PTC India Financial Services Limited (PFS)
₹27.31 +4.12% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)PTC India Financial Services Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, PTC India's net interest income was ₹64.8 Cr (-15.8% year on year, -13.6% on the previous quarter), and net profit ₹40.2 Cr (-70.6% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹64.8 | -15.8% | -13.6% |
| Operating profit | ₹54.2 | — | — |
| Net profit | ₹40.2 | -70.6% | -12.5% |
| EPS (₹) | 0.63 | -70.4% | -11.3% |
PFS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 6.51% of the PFS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.58%. The price rose 4.12% on unusually low delivery, so more of the move than usual was intraday trading. It traded 16.8 times its average daily volume.
Delivery in the last 5 sessions: 59.5% · 67.3% · 63.6% · 74.4% · 6.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
PTC India Financial Services (PFS) announced that its Board has approved a 1-year extension for Shri Rajiv Malhotra as MD&CEO (Additional Charge), effective December 1, 2026 to November 30, 2027, subject to shareholder approval. Additionally, the Board extended the tenure of Company Secretary Manohar Balwani for 1 year from November 6, 2026 to November 5, 2027. The company also appointed Shri Govinda Garg as Nodal Officer to facilitate coordination with parent PTC India Limited regarding its explored monetization/divestment of its 64.99% stake in PFS.
- Tenure of MD&CEO (Addl. Charge) Rajiv Malhotra extended by 1 year from December 1, 2026 to November 30, 2027
- Company Secretary Manohar Balwani granted a 1-year extension from November 6, 2026 to November 5, 2027
- Nodal officer appointed to assist parent PTC India regarding its investment monetization exploration
- Approval for MD&CEO extension subject to voting by shareholders via postal ballot
PTC India Financial Services (PFS) announced that its Board has approved a 1-year extension for Shri Rajiv Malhotra as MD&CEO (Additional Charge), effective December 1, 2026 to November 30, 2027, subject to shareholder approval. Additionally, the Board extended the tenure of Company Secretary Manohar Balwani for 1 year from November 6, 2026 to November 5, 2027. The company also appointed Shri Govinda Garg as Nodal Officer to facilitate coordination with parent PTC India Limited regarding its explored monetization/divestment of its 64.99% stake in PFS.
- Tenure of MD&CEO (Addl. Charge) Rajiv Malhotra extended by 1 year from December 1, 2026 to November 30, 2027
- Company Secretary Manohar Balwani granted a 1-year extension from November 6, 2026 to November 5, 2027
- Nodal officer appointed to assist parent PTC India regarding its investment monetization exploration
- Approval for MD&CEO extension subject to voting by shareholders via postal ballot
PTC India Financial Services Limited has submitted the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent KFIN Technologies Limited confirms that dematerialization requests received between July 1, 2026, and September 30, 2026, were processed within 15 days. Security certificates received for demat were verified, cancelled, and the depository's name was substituted as the registered owner. This is a standard quarterly administrative filing with no financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- RTA KFIN Technologies confirmed actions processed within 15 days of receipt
- Covers dematerialization activities from July 1, 2026 to September 30, 2026
PTC India Financial Services Limited (PFS) reported the voting results and Scrutinizer's Report for its 20th Annual General Meeting held on September 24, 2026. Both ordinary resolutions on the agenda were passed with overwhelming majorities. Resolution 1, adopting the audited standalone and consolidated financial statements for FY26, passed with 99.98% votes in favor. Resolution 2, approving the re-appointment of retiring director Dr. Manoj Kumar Jhawar, was approved with 99.90% votes in favor.
- AGM held on September 24, 2026, with a total of 136,946 shareholders on record date
- Adoption of FY26 Audited Financial Statements passed with 99.98% votes in favor (44,89,33,537 votes)
- Re-appointment of Director Dr. Manoj Kumar Jhawar passed with 99.90% votes in favor (44,91,07,053 votes)
- Overall voter turnout represented approximately 69.91% to 69.99% of outstanding shares
PTC India Financial Services Limited (PFS) has issued the notice for its 20th Annual General Meeting (AGM) scheduled for September 24, 2026, via Video Conferencing. The cut-off date to determine member eligibility for voting is September 17, 2026, with remote e-voting active from September 21 to September 23, 2026. Key agenda items include adopting the audited standalone and consolidated financial statements for FY25-26 and the re-appointment of Dr. Manoj Kumar Jhawar as a Director retiring by rotation.
- 20th AGM scheduled for Thursday, September 24, 2026, at 12:00 Noon IST via VC/OAVM
- E-voting cut-off date fixed for Thursday, September 17, 2026
- Remote e-voting window runs from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
- Ordinary business includes adoption of FY26 financials and re-appointment of Director Dr. Manoj Kumar Jhawar (who attended 17 out of 17 board meetings in FY26)
PTC India Financial Services Limited has scheduled its 20th Annual General Meeting (AGM) for Thursday, September 24, 2026, at 12:00 PM IST via video conferencing. The company will distribute the Annual Report and AGM Notice for FY 2025-26 electronically to registered shareholders. Non-registered shareholders will be sent web links to access the Annual Report in compliance with SEBI LODR regulations. This is a standard corporate compliance notice with no financial or operational impact.
- 20th Annual General Meeting scheduled for Thursday, September 24, 2026, at 12:00 PM IST
- Meeting to be conducted virtually through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Annual Report and Notice for FY 2025-26 to be dispatched electronically and hosted on the company website
- Physical intimation with web links to be dispatched to members without registered email addresses per SEBI LODR
PTC India Financial Services (PFS) reported a muted Q1 FY27 with disbursements of only Rs 117.25 Cr, significantly missing the expected Rs 1,000 Cr target due to borrower-side construction delays. However, management highlighted a sharp recovery in Q2, with sanctions exceeding Rs 1,200 Cr in the first month alone, marking a 13-quarter high. The company is targeting an AUM of Rs 5,000 Cr by the end of FY27, a ~70% increase from the current loan book of Rs 2,946 Cr. Asset quality remains stable but concentrated, with one account representing Rs 187 Cr of the Rs 190 Cr Gross Stage III assets.
- Disbursements in Q1 FY27 were Rs 117.25 Cr, significantly lower than the anticipated Rs 1,000 Cr.
- Sanctions in the first month of Q2 FY27 exceeded Rs 1,200 Cr, the highest in 13 quarters.
- Management set an AUM target of Rs 5,000 Cr for FY27-end, compared to the current Rs 2,946 Cr.
- Gross Stage III assets are maintained at Rs 190 Cr, with Net Stage III at Rs 47 Cr (approx. 2% of net worth).
- Net Interest Margin (NIM) remained healthy at 4.46% despite the muted disbursement activity.
PTC India Financial Services (PFS) has released the audio recording of its Q1 FY27 earnings call held on July 29, 2026. The company is currently trading at a low P/E of 5.6 and a P/B of 0.6, reflecting market caution following a multi-year decline in its loan book from Rs 11,094 Cr in 2021 to Rs 4,313 Cr in 2025. Investors should focus on management's progress toward the ambitious Rs 4,000 Cr disbursement target for FY26, which represents a ~92% growth over the June 2025 book. The call likely addresses the resolution of the Rs 193 Cr Vento Power account, which constitutes 97% of Stage III assets.
- Audio recording released for the investor call held on July 29, 2026, at 4:00 PM IST
- Company is managing a loan book that contracted to Rs 4,313 Cr as of June 2025 from a 2021 peak of Rs 11,094 Cr
- TTM PAT stands at Rs 320 Cr against a Market Cap of Rs 1,789 Cr
- Management previously targeted Rs 4,000 Cr in disbursements for FY26 to reverse the shrinking asset base
PTC India Financial Services (PFS) reported a weak Q1 FY27, with Profit After Tax (PAT) falling 70.5% YoY to Rs 40.24 Cr from Rs 136.63 Cr. The loan book continued its multi-year contraction, dropping to Rs 2,946 Cr from Rs 4,313 Cr a year ago, representing a ~32% decline. Total income also saw a significant reduction of 27.4% YoY, landing at Rs 103.31 Cr. While asset quality remained stable with Net Stage III assets at Rs 47 Cr, the company's Return on Assets (RoA) plummeted from 9.77% to 3.31% YoY.
- PAT declined sharply by 70.5% YoY to Rs 40.24 Cr in Q1 FY27.
- Loan assets shrunk to Rs 2,946 Cr, down 31.7% from Rs 4,313 Cr in June 2025.
- Disbursements remained low at Rs 117 Cr for the quarter compared to Rs 138 Cr in Q1 FY26.
- Net Interest Margin (NIM) compressed to 4.46% from 4.63% in the year-ago period.
- Capital Adequacy Ratio remains exceptionally high at 68.91%, indicating massive unutilized lending capacity.
PFS reported a significant decline in profitability for Q1 FY27, with Profit After Tax (PAT) falling 70.5% YoY to ₹40.24 crore from ₹136.63 crore. Total income also contracted by 27.4% to ₹103.31 crore, while disbursements remained muted at ₹117.25 crore. A key positive was the sharp improvement in asset quality, with Gross Stage III assets reducing to ₹190 crore from ₹441 crore a year ago. However, the annualized Return on Net Worth (RoNW) plummeted to 5.19% compared to 19.36% in the previous year's quarter.
- Net Profit (PAT) fell 70.5% YoY to ₹40.24 crore in Q1 FY27.
- Gross Stage III assets improved significantly to ₹190 crore from ₹441 crore in Q1 FY26.
- Provision Coverage Ratio (PCR) for Stage III assets increased to 75% from 62% YoY.
- Total Income for the quarter stood at ₹103.31 crore, down from ₹142.24 crore YoY.
- Annualized Return on Assets (ROA) declined to 3.31% from 9.77% YoY.
PTC India Financial Services (PFS) has approved its unaudited financial results for the quarter ended June 30, 2026. The company reported a pari-passu security cover ratio of 1.25x on debt totaling Rs 1,521.87 Cr, with total assets offered as security valued at Rs 2,104.22 Cr. The statutory auditors issued an unmodified limited review report, indicating no major accounting discrepancies. This filing comes as the company attempts to stabilize its loan book, which had declined to Rs 4,313 Cr in 2025 from a 2021 peak of over Rs 11,000 Cr.
- Total book value of assets offered as security reached Rs 2,104.22 Cr as of June 30, 2026
- Pari-passu security cover ratio stood at 1.25x for debt obligations of Rs 1,521.87 Cr
- Exclusive security cover ratio was reported at 2.61x for a debt portion of Rs 24.84 Cr
- The auditor's review for the quarter was completed with no modifications or material misstatements noted
- Total debt securities and other debt sharing pari-passu charge totaled Rs 1,546.71 Cr
PTC India Financial Services (PFS) has announced its post-earnings conference call for July 29, 2026, at 16:00 IST to discuss Q1 FY27 results. The management team, including the MD & CEO (Addl. Charge) and CFO, will address investors following a period of significant loan book contraction from Rs 11,094 Cr in 2021 to Rs 4,313 Cr in 2025. This call is critical as the company previously targeted Rs 4,000 Cr in disbursements for FY26 to stabilize its asset base. Investors will be looking for updates on governance stability and fundraising progress, which were previously hindered by director resignations.
- Conference call scheduled for July 29, 2026, at 16:00 IST to discuss Q1 FY27 results
- Management team led by Mr. Rajiv Malhotra, MD & CEO (Addl. Charge) and Mr. Dilip Srivastava, CFO
- Company is attempting to recover from a loan book decline of ~61% from its 2021 peak of Rs 11,094 Cr
- Targeted FY26 disbursements of Rs 4,000 Cr represent a significant growth push over the June 2025 book
PTC India Financial Services (PFS) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within 15 days. This is a standard administrative filing required for all listed companies to ensure the integrity of the share register. It has no impact on the company's financial health or its current loan book of ₹4,313 Cr.
- Compliance certificate covers the quarter ended June 30, 2026
- Confirmation that demat requests were processed within the mandated 15 days
- Covers the period from April 1, 2026, to June 30, 2026
- Issued by Registrar and Share Transfer Agent (RTA) KFIN Technologies Limited
Shri R Balaji has officially ceased his role as MD & CEO of PTC India Financial Services (PFS) as of June 30, 2026. Shri Rajiv Malhotra, a Nominee Director from the parent company PTC India Ltd, has assumed additional charge of the MD & CEO position effective July 1, 2026. This leadership transition occurs as the company struggles with a loan book that has shrunk from a peak of ₹11,094 Cr in 2021 to ₹4,313 Cr as of June 2025. Investors should note that the 'additional charge' status indicates a temporary leadership arrangement during a critical recovery phase.
- Shri R Balaji ceased as MD & CEO and was relieved from services on June 30, 2026
- Shri Rajiv Malhotra assumed additional charge as MD & CEO effective July 1, 2026
- The company is attempting to recover from a 61% decline in its loan book since 2021
- Parent company PTC India Ltd maintains a 64.99% controlling stake
- PFS is targeting ₹4,000 Cr in disbursements for FY26 to reverse book contraction
PTC India Financial Services Limited (PFS) has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared to the stock exchanges. This is a standard regulatory procedure applicable to all designated persons and their immediate relatives.
- Trading window closure begins on July 1, 2026.
- Closure pertains to the financial results for the quarter ending June 30, 2026.
- Window will reopen 48 hours after the official declaration of results.
- Restriction applies to all Designated Persons and their immediate relatives regarding equity shares and listed securities.
Financial Performance
Revenue Growth by Segment
The loan book composition as of June 30, 2025, shows a shift toward diverse infrastructure: Distribution (43%), Renewables (20%), Transmission (13%), Roads (8%), and Thermal/Hydro (5%). The total loan book contracted to INR 4,313 Cr, a 9% decline from INR 4,735 Cr in March 2025, primarily due to previous governance-related sanctioning halts.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates across India focusing on state power distribution companies and private corporate space.
Profitability Margins
Operating profit margin significantly improved to 43.24% in FY 2024-25 from 26.35% in FY 2023-24 (a 64.10% increase) due to a reduction in impairment costs on the loan portfolio and lower operational expenses.
EBITDA Margin
Net profit for FY 2024-25 was INR 217.05 Cr, up 35.03% YoY from INR 160.74 Cr. Return on Net Worth (RoNW) improved by 27.13% to 8.20% in FY 2024-25, driven by decreased impairment costs and NPA reductions.
Capital Expenditure
As an NBFC, capital expenditure is focused on liquidity; the company maintained cash and equivalents of INR 1,777 Cr as of September 30, 2025, to cover debt obligations for six months.
Credit Rating & Borrowing
PFS secured an in-principle approval for INR 500 Cr from IIFCL. The Cost of Funds stood at 9.49% in Q2 FY26, while the Yield on Assets was 11.23%, resulting in a spread of 1.74%.
Operational Drivers
Raw Materials
Capital/Debt (100% of lending resource cost). The primary cost is the interest paid on borrowings.
Import Sources
Domestic financial markets and institutional lenders like IIFCL and various Indian banks.
Key Suppliers
India Infrastructure Finance Company Limited (IIFCL) and other undisclosed banking partners providing credit lines.
Capacity Expansion
Current loan book capacity is INR 4,313 Cr as of June 30, 2025. The company had a peak capacity of INR 11,094 Cr in March 2021, indicating significant headroom for book expansion as governance stabilizes.
Raw Material Costs
Cost of funds was 9.49% in Q2 FY26. Borrowing costs are a critical driver as the company seeks optimal pricing to revive business operations and improve the 1.74% spread.
Manufacturing Efficiency
Return on Assets (RoA) improved to 3.56% in Q2 FY26 from 2.92% in Q2 FY25, reflecting better utilization of the asset base despite a shrinking total book.
Strategic Growth
Expected Growth Rate
92%
Growth Strategy
The company initially targeted INR 4,000 Cr in disbursements for FY26 (representing ~92% growth over the June 2025 book). Strategy involves a foray into the SME segment, 100% private corporate space disbursements, and granularizing the loan book with smaller ticket sizes to de-risk the portfolio.
Products & Services
Infrastructure loans, mezzanine funding, and financial services for the energy value chain, including renewable energy, transmission, and EV mobility projects.
Brand Portfolio
PFS (PTC India Financial Services Limited), PTC (Parent Brand).
New Products/Services
Expansion into 'Sustainable Infra' including water treatment projects and electric vehicle (EV) mobility, aimed at diversifying away from thermal power.
Market Expansion
Focusing on renewable energy and transmission portfolios, which currently account for 20% and 13% of the loan book respectively.
Market Share & Ranking
Moderate market share in infrastructure financing; the loan book has declined from a peak of INR 11,094 Cr (2021) to INR 4,313 Cr (2025).
Strategic Alliances
Strategic support from promoter PTC India Ltd, which provides branding, strategic guidance, and a moral obligation for debt support in distress situations.
External Factors
Industry Trends
Shift from thermal power (pruned to 5% of book) toward renewable energy and sustainable infrastructure. The industry is evolving toward granular, private-sector-led green energy projects.
Competitive Landscape
Competes with other infrastructure-focused NBFCs and banks; currently faces challenges due to a 'modest market position' following a period of board instability.
Competitive Moat
Moat is derived from the parentage of PTC India Ltd, providing domain knowledge in the power sector and a shared brand that facilitates customer relationships and credit access.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and the financial health of State Power Distribution Companies (Discoms), which represent 43% of the loan book.
Consumer Behavior
Increased demand for sustainable financing and EV infrastructure is shifting the company's lending focus.
Geopolitical Risks
Exposure to global standard Liquidity Coverage Ratio (LCR) requirements to manage 30-day stress scenarios.
Regulatory & Governance
Industry Regulations
Registered as an infrastructure-financing NBFC with the RBI; must adhere to Asset Liability Management (ALM) and Risk Management System guidelines.
Environmental Compliance
Focus on ESG through sustainable financing in renewables and EV mobility; specific compliance costs not disclosed.
Taxation Policy Impact
Not specifically detailed, but PAT of INR 217.05 Cr was reported after a PBT of INR 278.52 Cr, implying an effective tax rate of approximately 22%.
Legal Contingencies
Resolution of the Vento Power Infra Private Limited stressed asset (INR 193 Cr) is expected to improve asset quality metrics in the current fiscal year.
Risk Analysis
Key Uncertainties
Governance risk following the sudden resignation of three Independent Directors in September 2025, which may impact the company's ability to raise capital and meet growth estimates.
Geographic Concentration Risk
Concentrated in India, specifically within the power sector value chain.
Third Party Dependencies
High dependency on PTC India Ltd for credit rating support and strategic direction.
Technology Obsolescence Risk
Exposure to cybersecurity and technology risks as identified in the risk management framework; currently strengthening the Operational Risk Management Framework.
Credit & Counterparty Risk
Vulnerability to the weak risk profile of state power distribution companies, which form the largest segment (43%) of the loan portfolio.
