PTC India Financial Services Ltd(PFS)

NSE: PFSBSE: 533344

₹ 24.35-2.64%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,564 crNext results: 27 Oct 2026Website: www.ptcfinancial.comUpdated: 24 Oct 2026

About

PTC India Financial Services Ltd (PFS) is a non-banking financial company focused on financing infrastructure projects in India, primarily in the energy and renewable energy sectors. As of Q1 FY27, loan assets stood at ₹2,946 crores, down from ₹3,292 crores at FY26 end, reflecting ongoing book contraction from large prepayments. PFS is a subsidiary of PTC India Limited and is pivoting its portfolio toward private-sector infrastructure borrowers across renewables, transmission, roads, oil & gas, data centres, and compressed biogas.^[1][2][3]

Loan book and segments

Loan assets (AUM) fell to ₹2,946 crores in Q1 FY27, down from ₹3,292 crores in FY26 and ₹4,313 crores in Q1 FY26, driven by prepayments exceeding new disbursements.^[1]
State utility share of AUM declined from 64% in Q1 FY25 to 56% in Q3 FY26 as private-sector lending expands and state utilities prepay ahead of schedule.^[4]
100% of FY26 disbursements went to private corporate borrowers; management has paused origination in the FI and SME segments as of Q1 FY27, refocusing entirely on infrastructure financing.^[1][2]
Portfolio diversification in FY26 included compressed biogas (CBG), data centre value chain, oil & gas, transmission, and roads alongside renewables.^[2][4]

Key operating numbers

NIM (Stage 1+2 loans) was 4.46% in Q1 FY27, compared to 4.75% in Q4 FY26 and 4.63% in Q1 FY26, with asset yield at 9.26% and spread at 0.88%.^[1]
Cost of funds was 9.37% in Q4 FY26, down from 9.45% in Q3 FY26 and 9.49% in Q2 FY26, reflecting ongoing lender negotiations.^[2][4][5]
Capital adequacy ratio (CAR) stood at 68.91% in Q1 FY27, reflecting a very lightly leveraged balance sheet with a debt-equity ratio of 0.49x.^[1]
Full-year FY26 disbursements grew 35% YoY to ₹1,235 crores from ₹916 crores in FY25; FY26 sanctions grew over 300% YoY to ₹3,448 crores from ₹825 crores in FY25.^[2]

Asset quality

Net Stage III assets were ₹47 crores in Q1 FY27, representing approximately 2% of net worth; provision coverage ratio on Stage III stood at 75%.^[1]
A single NPA account - Danu Wind (₹187 crores gross) - constitutes the bulk of residual Stage III; NCLT admission was pending as of Q1 FY27 with IBC resolution to commence post-admission.^[1]
Vento Power NPA (resolved in Q2 FY26): ₹115.6 crores recovered via change-of-management transaction with Enviro Infra Engineers; a technical write-off of ₹138.60 crores (loans and equity) was executed in Q2 FY26.^[5]

Funding and liabilities

PFS currently relies predominantly on bank borrowings (MCLR-linked); management stated intent in Q3 FY26 to begin accessing the bond market in early FY27 to diversify the liability profile.^[4]
New bank credit sanctions were expected to be secured before end of Q2 FY27; Canara Bank and Bank of India had already reduced lending spreads by 30-40 bps as of Q2 FY26.^[1][5]

Expansion and targets

Sanctions of over ₹1,200 crores were recorded in the first month of Q2 FY27, described as the highest monthly sanction in 13 quarters, following muted Q1 FY27 disbursements.^[1]
Of ₹3,448 crores sanctioned in FY26, approximately ₹2,000 crores remained undisbursed as of March 2026; management guided that roughly ₹1,500 crores of this would be disbursed within two quarters.^[2]

Recent developments

Rajiv Malhotra (also MD & CEO of PTC India Limited) took over as MD & CEO of PFS, participating in his first investor call in Q1 FY27; predecessor R. Balaji departed on June 30, 2026.^[1]
CRISIL reaffirmed the rating at CRISIL A (Negative)/A1 and removed PFS from 'Rating Watch with Developing Implications' in Q1 FY27; ICRA continues to rate PFS at A- (Stable).^[1]
Board was fully reconstituted in Q3 FY26 with three new independent directors joining, completing the governance restoration following disruptions in September 2025.^[4]

Market Cap

₹1,564 Cr

High / Low

₹41 / 24

Stock P/E

7.0

Price / Book

0.5

Book Value

₹48

EPS

₹5.0

No. of Shares

64.23 Cr

ROE

10.9%

Debt / Equity

0.57

Sales

₹515 Cr

Net Profit

₹319 Cr

Promoter holding

65.0%

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