NSE: PFS · BSE: 533344
PTC INDIA FIN SERV LTD
Operates as a non-banking financial company (NBFC) that lends to private corporate borrowers for infrastructure projects under sole, multiple, and consortium lending structures. In FY26, sanctions reached ₹3,448 crore — a three-year high and over 300% higher than FY25's ₹825 crore — with disbursements of ₹1,235 crore, 100% of which went to private sector borrowers. Assets under management stood at ₹3,292 crore at year-end after ₹1,105 crore of low-yield accounts were prepaid; by Q1 FY27, loan assets had declined further to ₹2,946 crore. The lending book is broadening from traditional infrastructure into data centres, compressed biogas (CBG) ecosystems, and structured finance. Asset quality improved sharply in FY26, with Gross Stage III assets down 73% to ₹190 crore and Net NPA at 1.49% (₹47 crore), supported by a 75% provision coverage ratio on Stage III. The cost base is dominated by employees and other operating expenses at 4.5% and 4.1% of revenue respectively, with materials at 0% — the key input cost being the cost of borrowed funds, with PFS's benchmark rate cut by 60 bps during the year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Infrastructure lending, Diversified lending (data centres, CBG, structured finance). Balance-sheet NBFC infrastructure lender shifting from consortium to sole/multiple lending with quality-first approach
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 953 | 791 | 761 | 633 | 515 |
| EBITDA (ex other income) | 744 | 664 | 617 | 602 | 618 |
| margin % | 78.1 | 84.0 | 81.1 | 95.0 | 120.1 |
| Owners' profit | 130 | 176 | 161 | 217 | 0 |
| EPS, as reported (₹) | 2.02 | 2.74 | 2.50 | 3.38 | 4.97 |
| ROE % · ROCE % | 5.7 · — | 7.2 · — | 6.3 · — | 7.9 · — | 10.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 2,721 | 1,887 | 2,563 | 1,139 | 1,780 |
| Capex | (1) | (0) | (1) | (3) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 163 | 158 | 151 | 142 | 132 | 122 | 119 | 103 |
| Profit before tax | 63 | 81 | 75 | 146 | 118 | 64 | 62 | 54 |
| Net profit | 47 | 67 | 58 | 137 | 88 | 49 | 46 | 40 |
| EPS (₹) | 0.74 | 1.05 | 0.91 | 2.13 | 1.37 | 0.76 | 0.71 | 0.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,67,346 | 27.9 | 4.85 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,93,785 | 14.5 | 2.94 | — | 15.2 | — | 22.5 | 74.7 |
| TATA CAPITAL LIMITED | 1,28,620 | 23.5 | 2.73 | — | 10.4 | — | — | 75.8 |
| CHOLAMANDALAM IN & FIN CO | 1,25,298 | 21.7 | 4.11 | — | 17.2 | — | 26.5 | 71.2 |
| MUTHOOT FINANCE LIMITED | 96,653 | 8.5 | 2.43 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,250 | 22.1 | 3.20 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 42,997 | 19.2 | 2.89 | — | 13.8 | — | — | 78.4 |
| PIRAMAL FINANCE LIMITED | 42,166 | 24.9 | 1.50 | — | 5.3 | — | — | 63.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.2 | 18.5 | 37 of 200 | 82% |
| P/B | 0.5 | 1.1 | 56 of 253 | 77% |
| ROE | 10.4 | 3.1 | 53 of 257 | 80% |
| EBITDA margin | 91.4 | 48.6 | 35 of 249 | 86% |
| Revenue growth | (27.2) | 12.6 | 174 of 231 | 25% |
| Profit growth | (70.5) | 7.8 | 172 of 251 | 32% |
| Market cap | 1601 | 33 | 31 of 268 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · PFS reports lower income despite sharp growth in sanctions and disbursements | results | high | — | — |
| 27 Oct 2026 · PFS Q2 FY27 profit rises to Rs 44 crore as loan assets reach Rs 3,684 crore | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 profit after tax falls 50% as H1 operating cash flow turns negative | results | high | — | — |
| 27 Oct 2026 · Q2 FY27 PAT up 9% to Rs 44 cr as revenue falls 16% | results | high | — | — |
| 23 Oct 2026 · Postal ballot on H K Malhotra's term extension | compliance | minimal | — | — |
| 22 Oct 2026 · Postal ballot seeks one-year extension for additional-charge Managing Director and CEO | board shareholder meetings | low | — | — |
| 14 Oct 2026 · PTC India Fin Serv schedules investor call on Oct 28 for Q2 FY27 results | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Oct 27 to consider Q2 FY27 results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board extends MD&CEO tenure; Nodal officer appointed for parent stake sale exploration | strategic transactions | high | — | — |
| 12 Oct 2026 · Tenure of MD and CEO and Company Secretary extended by 1 year each | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.