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REC Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹271.54Overvalued by 17.72%vs CMP ₹330.00

P/E (24.8) × ROE (5.1%) × BV (₹266.00) × DY (0.30%)

₹255.83Overvalued by 22.48%vs CMP ₹330.00
MoS: -29% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹453.9027%Under (+37.5%)
Graham NumberEarnings₹254.2419%Over (-23%)
Earnings PowerEarnings₹121.1213%Over (-63.3%)
DCFCash Flow₹262.1413%Over (-20.6%)
Net Asset ValueAssets₹256.379%Over (-22.3%)
EV/EBITDAEnterprise₹35.4011%Over (-89.3%)
Earnings YieldEarnings₹108.009%Over (-67.3%)
Consensus (7 models)₹255.83100%Overvalued
Key Drivers: EPS CAGR 67.2% lifts DCF — verify sustainability. | Wide model spread (₹35–₹454) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 67.2%

*Investments are subject to market risks

Analyst Summary

REC Ltd operates in the Finance - Banks - Private Sector segment, NSE: RBLBANK | BSE: 540065, current market price is ₹330.00, market cap is 20,415 Cr.. At a glance, stock P/E is 24.8, ROE is 5.13 %, ROCE is 5.77 %, book value is 266, dividend yield is 0.30 %. The latest intrinsic value estimate is ₹255.83, around 22.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹14,039 Cr versus the prior period change of 13.3%, while latest net profit is about ₹695 Cr with a prior-period change of -40.5%. The 52-week range shown on this page is 346/188, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisRBL Bank Ltd. is a Public Limited Listed company incorporated on 14/06/1943 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65191PN…

This summary is generated from the stock page data available for REC Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

52
REC Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health50/100 · Moderate
ROCE 5.8% WeakROE 5.1% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money85/100 · Strong
FII holding up 7.48% (6mo) AccumulatingDII holding up 18.90% MF buying
Earnings Quality50/100 · Moderate
Quarterly Momentum40/100 · Moderate
Profit (4Q): -33% YoY Declining
Industry Rank50/100 · Moderate
P/E 24.8 vs industry 21.8 In-lineROCE 5.8% vs industry 6.5% Average

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:55 am

Market Cap 20,415 Cr.
Current Price 330
Intrinsic Value₹252.83
High / Low 346/188
Stock P/E24.8
Book Value 266
Dividend Yield0.30 %
ROCE5.77 %
ROE5.13 %
Face Value 10.0
PEG Ratio0.37

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for REC Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
REC Ltd 20,415 Cr. 330 346/18824.8 2660.30 %5.77 %5.13 % 10.0
City Union Bank Ltd 20,208 Cr. 272 324/17315.2 1420.74 %6.74 %13.2 % 1.00
Jammu & Kashmir Bank Ltd 14,504 Cr. 132 136/87.36.77 1411.63 %6.15 %15.8 % 1.00
Karur Vysya Bank Ltd 28,739 Cr. 297 344/16712.5 1320.73 %7.38 %17.6 % 2.00
Ujjivan Small Finance Bank Ltd 11,928 Cr. 61.4 68.0/39.224.1 32.10.00 %8.53 %12.4 % 10.0
Industry Average144,337.96 Cr335.3721.78221.370.56%6.49%10.13%6.30

All Competitor Stocks of REC Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue2,4982,6422,8563,0083,1913,3393,4963,5313,5363,4763,4413,5073,667
Interest 1,2201,2851,4341,5331,6461,7391,7961,9161,9511,9131,9601,9572,010
Expenses 1,6211,6721,7262,0892,0162,0022,0132,2512,8512,4872,2902,2552,434
Financing Profit-344-315-304-614-470-402-313-636-1,266-924-809-704-777
Financing Margin %-14%-12%-11%-20%-15%-12%-9%-18%-36%-27%-24%-20%-21%
Other Income 6186746857047788758059271,0731,0001,0699331,050
Depreciation 0000000000000
Profit before tax 27435938191307473493292-19276261229273
Tax % 24%25%24%-224%24%25%25%24%-117%10%23%22%22%
Net Profit 2092712882942333533722233369200179214
EPS in Rs 3.494.524.804.893.875.836.133.660.541.133.292.913.47
Gross NPA %3.61%3.37%3.22%3.12%3.12%2.65%2.69%2.88%2.92%2.60%2.78%2.32%1.88%
Net NPA %1.18%1.10%1.00%0.78%0.80%0.74%0.74%0.79%0.53%0.29%0.45%0.57%0.55%

Last Updated: February 4, 2026, 10:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue1,3521,9532,7443,7134,5086,3018,5148,3298,1769,67712,39414,03914,091
Interest 1,0101,3971,9252,4922,7413,7614,8854,5414,1494,6786,3517,5767,839
Expenses 4496278331,2341,7812,5614,6494,8246,3186,1117,6199,3829,466
Financing Profit-108-70-14-12-15-21-1,019-1,037-2,292-1,113-1,576-2,919-3,214
Financing Margin %-8%-4%-1%-0%-0%-0%-12%-12%-28%-12%-13%-21%-23%
Other Income 2614034917551,0681,4421,9101,8842,3412,4893,0433,8064,052
Depreciation 21334862871221381581641962152190
Profit before tax 1333004286819671,299753689-1151,1801,252668839
Tax % 30%31%32%35%34%33%33%26%-35%25%7%-4%
Net Profit 93207292446635867506508-758831,168695661
EPS in Rs 3.417.069.0111.8915.1320.329.948.49-1.2514.7219.3011.4410.80
Dividend Payout % 26%17%17%15%14%13%15%0%0%10%8%9%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)122.58%41.06%52.74%42.38%36.54%-41.64%0.40%-114.76%1277.33%32.28%-40.50%
Change in YoY Net Profit Growth (%)0.00%-81.52%11.68%-10.36%-5.84%-78.17%42.03%-115.16%1392.10%-1245.06%-72.77%

REC Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:22%
5 Years:11%
3 Years:20%
TTM:7%
Compounded Profit Growth
10 Years:13%
5 Years:7%
3 Years:124%
TTM:-58%
Stock Price CAGR
10 Years:%
5 Years:7%
3 Years:29%
1 Year:23%
Return on Equity
10 Years:6%
5 Years:5%
3 Years:6%
Last Year:5%

Last Updated: September 5, 2025, 1:00 pm

Balance Sheet

Last Updated: December 4, 2025, 1:53 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 272293325375420427509598600600605608613
Reserves 1,7421,9362,6643,9606,2647,12110,07412,06512,01912,97714,19114,99915,247
Deposits11,59917,09924,34934,58843,90258,39457,81273,12179,00784,887103,494110,944116,667
Borrowing3,8966,96310,5367,9809,26111,83217,00711,22611,09313,33114,18413,73415,224
Other Liabilities 6898121,2871,7712,0032,5853,5763,6413,4914,0825,9586,4416,236
Total Liabilities 18,19727,10439,16148,67561,85180,35988,978100,651106,209115,876138,432146,725153,988
Fixed Assets 110153158224303363408442467529525570544
CWIP 23101935314062248245770
Investments 6,4779,79214,43613,48215,44816,84018,15023,23022,27428,87529,57632,16528,814
Other Assets 11,58717,14824,54834,93446,06963,11670,35876,95483,38686,427108,324113,984124,630
Total Assets 18,19727,10439,16148,67561,85180,35988,978100,651106,209115,876138,432146,725153,988

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + -2,261-4,3843,434-2,528-31-5,0847,5976,449-11,0444,935-8427,577
Cash from Investing Activity + -58-60-142-162-190-206-157-246-223-172-263-223
Cash from Financing Activity + 3,0764,040-1,6562,9952,5677,698-4,207-1142,239842-5033,159
Net Cash Flow 757-4051,6353052,3452,4083,2336,090-9,0285,605-1,60810,513
Free Cash Flow -2,319-4,4453,291-2,690-221-5,2907,4406,203-11,2674,763-1,1057,354
CFO/OP -163%-222%147%-79%15%-123%226%356%-303%107%-14%158%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow438.00610.00809.00-33.00-42.00-56.00-53.00-69.00-73.00-78.00-96.00-101.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 5%10%11%12%12%12%6%4%-1%7%8%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
FIIs 24.66%28.27%30.00%28.27%25.14%28.47%14.63%13.39%14.43%17.56%15.49%21.91%
DIIs 19.77%17.91%19.12%19.34%20.12%20.28%26.61%17.66%20.79%34.37%35.28%39.69%
Government 0.42%0.42%0.41%0.42%0.42%0.42%0.42%0.41%0.41%0.39%0.38%0.35%
Public 55.14%53.38%50.45%51.98%54.32%50.83%58.35%68.54%64.36%47.67%48.85%38.04%
No. of Shareholders 4,04,4383,79,5363,51,1193,44,8563,58,1103,64,3804,22,5444,77,1244,52,7903,86,6913,47,2923,38,555

Shareholding Pattern Chart

No. of Shareholders

REC Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Multicap Fund 13,116,941 1.73 391.87N/AN/AN/A
Nippon India Small Cap Fund 8,932,844 0.41 266.877,290,3212025-12-08 01:47:5822.53%
Invesco India Smallcap Fund 8,037,183 2.67 240.11N/AN/AN/A
SBI Small Cap Fund 7,892,021 0.68 235.77N/AN/AN/A
Invesco India Contra Fund 6,762,732 1.01 202.04N/AN/AN/A
HSBC Midcap Fund 5,352,298 1.31 159.9N/AN/AN/A
Franklin India Small Cap Fund 4,959,814 1.16 148.175,850,0002025-12-14 00:57:54-15.22%
HSBC Small Cap Fund 4,937,200 0.98 147.5N/AN/AN/A
Franklin India Opportunities Fund 2,165,616 0.78 64.73,993,0382026-02-23 08:49:14-45.77%
Nippon India Value Fund 2,143,765 0.71 64.052,843,7652025-12-15 02:20:47-24.62%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
Face Value10.0010.0010.0010.0010.00
Basic EPS (Rs.) 11.8120.9415.34-2.779.75
Diluted EPS (Rs.) 11.7620.5415.27-2.779.68
Cash EPS (Rs.) 15.6824.7018.890.2311.69
Book Value[Excl.RevalReserv]/Share (Rs.) 257.77245.20225.58209.00211.79
Book Value[Incl.RevalReserv]/Share (Rs.) 257.77245.21225.59209.01211.80
Operating Revenue / Share (Rs.)230.99204.82159.27140.86143.16
Net Profit / Share (Rs.) 11.8020.8215.34-2.778.85
Net Profit After MI / Share (Rs.)11.8020.8215.34-2.778.85
Net Profit Margin (%) 5.1010.169.62-1.966.18
Net Profit After MI And SOA Nargin (%)5.1010.169.62-1.966.18
Operating Profit Margin (%)7.0013.8312.46-2.498.56
Return On Assets (%) 0.480.900.79-0.150.52
Return On Equity / Networth (%)4.578.496.79-1.324.18
Net Interest Margin (X)4.404.364.204.044.11
Cost To Income (%)64.3265.6469.5960.0849.65
Interest Income / Total Assets (%)9.568.958.247.958.50
Non-Interest Income / Total Assets (%)2.572.212.162.212.03
Operating Profit / Total Assets (%)-2.08-1.30-1.37-2.37-1.50
Operating Expenses / Total Assets (%)4.484.314.433.763.05
Interest Expenses / Total Assets (%)5.164.584.043.904.39
Enterprise Value (Rs.Cr.)124271.05120104.23100425.3384792.7189984.95
EV Per Net Sales (X)8.859.6910.5210.0410.51
Price To Book Value (X)0.670.970.620.620.97
Price To Sales (X)0.751.170.880.921.45
Retention Ratios (%) 87.3192.85100.00100.00100.00
Earnings Yield (X)0.060.080.10-0.020.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

RBL Bank Ltd. is a Public Limited Listed company incorporated on 14/06/1943 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65191PN1943PLC007308 and registration number is 007308. Currently Company is involved in the business activities of Monetary intermediation of commercial banks, saving banks. postal savings bank and discount houses. Company's Total Operating Revenue is Rs. 14335.55 Cr. and Equity Capital is Rs. 618.11 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Finance - Banks - Private Sector1st Lane, Shahupuri, Kolhapur Maharashtra 416001Contact not found
Management
NamePosition Held
Mr. Chandan SinhaNon Exe. Ind. Part Time Chairman
Mr. R SubramaniakumarManaging Director & CEO
Mr. Rajeev AhujaExecutive Director
Ms. Veena MankarNon Exe.Non Ind.Director
Mr. Gopal JainNon Exe.Non Ind.Director
Dr. Sivakumar GopalanInd. Non-Executive Director
Mr. Murali RamakrishnanInd. Non-Executive Director
Dr. Somnath GhoshInd. Non-Executive Director
Ms. Ranjana AgarwalInd. Non-Executive Director
Mr. Soma Sankara PrasadInd. Non-Executive Director
Mr. Manjeev Singh PuriInd. Non-Executive Director

FAQ

What is the intrinsic value of REC Ltd and is it undervalued?

As of 05 May 2026, REC Ltd's intrinsic value is ₹255.83, which is 22.48% lower than the current market price of ₹330.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (5.13 %), book value (₹266), dividend yield (0.30 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of REC Ltd?

REC Ltd is trading at ₹330.00 as of 05 May 2026, with a FY2026-2027 high of ₹346 and low of ₹188. The stock is currently near its 52-week high. Market cap stands at ₹20,415 Cr..

How does REC Ltd's P/E ratio compare to its industry?

REC Ltd has a P/E ratio of 24.8, which is above the industry average of 21.78. The premium over industry average may reflect growth expectations or speculative interest.

Is REC Ltd financially healthy?

Key indicators for REC Ltd: ROCE of 5.77 % is on the lower side compared to the industry average of 6.49%; ROE of 5.13 % is below ideal levels (industry average: 10.13%). Dividend yield is 0.30 %.

Is REC Ltd profitable and how is the profit trend?

REC Ltd reported a net profit of ₹695 Cr in Mar 2025 on revenue of ₹14,039 Cr. Compared to ₹-75 Cr in Mar 2022, the net profit shows an improving trend.

Does REC Ltd pay dividends?

REC Ltd has a dividend yield of 0.30 % at the current price of ₹330.00. The company pays dividends, though the yield is modest.

Last Updated: May 5, 2026, 12:55 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 540065 | NSE: RBLBANK
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in REC Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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