The independent verification, conducted in accordance with the International Capital Market Association (ICMA)’s Green Bond Principles confirmed that the entire net proceeds from both the issuances have been fully allocated to eligible projects consistent with REC’s Green Finance Framework.

A New Benchmark for Transparent Climate Impact

REC’s inaugural Green Bond Impact Report (FY 2025) reflects a maturing green-finance ecosystem where accountability is as important as ambition. Developed through close technical collaboration and international benchmarking, including expert support from the Global Green Growth Institute (GGGI), the report builds on GGGI’s earlier role in reaffirming REC’s Green Finance Framework as part of the Second Party Opinion (SPO) process ahead of the issuances.

This continued collaboration supported REC in aligning its post-issuance assurance process and impact report with evolving ICMA standards and global best practices. The report introduces a dual approach to measuring renewable energy and climate benefits — distinguishing between financed impact, representing REC’s proportional contribution based on its financed share of total project cost, and enabled impact, capturing the additional generation and abatement achieved beyond REC’s financed share.

During FY 2025, the portfolio of 11 operational projects delivered 0.87 million tCO₂ of financed reductions and 1.34 million tCO₂ of enabled reductions, supported by approximately 1 billion kWh of financed renewable generation across 2,032 MW of total installed capacity. By disclosing both, REC strengthens transparency on how its financing influences decarbonization outcomes — a step aligned with evolving global investor expectations. Avoided emissions are calculated using India’s official Combined Margin emission factor of 0.861 tCO₂/MWh for all grid-connected projects. One exception is a 7 MW solar project, which follows small-scale CDM guidance and uses the import-adjusted weighted average emission factor (0.727 tCO₂/MWh) instead. This ensures the calculations follow the most appropriate method for each project type.

REC’s internal data-controls framework ensures impact attribution remains transparent and verifiable. Foreclosed projects are excluded from impact attribution, while under-construction assets record zero impact until commissioning. These safeguards, combined with independent verification aligned with ICMA’s Green Bond Principles, reinforce the integrity of REC’s reporting system and ensure audit readiness.

Extending India’s Clean Energy Footprint Across States

REC’s green bond portfolio spans India’s clean-energy heartlands, with projects distributed across multiple states and technologies. On a combined (financed and enabled) basis, Rajasthan accounted for 70.9 % of total emission reductions, followed by Gujarat (16 %), Karnataka (5.1 %), and Bihar (3.6 %), with additional contributions from Andhra Pradesh, Uttar Pradesh, Haryana, and Maharashtra.

The portfolio (including under construction projects) reflects balanced diversification — spanning renewable energy, biogas, pumped storage, and low carbon mobility (e-buses and Mumbai Metro) — ensuring both resilience and scale in India’s energy transition.

“This post-issuance assurance reinforces REC’s commitment to sustainable finance and climate accountability, not just for access to energy but for enabling green jobs and market transformations”, shared Shri Harsh Baweja , Director (Finance), REC Ltd.

“GGGI will continue to leverage its global expertise to support more partners like REC Ltd. in catalyzing the billions needed for India’s green transition”, highlighted Shri Soumya Garnaik, India Country Representative, GGGI.

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Congratulating the REC family on this milestone occasion, he praised REC’s consistent performance and its vital role in transforming the power landscape through flagship initiatives such as the Revamped Distribution Sector Scheme (RDSS) and its leadership in advancing digital innovations within the sector.

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The company maintained healthy financial margins, with spreads at 2.96% and net interest margin (NIM) at 3.74%. Return on net worth improved by 312 basis points to 22.63%, and the annualised earnings per share (EPS) climbed to ₹67.60 from ₹52.28 a year ago.

The loan book expanded steadily to ₹5.85 lakh crore as on June 30, 2025, while net credit-impaired assets dropped significantly to 0.24% from 0.82% the previous year. REC also reported a provision coverage ratio of 77.05% on NPA assets, with one NPA resolved during the quarter. Driven by profit growth, the company’s net worth increased to ₹79,688 crore. As part of its shareholder-friendly approach, the Board declared an interim dividend of ₹4.60 per equity share (face value ₹10 each).

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The award which was presented during the 6th edition of the ASSOCHAM CSR and Sustainability Conference and Awards in Hyderabad, was received from Sh. Mallu Bhatti Vikramarka, Deputy Chief Minister of Telangana by Shri Anjan Lahiri, Senior GM and HoD, REC Foundation, who represented REC Ltd. at the ceremony.

Reaffirming the continuous leadership in the social impact domain, REC has been ranked 4th for CSR Contribution among all CPSUs in India, as per the Public Enterprise Survey Report 2023-24 published by the Department of Public Enterprises (DPE).

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The machine would be instrumental in enabling the hospital to carry out life-saving open-heart surgeries.

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REC is shifting its focus towards thermal power projects to meet rising energy demands, while also exploring investments in nuclear power, especially Small Modular Reactors (SMRs), with interest in projects by state-owned entities. The company recently approved new thermal power plants in Rajasthan, Madhya Pradesh, Haryana, and Maharashtra, reaffirming its commitment to renewable energy by aiming to allocate 30% of its loan portfolio to green energy by 2030. Under the leadership of CMD Jitendra Shrivastava, REC is targeting zero NPAs by the end of FY25, having reduced NPAs to 0.38% as of March 31, 2025. Financially, the company reported a 5.6% increase in Q4FY25 net profit to ₹4,309 crore and total income of ₹15,348 crore, up from ₹12,706 crore the previous year.

REC is evaluating entering the nuclear power sector within 2-3 years, targeting a Rs 10-12 lakh crore lending opportunity, with a focus on small modular reactors (SMRs).

The company plans to lend to public sector entities developing nuclear projects, viewing nuclear as a new growth avenue. REC continues to focus on expanding its thermal power project financing to support India’s goal of increasing thermal capacity by 15 GW to 95 GW by 2031-32. It is actively involved in the PM Suryaghar Muft Bijlee Yojana, with 51 lakh applications so far and aims to reach 55 lakh households by FY26, promoting rooftop solar adoption.

The company intends to increase its renewable energy loan portfolio (wind, hydro, solar, green hydrogen) from around 10% to 30% by 2030, with plans to fund more private sector projects.

A new joint venture between  REC Power Development and Consultancy Limited and BHEL (50:50) was approved to develop renewable energy and other power infrastructure projects.

MINT, Financial Express , Business Standard

Financial Performance:

REC aims to achieve zero NPAs by end of FY26, improving from 0.38% net NPA and 1.35% gross NPA in FY25.

The company was previously targeting zero NPAs by FY25 but extended the goal to FY26.

REC’s net profit for FY25 reached Rs 15,713 crore, marking a 12% increase from FY24.

In Q4 FY25, standalone net profit grew 5.47% to Rs 4,236.2 crore from Rs 4,016.3 crore in the same quarter last year.

Revenue from operations for Q4 rose 20.18% to Rs 15,159.44 crore from Rs 12,613.14 crore in the previous year.

Net interest income (NII) in Q4 increased 37.6% to Rs 5,877 crore from Rs 4,272.5 crore in the same period of FY24.

Interest income grew by 20.6% to Rs 14,935 crore in Q4 FY25 from Rs 12,383.58 crore a year earlier.

The company’s Asset Under Management (AUM) grew to Rs 5.66 lakh crore from Rs 5.09 lakh crore.

Net credit-impaired assets decreased to 0.38% from 0.86% after resolving five credit-impaired loans worth Rs 6,171 crore.

Net worth increased by 13% YoY to Rs 77,638 crore, supported by higher profits. The capital adequacy ratio (CRAR) remained strong at 25.99%, indicating ample capacity for future growth.

Major Highlights

REC Q4  Profit rises 5.6% YoY to ₹4,309 crore, NII surges 38%; ₹2.60 dividend declared

REC to focus on thermal, nuclear projects; targets zero NPAs by FY25

REC aims to enter nuclear space, sees Rs 12 lakh crore lending opportunity

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Talking to NDTV Profit, Dewangan said that the budget announcement will give REC India an additional capacity to disburse loans.

The company is targeting a Rs 3.5 lakh crore renewable energy loan portfolio by 2030, the top executive mentioned. “I am getting that our renewable energy portfolio will also increase substantially by the year 2030,” he said.

We are targeting Rs 2 lakh crore, but if the nuclear energy component gets added, perhaps the renewable energy portfolio will increase to about Rs 3.50 lakh crore by the end of 2030,” Dewangan added. The disbursement trend seen in Q3 will continue to happen in the upcoming quarters, according to the REC CMD. “So this disbursement trend is going to continue because we have a huge pipeline of projects, particularly conventional coal-based generation projects. New projects are coming up, and we already sanctioned those projects,” Dewangan said.

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