Annual Report of the Company for the financial year 2025-26.

R awvm REC Limited 3l1t'~~T f~f1=J~s W REC (1lffiI m<I>R "" ~ ~ 'l"<IlI)/ (A Government of India Enterprise) Regd. Office: Core-4, SCOPE Complex. 7, Lodhi Road, New Delhi -110003 Corporate Office: Plot No. 1-4. Near IFFCO Chowk Metro Station '>I'iiM ,.-"t. '""" ,;~ Sector-29 , Gurugra m - 122001 (Haryana) Endless energy. Infinite possibilities A MAHARATNA COMPANY Tel: +91 124 444 1300 I Website: www.recindia.nic.in CIN L40101DL 1969GOI005095 I GST No.: 06AAACR4512R3Z3 SEC-l I 187(2)12026/2'l52 Dated: July 30, 2026 Listing Department Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, }'t Floor, Phiroze Jeejeebhoy Towers Bandra ast , Mumbai - 400051. Dalal Street, Fort, Mumbai - 400001. Scri Code-RECLTD Scri Code-532955 Sub: Notice of 57th Annual General Meeting ("AGM") & Annual Report of REC Limited ("REC" I "the Company") for the financial year 2025-26. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), this is to inform that 57th AGM of REC is scheduled to be held on Tuesday, August 25,2026 at 11:00 A.M. (1ST) through Video Conferencing I Other Audio Visual Means. Further, in pursuance of Regulation 34 (1) of Listing Regulations, please find enclosed herewith the Annual Report for the financial year 2025-26, inter-alia containing the Notice of 57th AGM of the Company. The said Annual Report is also hosted on the Company's website at the link: https:llrecindia.com/annual-reports and on the website of the e-voting service provider i.e. National Securities Depository Limited at https:/ Iwww.evoting.nsd1.com. Further, in compliance with the provisions of the Companies Act, 2013 ("the Act") and Listing Regulations read with applicable circulars issued by Ministry of Corporate Affairs and SEBI, the Notice of AGM and the Annual Report have been sent through e-mails on July 30, 2026, to all the members whose e-mail IDs are registered with the Company I RTA I Depository. Additionally, the Company has also sent a letter to shareholders whose e-mail IDs are not registered with Company I RTA I Depository, providing the weblink: of Company's website where the Annual Report for the financial year 2025-26 can be accessed I viewed. Page I of2 Regional Offices: Bengaluru, Bhopal, Bhubaneswar, Chennai, Dehradun, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata Lucknow, Mumbai, Panchkula, Patna, Raipur, Ranchi, Shillong, Shimla, Thiruvananthapuram & Vijaywada State Offices : Vadodara, Varanasi Training Centre : REC Institute of Power Management & Training (RECIPMT), Hyderabad Pursuant to the provisions of the Act, Rules made thereunder and Listing Regulations, it is informed that the Company has fixed the following dates in connection with the 57th AGM:- Cut-off date for determining the Tuesday, August 18, 2026 eligibility of shareholders to vote through remote e-voting before the AGM / e-voting during the AGM Period of remote e-voting to enable From Saturday, August 22, 2026 shareholders as on the Cut-off date i.e., (0900 hours) to Monday, August 24, 2026 August 18, 2026 to cast their votes on (1700 hours) proposed resolutions electronically. Pay-out date for final dividend Within 30 days from the date of AGM. 2025-26, if approved at the ensuing AGM. Members may submit the prescribed tax related documents for the FY 2026-27, using the weblink htt{2s: / / alankitassignments. com / investor-charter / or through email at virenders@alankit.com with a copy marked to recif!NiJ.alankit.com. Thanking you, Yours faithfully, For REC Limited (Dinesh Garg) Company Secretary & Compliance Officer Encl.: As Above Page 2 of2 OUR SUSTAINABILITY STATUTORY FINANCIAL STORY STRATEGY DISCLOSURES STATEMENTS i 57th Annual Report 2025-26 FINANCIAL ENERGIZING LIVES STATEMENTS EMPOWERING INDIA Table of Contents Section 1 Section 3 OUR STORY STATUTORY DISCLOSURES Our Story 2 Message from CMD 44 Year at a Glance 3 Notice 51 Our Journey at a Glance 4 Board’s Report 68 What We Do 6 Management Discussion & Analysis Report 98 Mission & Vision 8 Report on Corporate Governance 109 Our Products 9 Auditor’s Certificate on Corporate Governance 140 Corporate Objectives 10 Business Responsibility & Sustainability Reporting 141 Partner to the Government of India 12 Independent Reasonable Assurance Report 194 Company Information 14 Secretarial Audit Report 197 Performance at a Glance 15 Particulars of Contracts or Arrangements with 200 Related Parties Awards & Recognition 18 Annual Report on CSR Activities 201 Board of Directors 20 Details of Debenture Trustees 216 Director's Profile 21 Leadership Team 24 Section 4 Pan India Presence - Loan Assets Book 26 FINANCIAL STATEMENTS Section 2 Independent Auditors’ Report on Standalone 226 SUSTAINABILITY STRATEGY Financial Statements Non-Banking Financial Companies Auditor’s Report 235 ESG at REC 28 Comments of C&AG of India on Standalone 237 ESG Performance Highlights 29 Financial Statements REC's Contribution for Clean Energy Projects 30 Standalone Financial Statements 238 Strategic Lending for a Sustainable Future 31 Independent Auditor’s Report on Consolidated 339 Financial Statements Integrated Reporting Framework 32 Comments of C&AG of India on Consolidated 345 Financial Statements Consolidated Financial Statements 346 Our Presence 448 57th Annual Report 2025-26 ii 1 57th Annual Report 2025-26 OUR SUSTAINABILITY STATUTORY FINANCIAL ENERGIZING LIVES STORY STRATEGY DISCLOSURES STATEMENTS EMPOWERING INDIA YEAR AT A GLANCE Key Financial & Operational Highlights (₹ in crore) OUR STORY 16,282 Net Profit REC Limited, a leading Maharatna Central Public Sector Enterprise and one of India's largest Non- Banking Financial Company. Presently, throughout the power sector value chain, REC has been a partner 5,83,659 in every stage of India's transformation journey with Loan Book its innovative financial solutions. At REC, we are not just building sound power infrastructure, we are enriching the quality of life of every citizen. 84,290 Net Worth Incorporated in 1969 and conferred the 'Maharatna' status in 2022, the highest recognition for Central Public Sector Enterprises, REC stands today as a symbol of India's financial prowess in the energy and infrastructure domain. With an outstanding 2,11,189 loan book of ₹5.83 lakh crore and highest-ever Disbursements disbursements of ₹2.11 lakh crore in financial year 2025-26, REC continues to power the nation's growth with unmatched scale and purpose. 4,09,097 Sanctions 75,347 Renewable Loan Book Figures as on March 31, 2026 57th Annual Report 2025-26 2 3 57th Annual Report 2025-26 OUR SUSTAINABILITY STATUTORY FINANCIAL ENERGIZING LIVES STORY STRATEGY DISCLOSURES STATEMENTS EMPOWERING INDIA OUR JOURNEY AT A GLANCE 1998 2003 2010 2017 2021 2023 2025 Registered Mandate broadened Conferred IFC First Indian PSU to Appointed as Nodal Issuer of largest First public sector as NBFC with to finance all power status by RBI issue USD Green Agency for Revamped Green Bond of USD NBFC to achieve RBI segments Bonds on London Distribution Sector 750 million in South ISO 31000:2018 Stock Exchange Scheme (RDSS) & South-East Asia, Independent Opinion the first post India's Statement from BSI G20 Presidency 1969 2002 2008 2014 2019 2022 2024 2026 Journey began to Conferred Miniratna Became Navratna Nodal agency for As Nodal Agency, Conferred Appointed as Highest- develop power (Category-1) Status and Listed on NSE operationalization achieved 100% 'Maharatna' status- National programme ever Net infrastructure in & BSE of Deen Dayal Household highest for any implementing agency Profit of rural areas Upadhyaya Electrification CPSE; Forayed into for PM Surya Ghar: Muft ₹16,282 Gram Jyoti Infrastructure & Bijli Yojana and Maiden crore Yojana (DDUGJY) Logistics sector Yen Bond issuance of (including Rural JPY 61.1 billion Electrification (“RE”) component) 57th Annual Report 2025-26 4 5 57th Annual Report [Showing first 8,000 characters — download PDF for full document]