Analysts/Institutional Investor Meet/Con. Call Updates

SEC-1/187(2)/2026/3090 Dated: November 4, 2026 ए(cid:411)च(cid:336)ज (cid:600)ाजा, बां(cid:363)ा कु ला(cid:330) कॉ(cid:817)(cid:600)े(cid:411), पहली मंिजल, फीरोज जीजीभोय टावस(cid:330) (cid:304)(cid:716)प कोड—RECLTD (cid:304)(cid:716)प कोड—532955 Listing Department Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, 1st Floor, Phiroze Jeejeebhoy Towers Bandra (East), Mumbai – 400 051. Dalal Street, Fort, Mumbai – 400 001. Scrip Code—RECLTD Scrip Code—532955 Sub: Transcript of Investors Conference Call held on October 29, 2026. In continuation of our earlier letter(s) dated October 26, 2026 & October 29, 2026 and pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith transcript of Investors Conference Call (Group Meet) of REC Limited held on October 29, 2026. Thanking you, Yours faithfully, For REC Limited (Dinesh Garg) Company Secretary & Compliance Officer Encl.: As above “REC Limited Q2 & H1 FY'27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. JITENDRA SRIVASTAVA – CHAIRMAN AND MANAGING DIRECTOR – REC LIMITED MR. T.S.C. BOSH – DIRECTOR, PROJECTS – REC LIMITED MR. RAJESH KUMAR – DIRECTOR, FINANCE – REC LIMITED MR. MOHAN LAL KUMAWAT – EXECUTIVE DIRECTOR, FINANCE – REC LIMITED MR. SUPREET PANDYA – DGM, FINANCE – REC LIMITED MODERATOR: MR. SHREEPAL DOSHI – EQUIRUS SECURITIES Page 1 of 17 REC Limited October 29, 2026 Moderator: Ladies and gentlemen, good day and welcome to REC Limited Q2 and H1 FY '27 Earnings Conference Call hosted by Equirus Securities. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant line will be in the listen-only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance in the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shreepal Doshi: from Equirus Securities. Thank you and over to you, sir. Shreepal Doshi: Thank you, Danish. Good afternoon, everyone. We welcome you all to the earnings conference call of REC Limited to discuss the Q2 and H1 FY '27 performance of the company. To discuss the company's performance, we are pleased to welcome Mr. Jitendra Srivastava:, Chairman and Managing Director; Mr. T.S.C. Bosh, Director, Projects; Mr. Rajesh Kumar:, Director, Finance; and Mr. Mohan Lal Kumawat, Executive Director, Finance. On behalf of Equirus, we would like to thank the senior management of REC Limited for giving us the opportunity to host this call. I would now like to invite Mr. Supreet Pandya, DGM, Finance, to take us through the presentation. This will be followed by the opening remarks from Mr. Jitendra Srivastava:, CMD, REC, after which we will open the floor for question and answer. Over to you, Supreet. Supreet Pandya: Thank you, Shreepal, and thank you, Equirus team. Good afternoon, everyone. REC welcomes you all to this Q2 FY '27 and H1 post-earnings call. Just for kind information of all, the investor presentation has been uploaded on stock exchanges and also on the website of REC in compliance of SEBI norms. I shall now take you through to an investor presentation for the quarter, which has been broadly divided into 6 areas, which is the REC overview, financial highlights, operational performance, asset quality, shareholders' outlook and what we are doing in ESG at REC. As you are aware, that REC has a successful track record of more than 5.5 decades now, where it has grown leaps and bounds and has rewarded its shareholders time and again with dividends, bonus shares, and it currently boasts of a strong financials with stable asset quality. As a pioneer of new initiatives, most recently in 2026, REC has successfully launched India's first pilot issuance of tokenized corporate bonds under the SEBI regulatory sandbox framework. We have multiple strengths as a company, of which some are that we are the highest domestic- rated company in India with AAA rating. Internationally, we are rated at par with the sovereign ratings of India, where we are rated Baa3 by Moody's, BBB- by Fitch, and most recently, Japan Credit Rating Agency has upgraded the international ratings of REC to A-, and all are with a stable outlook. Page 2 of 17 REC Limited October 29, 2026 We maintain a very robust asset quality with healthy provision coverage ratio. We are one of the strategic leaders in India's power, infrastructure and logistics sector, and are also nodal agency for major Government of India power sector reforms, the most recent being the Rooftop Solar Scheme, the RDSS scheme and the India Energy Stack. We are also a major player in the renewable energy and creation of India's Green Energy Corridor. We have a diversified portfolio on our business side, where we are funding across entire infrastructure and power sector value chain. Power sector value chain including renewable energy, conventional generation, transmission, distribution, infrastructure and also logistics. We have the capability available to appraise, fund and monitor the newer technology such as battery storage, pump storage, green hydrogen, nuclear and all the new emerging technologies. We have won various awards and accolades across all the areas, including corporate governance, financial reporting, risk measurement and planning. I am glad to inform you that most recently, REC has been awarded as the NBFC of the Year at the 3rd Annual Bharat NBFC & FinTech Summit & Awards 2026. Coming on to the financial highlights, for the half year FY '27, the loan book of REC has reached its all-time high of INR6.17 lakh crores, which is a growth of 6% from the last year at the same time. The net worth has increased to INR94,325 crores, a growth of 14% Y-on-Y. While maintaining such high loan book, the net credit-impaired assets have gone down by 50% to 0.11% as at 30 September 2026, which was about 0.24% last year same time. The total income of REC for the half year has reached to INR29,068 crores, and the net interest income of roughly INR10,116 crores. The net profit for the half year has reached to INR7,541 crores. The capital adequacy ratio, which gives an indication of the future growth potential of any company, we are comfortably placed at 24.04% against the RBI requirement of 15%. Coming on to the broad areas of revenue and profits, the interest income of REC for the half year was INR28,398 crores, while the finance cost was about INR18,282 crores, giving a profit before tax of INR9,483 crores and resultant PAT of INR7,541 crores. The key ratios of REC for the half year: the yield on loan assets was 9.57%, which was stable as compared to where we were in the Q1 of 9.55%; the cost of funds was 7.19% in the half year, and the resultant spread being 2.38%. The NIM has remained stable at 3.22%, and the ROE is at 16.89%. The interest coverage ratio is comfortably placed at 1.52x, and the debt equity at 5.6x. Coming on to the operational performance of REC for the half year FY '27, REC has disbursed INR56,457 crores, which is 67% growth over Q1 FY '27. a . We have made disbursement across all the categories and disbursement remains to be strong. During the Q2, roughly 11% of our disbursement went into conventional generation, 17% into renewable energy and distribution contributed 22% of the disbursements that we made in Q2 FY '27. On the outstanding loan assets, we continue to maintain strong AUM growth in Q2, which has risen by 6% from 31st of March 2026, and in fact, if we compare, this growth as at 30th of [Showing first 8,000 characters — download PDF for full document]