Operates as a government-owned non-banking financial company that lends to Indian power-sector utilities across generation, transmission, and distribution. Power Finance Corporation (PFC) borrows in domestic and international markets and on-lends at a spread of 2.46% in FY26, with a net interest margin of 3.55%. The consolidated loan book of ₹11.64 lakh crore is the largest among Indian NBFCs, including a renewable-energy book of ₹1.65 lakh crore. The loan mix is shifting from conventional thermal generation (~50% of book now, down from 75%) toward renewables and distribution. Asset quality is at historic lows — net credit-impaired ratio 0.15%, gross 1.09% — with 80% of the peak NPA book resolved. FY26 saw ₹2.85 lakh crore of sanctions against ₹80,000 crore disbursed, reflecting the long gestation of power infrastructure projects. The cost structure is light for an NBFC — employee cost is 0.5% of revenue and other opex 2.8%, with no material inputs — and PFC has approved a merger of REC into itself, targeted April 1, 2027, at a swap ratio of 88 PFC shares per 100 REC shares. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Lending to power-sector utilities. Spread-driven, government-owned power-sector NBFC with structural long-gestation infrastructure exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 76,262 | 77,568 | 91,097 | 1,06,502 | 1,15,444 |
| EBITDA (ex other income) | 68,065 | 73,508 | 91,526 | 1,03,261 | 1,12,245 |
| margin % | 89.3 | 94.8 | 100.5 | 97.0 | 97.2 |
| Owners' profit | 14,015 | 15,889 | 19,761 | 22,991 | 25,901 |
| EPS, as reported (₹) | 53.08 | 60.19 | 59.88 | 69.67 | 78.49 |
| ROE % · ROCE % | 19.5 · — | 18.9 · — | 19.7 · — | 19.7 · — | 19.4 · — |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,632 | (74,699) | (97,820) | (92,269) | (4,505) |
| Capex | (120) | (123) | (323) | (837) | (337) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25,722 | 26,798 | 29,265 | 28,539 | 28,890 | 29,095 | 28,920 | 28,527 |
| Profit before tax | 9,368 | 9,816 | 10,555 | 11,199 | 10,057 | 10,502 | 11,092 | 11,260 |
| Net profit | 7,215 | 7,760 | 8,358 | 8,981 | 7,834 | 8,212 | 8,598 | 8,998 |
| EPS (₹) | 16.07 | 17.66 | 19.14 | 20.81 | 17.40 | 19.07 | 21.21 | 21.25 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. ◆ | 1,16,642 | 4.5 | 0.67 | 1.0 | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 1,05,973 | 14.7 | 1.87 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 82,341 | 5.2 | 0.97 | 1.4 | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 34,513 | 8.1 | 1.57 | 2.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · PFC gets joint statutory auditors for FY 2026-27 from CAG | management changes | medium | — | — |
| 1 Sept 2026 · PFC 40th AGM: All 8 resolutions approved by shareholders | board shareholder meetings | low | — | — |
| 31 Aug 2026 · PFC 40th AGM proceedings: dividend, director appointments, borrowing limit hike | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · PFC transfers Fatehgarh II Transmission SPV to Power Grid for Rs 19.11 cr | strategic transactions | medium | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 12 Aug 2026 · PFC files newspaper publication of 40th AGM notice and e-voting details | compliance | minimal | — | — |
| 9 Aug 2026 · PFC to hold AGM on August 31, 2026 | board shareholder meetings | low | — | — |
| 8 Aug 2026 · PFC 40th AGM on Aug 31, 2026; FY26 Annual Report submitted | board shareholder meetings | low | — | — |
| 8 Aug 2026 · PFC 40th AGM on Aug 31, 2026; FY26 Annual Report filed | board shareholder meetings | low | — | — |
| 8 Aug 2026 · PFC 40th AGM on Aug 31, 2026 via video conferencing | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 18.4 |
| — |
| 12.7 |
| 97.6 |
| INDIAN RENEWABLE ENERGY | 31,382 | 15.9 | 2.28 | 4.3 | 13.6 | — | — | 78.5 |
| IFCI LTD | 22,274 | 129.2 | 1.44 | 20.9 | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 6,563 | 15.0 | 6.74 | 27.7 | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,246 | 1200.0 | — | — | — | 4.9 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.5 | 14.7 | 2 of 9 | 88% |
| P/B | 0.7 | 1.6 | 1 of 7 | 100% |
| ROE | 19.4 | 13.6 | 1 of 7 | 100% |
| Debt / Equity | 0.0 | 0.0 | 1 of 7 | 0% |
| EBITDA margin | 100.0 | 97.1 | 2 of 7 | 83% |
| Revenue growth | (0.0) | (0.0) | 4 of 7 | 50% |
| Profit growth | 0.2 | (1.6) | 4 of 8 | 57% |
| Market cap | 116642 | 31382 | 1 of 9 | 100% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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