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PFC - Power Fin.Corpn.

📊 NSE: PFC 🏢 Finance - Term-Lending Institutions 📅 Last Updated: 12/14/2025 11:08

📢 Recent Corporate Announcements

Rajesh Kumar Agarwal Appointed as Director (Finance) of PFC for a 5-Year Term

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 23 Apr 2026, 06:18 PM

Power Finance Corporation (PFC) has announced the appointment of Shri Rajesh Kumar Agarwal as Director (Finance) effective April 23, 2026. Mr. Agarwal, an internal veteran who has been with PFC since 2009, succeeds to the role for a five-year tenure. He brings over 31 years of experience in the power and financial sectors, having previously served as Executive Director (Finance) at PFC since January 2024. This appointment ensures leadership continuity in the company's financial strategy and operations.

Shri Rajesh Kumar Agarwal assumes charge as Director (Finance) for a 5-year tenure starting April 23, 2026.
He possesses over 31 years of professional experience in the Power and Financial sectors, including roles at NTPC and NPCIL.
Previously served as Executive Director (Finance) at PFC since January 1, 2024, and has been with the organization since 2009.
Expertise includes Corporate Accounts, Taxation, Fund Management, Banking, and Loan Disbursement.
The appointment was made pursuant to a communication from the Ministry of Power, Government of India.

💡 This is a routine leadership transition involving an internal candidate, which suggests stability in financial management. Investors should monitor if there are any shifts in fund-raising strategies under the new leadership, though no immediate impact on stock performance is expected.

PFC Announces Cessation of Two Independent Directors Upon Completion of Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Apr 2026, 03:32 PM

Power Finance Corporation (PFC) has announced that two of its Non-Official Independent Directors, Smt. Usha Sajeev Nair and Shri Prasanna Tantri, have completed their designated terms. Both directors were appointed by the Ministry of Power for a one-year tenure starting April 17, 2025. Following the completion of their terms on April 16, 2026, they have ceased to be members of the Board effective April 17, 2026. This is a routine administrative update in line with government appointment cycles for PSUs.

Smt. Usha Sajeev Nair ceased to be a Non-Official Independent Director effective April 17, 2026.
Shri Prasanna Tantri ceased to be a Non-Official Independent Director effective April 17, 2026.
Both directors completed a fixed one-year tenure as per Ministry of Power orders dated April 17, 2025.
The changes are compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No action is required as these are routine exits due to tenure completion. Investors should look for future announcements regarding the appointment of new independent directors to the board.

PFC Incorporates 4 New Subsidiaries for Transmission Projects in Rajasthan and Karnataka

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 14 Apr 2026, 08:50 PM

PFC Consulting Limited, a wholly owned subsidiary of Power Finance Corporation (PFC), has incorporated four new Special Purpose Vehicles (SPVs) to facilitate major transmission projects. These SPVs include Babai and Bikaner Transmission in Rajasthan (765kV systems) and Humnabad and Hebbani Power Transmission in Karnataka (400kV systems). As the Bid Process Coordinator, PFC will manage preparatory activities like land acquisition and clearances before transferring these entities to successful bidders via competitive bidding. This move ensures a steady pipeline of infrastructure projects where PFC often acts as a primary lender.

Incorporation of 4 wholly owned subsidiaries: Babai, Bikaner, Humnabad, and Hebbani Transmission Limited
Two 765kV GSS projects located in Rajasthan (Babai and Pugal/Bikaner)
Two 400kV transmission schemes located in Karnataka (Bidar and Mandya districts)
SPVs to be transferred to successful bidders under Tariff Based Competitive Bidding (TBCB) guidelines
PFC Consulting Limited acting as the designated Bid Process Coordinator (BPC) for the Ministry of Power

💡 No immediate action is required as this is a routine operational procedure for PFC's consulting arm. Investors should monitor the successful transfer of these SPVs as it reflects PFC's execution efficiency in the power infrastructure space.

PFC Independent Director Bhaskar Bhattacharya Resigns Due to Election Candidature

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Apr 2026, 12:18 PM

Power Finance Corporation (PFC) has announced the resignation of Shri Bhaskar Bhattacharya from his position as an Independent Director, effective April 1, 2026. The resignation is attributed to his decision to contest in the West Bengal Assembly elections, aiming to avoid any potential conflict of interest. The director confirmed there are no other material reasons for his departure. This change is a routine governance update for the state-owned NBFC and does not reflect any internal operational issues.

Shri Bhaskar Bhattacharya (DIN: 09406292) resigned as Independent Director effective April 1, 2026.
The resignation is due to his upcoming candidature in the West Bengal Assembly elections.
The director was previously re-appointed for a one-year term starting May 13, 2025.
PFC confirmed that there are no other material reasons for the resignation other than the stated political conflict of interest.

💡 This is a routine administrative change and does not impact the company's fundamentals. Investors should continue to focus on the company's loan book growth and asset quality.

PFC Announces Superannuation of Director (Commercial) and Director (Finance) Effective April 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Apr 2026, 01:08 PM

Power Finance Corporation (PFC) has informed the exchanges about the cessation of two key functional directors from its board effective April 1, 2026. Shri Manoj Sharma, Director (Commercial), and Shri Sandeep Kumar, Director (Finance), have both retired upon reaching the age of superannuation. These departures are routine and follow the terms set by the Ministry of Power's original appointment orders. Investors should expect the government to announce successors for these critical roles shortly to ensure leadership continuity.

Shri Manoj Sharma ceased to be Director (Commercial) effective April 1, 2026, following his superannuation.
Shri Sandeep Kumar ceased to be Director (Finance) effective April 1, 2026, following his superannuation.
The retirements are in accordance with Ministry of Power orders dated August 29, 2022, and July 11, 2024.
Both officials served their full terms until the pre-determined date of March 31, 2026.

💡 As these are routine retirements in a PSU, no immediate impact on stock performance is expected. Investors should monitor for the appointment of the new Director (Finance) as it is a key role for a non-banking financial company.

PFC Transfers South Kalamb Power Transmission to Adani Energy Solutions for Rs 12.53 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 30 Mar 2026, 05:49 PM

Power Finance Corporation (PFC) has successfully transferred its step-down subsidiary, South Kalamb Power Transmission Limited, to Adani Energy Solutions Limited on March 30, 2026. The transaction was completed for a total consideration of Rs 12.53 crore following a competitive bidding process. This subsidiary was an SPV established for the development of a network expansion scheme at South Kalamb. The financial impact of this sale on PFC's overall turnover and net worth is considered negligible as it is part of their routine consulting business model.

100% equity transfer of South Kalamb Power Transmission Limited to Adani Energy Solutions Limited.
Total consideration received for the sale is Rs 12,53,27,500.
The transaction was finalized on March 30, 2026, as per the Share Purchase Agreement.
The subsidiary's contribution to PFC's revenue and net worth in the last financial year was negligible.

💡 This is a routine operational update reflecting PFC's role in facilitating power projects through its consulting arm. No immediate action is required as the financial impact is minimal.

PFC Transfers Wagdari Transmission Subsidiary to KCC Buildcon for ₹4.41 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 27 Mar 2026, 06:17 PM

Power Finance Corporation (PFC) has successfully transferred its step-down subsidiary, Wagdari Transmission Limited, to KCC Buildcon Private Limited on March 27, 2026. The sale was executed for a total consideration of approximately ₹4.41 crore following a competitive bidding process. This subsidiary was a Special Purpose Vehicle (SPV) established for the development of a transmission scheme in Solapur, Maharashtra. The financial impact is negligible as the subsidiary's contribution to PFC's total turnover and net worth was minimal.

Transfer of 100% stake in Wagdari Transmission Limited to KCC Buildcon Private Limited.
Total cash consideration received amounts to ₹4,41,10,826.
The transaction was completed on March 27, 2026, and does not involve related party transactions.
The SPV was dedicated to the establishment of the 400/220 kV AIS Wagdari transmission project.
The unit had a negligible contribution to PFC's overall revenue and net worth in the last financial year.

💡 This is a routine operational update as PFC's consulting arm frequently develops and divests project-specific SPVs. No specific action is required as it does not materially alter PFC's core financial profile.

PFC Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 01:25 PM

Power Finance Corporation (PFC) has announced the closure of its trading window for equity shares and listed debt securities starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's internal code of conduct. The closure affects all designated persons and their immediate relatives, prohibiting them from buying, selling, or pledging PFC securities. This is a standard procedure preceding the announcement of financial results for the period ending March 31, 2026.

Trading window closure effective from April 1, 2026, until further notice.
Applies to both Equity Shares and Listed Debt Securities like Tax-Free Bonds.
Restricts all designated persons and their immediate relatives from dealing in PFC securities.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Standard regulatory filing ahead of the upcoming quarterly and annual financial results.

💡 This is a routine regulatory filing with no direct impact on retail shareholders. Investors should monitor for the upcoming board meeting date to discuss annual financial results.

PFC Announces Opening of Trading Window from March 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Mar 2026, 05:27 PM

Power Finance Corporation Limited (PFC) has informed the stock exchanges that its trading window for equity shares and listed debt securities will reopen on March 20, 2026. The window was previously closed in compliance with the company's code for regulating and monitoring trading by insiders. The closure period will officially end on March 19, 2026. This is a standard regulatory procedure following the disclosure of price-sensitive information or board meetings.

Trading window for equity shares and listed debt securities to reopen on March 20, 2026
Trading window remains closed until the end of March 19, 2026
Notification issued in compliance with SEBI (Prohibition of Insider Trading) Regulations
Follows a previous communication regarding the closure dated March 11, 2026

💡 This is a routine administrative filing; retail investors do not need to take any specific action.

PFC Declares ₹3.25 Interim Dividend; Approves ₹1.60 Lakh Crore Fundraising for FY27

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 17 Mar 2026, 02:27 PM

Power Finance Corporation (PFC) has declared its fourth interim dividend of ₹3.25 per share for FY 2025-26, with the record date fixed as March 23, 2026. Simultaneously, the board has approved a massive fundraising plan of up to ₹1,60,000 crore for the financial year 2026-27 to fuel its lending operations. This borrowing will be executed through various instruments including bonds, term loans, and commercial papers in both domestic and international markets. The dividend is expected to be paid to eligible shareholders on or before April 16, 2026.

Declared fourth interim dividend of ₹3.25 per equity share (32.50% of face value) for FY 2025-26.
Set March 23, 2026, as the record date for dividend eligibility with payment by April 16, 2026.
Approved a total borrowing limit of ₹1,60,000 crore for FY 2026-27.
Domestic long/medium-term borrowing limit set at ₹1,10,000 crore.
Foreign currency borrowing limit approved for approximately USD 2.21 billion (₹20,000 crore).

💡 Income-focused investors should hold the stock before the March 23 record date to qualify for the dividend. The large fundraising mandate indicates strong growth expectations and capital requirements for the upcoming fiscal year.

PFC Approves ₹1.6 Lakh Cr Fundraising for FY27 and Declares ₹3.25 Interim Dividend

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 17 Mar 2026, 02:25 PM

Power Finance Corporation (PFC) has approved a massive borrowing plan of ₹1,60,000 crore for the financial year 2026-27 to support its lending operations across domestic and international markets. The board also declared a fourth interim dividend of ₹3.25 per equity share for FY 2025-26, representing 32.50% of the face value. The record date for the dividend is set for March 23, 2026, with payments to be completed by April 16, 2026. This dual announcement highlights PFC's aggressive growth strategy and its consistent commitment to shareholder payouts.

Approved total borrowing limit of ₹1,60,000 crore for the financial year 2026-27.
Domestic long/medium-term borrowing limit set at ₹1,10,000 crore through bonds and loans.
Foreign currency borrowing limit established at ₹20,000 crore (approx. USD 2.21 Billion).
Declared a fourth interim dividend of ₹3.25 per share for FY 2025-26.
Fixed March 23, 2026, as the record date for dividend eligibility.

💡 Investors should ensure they hold shares by the record date of March 23 to qualify for the ₹3.25 dividend. The substantial borrowing plan indicates a strong pipeline of power sector projects and growth potential for the next fiscal year.

PFC Declares ₹3.25 Interim Dividend; Approves ₹1.60 Lakh Crore Fundraising for FY27

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 17 Mar 2026, 02:23 PM

Power Finance Corporation (PFC) has declared its fourth interim dividend of ₹3.25 per share for FY 2025-26, representing 32.50% of the face value. The Board has set March 23, 2026, as the record date for dividend eligibility, with payments to be completed by April 16, 2026. Additionally, the company approved a massive fundraising plan of up to ₹1,60,000 crore for the financial year 2026-27. This borrowing will be conducted through domestic and international markets using bonds, term loans, and commercial papers to support lending operations.

Fourth interim dividend of ₹3.25 per equity share declared for FY 2025-26
Record date for dividend eligibility fixed as March 23, 2026
Total borrowing limit of ₹1,60,000 crore approved for FY 2026-27
Domestic long-term borrowing cap set at ₹1,10,000 crore
Foreign currency borrowing limit set at approximately $2.21 billion (₹20,000 crore)

💡 Investors seeking regular income should ensure they hold shares by the March 23 record date to receive the ₹3.25 dividend. The large fundraising mandate indicates strong growth expectations for PFC's loan book in the upcoming fiscal year.

PFC Dissolves Subsidiary Ghogarpalli Integrated Power Company Limited

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Mar 2026, 10:33 AM

Power Finance Corporation (PFC) has announced the formal dissolution and strike-off of its wholly-owned subsidiary, Ghogarpalli Integrated Power Company Limited (GIPCL), effective March 16, 2026. GIPCL was originally established in 2008 as a Special Purpose Vehicle (SPV) to develop a 4,000 MW Ultra Mega Power Project in Odisha. Following a decision to close the project, the Ministry of Power granted approval for the strike-off in November 2025. PFC has clarified that GIPCL was not a material subsidiary, and its closure is part of a planned administrative cleanup of non-operational entities.

Ghogarpalli Integrated Power Company Limited (GIPCL) officially struck off effective March 16, 2026.
The subsidiary was an SPV for a 4,000 MW Ultra Mega Power Project in Odisha incorporated in 2008.
Ministry of Power approved the closure of the company on November 27, 2025.
PFC confirmed that GIPCL was not a material subsidiary and its dissolution has no operational impact.

💡 No action is required as this is a routine administrative closure of a non-operational subsidiary. Investors should continue to monitor PFC's core lending performance and dividend payouts.

PFC Transfers NES Pune East New Transmission to Power Grid for ₹8.05 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 13 Mar 2026, 12:51 PM

Power Finance Corporation (PFC) has completed the transfer of its wholly-owned subsidiary, NES Pune East New Transmission Limited, to Power Grid Corporation of India Limited (PGCIL). The transaction, finalized on March 12, 2026, involved a total consideration of approximately ₹8.05 crore. This SPV was established for the development of a transmission network expansion scheme in Maharashtra. Since this is a routine business activity for PFC's consulting arm, the financial impact on the company's overall turnover is negligible.

Transfer of NES Pune East New Transmission Limited completed on March 12, 2026
Total consideration received for the sale is ₹8,04,74,138
The buyer is Power Grid Corporation of India Limited, the successful bidder
SPV was created for the 765/400 Kv Pune East transmission network expansion in Maharashtra
The subsidiary's contribution to PFC's total turnover and net worth is negligible

💡 This is a routine divestment of a project-specific SPV and does not significantly impact PFC's valuation. Investors should treat this as a standard operational update within the company's consulting business segment.

PFC Transfers NES Dharashiv Transmission to Montecarlo Ltd for Rs 3.61 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 12 Mar 2026, 04:29 PM

Power Finance Corporation (PFC) has completed the transfer of its step-down subsidiary, NES Dharashiv Transmission Limited, to Montecarlo Limited on March 12, 2026. The transaction was executed for a total consideration of approximately Rs 3.61 crore following a successful bidding process. This SPV was specifically established for the development of a network expansion scheme in Maharashtra to facilitate the evacuation of renewable energy. As per the filing, the financial contribution of this unit to PFC's overall turnover and net worth is negligible.

Total consideration received for the transfer is Rs 3,61,11,559.
The buyer, Montecarlo Limited, is an independent entity not belonging to the promoter group.
The project involves RE power evacuation from Dharashiv and Beed districts in Maharashtra.
The transfer was completed on March 12, 2026, in accordance with Ministry of Power guidelines.

💡 This is a routine operational procedure for PFC's consulting arm and does not impact the company's core financials. Investors should remain focused on the company's primary lending portfolio and dividend performance.

View All PFC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew 14.7% YoY from INR 46,113 Cr in FY24 to INR 52,889 Cr in FY25. For Q1FY26, income stood at INR 13,276 Cr. Growth is driven by a 13% YoY expansion in the gross loan book, which reached INR 5,43,120 Cr in FY25.

Geographic Revenue Split

Not specifically disclosed by region, but operations are concentrated in India with a shift in borrower profile: Government sector loans decreased from 81% (March 2024) to 77% (June 2025), while private sector exposure increased from 19% to 23% in the same period.

Profitability Margins

Net Interest Margins (NIMs) improved from 3.3% in FY24 to 3.6% in FY25 due to healthy yields on advances and low cost of funds. Return on Average Total Assets (RoTA) was 3.2% in FY25 and improved to 3.3% (annualized) in Q1FY26.

EBITDA Margin

Not applicable for NBFC; however, PAT grew 21% YoY to INR 17,352 Cr in FY25. Interest coverage ratio improved from 1.63x in FY24 to 1.69x in FY25, reflecting stronger debt-servicing capacity relative to earnings.

Capital Expenditure

As a financial institution, PFC focuses on loan disbursements rather than traditional CapEx. Gross loan book stood at INR 5,49,786 Cr as of June 30, 2025, with a 13% growth rate in FY25.

Credit Rating & Borrowing

Maintains 'CARE AAA; Stable' and 'CRISIL AAA/Stable' ratings. Borrowings totaled INR 4,65,763 Cr as of March 31, 2025, with 57% sourced from domestic bonds and 19% from rupee term loans, benefiting from quasi-sovereign status to access cost-effective rates.

⚙️ Operational Drivers

Raw Materials

Capital/Funds are the primary 'raw material'. Borrowing mix as of June 2025: Domestic bonds (57%), Foreign currency borrowings (20%), Rupee term loans (19%), 54EC bonds (2%), and Subordinate liabilities (1%).

Import Sources

Funds are sourced domestically and internationally through external commercial borrowings and international agencies to diversify the resource base and optimize interest costs.

Key Suppliers

Major lenders include Mizuho Bank (INR 250 Cr), IDFC First Bank (INR 350 Cr), ICICI Bank (INR 6,000 Cr), and HDFC Bank (INR 3,500 Cr) for working capital demand loans.

Capacity Expansion

Loan book capacity reached INR 5,49,786 Cr as of June 2025. Infrastructure lending is a new venture with INR 12,881 Cr (2% of book) as of June 2025, with a regulatory cap of 30% for non-power infrastructure.

Raw Material Costs

Cost of funds is minimized by quasi-sovereign status. Borrowings increased 14% YoY in FY25 to INR 4,65,763 Cr. Opex/ATA remains very low at 0.13% for FY25 due to a wholesale lending model.

Manufacturing Efficiency

Wholesale lending model allows for high efficiency with limited manpower, reflected in the low Opex/ATA ratio of 0.13%.

Logistics & Distribution

Not applicable; distribution is handled through a wholesale lending model to central/state utilities and private developers.

📈 Strategic Growth

Expected Growth Rate

13%

Growth Strategy

PFC is diversifying into the infrastructure sector (roads, ports, metro rail) and expanding its green energy portfolio. It acts as a nodal agency for the Revamped Distribution Sector Scheme (outlay of INR 3,03,758 Cr) and is increasing private sector lending (now 23% of book) to capture renewable energy growth.

Products & Services

Rupee term loans, foreign currency loans, short-term loans, equipment lease financing, and transitional financing for power and infrastructure projects.

Brand Portfolio

Power Finance Corporation (PFC), REC Limited (subsidiary), PFC Consulting Limited (subsidiary).

New Products/Services

Lending to non-power infrastructure (e-vehicle fleets, charging infra, smart cities) and logistics, currently contributing 2% to the loan book with significant headroom for expansion.

Market Expansion

Expanding into the infrastructure and logistics sectors. Incorporated NERGS III Siang Basin Transmission Limited in Nov 2025 as a SPV for transmission project development.

Market Share & Ranking

Significant market player in India's power financing; nodal agency for major GoI power schemes.

Strategic Alliances

Acquired a 52.63% stake in REC Limited. Transferred KPS III HVDC Transmission Limited to Adani Energy Solutions Limited in December 2025 following a competitive bidding process.

🌍 External Factors

Industry Trends

Shift toward green energy transition; PFC is expanding financing for renewable energy projects (15% of current book) to align with India's carbon reduction goals.

Competitive Landscape

Primary competition from REC Limited (now a subsidiary) and major commercial banks, though PFC's specialized focus and government linkages provide a distinct advantage.

Competitive Moat

Durable moat derived from 'Quasi-Sovereign' status, which ensures a lower cost of capital than private competitors and a mandate as a nodal agency for government schemes, making it indispensable to India's power infrastructure.

Macro Economic Sensitivity

Highly sensitive to Indian government power sector policies and interest rate cycles. Strategic importance to GoI (55.99% ownership) provides a safety net for credit stability.

Consumer Behavior

Increasing demand for renewable energy and infrastructure financing from private developers is shifting the loan book away from purely state-backed entities.

Geopolitical Risks

Exposure to international capital markets for funding; however, 57% of borrowing is domestic, providing a buffer against global liquidity shocks.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by RBI as an Infrastructure Finance Company (NBFC-ND-IFC). Allowed to run off existing exposures exceeding concentration norms until maturity per RBI letter dated August 24, 2022. Permissible exposure is 30% of Tier-I capital for single borrowers.

Environmental Compliance

Indirectly exposed to environmental risks through its power portfolio; mitigating this by significantly expanding financing for renewable energy projects.

Taxation Policy Impact

Not specifically detailed, but subject to standard Indian corporate tax rates for NBFCs.

Legal Contingencies

Asset quality improvements driven by resolutions through the National Company Law Tribunal (NCLT). GNPA reduced from 9.4% in 2019 to 1.94% in March 2025 through successful legal and structural resolutions.

⚠️ Risk Analysis

Key Uncertainties

Potential for significant asset quality deterioration if Stage II assets slip, given the low total PCR of 2.5%. Sectoral concentration in power remains a primary risk.

Geographic Concentration Risk

100% concentrated in India, with high exposure to weak financial profiles of certain State Power Utilities (SPUs).

Third Party Dependencies

High dependency on the Government of India for credit support and the Ministry of Power for strategic direction.

Technology Obsolescence Risk

Cybersecurity is identified as a key monitorable social risk that could affect regulatory compliance and reputation.

Credit & Counterparty Risk

Net NPA ratio is low at 0.39% (June 2025), but private sector exposure is rising (23%), which typically carries higher credit risk than government-backed loans.