Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹4582 Cr.
Stock P/E
6.4
P/B
0.8
Current Price
₹154.8
Book Value
₹ 205.8
Face Value
10
52W High
₹229.4
52W Low
₹ 149.9
Dividend Yield
5.49%

PTC India Overview

Business

PTC India Ltd. is primarily a power trading solutions provider in India. Its core business involves buying power from generating companies (both conventional and renewable) and selling it to state electricity boards (DISCOMs), large industrial consumers, and other utilities across India. The company facilitates short-term, medium-term, and long-term power transactions. Additionally, through its subsidiary PTC India Financial Services Ltd. (PFS), it provides financial services, including debt financing, to power sector projects, covering generation, transmission, distribution, and renewable energy. PTC makes money primarily through margins on power trading and interest income/fees from its financial services arm.

Revenue Mix

PTC India's primary segment by revenue is Power Trading, which involves facilitating the buying and selling of electricity. This segment accounts for the vast majority of the company's gross revenue. The secondary segment is Financial Services, delivered through its subsidiary PTC India Financial Services Ltd. (PFS). PFS provides a range of financial products, including project term loans, short-term loans, working capital loans, and lease financing to entities in the energy value chain. While growing, the financial services segment contributes a smaller portion to the overall revenue compared to power trading.

Industry

The Indian power sector is vast, complex, and highly regulated, comprising generation, transmission, distribution, and trading. PTC India operates primarily in the power trading segment, where it holds a significant market share. It functions as an intermediary, optimizing power procurement for deficit states/DISCOMs and facilitating power sales for surplus generators. In the financial services space, PTC India Financial Services (PFS) competes with other power sector financiers like Power Finance Corporation (PFC) and REC Ltd., as well as commercial banks and non-banking financial companies (NBFCs) with exposure to infrastructure financing. PTC is positioned as a key player in power trading, benefiting from its deep understanding of the Indian power market dynamics and regulatory framework.

MOAT

PTC India benefits from several competitive advantages:

First-Mover Advantage & Market Share: As one of the earliest and largest power traders in India, it has established strong relationships with generators and DISCOMs, giving it a significant market presence and operational experience.

Regulatory & Market Expertise: Deep understanding of the complex Indian power sector regulations, grid dynamics, and market conditions allows it to optimize power trades and risk management.

Quasi-Governmental Backing: Promoted by leading Indian PSUs (NTPC, NHPC, PFC, Power Grid), which lends credibility, stability, and access to key stakeholders within the power ecosystem.

Diverse Portfolio: Its ability to source power from various generation types (thermal, hydro, renewables) and cater to diverse consumer needs (short-term, long-term, banking) provides flexibility and resilience.

Growth Drivers

Rising Power Demand: India's economic growth and industrialization continue to drive electricity demand, increasing the need for efficient power procurement and trading.

Renewable Energy Integration: The government's push for renewable energy requires sophisticated grid management and trading mechanisms to handle intermittency, creating opportunities for PTC's trading and balancing services.

Cross-Border Power Trading: Opportunities for importing/exporting power with neighboring countries (e.g., Nepal, Bhutan, Bangladesh) can provide new avenues for growth.

Financial Services Expansion: Expansion of its financing arm (PFS) to cater to the growing capital needs of the renewable energy sector and power infrastructure projects.

Market Coupling & Exchange Volume: As power markets mature and exchange-based trading increases, PTC's role in optimizing trades across different platforms could expand.

Risks

Counterparty Credit Risk: A significant portion of PTC's sales are to state-owned DISCOMs, many of which suffer from weak financial health, leading to payment delays and potential bad debts.

Regulatory & Policy Risk: The power sector is highly regulated. Changes in tariffs, open access regulations, trading rules, or subsidies can impact profitability.

Interest Rate Risk: For its financial services arm (PFS), fluctuations in interest rates can affect net interest margins and the cost of funds.

Competition: Increasing competition from other power traders and power exchanges could compress trading margins.

Fuel Price Volatility: Although PTC acts as an intermediary, significant volatility in coal or gas prices can indirectly affect power availability and pricing, impacting trading volumes and margins.

Management & Ownership

PTC India Ltd. is promoted by four major public sector undertakings (PSUs) in the Indian power sector: NTPC Ltd., NHPC Ltd., Power Finance Corporation (PFC) Ltd., and Power Grid Corporation of India Ltd. This gives it a unique character with a strong public sector linkage, influencing its governance and strategic direction. The company is professionally managed with a board comprising independent directors and nominees from promoter entities. The management team has extensive experience in the power sector. The ownership structure reflects a blend of public sector stability and market-driven operations.

Outlook

PTC India is well-positioned to benefit from India's sustained growth in power demand and the ongoing energy transition towards renewables. Its dominant position in power trading provides a strong base, while the financial services arm offers diversification and potential for growth, particularly in the renewable energy financing space. However, challenges persist, notably the chronic financial stress of state DISCOMs which poses counterparty risk, and the evolving regulatory landscape. The company's ability to navigate these risks, while capitalizing on opportunities like cross-border trading and increasing power exchange volumes, will be crucial. Its quasi-governmental backing provides a degree of stability and access, but also means it operates within a framework that can be influenced by government policies and priorities.

PTC India Share Price

Live · BSE / NSE · Inception: 1999
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

PTC India Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 3507 4555 4885 3316 2924 4009 5459 3405 3898 4774
Other Income 3 133 248 110 107 94 126 72 75 54
Total Income 3510 4688 5134 3425 3031 4103 5585 3478 3972 4827
Total Expenditure 3256 4311 4653 3085 2768 3721 5183 3231 3753 4623
Operating Profit 254 377 480 340 262 382 402 246 220 204
Interest 100 173 260 110 99 92 101 64 53 52
Depreciation 3 2 2 2 3 2 3 3 3 2
Exceptional Income / Expenses -20 0 0 0 306 0 0 -4 0 0
Profit Before Tax 130 202 219 227 467 287 298 176 164 150
Provision for Tax 35 52 56 51 104 46 76 44 43 39
Profit After Tax 95 149 163 176 363 241 222 132 121 111
Adjustments -9 25 55 -19 -12 -46 -31 -18 -16 -13
Profit After Adjustments 86 174 217 158 352 195 191 114 105 98
Adjusted Earnings Per Share 2.9 5.9 7.3 5.3 11.9 6.6 6.5 3.9 3.6 3.3

PTC India Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 13447 15311 12766 15155 18101 18346 16856 15674 16763 15679 16771 17536
Other Income 154 203 147 130 23 29 31 26 59 598 360 327
Total Income 13601 15513 12913 15285 18124 18375 16888 15699 16822 16278 17131 17862
Total Expenditure 12296 13918 11612 13201 16275 16650 15283 14560 15710 14810 15879 16790
Operating Profit 1305 1596 1301 2084 1849 1725 1604 1139 1113 1468 1252 1072
Interest 633 802 946 1243 1159 926 757 474 432 650 313 270
Depreciation 10 21 97 97 100 100 101 10 10 9 10 11
Exceptional Income / Expenses -38 -0 0 0 0 -21 0 0 -20 306 -4 -4
Profit Before Tax 624 772 258 744 589 679 745 653 654 1117 926 788
Provision for Tax 218 266 93 254 183 221 193 168 170 263 208 202
Profit After Tax 406 506 165 490 406 458 552 485 484 854 717 586
Adjustments -84 -91 35 -64 -39 -9 -46 -39 -7 47 -112 -78
Profit After Adjustments 323 415 200 425 368 449 506 446 477 900 606 508
Adjusted Earnings Per Share 10.9 14 6.8 14.4 12.4 15.2 17.1 15.1 16.1 30.4 20.5 17.3

PTC India Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 3551 3855 3719 3962 4187 4420 4723 5019 5142 5805 5981
Minority's Interest 747 834 679 723 740 742 792 855 888 964 1078
Borrowings 5705 6539 7693 9234 8485 7704 6063 4835 2821 1770 951
Other Non-Current Liabilities 75 94 -239 -92 8 -13 28 23 -59 -22 73
Total Current Liabilities 4703 6732 7126 7275 7592 7763 8264 5867 5176 4321 4530
Total Liabilities 14782 18054 18977 21102 21012 20615 19871 16598 15040 12838 12613
Fixed Assets 387 2155 2061 1967 1884 1787 1693 1617 43 38 32
Other Non-Current Assets 9132 10874 11968 12603 10374 8261 6607 6100 4096 3436 2439
Total Current Assets 5263 5025 4947 6532 8755 10567 11571 8881 9033 9364 10142
Total Assets 14782 18054 18977 21102 21012 20615 19871 16598 15040 12838 12613

PTC India Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 273 204 294 383 112 421 939 1247 971 875 1710
Cash Flow from Operating Activities -1281 111 -1438 -108 3294 2108 3049 3575 2451 1864 2817
Cash Flow from Investing Activities 87 -1374 249 244 -414 -505 46 168 -504 1454 -824
Cash Flow from Financing Activities 1124 1353 1278 -408 -2570 -1085 -2788 -4019 -2042 -2482 -3428
Net Cash Inflow / Outflow -70 91 89 -272 309 518 308 -276 -96 835 -1434
Closing Cash & Cash Equivalent 204 294 383 112 421 939 1247 971 875 1710 275

PTC India Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 10.9 14.01 6.75 14.37 12.42 15.16 17.1 15.05 16.11 30.41 20.46
CEPS(Rs) 14.07 17.81 8.86 19.82 17.11 18.84 22.06 16.72 16.67 29.16 24.59
DPS(Rs) 2.5 3 4 4 5.5 7.5 7.8 7.8 7.8 11.7 8.5
Book NAV/Share(Rs) 119.96 130.22 125.63 133.83 141.45 149.31 159.57 169.54 173.7 196.11 202.04
Core EBITDA Margin(%) 8.57 9.1 9.04 12.89 10.09 9.24 9.33 7.1 6.28 5.55 5.32
EBIT Margin(%) 9.35 10.28 9.43 13.11 9.66 8.74 8.91 7.19 6.48 11.27 7.38
Pre Tax Margin(%) 4.64 5.04 2.02 4.91 3.26 3.7 4.42 4.17 3.9 7.12 5.52
PAT Margin (%) 3.02 3.3 1.29 3.23 2.24 2.49 3.27 3.09 2.88 5.44 4.28
Cash Profit Margin (%) 3.1 3.44 2.05 3.87 2.8 3.04 3.87 3.16 2.94 5.5 4.34
ROA(%) 3.1 3.08 0.89 2.44 1.93 2.2 2.73 2.66 3.06 6.12 5.64
ROE(%) 12.25 13.66 4.35 12.75 9.97 10.63 12.07 9.95 9.52 15.6 12.17
ROCE(%) 12.92 12.53 8.05 11.91 10.63 10.19 9.89 8.66 10.33 19.39 15.01
Receivable days 84.61 83.41 94.72 99.32 120.18 131.32 144.81 149.76 124.47 122.42 99.49
Inventory Days 0 0 0 0 0 0 0 0 0 0 0
Payable days 0 0 0 0 0 0 0 0 0 0 0
PER(x) 5.86 6.63 12.89 5.12 3.11 5.15 4.82 5.65 11.53 5.38 7.71
Price/Book(x) 0.53 0.71 0.69 0.55 0.27 0.52 0.52 0.5 1.07 0.83 0.78
Dividend Yield(%) 3.92 3.23 4.59 5.44 14.25 9.61 9.47 9.17 4.2 7.16 5.39
EV/Net Sales(x) 0.7 0.81 1.14 1.01 0.65 0.68 0.61 0.45 0.46 0.29 0.15
EV/Core EBITDA(x) 7.19 7.8 11.13 7.34 6.39 7.19 6.39 6.23 6.86 3.08 2
Net Sales Growth(%) -3.26 13.86 -16.62 18.72 19.44 1.35 -8.12 -7.02 6.95 -6.46 6.96
EBIT Growth(%) 25.9 25.16 -23.52 65.01 -12.02 -8.22 -6.36 -24.99 -3.67 62.78 -29.91
PAT Growth(%) 3.28 24.5 -67.41 197.09 -17.09 12.7 20.55 -12.11 -0.27 76.55 -15.96
EPS Growth(%) 25.86 28.59 -51.79 112.69 -13.57 22.07 12.82 -11.96 7.02 88.78 -32.73
Debt/Equity(x) 2.18 2.59 3.32 3.36 2.72 2.6 2.07 1.3 0.84 0.51 0.29
Current Ratio(x) 1.12 0.75 0.69 0.9 1.15 1.36 1.4 1.51 1.75 2.17 2.24
Quick Ratio(x) 1.12 0.75 0.69 0.9 1.15 1.36 1.4 1.51 1.75 2.17 2.24
Interest Cover(x) 1.99 1.96 1.27 1.6 1.51 1.73 1.98 2.38 2.51 2.72 3.96
Total Debt/Mcap(x) 4.09 3.64 4.79 6.12 9.98 4.97 4.01 2.59 0.79 0.61 0.38

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +7% +2% -2% +2%
Operating Profit CAGR -15% +3% -6% 0%
PAT CAGR -16% +14% +9% +6%
Share Price CAGR -8% +5% +6% +7%
ROE Average +12% +12% +12% +11%
ROCE Average +15% +15% +13% +12%

PTC India Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 16.22 %
FII 28.88 %
DII (MF + Insurance) 12.32 %
Public (retail) 42.58 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 16.2216.2216.2216.2216.2216.2216.2216.2216.2216.22
FII 29.4133.0733.3128.6725.7228.7528.9227.8127.4628.88
DII 9.299.159.119.0710.1410.210.2210.0810.8912.32
Public 45.0941.5641.3646.0447.9344.8444.6545.8945.4342.58
Others 0000000000
Total 100100100100100100100100100100

PTC India Peer Comparison

Power Generation/Distribution Edit Columns

PTC India Quarterly Price

10-year quarterly close · BSE
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News & Updates

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PTC India Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 16.22%.
  • Company has a low return on equity of 12% over the last 3 years.
  • The company has delivered a poor profit growth of 9% over past five years.
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