PFC
Power Finance Corporation share price & financials
- Price
- ₹431
- Market cap
- ₹1.2L Cr
- Sector
- Financial Services
- Calls analysed
- 3
Power Fin.Corpn. Q4 FY26
What went well
- Highest ever standalone net profit of INR 20,051 crore, marking a 16% increase year-on-year.
- Consolidated PAT reached INR 33,625 crore, the highest among NBFCs.
- Net NPAs improved to a new low of 0.13%, with 80% of the peak NPA book successfully resolved.
What to watch
- Prepayment pressure due to declining interest rates and competitive refinancing by banks, which limited FY26 loan book growth to 7% (would have been 10-11% without prepayments).
- Forex market volatility led to pressures on overall funding cost and higher translation losses, despite 97% hedging.
What Power Finance Corporation Limited does
Power Finance Corporation is a government-owned Maharatna NBFC that provides long-term financing to India's power and infrastructure sector, lending to state utilities, DISCOMs, and public and private developers across generation, transmission and distribution. It earns primarily from interest on loans, funding itself through domestic bonds, term loans from banks and foreign-currency borrowings. PFC is the holding company of the PFC group, which includes REC Ltd, and also acts as nodal agency for flagship government power-sector programmes.
Segments
- Generation
- Transmission
- Distribution
- Classification
- Maharatna PSU / Schedule-A CPSE (AAA domestic-rated NBFC)
- Market position
- Largest NBFC group in India
- Renewable financing rank
- Largest renewable-energy financier in India
- Ownership
- Government of India (President of India) holds 55.99%
- Nodal agency for
- RDSS, Ultra Mega Power Projects (UMPPs) and Independent Transmission Projects
- Key subsidiaries
- REC Ltd (52.63%), PFC Consulting (100%), PFC IFSC Ltd (100%)
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 2 delivered 3 missed 3 open- Spread delivered said Q4 FY25 Promised: around 2.5% Q4 FY26: Full year FY26 spread reported at 2.46%, which is considered 'around 2.5%'.
- Loan Book Growth missed said Q4 FY25 Promised: 10-11% for FY26 Q4 FY26: FY26 loan book growth was 7%, missing the guided range. Management attributed the miss to significant prepayment pressures, stating growth would have been 10-11% otherwise.
- Loan Growth open said Q4 FY26 Promised: around 10% in Financial Year '27 Q4 FY26: Accordingly, considering the above and keeping in view the incremental lending on our large asset base and the payment cycle, we are targeting a loan growth of around 10% in Financial Year '27.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 0.0%, net profit up 0.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25,722 | 26,798 | 29,265 | 28,539 | 28,890 +12% | 29,095 +9% | 28,920 −1% | 28,527 −0% |
| Net profit | 7,215 | 7,760 | 8,358 | 8,981 | 7,834 +9% | 8,212 +6% | 8,598 +3% | 8,998 +0% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −11.2% 1Y
1Y: ₹398 on 10 Sept 2025 → ₹353.45. High ₹481.4 (28 Apr 2026), low ₹335.05 (18 Dec 2025).
How the price took the results
close before → close after
- Q4 FY26
- +1.2%
- 13 May
- Q2 FY26
- −1.5%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.2% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹77.6k Cr | ₹91.1k Cr | ₹106.5k Cr | ₹115.4k Cr |
| Interest | ₹47.0k Cr | ₹58.0k Cr | ₹64.7k Cr | ₹69.4k Cr |
| Depreciation | ₹52 Cr | ₹54 Cr | ₹56 Cr | ₹63 Cr |
| Net profit | ₹21.2k Cr | ₹26.5k Cr | ₹30.5k Cr | ₹33.6k Cr |
| Net margin | 27.3% | 29.0% | 28.7% | 29.1% |
| Cash from operations | ₹-74.7k Cr | ₹-97.8k Cr | ₹-92.3k Cr | ₹-4.5k Cr |
| Free cash flow | ₹-74.8k Cr | ₹-98.1k Cr | ₹-93.1k Cr | ₹-4.8k Cr |
| ROE | 20.0% | 21.0% | 21.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.6k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹3.3k Cr | ₹3.3k Cr | ₹3.3k Cr |
| Reserves | ₹58.1k Cr | ₹69.0k Cr | ₹81.5k Cr | ₹97.8k Cr | ₹123.7k Cr | ₹129.6k Cr |
| Borrowings | ₹659.7k Cr | ₹660.5k Cr | ₹751.2k Cr | ₹862.0k Cr | — | ₹1012.5k Cr |
| Other liabilities | ₹55.3k Cr | ₹58.8k Cr | ₹60.8k Cr | ₹75.8k Cr | ₹94.7k Cr | ₹99.2k Cr |
| Total liabilities | ₹775.7k Cr | ₹791.0k Cr | ₹896.1k Cr | ₹1038.9k Cr | ₹1222.6k Cr | ₹1244.6k Cr |
| Fixed assets | ₹341 Cr | ₹719 Cr | ₹782 Cr | ₹764 Cr | ₹764 Cr | ₹755 Cr |
| Capital work in progress | ₹336 Cr | ₹53 Cr | ₹22 Cr | ₹39 Cr | ₹105 Cr | ₹144 Cr |
| Investments | ₹3.5k Cr | ₹3.8k Cr | ₹6.0k Cr | ₹11.0k Cr | ₹14.3k Cr | ₹15.5k Cr |
| Other assets | ₹771.5k Cr | ₹786.5k Cr | ₹889.3k Cr | ₹1027.1k Cr | ₹1207.5k Cr | ₹1228.1k Cr |
| Total assets | ₹775.7k Cr | ₹791.0k Cr | ₹896.1k Cr | ₹1038.9k Cr | ₹1222.6k Cr | ₹1244.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +1.88 pp while DIIs trimmed −1.61 pp. The shareholder count shrank 11% to 10,04,992.
- Promoters
- 56.0%
- FIIs
- 20.5%
- DIIs
- 14.5%
- Public
- 9.0%
Since Jun 2025
- FIIs +1.88 pp
- DIIs −1.61 pp
- Public −0.25 pp
How it drifted, 12 quarters
Over this window FIIs went from 16.9% to 20.5% — +3.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.0%, FIIs 16.9%, DIIs 17.9%, Public 9.3%.Dec '23: Promoters 56.0%, FIIs 17.9%, DIIs 17.5%, Public 8.7%.Mar '24: Promoters 56.0%, FIIs 17.2%, DIIs 18.2%, Public 8.6%.Jun '24: Promoters 56.0%, FIIs 17.9%, DIIs 17.0%, Public 9.0%.Sep '24: Promoters 56.0%, FIIs 17.7%, DIIs 17.4%, Public 8.8%.Dec '24: Promoters 56.0%, FIIs 18.0%, DIIs 17.2%, Public 8.8%.Mar '25: Promoters 56.0%, FIIs 18.8%, DIIs 16.2%, Public 9.0%.Jun '25: Promoters 56.0%, FIIs 18.7%, DIIs 16.1%, Public 9.2%.Sep '25: Promoters 56.0%, FIIs 18.8%, DIIs 16.0%, Public 9.1%.Dec '25: Promoters 56.0%, FIIs 18.3%, DIIs 15.5%, Public 10.2%.Mar '26: Promoters 56.0%, FIIs 19.6%, DIIs 15.1%, Public 9.3%.Jun '26: Promoters 56.0%, FIIs 20.5%, DIIs 14.5%, Public 9.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- LICI Shareholders Fund - Available For Solvency Ma Insurer newly disclosed 2.56% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Energy Opp Mutual fund newly disclosed 2.04% held
- SBI Flexicap Fund Mutual fund newly disclosed 1.06% held
- HDFC Mutual Fund - HDFC Banking And Financial Serv - 2 Mutual fund newly disclosed 1.02% held
- Gqg Partners Emerging Markets Equity Fund Global fund house +0.15 pp 1.80% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Power Finance Corporation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 55.99% | unchanged |
| LICI Shareholders Fund - Available For Solvency Ma Insurer | 2.56% | newly disclosed |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Energy Opp Mutual fund | 2.04% | newly disclosed |
| Gqg Partners Emerging Markets Equity Fund Global fund house | 1.80% | +0.15 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 1.29% | −0.35 pp |
| Government Of Singapore - E Sovereign | 1.25% | −0.10 pp |
| SBI Flexicap Fund Mutual fund | 1.06% | newly disclosed |
| HDFC Mutual Fund - HDFC Banking And Financial Serv - 2 Mutual fund | 1.02% | newly disclosed |
| LICI Pension Plus Non Unit Fund Insurer | — | off the list |
| Kotak Aggressive Hybrid Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PFC
Filings to Aug 2026
0 new, 13 added, 3 trimmed, 1 sold out — net −122.86 L shares (−11.5%).
- Held by funds
- ₹3.5k Cr
- 32 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹785 Cr · 0.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹785 Cr | held | Dec '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹414 Cr | +21.96 L | Aug '23 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹375 Cr | held | Jan '20 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹306 Cr | held | Nov '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹249 Cr | held | Feb '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹231 Cr | held | Dec '22 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹173 Cr | +1.65 L | Mar '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹161 Cr | held | Oct '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
13 added, 3 trimmed — net −1.23 cr shares (−11.5%)
- Funds are sitting on
- +46%
- vs est. average cost
- Held by funds
- ₹3.5k Cr
- 32 schemes · ≈ 3.5% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹785 Cr · 0.7% of that fund
- Longest holder
- Nippon India Growth Mid Cap Fund
- 6y 8m · since Jan '20
Shares held by these funds −30%
Aug '23 10.72 cr shares Jul '26
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Power Finance Corporation Limited
Guides on how to read this kind of business and the numbers that matter.