PTC India Ltd(PTC)

NSE: PTCBSE: 532524

₹ 133.8-4.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,961 crNext results: 2 Nov 2026Website: www.ptcindia.comUpdated: 24 Oct 2026

About

PTC India Ltd trades electricity, buying from generators and selling to distribution companies under short-, medium- and long-term contracts and on power exchanges. Its two segments are Power trading (97% of revenue) and a Financing business (3% of revenue), run through its subsidiary PTC India Financial Services. Its FY26 trading volume was 92.80 BUs, and its reported revenue for FY26 was 16770.79 crore. PTC kept its leadership position in overall power trading volumes in FY26.^[1][2][3][4]

Business segments

In FY26 the Power segment brought in Rs 16,450.28 Cr of revenue (97.0%) and the Financing business brought in Rs 510.7 Cr (3.0%).^[4]
The Power segment's share of revenue grew by 5.7 percentage points between FY2019 and FY26.^[4]
Subsidiary PTC India Financial Services, an infrastructure finance company, had a loan book of INR 3,292 Crores in FY26.^[2]
PTC provides services and has no plants. Its registered office is in New Delhi and it has offices in several regions.^[2]

Trading volumes and mix

Total trading volume was 92.80 BUs in FY26, up 12%. In Q1 FY27 volume was 25.78 BU, up 12% from 23.04 BU a year earlier.^[2][1]
Short-term volume was 57.97 BUs in FY26, up 16% from 49.79 BUs in FY25.^[2]
Long- and medium-term volume was 34.82 BUs in FY26, compared with 32.95 BUs in FY25.^[2]
Power exchange volume rose to 52.24 BUs in FY26 from 42.84 BUs. Short-term bilateral volume fell to 5.74 BUs from 6.95 BUs.^[2]
Exchange-traded products made up 60% of trading volume in Q1 FY27. Bilateral contracts made up the other 40%.^[5]
The long- and medium-term portfolio was above 7,500 MW as of Q1 FY27. PTC began supplying 500 MW on a medium-term basis in FY26.^[5][2]
Long-term trading volumes fell in Q1 FY27 because hydro generation from projects under long-term agreements was lower than a year earlier.^[5]

Trading margins and receivables

Trading margin was Rs 310.52 crore in FY26, up 11% from FY25. In Q4 FY26 it was Rs 76.23 crore, up 27% from Q4 FY25.^[1]
Trading margin was 3.35 paise/unit in Q1 FY27. In Q3 FY26 the long-term margin was 7.91 paise/unit and the short-term margin was 0.87 paise/unit.^[5]
Net surcharge income was Rs 3.06 crore in Q1 FY27, down from Rs 37.65 crore in Q1 FY26. Net rebate income fell to Rs 15.99 crore from Rs 23.68 crore.^[5]
Gross debtor days fell to 44 at end-FY26 from 51. Net working capital days fell to 8 from 19 after about Rs 1,000 crore was recovered from J&K.^[1]
Total debtors were Rs 4,469 crore as of Q1 FY27.^[5]

Customers and services

Customers include state and private distribution companies, large corporates, entities trading on power exchanges, and import and export partners in Nepal, Bhutan and Bangladesh.^[2]
21 new entities were brought on board for trading in FY26.^[2]
PTC operates and maintains the electrical distribution networks at the Mumbai, Deendayal and Paradip port authorities.^[2]
Its consultancy business manages transmission line and substation projects and supports rooftop solar rollout under PM Surya Ghar Muft Bijli Yojana.^[2]
Consultancy income was Rs 12.08 crore in Q2 FY26, up 17% from a year earlier. PTC was bid consultant for about 1,000 MW of solar and hybrid renewable capacity.^[6]
PTC trades power from battery storage (BESS) and supplied green power to GAIL's 10 MW green hydrogen project at Vijaipur.^[1]

Cross-border trade

Power exports to Bangladesh, Bhutan and Nepal make up about 22% of total turnover (FY26).^[2]
Cross-border transactions totalled 9,718 MUs in FY26. Trade with Bhutan accounted for 8,670 MUs.^[2]
In FY26 PTC supplied 1,596 MUs to the Bangladesh Power Development Board under a 200 MW long-term contract.^[2]
Outstanding receivables from Bangladesh fell from about Rs 800 crore to about Rs 72 crore by Q3 FY26.^[7]
The 118 MW Nikachu hydro project in Bhutan, which has a long-term PPA with PTC, supplied 350 MUs to Assam's state utility in FY26.^[2]
Both imports and exports of electricity with Nepal had started as of Q1 FY27.^[5]

Expansion and new investments

PTC signed a 1,200 MW long-term solar PPA with NTPC Green in Q1 FY27. The capacity is expected around FY29.^[5]
A JV with NLC India Renewables, signed on 12 December 2025, will develop up to 2,000 MW of renewable energy. DIPAM/DPE approval had been received as of Q1 FY27.^[1]
PTC's board approved an investment of up to Rs 500 crore in the NLC JV.^[5]
PTC floated an expression of interest (EOI) for 500 MW of solar power paired with 250 MW/1,000 MWh of energy storage on a long-term basis.^[6]
PTC is evaluating a battery storage investment, under either an asset-ownership or a rental model. No deal had been concluded as of Q1 FY27.^[5]
Teesta Urja: coffer dam work is underway, with partial generation expected by December 2026 at the earliest and the full dam targeted by 2029.^[5]

Corporate structure and recent developments

PTC's long-term issuer rating was upgraded to AA from AA- (FY26 annual report).^[2]
PFC, Power Grid and NHPC will give up their promoter rights, leaving NTPC as the sole promoter. PTC's board has approved the proposal.^[7]
SBI Caps has been appointed advisor on the sale of PFS. Management is targeting a market update by the end of FY27.^[5]
PTC received about Rs 1,185 crore from the sale of PTC Energy Ltd and returned about Rs 900 crore to shareholders as special and interim dividends.^[5]
Associate Hindustan Power Exchange (HPX) has added 709 active members since it launched in July 2022.^[2]
HPX made a loss of Rs 2.46 crore in Q3 FY26, against a profit of Rs 1.28 crore in Q3 FY25, because of technology and staffing spending.^[7]
APTEL ordered CERC to frame regulations before market coupling is introduced.^[7]

Market Cap

₹3,961 Cr

High / Low

₹229 / 133

Stock P/E

7.8

Price / Book

0.7

Book Value

₹202

EPS

₹20.5

No. of Shares

29.6 Cr

ROCE

13.4%

ROE

10.3%

OPM

7.2%

Debt / Equity

0.29

Sales

₹16,771 Cr

Net Profit

₹717 Cr

Promoter holding

16.2%

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PTC India Ltd(PTC)

About

Business segments

Trading volumes and mix

Trading margins and receivables

Customers and services

Cross-border trade

Expansion and new investments

Corporate structure and recent developments

Signal history

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