PTC India Financial Services Q2 FY27 results: net profit down 50.0% to ₹44.04 crore, revenue down 16.4%

How did PTC India Financial Services perform in Q2 FY27?

Consolidated revenue for Q2 FY27 was ₹110.19 crore, down 16.4% from ₹131.84 crore in Q2 FY26 and up 6.7% from ₹103.31 crore in Q1 FY27. Total income was ₹113.67 crore, down 13.8% from ₹131.86 crore a year earlier and up 10.0% from ₹103.31 crore in the previous quarter. No consolidated EBITDA or EBITDA margin was reported.

Net profit was ₹44.04 crore, down 50.0% from ₹88.14 crore in Q2 FY26 but up 9.4% from ₹40.24 crore in Q1 FY27. Basic EPS was ₹0.69, compared with ₹1.37 a year earlier and ₹0.63 in the previous quarter. The net profit margin was 40.0%, compared with 66.9% in Q2 FY26 and 39.0% in Q1 FY27.

On a standalone basis, revenue was ₹110.19 crore, down 16.4% from the year-ago quarter, while profit before tax was ₹88.14 crore and net profit was ₹44.04 crore. The consolidated quarter figures are used for the main comparison in this article.

What changed in PTC India Financial Services' costs and profit?

Total expenses were ₹96.65 crore, up 579.2% from ₹14.23 crore in Q2 FY26 and 97.0% from ₹49.06 crore in Q1 FY27. Employee cost fell 8.6% year on year to ₹5.53 crore, finance costs fell 40.8% to ₹34.10 crore, depreciation fell 9.0% to ₹1.71 crore, and other expenses fell 27.5% to ₹3.77 crore.

Other income rose from ₹0.02 crore in Q2 FY26 to ₹3.48 crore in Q2 FY27. There was no exceptional item in either period. Profit before tax fell 85.5% year on year to ₹17.02 crore and 68.6% from ₹54.25 crore in Q1 FY27.

Tax moved from an expense of ₹29.49 crore in Q2 FY26 to a tax credit of ₹27.02 crore, a difference of ₹56.51 crore. Against Q1 FY27, tax moved from an expense of ₹14.01 crore to a tax credit of ₹27.02 crore, a difference of ₹41.03 crore. The filings do not state why these expense and tax changes occurred.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹213.5 crore, down 22.0% from ₹273.75 crore in H1 FY26, while total income was ₹216.98 crore, down 20.8% from ₹274.1 crore. Profit before tax was ₹71.27 crore, down 73.0%, and net profit was ₹84.28 crore, down 62.5%.

Basic EPS for H1 FY27 was ₹1.31, compared with ₹3.5 in H1 FY26. Loan sanctions increased to ₹3,098 crores from ₹1,255 crores, and disbursements rose to ₹1,712 crores from ₹464 crores, according to the company’s results presentation.

What do the balance sheet and cash flow show?

Total assets were ₹4,698.83 crore as of 30 September 2026, compared with ₹4,956.25 crore as of 31 March 2026. Total equity rose to ₹3,164.17 crore from ₹3,079.72 crore, while cash increased to ₹263.95 crore from ₹61.3 crore. Borrowings were not reported in the balance-sheet figures.

H1 FY27 operating cash flow was negative ₹407.34 crore, compared with positive ₹1,166.21 crore in H1 FY26. Investing cash flow was ₹1,029.9 crore, compared with negative ₹1,083.45 crore, while financing cash flow was negative ₹419.91 crore, compared with negative ₹721.54 crore.

How has PTC India Financial Services done over the last 8 quarters?

Revenue fell across the quarterly series from ₹158.07 crore in Q3 FY25 to ₹119.08 crore in Q4 FY26, then rose to ₹110.19 crore in Q2 FY27 from ₹103.31 crore in Q1 FY27. Q2 FY27 revenue was above the recent low but below ₹131.84 crore in Q2 FY26.

Net profit peaked at ₹136.63 crore in Q1 FY26 and fell to ₹45.5 crore in Q4 FY26 before rising to ₹44.04 crore in Q2 FY27 from ₹40.24 crore in Q1 FY27. No EBITDA margin series was available, so the quarterly profit-margin peak and trough could not be identified from the supplied data.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 27 October 2026. It also filed a Security Cover Certificate under Regulation 54 and an investors’ presentation covering the financial results.

The same-day presentation reported loan assets of ₹3,684 crores, total income of ₹114 crores and net profit of ₹44 crores for Q2 FY27. No dividend, fund raise or appointment was reported in the supplied same-day filings.

What did the auditors point out?

The auditors drew attention to Note No. 4, which stated that the RBI had extended the deadline until 30 September 2026 for maintaining at least 75% infrastructure-finance exposure as a share of total assets. The company had not met the prescribed threshold as of 30 September 2026.

The auditors stated that the company had achieved the 75% threshold by the date the results were declared. Based on a broad-based review of the trial balance as of 27 October 2026, they observed that the threshold had been met and said their opinion was not modified in respect of this matter. The review also noted that the Stage III quarter figures were balancing figures derived from reviewed year-to-date results.

What did PTC India Financial Services' management say?

Management said loan assets reached INR3,684 crores, sanctions were INR3,098 crores and disbursements were INR1,595 crores. Management targeted a net loan book of approximately INR5,000 crore by FY27 year-end, loan-book growth of at least 25% in coming years and a lending spread not below 2%.

Management said borrowing costs were expected to decline each quarter and reach market-rate competitiveness within about a year. It also expected average ticket size to be around INR150 crore or slightly above by year-end, while optimum equity leverage of approximately 4–4.5x could be reached over 3–4 years.

Rajiv Malhotra, Managing Director and Chief Executive Officer, said spread metrics could tighten for a couple of quarters because the company was in the portfolio-building phase. Management also identified defaults, new NPAs, provisioning, funding costs, credit-rating constraints and unpredictable prepayments as risks to growth and performance.

The call did not record any analyst questions. Management said renewable energy represented approximately 45% of the book and that a new INR124 crore exposure-at-default NPA was accompanied by an increase in net Stage 3 to INR105 crore.

How did PTC India Financial Services shares react?

The filing was released after market hours. From the pre-results close of ₹24.92, the stock moved 0.2% higher after five minutes, 0.4% lower after 15 minutes and 0.5% higher after 30 minutes. It closed 3.2% lower on the reaction day from the pre-results close.

By the next day's close, the stock was 4.5% lower from the pre-results close. By the fifth session, it was 0.7% lower. The industry median was unchanged on the reaction day, rose 0.3% by the next day's close and rose 1.2% by the fifth session, leaving PFS behind the industry median by 3.2 percentage points, 4.8 percentage points and 1.9 percentage points, respectively.

Earlier reaction-day moves were mixed: the stock fell 3.6% on 28 July 2026, fell 1.5% on 5 May 2026, fell 6.2% on 20 January 2026 and rose 11.5% on 23 October 2025. It also rose 0.9% on 30 July 2025, rose 7.8% on 10 May 2025, rose 8.8% on 28 January 2025 and rose 2.3% on 28 October 2024.

How did other Non Banking Financial Company (NBFC) companies do?

A total of 77 NBFC peers filed for the quarter as of 4 November 2026, compared with 85 peers for the profit measure. Their median revenue growth was 21.6%. Among the peers with revenue comparisons, 13 grew more slowly than PTC India Financial Services and 64 grew faster.

Of the 85 peers for which profit was compared, 57 reported higher profit. The company’s consolidated Q2 FY27 revenue was ₹110.19 crore, while its net profit was ₹44.04 crore.