REC Limited Company Profile and Performance

REC Limited is a leading manufacturer of solar panels with a global presence.

The company was founded in 1997 in Norway and has since grown to become one of the largest solar panel manufacturers in the world.

REC Limited is headquartered in Oslo, Norway, and has a strong presence in Asia, Europe, and the Americas.

REC's solar panels are designed to be efficient, reliable, and durable, making them a popular choice among solar energy system owners.

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REC Limited has a significant presence in the global financial services market, ranking among the top 500 Global Financial Services brands by UK-based plc Brand Finance.

The company's Initial Public Offer (IPO) in February 2008 was a huge success, with 156,120,000 equity shares oversubscribed by about 27 times, raising ₹819 crore. This was followed by another issue of 171,732,000 equity shares in February 2010, which was oversubscribed by 3.14 times, raising a total of ₹26.47 billion.

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REC Limited has a strong credit rating, with domestic debt instruments assigned "AAA" by credit rating agencies CRISIL, Fitch, and ICRA. Its international credit rating is also at par with India's sovereign rating, as rated by Moody's and Fitch.

Here's a breakdown of REC Limited's equity capital over the years:

REC Limited's total liabilities have been steadily increasing over the years, reaching ₹614.5 billion in Mar 2025. The company's total assets have also been increasing, reaching ₹614.5 billion in Mar 2025.

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REC Limited's shareholding pattern has remained relatively stable over the years, with promoters holding a consistent 52.63% stake since 2019.

The number of shareholders has increased significantly, from 2.8 million in 2017 to 11.3 million in 2025.

Here's a breakdown of the shareholding pattern for REC Limited:

The Board of Directors at REC Limited is composed of experienced professionals, with the youngest director being 42 years old and the oldest being 59 years old.

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REC Limited has several group companies, one of which is REC Power Distribution Co., Ltd. This company provides electric distribution services and is based in New Delhi, India.

The CEO of REC Power Distribution Co., Ltd. is Sushil Kumar Lohani. He is responsible for overseeing the company's operations and making key decisions.

One of the notable features of REC Power Distribution Co., Ltd. is that it is a subsidiary of REC Limited and ultimately controlled by the Government of India.

Here's a list of some of the key statistics for REC Power Distribution Co., Ltd.:

The shareholding pattern of a company is a crucial aspect of its governance structure. The data shows that the promoters have maintained a consistent shareholding percentage of 52.63% since Sep 2022.

One interesting observation is that the number of shareholders has been increasing steadily, from 520,507 in Sep 2022 to 11,26,511 in Jun 2025.

The classification of shareholders has changed from Sep 2022 onwards, which might be the reason for the sudden changes in FII or DII. This change has added more details to the XBRL format.

Here's a breakdown of the shareholding pattern over time:

The number of shareholders has increased significantly, from 2,80,923 in Mar 2017 to 11,26,511 in Jun 2025.

The board composition of REC Limited is made up of experienced individuals with diverse backgrounds. Jyoti Shubhra Amitabh has been a Director/Board Member since 2012-09-02.

The average age of the board members is not publicly disclosed, but we do know that Manoj Sharma is 59 years old and Shashank Misra is 42 years old. Harsh Baweja is also 59 years old.

The tenure of the board members varies, with some serving for several years. Jyoti Shubhra Amitabh has been on the board since 2012, while Narayanan Tirupathy joined in 2023-03-05. Manoj Sharma and Shashank Misra also joined in 2023.

Here's a list of the board members and their joining dates:

Jyoti Shubhra Amitabh - 2012-09-02Narayanan Tirupathy - 2023-03-05Manoj Sharma - 2023-07-10Shashank Misra - 2023-08-20Gambheer Singh - 2021-11-14Durgesh Nandini Tiwari - 2021-12-26

It's worth noting that some board members' ages are not publicly disclosed.

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The Executive Committee of REC Limited is comprised of key individuals who oversee the company's operations. Harsh Baweja, the Director of Finance/CFO, is 59 years old.

One of the notable members is Jyoti Shubhra Amitabh, who serves as the Compliance Officer. She has been in this role since September 2, 2012.

The company also has a Chief Operating Officer, T. Subash C. Bosh, who oversees the operational aspects of the business.

Mangi Lal Kumawat holds the position of Corporate Officer/Principal and will be in this role until September 30, 2024.

Here is a list of the Executive Committee members mentioned in the article:

Related Party Transactions are a crucial aspect of Shareholding and Governance.

All Related Party Transactions submitted by the Company for quarter ended March 2025 and thereafter will be available under Integrated Filing - Financials.

You can access these transactions by clicking on the provided link.

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REC Limited has a strong presence in India, with 22 regional offices supporting its business operations. The company's corporate headquarters is located in Gurugram, while its registered office is in New Delhi.

The company primarily provides finance for rural electrification projects across India, loaning to various entities such as Central/ State Sector Power Utilities, State Electricity Boards, and Rural Electric Cooperatives. REC also provides consultancy, project monitoring, and financial/technical appraisal services.

REC has financed various projects, including system improvement, intensive electrification, pump-set energisation, and the APDRP Programme.

REC is the 12th Maharatna Company functioning under the purview of the Ministry of Power.

The company is listed on both the National Stock Exchange and the Bombay Stock Exchange.

Its business operations in India are supported by 22 regional offices.

The corporate headquarters of the company is located at Gurugram.

REC primarily provides finance for rural electrification projects across India, loaning to various entities such as Central/ State Sector Power Utilities and NGOs.

The company acts as a nodal agency for public schemes or projects, offering consultancy, project monitoring, and financial/technical appraisal services. It also audits financial requirements of transmission and distribution (T&D) utilities.

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REC has financed various projects, including system improvement, intensive electrification, pump-set energisation, and the APDRP Programme. The company physically and financially monitors T&D schemes.

REC offers loans for renewable energy projects, including solar, wind, small hydro, biomass, and cogeneration/hybrid projects. A credit line of €100M (approximately ₹ 6000M) has been allocated with KfW under Indo-German Development Cooperation for this purpose.

The company's GARV (Grameen Vidyutikaran) APP provides real-time updates on electrification status of eighteen thousand UE villages.

REC Limited has consistently shown impressive performance over the years, with a notable increase in sales from Rs. 9,497 crores in Jun 2022 to Rs. 15,352 crores in Jun 2025.

The company's operating profit margin (OPM) has also seen a significant improvement, with a peak of 104% in Sep 2023.

The operating profit has grown from Rs. 8,323 crores in Jun 2022 to Rs. 14,521 crores in Jun 2025.

Here's a breakdown of the company's operating profit and OPM over the past few years:

The company's net profit has also seen a steady increase, from Rs. 2,454 crores in Jun 2022 to Rs. 4,466 crores in Jun 2025.

This growth in net profit is reflected in the company's earnings per share (EPS), which has increased from Rs. 9.32 in Jun 2022 to Rs. 16.96 in Jun 2025.

REC Limited's return on equity (ROE) has been impressive, with a 10-year average of 20% and a 5-year average of 21%.

REC Limited operates in a competitive industry, with several key players in the market. Its headquarters is located in Gurgaon, Haryana, India.

The company has several competitors, including Bajaj Finance Ltd, Shriram Finance Ltd, IIFL Finance Ltd, and SREI Infrastructure Finance Ltd. These companies are all based in India, with their headquarters in different cities.

Here's a brief comparison of the number of employees at these companies:

As you can see, REC Limited has a relatively small workforce compared to its competitors.

Industry analytics can be a complex topic, but let's break it down. The financial sector is a significant player in the industry, with various sub-sectors that contribute to its growth.

The financial sector is comprised of banking and investment services, which include banking services, corporate financial services, and other corporate financial services.

Within banking services, we see a focus on corporate financial services, which cater to the needs of businesses. This is a key area of growth for the sector.

Here's a breakdown of the sub-sectors within the financial sector:

The financial sector's focus on corporate financial services is a key differentiator from other sectors. By catering to the needs of businesses, the sector can drive growth and innovation.

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Credit ratings play a significant role in the industry, with various rating updates throughout the year.

Care has updated the credit rating eight times, with the most recent update on 4 Oct 2024.

The company has also received credit rating updates from other agencies, with Crisil and ICRA updating their ratings on 28 Mar.

Fitch updated their rating on 27 Mar, and Care also updated their rating on the same day.

Care has been quite active in updating their credit ratings, with a total of four updates on 28 Mar.

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In the finance industry, it's essential to know who your competitors are and how they stack up. REC Ltd and Bajaj Finance Ltd are two public companies that have a significant presence in the market.

Bajaj Finance Ltd has a massive workforce of 53,782 employees, making it one of the largest companies in the industry. In contrast, REC Ltd has a relatively smaller workforce of 573 employees.

Let's take a closer look at the key parameters of these competitors.

Shriram Finance Ltd and IIFL Finance Ltd are also public companies with a significant presence in the market. They have a workforce of 79,872 and 38,723 employees, respectively.

REC Limited is a leading renewable energy company that operates in the UK and Ireland.

The company has a strong commitment to regulatory compliance, ensuring that all its activities meet the relevant laws and regulations.

REC Limited is certified to the ISO 9001:2015 quality management standard, demonstrating its ability to consistently deliver high-quality products and services.

The company's quality management system is designed to meet the requirements of the UK's Renewable Energy Association and the International Electrotechnical Commission.

REC Limited's regulatory compliance is also demonstrated by its membership of the Renewable Energy Association and the Confederation of British Industry.

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