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REC Limited — Bonds & AAA (CRISIL) Rating on senior bonds

PSU · Financial Services

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Methodology v1.0 Download Report (PDF) Watch
Agency Rating
AAA (CRISIL)
Most common current rating on senior bonds
73 of 73 rated · CRISIL, 30 Sep 2026
AT1 / perpetual: AAA (CRISIL)
Total Debt Outstanding
₹3,17,440 Cr
Across 194 instruments
Active Bonds
194
First Issue
15 Feb 2012
Latest Issue
31 Mar 2027
Maturity Range
2026 - 2041
Observation
194 active bonds tracked from this issuer.
View details →
Coverage: High Data Quality: High Sources: NSE, BSE, SEBI, rating agencies
Issuer health card Nothing flagged on record
  • Current ratings CRISIL AAA, CARE AAA, India Ratings AAA
  • Rating range All current ratings on senior bonds are AAA (CARE 30 Jun 2025, CRISIL 30 Sep 2026, ICRA 28 Jun 2026, India Ratings 31 May 2024). All current ratings on AT1 / perpetual bonds are AAA (CRISIL 31 Mar 2025)
  • Rating direction, 12 months 0 upgrades, 0 downgrades
  • Watch / negative outlook None in 12 months
  • Issuer not cooperating No such actions in 12 months
  • Rating withdrawn, 12 months No withdrawal of this issuer's rating in 12 months
  • Newest agency rating Dated 30 Sep 2026
  • Payment record 37 payment disclosures since 17 Jul 2026: all on time
  • Defaults on record No bond marked defaulted
  • Traded in the last 30 days 63 of 194 active bonds had an exchange trade
  • Exchange filings, 90 days 44 filings on NSE/BSE

A checklist of published facts, not a rating or a view on credit quality. Ratings are the agencies' own; payment record covers NSE disclosures since 17 Jul 2026; "late" means paid more than 3 days after the due date (next-working-day payments are allowed). Rating range covers every current rating on the issuer's active bonds, with each agency's rating date. Rating actions count only when the agency's heading names this issuer, not pools or trusts it originated; a withdrawal is flagged only when the issuer's rating itself is withdrawn, not a single facility. Rating age uses the newest rating date on file and is flagged when older than 12 months. See methodology.

Alert me about REC Limited An email when a rating agency acts on this issuer (including any cut to default grade D) or a payment is disclosed late or short. Free, no account needed.
01 Issuer Overview
Sector
Financial Services
Issuer Type
PSU
First Tracked Bond
15 Feb 2012
Start of this issuer's debt program timeline
  • 194 active bonds tracked from this issuer.
  • 83 of 193 tracked bonds with a stated security status are secured. (based on 193 bonds with a disclosed security status)
  • Most recent rating action: reaffirm by CRISIL on 7 Oct 2026.

Operating in the Financial Services sector, REC Limited is classified as a public sector undertaking (PSU). Bond coupons here span 5.00% - 9.15%, paid annually. The maturity ladder spans 2026 - 2041.

Data sourced from NSDL, BSE, NSE, and registered credit rating agencies. Verify against the issuer's offer document before transacting.

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02 Debt Profile
Outstanding Bonds
194
Tracked by RetailBonds
Amount Tracked
₹3,17,440 Cr
Of bonds tracked by RetailBonds — not the issuer's total outstanding debt (disclosed for 185 of 194 bonds)
Avg Coupon
6.83%
Range 5.00% - 9.15%
Avg Remaining Tenure
4.0 Yrs
Nearest maturity Nov 2026
Secured
43%
83 of 193 bonds with known status
Callable
1
Of 194 bonds
Avg Spread vs G-Sec
+98 bps
Credit premium, from 11 bonds with a current market yield

Maturity Profile

Active bonds maturing, by year. Bar height relative to the tallest year (34 bonds).

0 2026: 3 bonds, ₹4,207 Cr tracked, avg coupon 5.85% 3 2026 2027: 27 bonds, ₹40,427 Cr tracked, avg coupon 6.50% 27 2027 2028: 34 bonds, ₹52,355 Cr tracked, avg coupon 6.98% 34 2028 2029: 27 bonds, ₹36,784 Cr tracked, avg coupon 6.91% 27 2029 2030: 28 bonds, ₹42,064 Cr tracked, avg coupon 6.53% 28 2030 2031: 23 bonds, ₹28,779 Cr tracked, avg coupon 6.04% 23 2031 2032: 5 bonds, ₹3,580 Cr tracked, avg coupon 5.92% 5 2032 2033: 9 bonds, ₹11,826 Cr tracked, avg coupon 7.81% 9 2033 2034: 10 bonds, ₹28,636 Cr tracked, avg coupon 7.93% 10 2034 2035: 8 bonds, ₹15,983 Cr tracked, avg coupon 7.20% 8 2035 2036: 6 bonds, ₹21,341 Cr tracked, avg coupon 7.33% 6 2036 2037: 2 bonds, ₹5,889 Cr tracked, avg coupon 7.66% 2 2037 2038: 1 bond, ₹3,539 Cr tracked, avg coupon 7.67% 1 2038 2039: 3 bonds, ₹5,720 Cr tracked, avg coupon 7.16% 3 2039 2040: 2 bonds, ₹5,220 Cr tracked, avg coupon 7.15% 2 2040 2041: 1 bond, ₹3,346 Cr tracked, avg coupon 7.49% 1 2041 2042+: 4 bonds, ₹5,643 Cr tracked, avg coupon 7.99% 4 2042+

Security Type / Instrument Mix

  • NCD 193 bonds · 99% · ₹3,17,195 Cr tracked
  • PSU Bond 1 bond · 1% · ₹245 Cr tracked

Funding Evolution

■ Issued that year — Cumulative outstanding (tracked)
2012: ₹3,457 Cr issued 2012 2013: ₹4,101 Cr issued 2013 2014: ₹640 Cr issued 2014 2015: ₹594 Cr issued 2015 2016: ₹5,100 Cr issued 2016 2017: ₹6,278 Cr issued 2017 2018: ₹20,706 Cr issued 2018 2019: ₹23,689 Cr issued 2019 2020: ₹31,043 Cr issued 2020 2021: ₹15,049 Cr issued 2021 2022: ₹20,987 Cr issued 2022 2023: ₹32,518 Cr issued 2023 2024: ₹59,152 Cr issued 2024 2025: ₹48,577 Cr issued 2025 2026: ₹43,347 Cr issued 2026 2027: ₹2,200 Cr issued 2027 Cumulative: ₹3,457 Cr Cumulative: ₹7,559 Cr Cumulative: ₹8,199 Cr Cumulative: ₹8,793 Cr Cumulative: ₹13,893 Cr Cumulative: ₹20,171 Cr Cumulative: ₹40,877 Cr Cumulative: ₹64,566 Cr Cumulative: ₹95,609 Cr Cumulative: ₹1,10,658 Cr Cumulative: ₹1,31,645 Cr Cumulative: ₹1,64,163 Cr Cumulative: ₹2,23,315 Cr Cumulative: ₹2,71,893 Cr Cumulative: ₹3,15,240 Cr Cumulative: ₹3,17,440 Cr

Based on 185 of 194 active bonds with a known issue date and issue size — the rest are excluded, not assumed zero.

03 Credit Profile
  • AAA 185 bonds · 95%
  • Unrated 9 bonds · 5%
AgencyRatingOutlookBonds
CRISIL AAA — 43
CRISIL AAA Stable 14
CARE AAA — 8
ICRA AAA — 6
India Ratings AAA — 4
India Ratings AAA Stable 4
ICRA AAA Stable 2
CARE AAA Stable 1
CRISIL AAA NSDL record — 34
India Ratings AAA NSDL record — 31
CARE AAA NSDL record — 23
ICRA AAA NSDL record — 21

Recent Rating Actions

7 Oct 2026 · CRISIL
—
Reaffirmed
6 Jul 2026 · CRISIL
—
Update
NCD Public Issues
04 Outstanding Bonds View all bonds →
ISIN Bond Name Coupon Rating Maturity YTM Last Trade Details
INE020B08AA3 REC 7.52% Nov 2026 NCD 7.52% AAA (CRISIL, NSDL record 2016) 2026-11-07 — 2026-07-08
INE020B07ML7 REC 5.00% Nov 2026 NCD 5.00% AAA (India Ratings, NSDL record 2021) 2026-11-30 — —
INE020B08AC9 REC 7.54% Dec 2026 NCD 7.54% AAA (India Ratings, NSDL record 2016) 2026-12-30 8.00% 2026-10-28
INE020B07MM5 REC 5.00% Dec 2026 NCD 5.00% AAA (ICRA, NSDL record 2021) 2026-12-31 — —
INE020B07MN3 REC 5.00% Jan 2027 NCD 5.00% AAA (ICRA, NSDL record 2021) 2027-01-31 — —
INE020B08724 REC 9.15% Feb 2027 NCD 9.15% AAA (CRISIL, NSDL record 2011) 2027-02-15 — —
INE020B08732 REC 9.15% Feb 2027 NCD 9.15% AAA (CRISIL, NSDL record 2011) 2027-02-15 — —
INE020B08EW9 REC 7.71% Feb 2027 NCD 7.71% AAA (CRISIL) 2027-02-26 7.65% 2026-11-05
IN8020B08079 REC 7.71% Feb 2027 NCD 7.71% — 2027-02-26 — —
INE020B07MO1 REC 5.00% Feb 2027 NCD 5.00% AAA (ICRA, NSDL record 2021) 2027-02-28 — —
INE020B08AH8 REC 7.95% Mar 2027 NCD 7.95% AAA (CARE) 2027-03-12 7.80% 2026-11-02
INE020B07GH7 REC 8.12% Mar 2027 NCD Tax-free 8.12% AAA (India Ratings, NSDL record 2012) 2027-03-27 5.55% 2026-10-30
INE020B08FX4 REC 6.37% Mar 2027 NCD 6.37% AAA (ICRA) 2027-03-31 7.28% 2026-10-19
INE020B07MP8 REC 5.00% Mar 2027 NCD 5.00% AAA (CARE, NSDL record 2021) 2027-03-31 — —
INE020B08EX7 REC 7.64% Apr 2027 NCD 7.64% AAA (India Ratings) 2027-04-30 — 2026-09-11
INE020B07MQ6 REC 5.00% Apr 2027 NCD 5.00% AAA (CARE, NSDL record 2022) 2027-04-30 — —
INE020B08FA2 REC 7.59% May 2027 NCD 7.59% AAA (CRISIL) 2027-05-31 8.00% 2026-11-04
INE020B07MR4 REC 5.00% May 2027 NCD 5.00% AAA (CRISIL, NSDL record 2022) 2027-05-31 — —
IN8020B08053 REC 7.59% May 2027 NCD 7.59% — 2027-05-31 — —
INE020B08FZ9 REC 6.60% Jun 2027 NCD 6.60% AAA (CARE) 2027-06-30 8.15% 2026-10-28
INE020B07MS2 REC 5.00% Jun 2027 NCD 5.00% AAA (CARE, NSDL record 2022) 2027-06-30 — —
INE020B07MT0 REC 5.00% Jul 2027 NCD 5.00% AAA (ICRA, NSDL record 2022) 2027-07-31 — —
INE020B08FF1 REC 7.56% Aug 2027 NCD 7.56% AAA (ICRA, NSDL record 2024) 2027-08-31 — 2026-09-25
INE020B07MU8 REC 5.00% Aug 2027 NCD 5.00% AAA (India Ratings, NSDL record 2022) 2027-08-31 — —
INE020B07MV6 REC 5.00% Sep 2027 NCD 5.00% AAA (ICRA, NSDL record 2022) 2027-09-30 — —
INE020B07MW4 REC 5.00% Oct 2027 NCD 5.00% AAA (India Ratings, NSDL record 2022) 2027-10-31 — —
INE020B07GV8 REC 7.38% Nov 2027 Bond Tax-free 7.38% AAA (India Ratings) 2027-11-21 — —
INE020B07MX2 REC 5.00% Nov 2027 NCD 5.00% AAA (ICRA, NSDL record 2022) 2027-11-30 — —
INE020B08AQ9 REC 7.70% Dec 2027 NCD 7.70% AAA (India Ratings, NSDL record 2017) 2027-12-10 8.20% 2026-10-29
INE020B07GX4 REC 7.38% Dec 2027 NCD Tax-free 7.38% AAA (ICRA, NSDL record 2012) 2027-12-19 11.00% 2026-10-30
INE020B07MY0 REC 5.00% Dec 2027 NCD 5.00% AAA (CARE, NSDL record 2022) 2027-12-31 — —
INE020B08FW6 REC 6.52% Jan 2028 NCD 6.52% AAA (CARE) 2028-01-31 7.56% 2026-11-05
INE020B07MZ7 REC 5.00% Jan 2028 NCD 5.00% AAA (India Ratings, NSDL record 2022) 2028-01-31 — —
INE020B08GB8 REC 6.95% Feb 2028 NCD 6.95% AAA (CRISIL) 2028-02-18 8.22% 2026-10-29
INE020B08FR6 REC 7.44% Feb 2028 NCD 7.44% AAA (CRISIL) 2028-02-29 7.76% 2026-11-03
INE020B07NA8 REC 5.00% Feb 2028 NCD 5.00% AAA (CARE, NSDL record 2022) 2028-02-29 — —
INE020B08AX5 REC 8.09% Mar 2028 NCD 8.09% AAA (CARE, NSDL record 2018) 2028-03-21 — 2026-09-15
INE020B08AY3 REC 8.01% Mar 2028 NCD 8.01% AAA (CARE, NSDL record 2018) 2028-03-24 — 2026-09-11
INE020B07GZ9 REC 7.04% Mar 2028 NCD Tax-free 7.04% AAA (India Ratings, NSDL record 2013) 2028-03-25 — —
INE020B08AZ0 REC 8.06% Mar 2028 NCD 8.06% AAA (CRISIL, NSDL record 2018) 2028-03-27 — 2026-09-11
INE020B07NB6 REC 5.00% Mar 2028 NCD 5.00% AAA (India Ratings, NSDL record 2022) 2028-03-31 — —
INE020B08EA5 REC 7.55% Mar 2028 NCD 7.55% AAA (India Ratings, NSDL record 2022) 2028-03-31 — 2026-08-20
INE020B08EH0 REC 7.77% Mar 2028 NCD 7.77% AAA (India Ratings, NSDL record 2023) 2028-03-31 — 2026-07-24
INE020B07NC4 REC 5.25% Apr 2028 NCD 5.25% AAA (ICRA, NSDL record 2023) 2028-04-30 — —
INE020B07NK7 REC 5.25% May 2028 NCD 5.25% AAA (CRISIL, NSDL record 2023) 2028-05-31 — —
INE020B08GK9 REC 7.30% May 2028 NCD 7.30% — 2028-05-31 — —
INE020B08EK4 REC 7.46% Jun 2028 NCD 7.46% AAA (CARE) 2028-06-30 8.27% 2026-10-27
INE020B07NL5 REC 5.25% Jun 2028 NCD 5.25% AAA (India Ratings, NSDL record 2023) 2028-06-30 — —
IN8020B08087 REC 7.46% Jun 2028 NCD 7.46% — 2028-06-30 — —
INE020B07NJ9 REC 5.25% Jul 2028 NCD 5.25% AAA (India Ratings, NSDL record 2023) 2028-07-31 — —
Compare (/) Compare Bonds

YTM is the market yield from the latest BSE/NSE trade. It shows “—” when that trade is over 30 days old, the bond is under 30 days from maturity, it is a market-linked debenture, or the price failed our checks (hover the dash for the reason). A coupon is never shown as a yield.

More bonds from this issuer (139)
05 Market Activity

Last 30 days, across all outstanding bonds from this issuer.

BSE Traded Value (Last 30 Days)
₹61.97 L
Number of Trades (Last 30 Days)
245
Avg. Yield (Last 30 Days)
7.61%
06 Payment Disclosures (SEBI Reg52(4)) 20 disclosed

Interest and redemption payments as broadcast by NSE under SEBI LODR Reg 52(4)/60, across all outstanding bonds from this issuer -- actual disclosed events, not a projected schedule.

Due DateBondTypeAmount DueAmount PaidStatusFiling
31 Oct 2026 REC-6.23%-31-10-31-PVT Interest ₹74,76,00,000.00 ₹74,76,00,000.00 Paid XBRL →
31 Oct 2026 RL-7.71%-31-10-33-PVT Interest ₹2,17,32,00,000.00 ₹2,17,32,00,000.00 Paid XBRL →
31 Oct 2026 REC-6.23%-31-10-31-PVT Redemption ₹12,00,00,00,000.00 ₹12,00,00,00,000.00 Paid XBRL →
12 Oct 2026 REC-8.54%-11-10-2028-PVT Interest ₹3,84,00,000.00 ₹3,84,00,000.00 Paid XBRL →
30 Sep 2026 RECL-7.20%-31-3-23-PVT Interest ₹63,17,00,000.00 ₹63,17,00,000.00 Paid XBRL →
30 Sep 2026 RECL-7.25%-30-9-23-PVT Interest ₹2,53,75,00,000.00 ₹2,53,75,00,000.00 Paid XBRL →
30 Sep 2026 RL-8.03%-PER Interest ₹87,53,00,000.00 ₹87,53,00,000.00 Paid XBRL →
30 Sep 2026 RECL-7.31%-30-9-39-PVT Interest ₹1,56,80,00,000.00 ₹1,56,80,00,000.00 Paid XBRL →
28 Sep 2026 RECL-8.25%-26-3-30-PVT Interest ₹22,14,00,000.00 ₹22,14,00,000.00 Paid XBRL →
28 Sep 2026 RECL-6.5%-26-3-31-PVT Interest ₹16,38,00,000.00 ₹16,38,00,000.00 Paid XBRL →
28 Sep 2026 RECL-8.06%-27-3-28-PVT Interest ₹30,60,00,000.00 ₹30,60,00,000.00 Paid XBRL →
28 Sep 2026 RECL-8.01%-24-3-18-PVT Interest ₹56,93,00,000.00 ₹56,93,00,000.00 Paid XBRL →
28 Sep 2026 8.70% UNSECURED RATED LISTED... Interest ₹1,31,57,00,000.00 ₹1,31,57,00,000.00 Paid XBRL →
28 Sep 2026 8.25% UNSECURED RATED LISTED NON... Interest ₹1,19,71,00,000.00 ₹1,19,71,00,000.00 Paid XBRL →
25 Sep 2026 RECL-8.3%-25-3-19-PVT Interest ₹1,67,36,00,000.00 ₹1,67,36,00,000.00 Paid XBRL →
21 Sep 2026 RECL-8.09%-21-3-28-PVT Interest ₹74,92,00,000.00 ₹74,92,00,000.00 Paid XBRL →
16 Sep 2026 RECL-8.29%-16-9-34-PVT Interest ₹2,51,02,00,000.00 ₹2,51,02,00,000.00 Paid XBRL →
8 Sep 2026 RECL-8.60%-8-3-29-PVT Interest ₹52,02,00,000.00 ₹52,02,00,000.00 Paid XBRL →
2 Sep 2026 RECL-7.14%-2-3-30-PVT Interest ₹53,99,00,000.00 ₹53,99,00,000.00 Paid XBRL →
31 Aug 2026 7.56% UNSECURED RATED LISTED... Interest ₹2,26,80,00,000.00 ₹2,26,80,00,000.00 Paid XBRL →

Source: NSE Debt Centralised Database, per SEBI LODR Reg 52(4)/60. Coverage begins 2 Aug 2026 — history accumulates as disclosures are broadcast.

07 Regulatory Filings
NSE Corporate Announcements
General Updates 21 Jul 2026
Appointment 20 Jul 2026
General Updates 18 Jul 2026
General Updates 14 Jul 2026
Updates 14 Jul 2026
General Updates 10 Jul 2026
General Updates 30 Jun 2026
Change in Management 29 Jun 2026
General Updates 28 Jun 2026
Credit Rating Rationale
08 Methodology & Data Coverage
DatasetCountFreshness
Credit Ratings (current) 191 2026-09-30
Rating Actions History 2 2026-10-07
Secondary-Market Trades 946 2026-11-06
Reg52(4) Payment Disclosures 20 2026-10-31

Methodology version 1.0. See full methodology for sources and limitations.

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Frequently Asked Questions
How many active bonds does REC Limited have?

REC Limited currently has 194 active bonds with coupons of 5.00% - 9.15%, maturities spanning 2026 - 2041.

What is REC Limited's credit rating?

The most common current rating on REC Limited's senior bonds is AAA (CRISIL). Ratings on file come from CARE, CRISIL, ICRA, India Ratings. Other instrument classes: AT1 / perpetual: AAA (CRISIL).

Are REC Limited's bonds secured?

Of the 193 bonds with a disclosed security status, 83 are secured (43%) and 110 are unsecured.

When do REC Limited's bonds mature?

REC Limited's active bonds mature between 2026 - 2041; the nearest matures in Nov 2026; the average tenure is 4.0 Yrs.

What is the average coupon on REC Limited's bonds?

The average coupon across REC Limited's 194 active bonds is 6.83%.

Disclaimer: This page aggregates publicly available data about REC Limited for informational purposes only. Ratings shown are the opinion of the issuing rating agency and are not buy/sell recommendations. RetailBonds.in does not issue its own ratings or investment advice. Verify all data against the issuer’s offer document before transacting.