ (d) ~et Credit Impaired Assets ({'1Ii0 9 :\otes: Unit times tin Crore!:> t in Crore~ ~ in Crorc~ tin Crores times "" As atl For the quarter ended 30.09.2025 4,4~5 86 16.81 16.81 36.74 29.32 Debt/Equity R<llio = '\et Debll :\et Worth (Net deb, YClJTC$C"t!-I'Titlcip!lllllltSt4l1:tii"g less l.,Sil.1I111 Lash l'qlliZ',,1Cllt:5 Ilrml,lbk .) :\et Worth is ccllcul<lled ilS defined in section 2(.57) of Compllnies Acl, 2013. Tol.11 debls to lotell c1ssels = Tol.11 Debt/ Total .·\ssets. Oper.tting ~1Jrgin = ~et Oper.lting Profit BeforeT.l>. ITot.ll He\'enue from Oper.ltion. :\ct Profit \lilrgin = '\et Proiit .liter T<.l>./ TctJI Income. CRAR = Adjusted '\et worth/ Risk weighted assels, calculated as per apphcable RBI guidelines CET = Common Equity Tier 1 / Total Risk \-\'cighted Assets Gross Credit lmpaired ~\ssel RatiO = Gross Credit Impaired Assets / Gross loan Assets ~et Credit Impaired Asset RatiO = 'et Credit Impaired Assels I Gross loan -\ss~ts As atl For the period ended 30.09.2025 607 ~,I ~,I 82,718.90 8,87655 ,371 3371 079 3i 51 29.i6 2.174 '\A 106 024 Anne xure A Consolid.1ted As at / For the quarter As atl For the period end ed 30.09.2026 ended 30.09.2026 " :; ~ ,\,1 ,\,1 95,2187b 3,4i'i.7l ;,6 70 49 1321 :!911 1321 2913 0 78 29 ::! I ,~ 66 23 17 26 0 ~ 2~ 0';" , 20 9 1"" () ~::! 011 Consolidated As at ' For the quarter ended 30.09.2025 4.41';93 1677 1677 3636 2912 As atl For the period ended 30.09.2025 602 Xii :\il 81,480.7, 8.88U 64 3;173 3371 0 79 37 ~7 2962 23.74 'A I U6 o ::!~ 10 Debt Service Co\'er,\ge Ratio, Interest Sen'ice Coverage Rntlo, Current RiltlO, Current Llclblht\· RilIIO, Long Term Debl to Workins Capit.ll. Debtor) Turnover, hwentory Turnover and Bad Debts to Accounts [{el:eiv.lble R,Itio are not .1pphc.lblc to the comp.Hl\ Encrgizing and Empowering India : Since 1969
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ColumnA P.utlcul.u S Assets Properly,Plolnl and ~enl (.)pllal work In progrcs~ Richtof Use Asstts Goodwill Intangible Assel'- lntangibl.: Asse ts under Dl!velopment Investments loaMS [book debts I~ntorjt's Trade Reccivablts Cash and Osh~ival.lnt5 Bank balan ces other than cash and (.:I ~ h J..quivalanls Olher , Total tiabilihH Secured driJt Sl'curities a.Debt s«urittes to wh ich thiS ccrtific.,te pertains b. Other debt sh.uing pari· passu charge wilh above debt Unsec:ured debt sec:urities a Other Debt b, SuborOll"lated debt ",,",,-Ban, Others borrow!!!IL Trolde P3yables Lease Liabilities ProvIsions Olhers Total Cover on Book Value Covtt on Market Value Column B OesctlPtjon 01 asset for which this cerllfll:"le tel.,te LOlnd and Building Book debts c.oun.nc Column D """"'"( """",,,' ExclUSIVe ChOJrgc ! h:tlUSfYC ChOJrge !Pall -Pauu Ch.uge IpOJr,.P.»su Charge Ocb~ for which Ihls IOlher Secured certificate Molng debl ",..., Book V~lue Book Value Assets shared by pari p.nsu Debl for wt'nch Ihlsldebt holder (Indudes debt for certlfiutc Moll'll which this certlflCo)le IS 1~5ued ISSued & ott~r debl with paflpilSSu cfwrge) . .,/ No Y • ., Yo. Yo< N. Book Value 2.19 12,7S9 .8O 12,761.98 9,000. % 4 3 (;450 .92 Security CDver Cenif.atr ~5 on September 30, lOl6(lrstrd) ColumnG P.lri PilSSU Ch;Jrge Other assets on which there 15 pan·Passu charge lexduding ilerm ccweted Inc~umnF) Book Value ICoIumnH As~lsnot Icffe'fedas Security 554 20 144.61 I I I 9,70114 69,ooo.00! S,3O,9]7 94 6752 992504 48,500 08 '9,000.00 I 5,90,879.35 debt amount considered more than once Idue 10 exclUSIVe plus POUl PiJSW dwrgc) Column I Column I( Debts not bacled by any assels offeled a~ (Total srcurlty(apphcabte only 10f C to J) habllitY~I~ ... ,. 144 61 III 9,70) 14 6,12, 617 14 6752 99254 48,50008 6,72,641.)) 9.1).)056 4 ). 604 ~9 ' :!,7;J<,964.46 2.72.964.46 NollO be ll4h:'d I ~,-~~.~- I 9,432.S1 ExciU'AVe kcuflty Cover R.ltio S2.,646.48 Pari·P~su SKurity Co~r R.1tlO 1.42 76.321.2S 1.24,719.46 8.82 l,CX)3.S1 40.719.88 5.2S,669.95 76,821.25 1,24,119.46 8.82 1,003.51 40,719.88 5,78,316.4) 1 We' confirm that the Company has complied With the covenants and has utilIZed the proceeds raised from above mentioned debt securilies for the purposes as specified In the d.sclosure documents of the Non-convert ble debt i-f'CUh1Jof1.- 2 The market value of ~ 14.22 crore of the Immovable pro~rtv is on thl! baSIS at certified valuation done on April 01, 202S IVadodatOll.,nd April 15, 2025(Chennall Column L ColumnM Column N I CDlumn 0 Reldlcd 10 only 1h<Y.A:' Items CCYCred by thl\ cell 'Icdlc C"rrylng /book value for exclUSive charge assets COltry ng va' ue/book value Annexure 8 ~in CrorcJ CDlurnn P where markc' v.,luc IS Markel Va 'uc lor lnol ascertainable or IMarket Value Itor part pin~u ch.:Jrge A5~t~ chOlrgcd on lot POlfl pa .... u d5set~ where m.lrket value IValUe[l tMt applic:ablt (FOf [8, B.lnk h 'ClU'.Ne baSts charge Aueti Ii not ')scertdm"ble NtO) 8alanct, OSRA or OIpphC.;Jble Total matketvalue t$nOI appl lcdblei Rcloliine to COlumn F 14 22 14.2.2 1422 12,759.80 I 12,759.80 12..759.80! 12,774.02 1.4Z 1.4Z
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Annexure-C Disclosure in compliance with Regulation 52(7) & 52(7 A) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended 30th September 2026 A. Statement of utilization of issue proceeds: fin Crores Mode of Fund If 8 is Yes, Raising then specify Name of (Public Type of Date of Any the purpose of Remarks, issues/ Private instru raising Amount Funds deviation for which the the Issuer ISIN if any placement) ment funds Raised utilized (Yes/ No) funds were utilized 1 2 3 4 5 6 7 8 9 10 REC Limited Private NCO 17-07-2026 NO NA INE020B08GG7 Placem ent 2919. 00 2,91 9.00 REC Limited Private NCO 11 -08-2026 NO NA INE020B08GI3 Placement 3000.00 3,000.00 REC Limited Private NCO 11-08-2026 NO NA INE020B08GH5 Placement 3346.0 0 3,346.00 REC Limited Private NCO 31 -08-2026 NO NA INE020B08G]1 Placement 2,502.00 2,502.00 REC Limited Priva te NCO 07-09-2026 NO NA INE020B08GK9 Placement 500.00 500.00 REC Limited Private NCO 16-09-2026 NO NA INE020B08GM5 Placem ent 4 000.00 4,000.00 REC Limited Private NCO 16-09-2026 NO NA INE020B08GL7 Placem ent 3000.00 3,000.00 Total 19,267.00 19,267.00 ~~THUJil -=- V LlM/)- ~ 0 ' ~ ~ (,. t · CO 0 "i 0 I () Y--1i 'h ) I( * Oefe e Colony'. ~*A . *} ~<J N elhi .f!! c;.)..... 1&0/; ~ INDIA ~ .i"& ~ ... ">. t..:. ~~
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Bo Statement of deviation! variation in use of Issue proceeds: Particulars Remarks Name of listed entity REC LIMITED Mode of fund raising Ihlslie issl:lel Private placement Type of instrument Non-convertible Securities Date of raising funds Please refer Col. 5 above table Amount raised ~ 19,267.00 crores Report filed for quarter ended 30-09-2026 Is there a deviation / variation in use of funds raised? N.A. Whether any approval is required to vary the objects of the issue stated in the prospechls / offer document? If yes, details of the approval so required? Date of approval N.A. Explanation for the deviation/ variation Comments of the audit committee after review Comments of the auditors, if any Objects for which funds have been raised and where there has been a deviation / variation, in the following table: Original Modified Original Modified Funds Amount of deviation! variation for the quarter Remarks, if object object, if allocation allocation, if utilised according to applicable object any any any (t in Crores and in %) - -------- N A ------- Deviation could mean: -a. Deviation in the objects or purposes for which the funds have been raised. ~E."TA~ b. Deviation in ~"'1fH~ funds actually utilized as against wh~~<JM~y disclosed. +~ r",O,- A '! !fe-y ' cf~ lrJ~ I *~ I c; A-~ '6 ~ ~. I * Defence • I~ny 0 ... ~* * II D _ ~ I ND I A ~ -- ~ ~~ ~_ Newel r _I'/. 4 0. !J "I?£O ACeO
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PRESS RELEASE REC RECORDS STRONG AUM GROWTH OF ~ 26,537 CRORE IN Q2 FY27 LED BY GROWTH IN RENEWABLE PORTFOLIO OF ~ 8,064 CRORE AND GROWTH IN NETWORTH OF 14% ON YOY BASIS PAT RECORDED AT ~ 7-,-540 CRORE Delhi, October 26, 2026: The Board of Directors of REC Limited, today approved the standalone and consolidated financial results for the quarter and half year ended September 30, 2026. KEY HIGLIGHTS • GROWTH IN AUM BY 26,537 CRORE, LOAN BOOK AT 6.17 LAKH CRORE ON 30.09.2026 • ONE OF THE LARGEST RENEW ABLE ENERGY PORTFOLIO A T ~ 86,660 CRORE; GROWN BY 27% ON YOY BASIS • llGHEST DISBURSEMENT (AMONG PEERS) IN POWER SECTOR OF ~53,541 CRORES IN ~ FY27 • llGHEST DISBURSEMENT (AMONG PEERS) IN POWER SECTOR OF ~79,207 CRORES IN HI FY27 • GROWTH IN NETWORTH OF 14% ON YOY BASIS • FmST ISSUER OF SEBIIRBI PILOT PROJECT TOKENISED BOND Robust sequential Growth in Loan Book: Q2 FY27 vs QI FY27 India's peak power demand scaled new peak in FY27, demonstrating the robustness of the power sector and its ability to meet new emerging challenges in a cohesive and positive manner. The strong power offtake coupled with REC's relentless focus on technology-driven credit assessment & customer-centric solutions, resulted in strong AUM growth. The Loan Book of REC increased by 5% sequentially during the quarter reaching ~6.17 lakh crore as of September 30, 2026, reiterating the fact that REC remains the largest standalone fmancier in the power sector. With Ministry of Power's continued & targeted efforts, the financial health of power utilities continued to improve, reflecting in lower sectoral credit risk premiums. REC has been adequately passing on these benefits to the sector in line with market and still maintained a healthy NIM of 3.22% during HI FY27. With strong operational and financial performance , REC recorded a profit after tax of ~ 7.541 crores during the half year ended September 30,2026, translating into an
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annualised EPS of~57.27. Backed by sustained profitability, the Company's capital base further strengthened with Net Worth increasing by 14% year-on-year to ~94,325 crore. Continuing Company's consistent dividend payout tradition, the Board of Directors has declared the Second Interim Dividend of ~3.50 per equity share (face value ~10 each) for FY 2026-27. REC continues to maintain pristine asset quality and resolved a Stage III asset of ~4.16 crore during the quarter, resulting in net NPA reaching 0.11 % as of September 30, 2026. The Stage-II loan assets also reduced by 80% to ~3,235 crore as on 30.09.2026 as compared to last year, driven by focused recovery efforts and effective monitoring. REC continued to expand its presence in strategic growth sectors. The renewable energy portfolio grew to ~86,660 crore with Yo Y growth of 27%, reflecting Company's commitment towards India's clean energy transition. The portfolio of newly entered non-power infrastructure and logistics sector has increased to ~61 ,637 crore, representing over 10% of the overall loan assets, underscoring REC's position as one-stop solution for all financing needs across the infrastructure sector UnIverse. REC maintained a strong capital position, with a CRAR of 24.04% and CET I capital of20.91% as on September 30,2026, well above RBI-mandated minimum of 15% and 9% respectively, providing ample capacity to support future business growth. During the quarter, REC was honored with the Data Center Champion Award 2026 and Silver Awards for Best Corporate Bond Issuer and Best PSU Issuer, highlighting its excellence in infrastructure financing and debt capital markets. Company also successfully issued India's first Pilot Issue on Tokenised Corporate Bonds Under SEBI Regulated Sandbox Framework with issue size of ~500 crore. Demonstrating deep investor confidence and enthusiasm for cutting edge market innovations, the issue received an overwhelming market response from investors, clocking a book building of ~796 crore . With a diversified presence across power, renewable energy, infrastructure, and logistics, REC is well-positioned to capitalize on emerging growth opportunities . The Company continues to playa pivotal role in advancing India's infrastructure transformation while supporting key policy initiatives and fostering long-term value creation.