PFS
PTC India Financial Services share price & financials
- Price
- ₹29.79
- Market cap
- ₹1.8k Cr
- Sector
- Financial Services
- Calls analysed
- 4
PTC India Fin Q4 FY26
What went well
- PAT rising to INR319 crores from INR217 crores in FY '25, a 46.9% YoY growth.
- Loan sanctions increasing significantly to INR3,448 crores compared to INR825 crores in FY '25, representing over 300% growth.
- Disbursements growing to INR1,235 crores from INR916 crores in FY '25, a 34.8% YoY growth.
What to watch
- Total income dipped slightly to INR518 crores from INR638 crores in the previous year, an 18.8% YoY decline.
- Yield on earning portfolio softened to 10.29% from 11.27% in Q4 FY '25.
What PTC India Financial Services Limited does
PTC India Financial Services Limited (PFS) is an RBI-classified Infrastructure Finance Company (NBFC-IFC) that earns by sanctioning and disbursing term loans (including loan-converted debentures) to infrastructure projects across the power and allied value chain in India, funded via NCDs/bonds, term loans and commercial paper. It is majority-owned by PTC India Limited, India's leading power-trading company, and was incorporated to be a financial partner across the sustainable-infrastructure value chain. Its lending focus spans renewable energy, power transmission and distribution, road and thermal power projects, alongside newer segments such as electric-vehicle mobility, water treatment, waste management, compressed biogas, bio-ethanol and energy-storage systems. PFS structures exposures as sole, multiple or consortium loans to both state-utility and private-corporate borrowers.
Segments
- Renewable
- Distribution
- Thermal
- Transmission
- Road
- Sustainable Infra
- Others
- RBI classification
- Infrastructure Finance Company (NBFC-IFC)
- Promoter
- Subsidiary of PTC India Limited, India's leading domestic power-trading company
- Credit ratings
- CRISIL A (Watch Developing)/A1; ICRA A- (Stable Outlook)/A2+
- Listed since
- March 2011 on BSE & NSE
- Financing focus areas
- 10 segments: EV mobility, water treatment, renewable energy, power transmission, waste management, roadways & airports, logistics & warehousing, compressed biogas, bio-ethanol, energy storage systems
- Portfolio sector coverage
- Renewable, distribution, thermal, transmission, road, sustainable infra (water treatment & e-mobility), and others (IT infra, manufacturing, mining, financial institutions)
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 1 delivered 6 missed 2 open- Rating Upgrade delivered, diluted said Q4 FY25 Promised: Expect a rating upgrade in July 2025 Q4 FY26: CRISIL removed 'Watch with Developing Implications' and reaffirmed rating at A (Negative)/A1. This is an improvement but not a full 'upgrade' to a stable or positive outlook.
- AUM Growth (QoQ) missed said Q4 FY25 Promised: 7% to 9% growth in AUM on a sequential basis, quarter on quarter Q4 FY26: AUM ended the year at 3292 cr, a 30% decline YoY instead of the promised strong growth.
- Danu Wind NPA Resolution at risk said Q2 FY26 Promised: Write-back of INR 220-230 cr in FY26 Q4 FY26: The resolution process is underway. It's been referred to NCLT... still not resolved.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 27.5%, net profit down 70.8% 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 | 163 | 158 | 153 | 142 | 132 −19% | 122 −23% | 119 −22% | 103 −27% |
| EBITDA | 148 | 160 | 144 | 213 | 177 +20% | — | — | — |
| Net profit | 47 | 67 | 58 | 137 | 88 +87% | 49 −27% | 46 −21% | 40 −71% |
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 −26.1% 1Y
1Y: ₹37.09 on 10 Sept 2025 → ₹27.42. High ₹39.46 (24 Oct 2025), low ₹24.01 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.8%
- 8 May
- Q3 FY26
- −6.4%
- 21 Jan
- Q2 FY26
- +12.9%
- 24 Oct
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 fell 13.3% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹791 Cr | ₹760 Cr | ₹635 Cr | ₹515 Cr |
| Operating profit | ₹665 Cr | ₹618 Cr | ₹601 Cr | — |
| Operating margin | 84.1% | 81.3% | 94.6% | — |
| Interest | ₹433 Cr | ₹410 Cr | ₹321 Cr | ₹225 Cr |
| Depreciation | ₹7 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr |
| Net profit | ₹176 Cr | ₹161 Cr | ₹216 Cr | ₹320 Cr |
| Net margin | 22.3% | 21.2% | 34.0% | 62.1% |
| ROE | 7.0% | 6.0% | 8.0% | 11.0% |
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 | ₹642 Cr | ₹642 Cr | ₹642 Cr | ₹642 Cr | ₹642 Cr | ₹642 Cr |
| Reserves | ₹1.5k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.3k Cr | ₹2.4k Cr |
| Borrowings | ₹9.2k Cr | ₹7.1k Cr | ₹5.1k Cr | ₹3.9k Cr | ₹2.3k Cr | ₹1.8k Cr |
| Other liabilities | ₹238 Cr | ₹131 Cr | ₹70 Cr | ₹61 Cr | ₹110 Cr | ₹108 Cr |
| Total liabilities | ₹11.5k Cr | ₹9.5k Cr | ₹7.6k Cr | ₹6.5k Cr | ₹5.4k Cr | ₹5.0k Cr |
| Fixed assets | ₹16 Cr | ₹12 Cr | ₹30 Cr | ₹25 Cr | ₹19 Cr | ₹16 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹373 Cr | ₹350 Cr | ₹91 Cr | ₹122 Cr | ₹841 Cr | ₹832 Cr |
| Other assets | ₹11.1k Cr | ₹9.2k Cr | ₹7.5k Cr | ₹6.4k Cr | ₹4.5k Cr | ₹4.1k Cr |
| Total assets | ₹11.5k Cr | ₹9.5k Cr | ₹7.6k Cr | ₹6.5k Cr | ₹5.4k Cr | ₹5.0k 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, the public added +0.21 pp while FIIs trimmed −0.19 pp. The shareholder count shrank 7% to 1,31,972.
- Promoters
- 65.0%
- FIIs
- 2.0%
- DIIs
- 5.1%
- Public
- 27.9%
Since Jun 2025
- Public +0.21 pp
- FIIs −0.19 pp
- DIIs −0.02 pp
How it drifted, 12 quarters
Over this window the public fell from 30.8% to 27.9% — −2.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 65.0%, FIIs 2.0%, DIIs 2.2%, Public 30.8%.Dec '23: Promoters 65.0%, FIIs 2.7%, DIIs 2.3%, Public 30.0%.Mar '24: Promoters 65.0%, FIIs 2.6%, DIIs 2.7%, Public 29.7%.Jun '24: Promoters 65.0%, FIIs 2.4%, DIIs 2.9%, Public 29.8%.Sep '24: Promoters 65.0%, FIIs 2.0%, DIIs 5.0%, Public 28.0%.Dec '24: Promoters 65.0%, FIIs 2.0%, DIIs 5.5%, Public 27.5%.Mar '25: Promoters 65.0%, FIIs 2.1%, DIIs 5.4%, Public 27.5%.Jun '25: Promoters 65.0%, FIIs 2.2%, DIIs 5.1%, Public 27.7%.Sep '25: Promoters 65.0%, FIIs 2.2%, DIIs 5.1%, Public 27.8%.Dec '25: Promoters 65.0%, FIIs 2.2%, DIIs 5.1%, Public 27.8%.Mar '26: Promoters 65.0%, FIIs 2.1%, DIIs 5.0%, Public 27.8%.Jun '26: Promoters 65.0%, FIIs 2.0%, DIIs 5.1%, Public 27.9%.
Who is on the register
Named in the Jun 2026 filing
Every holder of PTC India Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| PTC India Limited | 64.99% | unchanged |
| Bandhan Large & Mid Cap Fund Mutual fund | 3.64% | unchanged |
| Life Insurance Corporation Of India Insurer | 1.41% | unchanged |
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.
All earnings calls (4)
Read the Q4 FY26 call →Learn to analyse PTC India Financial Services Limited
Guides on how to read this kind of business and the numbers that matter.