PTC India

PTC India reported a robust increase in trading volumes for both Q4 FY26 and the full financial year. Standalone volumes for Q4 FY26 grew by 24% to 23.6 billion units, while full-year volumes increased by 12% to 92.8 billion units. This growth was primarily driven by short-term trades, which now constitute 56% of the business. Standalone operational income for Q4 FY26 rose 19% to 115 crore, but full-year operational income remained flat at around 450 crore due to a decrease in rebate income from DISCOMs.

Core profitability, excluding the one-off^📎 profit from the sale of PTC Energy Limited (PEL), showed positive trends. Standalone Profit Before Tax (PBT) for Q4 FY26 (excluding PEL) increased by 18% to 102 crore, and standalone Profit After Tax (PAT) (excluding PEL) also rose 18% to 75.74 crore. However, when including the previous year's PEL sale, overall reported PAT and EPS showed significant year-on-year declines, with Q4 PAT dropping 85% from 521 crore to 75 crore, and full-year PAT decreasing 54%.

The company noted a significant shift in its business mix, with short-term trades now accounting for 56% of total business, up from a historical 50/50 split with long-term contracts. This change is attributed to market demand, as parties are reluctant to commit to long-term agreements. Management acknowledged intense competition in the short-term trading segments, which is putting pressure on margins. They do not expect substantial margin growth in the near future, indicating that volume growth will be the primary driver.

PTC India is actively pursuing new opportunities in the green energy space, including trading Bess Power, supplying green power for green hydrogen projects (e.g., GAIL Vijaipur 10 MW project), and servicing data centers. The company is also engaged in a joint venture with NLC India Renewables, with an initial target to develop a portfolio of around 2000 megawatts, pending government approval. These initiatives align with the broader energy transition and India's target of 29% renewable energy contribution this year.

The board has removed the pause on the divestment process for PTC Financial Services (PFS), and the company intends to move forward with necessary approvals. Management indicated that the proceeds from the PFS sale, combined with the current net cash of ₹2,400 crores, would be strategically deployed into core-business aligned investments that add value, rather than creating another PEL-like portfolio. The company also highlighted improved working capital, with gross debtor days reducing from 51 to 44 days.

An update was provided on the Teesta Urja dam project, with 40-50% of the total megawatt capacity expected to be operational by September or October, and the full dam ready by 2029. In its cross-border business, PTC India is assisting Laos, Thailand, and Cambodia in developing their power markets, starting with transmission systems and regulatory frameworks for trading. The company views its strong balance sheet, relationships, and expertise in cross-border trading as key competitive advantages.