PFS - PTC India Fin
📢 Recent Corporate Announcements
PTC India Financial Services (PFS) shareholders have overwhelmingly approved the appointment of Shri P Ramana Murthy as an Independent Director through a special resolution. The voting, conducted via postal ballot, saw 45.14 crore valid votes cast, with 99.99% in favor of the appointment. Promoters and public institutions provided unanimous support, while public non-institutional investors also backed the move with 95.99% approval. This board strengthening measure follows the company's regulatory compliance requirements.
- Special resolution for the appointment of Shri P Ramana Murthy as Independent Director passed with 99.9925% votes in favor.
- Total valid votes polled amounted to 45,13,88,657, representing approximately 70.28% of the total shares.
- Promoters and Public Institutions voted 100% in favor, contributing 41.74 crore and 3.31 crore votes respectively.
- Only 33,842 votes (0.0075%) were cast against the resolution, indicating strong shareholder consensus.
- The appointment is effective as of February 26, 2026, following the conclusion of the remote e-voting period.
PTC India Financial Services (PFS) has appointed Smt. Richa Goyal as the Head of Internal Audit and Senior Management Personnel, effective February 17, 2026. She replaces Shri Sanjay Rustagi, who held the interim charge since December 1, 2024, and will now continue in a non-SMP role. The board also approved modifications to the Policy on Determination of Materiality, authorizing five key officials including the MD&CEO and CFO to manage disclosures. These administrative changes are aimed at strengthening internal governance and compliance frameworks.
- Smt. Richa Goyal appointed as Head of Internal Audit (HIA) with immediate effect from February 17, 2026.
- Richa Goyal brings 10 years of experience from Yes Bank, Syndicate Bank, and HDFC Bank, and has been with PFS for 2.5 years.
- Shri Sanjay Rustagi ceases to be Senior Management Personnel but remains in the employment of the company.
- Board approved modifications to the Policy on Determination of Materiality of Events and Information for disclosures.
- Five KMPs, including MD&CEO R. Balaji and CFO Dilip Srivastava, are now authorized to determine materiality of events.
PTC India Financial Services (PFS) has appointed Ms. Richa Goyal as the Head of Internal Audit and Senior Management Personnel, effective February 17, 2026. She succeeds Shri Sanjay Rustagi, who served in an interim capacity since December 2024. Ms. Goyal is a Chartered Accountant with a decade of experience in the banking sector and has been with PFS for 2.5 years. Additionally, the company has updated its policy for determining the materiality of events for stock exchange disclosures.
- Ms. Richa Goyal appointed as Head of Internal Audit and Senior Management Personnel effective Feb 17, 2026.
- Shri Sanjay Rustagi ceases to be SMP after holding the interim charge since Dec 1, 2024.
- Ms. Goyal brings 10 years of experience from Yes Bank, Syndicate Bank, and HDFC Bank.
- Board approved modifications to the Policy on Determination of Materiality of Events and Information.
- Five key officials, including the MD & CEO and CFO, are now designated to determine materiality for disclosures.
PTC India Financial Services (PFS) clarified to the NSE why its standalone and consolidated financial figures for the quarter ended December 31, 2025, were identical. The company explained that it has no subsidiaries and its two associates, RSIWEPL and VBPL, were fully impaired by ₹65.51 crores in previous years. Due to the lack of financial data from these associates and the liquidation of VBPL, the share of profit/loss is recorded as Nil. Moving forward, the company has decided to stop preparing consolidated financial statements effective April 1, 2026.
- Clarified that standalone and consolidated results are identical due to full impairment of associate investments
- Total impairment of ₹65.51 crores previously recognized for associates RSIWEPL and VBPL
- Varam Bioenergy Private Limited (VBPL) is currently under liquidation process
- Company will cease consolidation of financial statements starting April 1, 2026, following necessary approvals
PTC India Financial Services (PFS) has issued a postal ballot notice to seek shareholder approval for the appointment of Shri Pikkili Ramana Murthy as an Independent Director. Mr. Murthy was previously appointed as an Additional Director on December 19, 2025, and the company is now proposing a formal 3-year tenure. The voting process will be conducted via remote e-voting, with the eligibility determined by a cut-off date of January 21, 2026. Results of the resolution are expected to be declared by March 1, 2026.
- Appointment of Shri Pikkili Ramana Murthy as an Independent Director for a 3-year term.
- The tenure is effective from December 19, 2025, subject to shareholder approval via Special Resolution.
- Remote e-voting period is scheduled from January 28, 2026, to February 26, 2026.
- Cut-off date for determining shareholder voting eligibility was January 21, 2026.
- Final results of the postal ballot will be announced on or before March 1, 2026.
PTC India Financial Services (PFS) reported a significant operational turnaround with Q3 FY26 disbursements reaching a 13-quarter high of INR 609 crores. The company has already surpassed its total FY25 disbursement figure in the first nine months of FY26, totaling INR 1,073 crores. While AUM moderated due to prepayments, management expects a 10-15% AUM growth by the end of Q4 FY26 driven by a robust sanction pipeline. Asset quality remains strong with net NPAs at just INR 47 crores and a high capital adequacy ratio of 71%.
- Q3 FY26 disbursements of INR 609 crores exceeded the cumulative H1 FY26 total of INR 464 crores.
- 9M FY26 PAT stands at INR 274 crores with a robust Return on Assets (ROA) of 6.73%.
- Loan sanctions exceeded INR 1,000 crores for the second consecutive quarter, supporting a FY26 target of INR 2,500 crores.
- Net NPA reduced to INR 47 crores with the final legacy NPA (Danu Wind Parks) expected to be resolved in Q1 FY27.
- Diversification into new sectors like data centers, oil and gas, and CBG with 100% of Q3 disbursements to the private sector.
PTC India Financial Services (PFS) has released its first Sustainability Report for FY 2024-25, disclosing a total Assets Under Management (AUM) of ₹4,746 crores. The portfolio is led by the distribution sector at 41%, followed by renewable energy at 20% and transmission at 13%. The company is actively pivoting toward sustainable infrastructure, including e-mobility and waste management, which currently accounts for 4% of AUM. Additionally, PFS reported a CSR spend of ₹4.83 crores, impacting over 60,000 lives through community initiatives.
- Total Assets Under Management (AUM) stood at ₹4,746 crores for FY 2024-25.
- Renewable energy projects constitute 20% of the total portfolio, while thermal power is limited to 7%.
- Distribution and Transmission sectors combined represent a significant 54% of the asset mix.
- Invested ₹4.83 crores in community development, targeting water ecosystems and sustainable agriculture.
- The report is prepared in reference to GRI Standards 2021 and aligns with India's Net Zero 2070 commitment.
PTC India Financial Services (PFS) has released the audio recording of its investor conference call held on January 21, 2026. The call discussed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all shareholders. The recording is accessible via a public link and the company's investor relations website.
- Conference call held on January 21, 2026, at 10:00 AM IST.
- Discussion centered on financial results for the quarter and nine months ended Dec 31, 2025.
- Public access provided via Google Drive link and official company website.
- Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
PTC India Financial Services (PFS) reported a PAT of ₹49 crore for Q3 FY26, while 9M FY26 PAT rose 72% YoY to ₹274 crore. The company saw a major operational boost with loan sanctions hitting an 11-quarter high of ₹1,188 crore and disbursements reaching a 13-quarter high of ₹609 crore. Asset quality has improved significantly, with Gross Stage III assets down 80% since March 2023 to ₹193 crore. The company is successfully pivoting its strategy, with 100% of new disbursements in Q3 directed toward private corporate borrowers.
- Loan sanctions reached an 11-quarter high of ₹1,188 crore in Q3 FY26, up from ₹225 crore YoY.
- Disbursements hit a 13-quarter high of ₹609 crore, with 100% of Q3 lending focused on private corporate borrowers.
- Gross Stage III assets reduced by over 80% since March 2023, now standing at ₹193 crore with 76% provision coverage.
- Capital Adequacy Ratio remains very strong at 71.21%, providing significant room for future growth.
- 9M FY26 Net Interest Margin (NIM) improved to 4.39% compared to 3.94% in 9M FY25.
PTC India Financial Services (PFS) reported a strong operational recovery in Q3 FY26, with disbursements doubling to ₹609 crore and sanctions growing over four-fold to ₹1,188 crore. The company significantly improved its asset quality, reducing Gross Stage III assets by 74% YoY to ₹193 crore. While total income for 9M FY26 saw a decline to ₹399 crore from ₹483 crore, the Net Interest Margin (NIM) improved to 4.39%. The management highlighted the highest quarterly disbursements in 13 quarters, indicating a turnaround in execution momentum.
- Loan disbursements surged 103% YoY to ₹609 crore in Q3 FY26, the highest in 13 quarters.
- Gross Stage III assets drastically reduced from ₹750 crore to ₹193 crore, a 74% improvement.
- Net Stage III assets fell by 83% YoY to ₹47 crore, with Provision Coverage Ratio rising to 76%.
- 9M FY26 Return on Assets (ROA) nearly doubled to 6.73% compared to 3.41% in the previous year.
- Loan sanctions reached ₹1,188 crore in Q3 FY26, representing a 4.28x increase over Q3 FY25.
PTC India Financial Services (PFS) reported a weak set of numbers for Q3 FY26, with total income falling to ₹125.04 crore from ₹158.12 crore in the year-ago period. Profit Before Tax (PBT) contracted to ₹64.17 crore compared to ₹80.66 crore YoY, primarily driven by a significant drop in interest income. The company also announced the appointment of Pikkili Ramana Murthy as an Independent Director, subject to shareholder approval via postal ballot. Despite lower finance costs, the overall operational performance remains under pressure due to declining core revenue.
- Total income for Q3 FY26 decreased by 20.9% YoY to ₹125.04 crore from ₹158.12 crore.
- Interest income, the primary revenue stream, dropped to ₹110.06 crore from ₹156.70 crore in Q3 FY25.
- Profit Before Tax (PBT) stood at ₹64.17 crore for the quarter, down from ₹80.66 crore in the corresponding previous year quarter.
- Finance costs saw a reduction to ₹57.64 crore from ₹78.11 crore YoY, partially offsetting the revenue decline.
- Board approved the appointment of Shri Pikkili Ramana Murthy as an Independent Director for a 3-year term effective Dec 19, 2025.
PTC India Financial Services (PFS) reported a standalone total income of ₹125.04 crore for the quarter ended December 31, 2025, reflecting a decline from ₹158.12 crore in the same quarter last year. Profit Before Tax (PBT) stood at ₹64.17 crore, down significantly from ₹117.63 crore in the previous quarter, largely due to lower interest income and reduced impairment reversals. For the nine-month period ended December 2025, total income reached ₹399.14 crore compared to ₹482.76 crore in the prior year. Additionally, the company is seeking shareholder approval for the appointment of Pikkili Ramana Murthy as an Independent Director.
- Standalone Total Income for Q3 FY26 fell to ₹125.04 crore from ₹158.12 crore YoY.
- Profit Before Tax (PBT) for the quarter was ₹64.17 crore, a sharp decline from ₹117.63 crore in Q2 FY26.
- Interest income decreased to ₹110.06 crore in Q3 FY26 compared to ₹156.70 crore in Q3 FY25.
- Impairment reversal on financial instruments was lower at ₹12.68 crore compared to ₹56.89 crore in the previous quarter.
- Board approved the appointment of Shri Pikkili Ramana Murthy as Non-Executive Independent Director for 3 years.
PTC India Financial Services (PFS) has announced its earnings conference call for January 21, 2026, at 10:00 AM IST. The management team, led by MD & CEO R. Balaji and CFO Dilip Srivastava, will discuss the financial performance for the quarter and nine months ended December 31, 2025. This routine disclosure follows SEBI Regulation 30 requirements and provides a platform for institutional investors to interact with the leadership. The call will likely cover operational updates and the company's strategic direction in the NBFC space.
- Earnings call scheduled for January 21, 2026, following Q3 FY26 results.
- Management participation includes the CEO, CFO, and Directors of Operations and Treasury.
- Focus will be on the financial performance for the nine-month period ending December 31, 2025.
- International toll-free numbers are available for investors in Singapore, Hong Kong, UK, and USA.
PTC India Financial Services (PFS) shareholders have approved the appointment of Smt. Mini Ipe and Smt. Rashmi Verma as Independent Directors via special resolutions. The voting, conducted through a postal ballot that concluded on January 2, 2026, saw overwhelming support with both candidates receiving over 99.8% of the total votes cast. A total of 45.22 crore valid votes were polled, representing approximately 70.41% of the company's outstanding shares. These appointments are expected to strengthen the company's board governance and oversight capabilities.
- Smt. Mini Ipe appointed as Independent Director with 99.89% votes (45.17 crore shares) in favor.
- Smt. Rashmi Verma appointed as Independent Director with 99.94% votes (45.19 crore shares) in favor.
- Total valid votes polled reached 45.22 crore, accounting for 70.41% of the total shareholding.
- Promoter group (PTC India Limited) cast 41.74 crore votes, 100% of which were in favor of both resolutions.
- Public institutional voting saw 71.01% participation with high assent levels for both appointments.
PTC India Financial Services Limited (PFS) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFIN Technologies Limited, confirms that all dematerialization requests received between October 1 and December 31, 2025, were processed within the mandated 15-day window. It verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard administrative filing required for all listed companies in India to ensure proper record-keeping of electronic shares.
- Compliance certificate issued for the quarter ending December 31, 2025.
- KFIN Technologies Limited confirmed processing demat requests within 15 days of receipt.
- Physical security certificates were mutilated and cancelled after verification by the RTA.
- The name of depositories has been substituted in the register of members for approved requests.
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.