RECLTD · Financial Services
REC Ltd. reported total income of ₹15,000 cr for July to September 2026, −1.0% on the year and +3.9% on the quarter. That is slower than this quarter has grown in recent years (+13.9% on average). Over the last four quarters income comes to ₹59,050 cr, −0.7% on the four before.
Net interest income, interest earned less interest paid, was ₹5,478 cr, −9.0% on the year and −3.7% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹3,478 cr, −21.2% on the year and −17.1% on the quarter, with earnings per share of ₹13.21. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹15,098 cr, −12.6% on the four before.
Of the 66 companies in NBFCs and housing finance that have reported Q2 FY27 so far, REC Ltd. ranks 62nd on profit growth; the sector median is +21.4%.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Net interest income fell on the year. A margin squeeze, or a smaller book?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹12,052 cr | ₹12,677 cr | ₹13,079 cr | ₹13,682 cr | ₹14,272 cr | ₹15,334 cr | ₹14,737 cr | ₹15,153 cr | ₹15,051 cr | ₹14,564 cr | ₹14,435 cr | ₹15,000 cr |
| YoY | — | — | +18% | +17% | +18% | +21% | +13% | +11% | +5% | −5% | −2% | −1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 22% | 20% | 21% | 21% | 21% | 21% | 20% | 21% | 24% | 20% | 21% |
| Net profit | ₹3,308 cr | ₹4,079 cr | ₹3,460 cr | ₹4,038 cr | ₹4,076 cr | ₹4,310 cr | ₹4,466 cr | ₹4,415 cr | ₹4,052 cr | ₹3,375 cr | ₹4,193 cr | ₹3,478 cr |
| YoY | — | — | +17% | +7% | +23% | +6% | +29% | +9% | −1% | −22% | −6% | −21% |
| EPS | ₹12.56 | ₹15.49 | ₹13.14 | ₹15.33 | ₹15.48 | ₹16.37 | ₹16.96 | ₹16.77 | ₹15.39 | ₹12.82 | ₹15.92 | ₹13.21 |
| Flags | · | · | ✓ | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
REC Ltd. reported total income of ₹15,000 cr (−1.0% on the year) and net profit of ₹3,478 cr (−21.2% on the year) for July to September 2026.
1 check raised a question: Net interest income fell on the year. A margin squeeze, or a smaller book?
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