Company Overview
PTC India Financial Services Limited, a registered Non-Banking Financial Company - Infrastructure Finance Company (NBFC-IFC) with RBI, reported strong financial performance for FY 2025-26 despite challenging market conditions. The company provides financing solutions to the energy value chain and is listed on both NSE and BSE.
Financial Performance Highlights
Profitability: Net profit surged 47.14% to ₹319.36 crore (FY25: ₹217.05 crore) with EPS increasing to ₹4.97 from ₹3.38. This improvement occurred despite an 18.77% decline in total income to ₹518.25 crore, driven primarily by a significant credit of ₹151.03 crore in impairment costs (FY25: credit of ₹11.06 crore) and reduced finance charges of ₹224.49 crore (down 30.08%).
Balance Sheet Position: Total assets decreased to ₹4,956.25 crore from ₹5,682.59 crore, with the loan book reducing to ₹3,013.04 crore from ₹4,186.15 crore. The company maintained strong capital adequacy with CRAR improving to 66.63% from 59.65% and Tier-I CRAR at 66.30%. Total equity stood at ₹3,079.72 crore with net owned funds of ₹2,789.89 crore.
Asset Quality Improvement: Gross Stage III assets reduced substantially to ₹190.03 crore (March 2026) from ₹711 crore (March 2025), while net NPAs decreased to ₹46.98 crore from ₹117 crore. The company implemented an updated Expected Credit Loss (ECL) policy effective April 1, 2025, enhancing credit loss provisioning accuracy.
Regulatory Compliance and Status
The company maintains its NBFC-IFC registration (CoR number N-14.03116) with infrastructure loan exposure at 56.83% of total assets, below RBI's 75% minimum threshold. RBI has granted an extension until September 30, 2026, to achieve full compliance. The company filed all required DNBS-03 returns and complied with SEBI Listing Regulations, submitting its annual report pursuant to Regulations 34(1) and 53.
Management and Governance Changes
Significant board changes occurred during FY26: MD&CEO Balaji Rangachari resigned effective June 30, 2026, with Rajiv Malhotra appointed as Additional Director (Nominee of PTC) on April 8, 2026, and re-designated as MD&CEO (Addl. Charge) from July 1 to November 30, 2026. Multiple independent director appointments and resignations occurred, resulting in a board composition of 8 directors (3 executive, 5 non-executive). The company held 17 board meetings during the year.
Annual General Meeting and Corporate Actions
The 20th AGM is scheduled for September 24, 2026, to be held virtually with e-voting facilities available. Agenda items include adoption of audited financial statements and re-appointment of Dr. Manoj Kumar Jhawar who retires by rotation. No dividend was recommended for FY26.
Risk Management and Credit Exposure
The company maintains comprehensive risk management covering credit, liquidity, market, and operational risks. Credit risk exposure shows Stage 3 (credit impaired) loans of ₹187.91 crore with ₹140.93 crore impairment allowance, Stage 2 loans of ₹222.95 crore with ₹23.87 crore provision, and Stage 1 loans of ₹2,780.89 crore with ₹13.91 crore provision. Gross NPA ratio stood at 5.89% of gross loans.
Subsequent Events and Technical Write-offs
The company performed technical write-offs of ₹134.19 crore across 5 loan accounts during Q2 FY26 and technical write-off of equity investment in Varam Bio Energy Private Limited (₹4.39 crore). Recovery measures were initiated for various stressed accounts including Vento Power Infra Private Limited.
Auditor Reports and Compliance
Statutory auditors Ravi Rajan & Co. LLP and secretarial auditors Rohit Parmar & Associates provided unmodified reports without qualifications. The company complied with RBI's Non-Banking Financial Companies Auditor's Report Directions, 2016, and all mandatory corporate governance requirements under SEBI Listing Regulations.