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REC Valuation Multiples
Discover revenue and EBITDA valuation multiples for REC and similar public comparables like Waaree Energies, Romgaz, Tüpraş, Chuantou Energy and more.
REC Overview
About REC
REC Ltd is a non-banking financial company operating in India. The company's main objective is to finance and promote power sector projects on the subcontinent. REC provides loan assistance to numerous state power utilities, private sector project developers, central power sector utilities, and state governments. REC investments include power generation, power transmission, power distribution, and other system improvement initiatives. REC is also instrumental in implementing several initiatives spearheaded on behalf of the government of India, including rural electrification. It comprises only one business segment-lending to power, logistic and infrastructure sector. The majority of its revenue derives from long-term financing.
Founded
1969
HQ
Employees
1.2K
Website
Financials (LTM)
EV
$67B
REC Financials
REC reported last 12-month revenue of $2B and EBITDA of $2B.
In the same LTM period, REC generated $2B in EBITDA and $2B in net income.
Revenue (LTM)
REC P&L
In the most recent fiscal year, REC reported revenue of $3B and EBITDA of $2B.
REC expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $3B | XXX | XXX | XXX |
| EBITDA | $2B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 98% | XXX | 92% | XXX | XXX | XXX |
| EBIT Margin | 94% | XXX | 95% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 75% | XXX | 72% | XXX | XXX | XXX |
| Net Debt | — | — | $54B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
REC Stock Performance
REC has current market cap of $11B, and enterprise value of $67B.
Market Cap Evolution
REC's stock price is $4.13.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $67B | $11B | 2.4% | XXX | XXX | XXX | $0.70 |
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Start Free TrialREC Valuation Multiples
REC trades at 27.9x EV/Revenue multiple, and 28.4x EV/EBITDA.
EV / Revenue (LTM)
REC Financial Valuation Multiples
As of April 21, 2026, REC has market cap of $11B and EV of $67B.
Equity research analysts estimate REC's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
REC has a P/E ratio of 6.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $11B | XXX | $11B | XXX | XXX | XXX |
| EV (current) | $67B | XXX | $67B | XXX | XXX | XXX |
| EV/Revenue | 27.9x | XXX | 26.3x | XXX | XXX | XXX |
| EV/EBITDA | 28.4x | XXX | 28.6x | XXX | XXX | XXX |
| EV/EBIT | 29.5x | XXX | 27.5x | XXX | XXX | XXX |
| P/E | 6.1x | XXX | 5.9x | XXX | XXX | XXX |
| EV/FCF | — | XXX | (15.8x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified REC Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
REC Margins & Growth Rates
REC's revenue in the last 12 month grew by 9%.
REC's revenue per employee in the last FY averaged $2.2M, while opex per employee averaged $0.1M for the same period.
REC's rule of 40 is 104% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
REC's rule of X is 114% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
REC Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | (6%) | XXX | XXX | XXX |
| EBITDA Margin | 98% | XXX | 92% | XXX | XXX | XXX |
| EBITDA Growth | 7% | XXX | 0% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 104% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 114% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $2.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 0% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 2% | XXX | 2% | XXX | XXX | XXX |
| Opex to Revenue | 5% | XXX | 4% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
REC Public Comps
See public comps and valuation multiples for other Energy Infrastructure and Energy Production comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| REC | XXX | XXX | XXX | XXX | XXX | XXX |
| Waaree Energies | XXX | XXX | XXX | XXX | XXX | XXX |
| Romgaz | XXX | XXX | XXX | XXX | XXX | XXX |
| Tüpraş | XXX | XXX | XXX | XXX | XXX | XXX |
| Chuantou Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| Zheneng Electric | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
REC M&A Activity
REC acquired XXX companies to date.
Last acquisition by REC was on XXXXXXXX, XXXXX. REC acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by REC
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialREC Investment Activity
REC invested in XXX companies to date.
REC made its latest investment on XXXXXXXX, XXXXX. REC invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by REC
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout REC
| When was REC founded? | REC was founded in 1969. |
| Where is REC headquartered? | REC is headquartered in India. |
| How many employees does REC have? | As of today, REC has over 1K employees. |
| Is REC publicly listed? | Yes, REC is a public company listed on National Stock Exchange of India. |
| What is the stock symbol of REC? | REC trades under RECLTD ticker. |
| When did REC go public? | REC went public in 2008. |
| Who are competitors of REC? | REC main competitors are Waaree Energies, Romgaz, Tüpraş, Chuantou Energy. |
| What is the current market cap of REC? | REC's current market cap is $11B. |
| What is the current revenue of REC? | REC's last 12 months revenue is $2B. |
| What is the current revenue growth of REC? | REC revenue growth (NTM/LTM) is 9%. |
| What is the current EV/Revenue multiple of REC? | Current revenue multiple of REC is 27.9x. |
| Is REC profitable? | Yes, REC is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of REC? | REC's last 12 months EBITDA is $2B. |
| What is REC's EBITDA margin? | REC's last 12 months EBITDA margin is 98%. |
| What is the current EV/EBITDA multiple of REC? | Current EBITDA multiple of REC is 28.4x. |
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