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REC reported a healthy Q1 with its loan assets growing 3% QoQ despite a seasonally weak quarter. Calculated credit cost (annualised) was negative 43bps with the restructuring of the TRN Energy account, which led to an ECL reversal of INR 2.7bn. NIMs and spreads were higher in Q1 vs. FY25 levels.
The company has geographically diversified asset base with term loans outstanding across 23 states and 4 union territories Q2FY26 performance: IREDA reported strong performance on AUM momentum in Q2FY26, along with normalisation in credit cost supporting profitability. AUM stood at 84,478 crore, registering 30.8% YoY/ 5.7% QoQ growth. NIM improved to 3.72% (up ~12 bps QoQ/~40 bps YoY), supported by 16-bps sequential decline in cost of borrowings to 7.2%. PAT came in at 549 crore, up 42% YoY, driven by robust growth in AUM and higher margins. Post a surge in Q1FY26, GNPA and...
nancing, credit lines to NBFCs, top-up loans, securitised lending, loan syndication, and bid security guarantees. It also supports emerging instruments like payment-on-order financing and letters of ing sectors, including battery storage systems, green hydrogen, electric vehicle infrastructure, fuel cells, and renewable energy component manufacturing. IREDA operates under professional governance, with a balanced board comprising executive directors, independent directors, and government nominees. It has also expanded its footprint globally through a wholly owned subsidiary at the International Financial Services Centre (IFSC) in GIFT City. With over 38 years of sectoral experience, IREDA acts as the nodal and implementing agency for several MNRE-led flagship schemes, aligning closely with national renewable energy goals. Through its strategic financial support and policy align-...
Rural Electrification Corp’s (RECL) 2QFY26 PAT grew ~10% YoY to INR44.3b (in line). PAT in 1HFY26 grew 19% YoY and we expect PAT in 2HFY26 to grow by 13% YoY.
Power Finance Corporation (PFC)’s 4QFY25 PAT grew ~24% YoY to INR51.1b (~17% beat). FY25 PAT jumped ~20% YoY to INR173.5b. The earnings beat was primarily driven by the write-back of ~INR12b in interest income from the resolution of KSK Mahanadi.
We interacted with Power Finance Corporation (PFC) to understand the company’s revised growth outlook, evolving sector dynamics and asset quality trends.
Power Finance Corporation (PFC)’s 2QFY26 PAT grew ~2% YoY to INR44.6b (~17% miss). PAT in 1HFY26 grew 11% YoY, and we expect PAT in 2HFY26 to grow by 10% YoY.
