PTC India Limited (PTC)
₹148.65 -0.85% on 19 Oct, as of 12:25 IST · NSE
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)PTC India Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, PTC India's revenue was ₹4,774 Cr (+19.1% year on year, +22.5% on the previous quarter), and net profit ₹112 Cr (-53.9% year on year); the operating margin was 3.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,774 | +19.1% | +22.5% |
| Operating profit | ₹151 | -47.7% | +3.8% |
| Net profit | ₹112 | -53.9% | -7.4% |
| EPS (₹) | 3.31 | -49.8% | -7.0% |
| Operating margin | 3.2% | — | — |
PTC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.34% of the PTC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.52%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 53.0% · 47.8% · 56.0% · 65.5% · 60.3%
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 Limited has appointed Shri Amol Babulal Taori as a Non-Executive Nominee Director representing Power Grid Corporation of India Ltd. (POWERGRID), effective October 23, 2026. Shri Taori currently serves as Director (Finance) at POWERGRID and brings nearly 30 years of corporate finance and treasury experience. The appointment represents routine board reconstitution per promoter/institutional shareholder nomination rights. There is no direct financial impact on the company's TTM revenue of Rs 17,536 Cr or market capitalization of Rs 5,117 Cr.
- Appointment of Shri Amol Babulal Taori (DIN: 11890590) as Non-Executive Nominee Director effective October 23, 2026
- Appointee represents Power Grid Corporation of India Ltd. (POWERGRID) on the board
- Shri Taori brings nearly 30 years of professional experience across finance, treasury, and international trade
- Board resolution approving the appointment was passed on October 16, 2026
PTC India has informed exchanges that Mr. Rajiv Kumar Rohilla (DIN: 10371161) ceased to be a Non-Executive Nominee Director effective October 15, 2026. This change follows the withdrawal of his nomination by Power Grid Corporation of India Ltd. (POWERGRID). The company stated that POWERGRID will appoint a replacement nominee director shortly. This is a routine administrative change involving a promoter/institutional nominee on the board.
- Cessation of Sh. Rajiv Kumar Rohilla (DIN: 10371161) effective October 15, 2026
- Reason for departure is the withdrawal of nomination by POWERGRID
- POWERGRID is expected to nominate a replacement director shortly
- Promoter group holds a 16.22% stake in PTC India Limited
PTC India Limited has declared the results and Scrutinizer's Report for its 27th Annual General Meeting held on September 30, 2026. All five ordinary resolutions were approved by shareholders, including the adoption of standalone and consolidated financial statements, approval of final dividend for FY26, and auditor re-appointment. Notably, Resolution 4 regarding the re-appointment of Director Sh. Rajiv Kumar Rohilla faced substantial shareholder dissent, passing with only 56.53% votes in favor and 43.47% votes against. A total of 175 members holding 24,432,617 shares attended the meeting via video conferencing.
- All 5 ordinary resolutions passed at the 27th AGM held on September 30, 2026
- Resolution 4 (re-appointment of Director Rajiv Kumar Rohilla) saw 43.47% votes cast against (62,217,345 votes)
- Resolutions 1, 2, and 3 (Financial Statements and Final Dividend) passed with 99.99% majority
- Auditor re-appointment passed with 99.64% majority approval
- 175 shareholders attended the AGM representing 8.26% of paid-up capital
PTC India Limited's Board of Directors has approved a 1-year term extension for Shri Rajiv Malhotra as Executive Director (Senior Management Personnel), effective December 1, 2026. The extension is on existing employment terms following recommendations from the Nomination and Remuneration Committee. Malhotra, aged 59, brings over 35 years of professional experience to the power trading major, which clocked TTM revenue of ₹17,536 Cr and TTM PAT of ₹586 Cr.
- Approved 1-year term extension for Executive Director Shri Rajiv Malhotra
- Extension effective from December 1, 2026 on existing employment terms
- Executive brings over 35 years of professional experience
- Board meeting approving the extension concluded in 50 minutes (02:30 p.m. to 03:20 p.m. on September 30, 2026)
PTC India has incorporated a joint venture company named NIRL PTC Renewables Limited in partnership with NLC India Renewables Limited. PTC holds a 26% equity stake (26,000 shares at Rs 10 face value) paid in cash, while NLC India Renewables holds 74%. The JV received its Certificate of Incorporation on September 16, 2026, following prior approval from DIPAM. The venture aims to collaborate on and explore green energy project development opportunities.
- PTC India holds 26% equity stake (26,000 shares) in the new JV
- NLC India Renewables Limited holds the controlling 74% stake
- Shares subscribed in cash at face value of Rs 10 per share
- Incorporated on September 16, 2026, post-DIPAM approval
PTC India received updated rating letters from ICRA on September 16, 2026, reaffirming its long-term Issuer Rating at [ICRA]AA with a Stable outlook. Short-term ratings for fund-based cash credit facilities of Rs 2,000 crore and non-fund-based limits of Rs 4,500 crore were reaffirmed at [ICRA]A1+. Additionally, ICRA reaffirmed [ICRA]A1+ on its Rs 300 crore Commercial Paper program. The total rated bank facilities stand at Rs 6,500 crore alongside the Rs 300 crore CP line.
- Issuer rating reaffirmed at [ICRA]AA (Stable) by ICRA Limited
- Short-term fund-based cash credit facilities of Rs 2,000.00 crore reaffirmed at [ICRA]A1+
- Non-fund-based limits of Rs 4,500.00 crore reaffirmed and assigned for enhanced amounts at [ICRA]A1+
- Commercial Paper rating of Rs 300.00 crore reaffirmed at [ICRA]A1+
- Total bank facilities rated by ICRA amount to Rs 6,500.00 crore
PTC India Limited has dispatched letters containing the website link for its FY 2025-26 Annual Report to shareholders without registered email addresses. The 27th Annual General Meeting (AGM) is scheduled to be held virtually on September 30, 2026 at 12:30 PM IST. The cut-off date for e-voting is September 23, 2026, with the voting window open from September 27 to September 29, 2026. Additionally, the record date for determining eligibility for the final dividend has been fixed as October 07, 2026.
- 27th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 12:30 PM IST via VC/OAVM
- Record date for final dividend set as Wednesday, October 07, 2026
- Cut-off date for remote e-voting is September 23, 2026
- Remote e-voting window runs from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)
PTC India Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. Power trading activities constituted 99.73% of turnover, with cross-border power trading to Bangladesh, Bhutan, and Nepal contributing approximately 22%. The standalone entity operated with a total workforce of 468 personnel (109 permanent) and reported resolving all 151 shareholder grievances received during the fiscal year.
- Power trading accounted for 99.73% of turnover (solutions for generators at 77.48%, cross-border trade at 22.25%)
- Cross-border power exports across 3 countries (Bangladesh, Bhutan, Nepal) contributed ~22% of total turnover
- Total headcount stood at 468 personnel, comprising 109 permanent and 359 other than permanent employees
- Company resolved all 151 investor and shareholder complaints filed during FY 2025-26 with zero pending at year-end
PTC India Limited has dispatched the Notice for its 27th Annual General Meeting scheduled for September 30, 2026, via video conferencing. The agenda includes shareholder approval for a final dividend of ₹5.50 per equity share (face value ₹10) on 29,60,08,321 shares, payable based on ownership as of October 7, 2026. Total dividend outflow amounts to approximately ₹162.80 crore. The meeting will also consider the re-appointment of statutory auditors M/s T. R. Chadha & Co. LLP for a 5-year tenure with an audit fee of ₹28,00,000 for FY27.
- 27th AGM scheduled for September 30, 2026, at 12:30 PM through video conferencing
- Final dividend proposed at ₹5.50 per equity share on 29,60,08,321 shares
- Dividend payment eligibility date fixed as October 7, 2026
- Re-appointment of Statutory Auditors M/s T. R. Chadha & Co. LLP for a 5-year term at ₹28,00,000 audit fee for FY27
PTC India Limited has notified the stock exchanges regarding an upcoming physical group meeting with institutional investors and analysts. The meeting is scheduled for September 2, 2026, and is organized by Elara Capital at the Grand Hyatt in Mumbai. This is a standard statutory disclosure pursuant to Regulation 30 of the SEBI LODR Regulations.
- Meeting scheduled for September 2, 2026
- Physical group meeting organized by Elara Capital at Grand Hyatt, Mumbai
- Notified pursuant to SEBI LODR Regulation 30 requirements
PTC India Limited announced that CRISIL ESG Ratings & Analytics Limited has updated the company's Environmental, Social, and Governance (ESG) rating to 52, categorised as 'Adequate'. The assessment was conducted independently by CRISIL using publicly available data from FY 2024-25. PTC India clarified that it had not engaged CRISIL for this evaluation. This non-credit rating update has no direct impact on the company's financials or operations.
- CRISIL assigned an ESG score of 52 to PTC India Limited.
- The rating falls under the 'Adequate' category.
- Assessment was based independently on publicly available data for FY 2024-25 without company engagement.
- Announcement made pursuant to Regulation 30 of SEBI Listing Regulations on 19th August 2026.
PTC India Limited has scheduled its 27th Annual General Meeting for September 30, 2026, and fixed October 07, 2026, as the Record Date for its final dividend for FY 2025-26. The Board has recommended a final dividend of Rs 5.50 per equity share of face value Rs 10 (55%), subject to shareholder approval at the AGM. At the current price of Rs 158.6, this dividend payout represents a yield of approximately 3.5%. The total cash outflow of ~Rs 163 crore is comfortably supported by the company's FY26 net profit of Rs 717.24 crore and zero net debt.
- Final dividend recommended at Rs 5.50 per equity share (55% on face value of Rs 10 each)
- Record Date fixed as Wednesday, October 07, 2026 for dividend entitlement
- 27th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 12:30 PM
- Dividend yield stands at ~3.5% against current share price of Rs 158.6
PTC India Limited has scheduled its 27th Annual General Meeting (AGM) for Wednesday, September 30, 2026, via video conferencing. The company has fixed October 7, 2026, as the record date for determining shareholder eligibility for a final dividend of Rs 5.50 per equity share (55% on face value of Rs 10) for FY 2025-26. At the current share price of Rs 158.60, this final dividend translates to a dividend yield of approximately 3.47%. The dividend payout remains subject to shareholder approval at the upcoming AGM.
- Final dividend recommended at Rs 5.50 per equity share of Rs 10 each (55%) for FY 2025-26
- Record date fixed for Wednesday, October 7, 2026
- 27th Annual General Meeting scheduled for Wednesday, September 30, 2026 at 12:30 PM
- Dividend yield represents ~3.47% against the current market price of Rs 158.60
PTC India reported a 12% YoY increase in trading volumes to 25.8 billion units for Q1 FY27, yet standalone PAT fell 33% to Rs 71 Cr. The decline is primarily attributed to lower surcharge and rebate income as Discom liquidity improved, reducing late payment penalties which were previously a high-margin revenue stream. The company has utilized approximately Rs 900 Cr from the Rs 1,185 Cr PTC Energy sale proceeds for dividends. Consolidated PAT saw a sharper 54% drop to Rs 112 Cr, impacted by a high base effect from a Rs 82 Cr impairment reversal in the previous year's quarter.
- Trading volume grew 12% YoY to 25.78 billion units in Q1 FY27, driven by exchange-traded products.
- Standalone PAT decreased 33% to Rs 71 Cr from Rs 105 Cr in the corresponding quarter last year.
- Trading margin was maintained at 3.35 paise per unit despite the overall profit decline.
- Received Rs 1,185 Cr from the sale of PTC Energy Limited, with Rs 1,100 Cr remaining after taxes.
- Board approved a potential investment of up to Rs 500 Cr in a new Joint Venture with NLC.
PTC India has released the audio and video recordings of its investor call held on August 5, 2026, regarding the financial results for the quarter ended June 30, 2026. As India's leading power trader with a 33% market share, the company is pivoting toward an asset-light model, recently evidenced by the Rs 1,179 Cr divestment of PTC Energy Limited. The call likely addresses the ongoing strategy to scale consultancy services, which previously contributed 12.08% to operational income, and the status of its subsidiary, PTC India Financial Services (PFS). With a TTM revenue of Rs 16,771 Cr and a P/E of 9.5, the company remains a key utility-sector intermediary.
- Investor and Analyst call held on August 5, 2026, for Q1 FY27 results
- PTC maintains a 33% market share of total volume traded by trading licensees in India
- Divested PTC Energy Limited for an equity value of Rs 1,179 Cr against a cost of Rs 654 Cr
- Consultancy income previously reached 12.08% of operational income in Q2 FY26
- Traded 82.7 billion units of power in FY25
Financial Performance
Revenue Growth by Segment
Overall electricity trading volume grew 5.99% to 74.84 BUs in FY24. Short-term trading volume grew 12.57% to 42.44 BUs, while long and medium-term volumes slightly declined from 32.91 BUs to 32.41 BUs. Total operating income for FY24 was INR 34,458.0 Cr, up 8.6% from INR 31,729.1 Cr in FY23.
Geographic Revenue Split
Primarily domestic (India) with significant Cross Border Trade (CBT) with neighboring countries. CBT and Long-Term (LT) trade contribute approximately 78% to the overall gross margins as of 9M FY25, providing stability against volatile domestic short-term margins.
Profitability Margins
Gross margins are stabilized by LTT/CBT segments. PAT margin stood at 1.1% in FY24 (INR 369 Cr PAT on INR 34,458 Cr revenue) and improved to 1.2% in 9M FY25. Net rebate income was INR 100.37 Cr in 9M FY25, while surcharge income from delayed payments rose to INR 213.6 Cr.
EBITDA Margin
OPBDIT margin was 1.3% in FY24, increasing to 1.7% in 9M FY25. This improvement is driven by higher surcharge income (INR 213.6 Cr) and healthy net rebates (INR 100.37 Cr) from generators for early payments.
Capital Expenditure
Minimal capex requirements for the core trading business. The company recently realized INR 1,179 Cr from the sale of its 100% stake in PTC Energy Limited (PEL) to ONGC Green Limited in March 2025, shifting focus away from asset-heavy wind power generation.
Credit Rating & Borrowing
Maintains highest short-term rating of [ICRA]A1+ and CRISIL A1+. Borrowing is characterized by zero long-term debt and low utilization of the INR 2,000 Cr fund-based working capital limit (INR 1,899 Cr unutilized as of March 2025).
Operational Drivers
Raw Materials
Power (Electricity) is the primary 'commodity' procured, representing over 95% of operational costs. This includes power from thermal, hydro, and renewable sources.
Import Sources
Sourced from various Indian states and cross-border neighbors including Bhutan, Nepal, and Bangladesh for CBT contracts.
Key Suppliers
Major suppliers include NTPC Limited, NHPC Limited, Power Grid Corporation of India (PGCIL), and various Independent Power Producers (IPPs).
Capacity Expansion
As a trading entity, capacity is measured in volume; traded 82.7 billion units in FY25. Divested 288.8 MW of wind power capacity through the PEL sale to focus on asset-light trading and consultancy.
Raw Material Costs
Power procurement costs are back-to-back with sales; the company earns a fixed trading margin. Net working capital cycle is efficient, ranging from 15 to 26 days.
Manufacturing Efficiency
Not applicable as a trading company; efficiency is measured by the 33% market share and the ability to manage a 15-26 day working capital cycle.
Logistics & Distribution
Transmission is handled through the national grid; PTC manages the contractual and financial flow of power between generators and utilities.
Strategic Growth
Expected Growth Rate
5.99%
Growth Strategy
Achieving growth through renewable energy aggregation, expansion of cross-border hydro projects, and scaling the techno-commercial consultancy business which contributed 12.08% to operational income in Q2 FY26. The sale of PEL provides INR 1,179 Cr to fund new trading-aligned initiatives.
Products & Services
Long-term, medium-term, and short-term power trading, cross-border power trade, consultancy services for SECs and Port Trusts, and Renewable Energy Certificates (RECs).
Brand Portfolio
PTC India, PTC India Financial Services (PFS).
New Products/Services
Renewable energy aggregation and energy storage solutions are being explored; consultancy income already contributes 12.08% to operational income.
Market Expansion
Targeting C&I (Commercial & Industrial) consumers and expanding cross-border trade with neighboring countries to leverage 10-12 year residual maturity in existing LT contracts.
Market Share & Ranking
Ranked #1 in India with a 33% market share of total volume traded by trading licensees.
Strategic Alliances
Promoted by PGCIL, NTPC, PFC, and NHPC. Recently completed a major divestment of PEL to ONGC Green Limited.
External Factors
Industry Trends
Shift toward carbon neutrality is driving demand for Renewable Energy (RE) and C&I consumer models. The industry is evolving from traditional thermal to RE aggregation and energy storage.
Competitive Landscape
Faces competition from other trading licensees and power exchanges, but maintains a dominant 33% market share.
Competitive Moat
Moat is built on a 25-year track record, Category-I trading license (highest volume), and strong relationships with all major Indian utilities. This is sustainable due to the high barriers to entry for large-scale power procurement.
Macro Economic Sensitivity
Highly sensitive to national power demand and the financial health of the Indian power sector. GDP growth drives industrial power demand, benefiting short-term trading volumes.
Consumer Behavior
C&I consumers are increasingly seeking direct power procurement and renewable energy to meet ESG goals, creating a new growth driver for PTC's consultancy and trading arms.
Geopolitical Risks
Cross-border trade with Bhutan, Nepal, and Bangladesh is subject to regional geopolitical stability and bilateral energy treaties.
Regulatory & Governance
Industry Regulations
Operations are governed by CERC (Central Electricity Regulatory Commission) guidelines, including the Late Payment Surcharge Rules 2022 which mandate timely payments from Discoms.
Environmental Compliance
Low environmental risk as a trading entity. Divested wind assets (PEL) to focus on asset-light trading, further reducing direct environmental compliance burdens.
Taxation Policy Impact
Standard corporate tax rates apply; PAT of INR 369 Cr on Operating Income of INR 34,458 Cr in FY24.
Legal Contingencies
Past corporate governance issues at subsidiary PFS have abated; recent auditor reports for FY25 were unqualified. No specific pending court case values in INR were disclosed.
Risk Analysis
Key Uncertainties
Counterparty credit risk from financially weak Discoms is the primary uncertainty, potentially impacting liquidity if payment cycles stretch beyond the current 15-26 days.
Geographic Concentration Risk
Concentrated in India and neighboring South Asian countries. Revenue is diversified across almost all Indian state utilities.
Third Party Dependencies
Dependent on PGCIL for transmission infrastructure and major PSUs like NTPC/NHPC for power supply.
Technology Obsolescence Risk
Risk is low, but the company must adapt to digital power trading platforms and energy storage technologies to maintain its 33% market share.
Credit & Counterparty Risk
Exposure to state Discoms is high; however, the company maintains a net cash surplus position with INR 2,100 Cr in cash as of March 2025 to buffer against delays.
