PTC India Q2 FY27 results: net profit down 28.3% to ₹159.10 crore, revenue up 6.5%

How did PTC India perform in Q2 FY27?

PTC India’s consolidated revenue for Q2 FY27 was ₹5,812 crore, up 6.5% from ₹5,459 crore in Q2 FY26. EBITDA fell 48.1% to ₹142.81 crore and the EBITDA margin declined 2.5 percentage points to 2.5%. Profit before tax was ₹169.27 crore, down 43.2%, while PAT was ₹159.10 crore, down 28.3%. Basic EPS declined to ₹4.85 from ₹6.46.

Against Q1 FY27, consolidated revenue rose 21.7% by ₹1,038 crore to ₹5,812 crore and total income rose 23.4% by ₹1,131 crore. EBITDA fell 5.1% to ₹142.81 crore and margin declined 0.7 percentage points to 2.5%. PBT rose 13.0% to ₹169.27 crore, PAT rose 42.0% to ₹159.10 crore and basic EPS rose to ₹4.85 from ₹3.31.

On a standalone basis, PTC India reported revenue of ₹5,701.88 crore and PAT of ₹113.23 crore for Q2 FY27. Standalone revenue rose 7.0% from the year-ago period, while PAT was lower than ₹133.82 crore.

What changed in PTC India's costs and profit?

Total expenses rose 9.5% year on year by ₹501.72 crore to ₹5,789 crore, exceeding the 6.5% increase in revenue. Other expenses increased by ₹102.36 crore to ₹73.51 crore, finance costs rose ₹15.87 crore to ₹117.20 crore, and employee cost increased ₹2.27 crore to ₹24.45 crore. Depreciation was ₹2.51 crore, down ₹0.10 crore from ₹2.61 crore.

Other income rose by ₹19.69 crore to ₹146.17 crore, while tax expense fell by ₹64.01 crore to ₹12 crore. There was no exceptional item. The filing does not state why other expenses and finance costs increased. Management said lower surcharge income and a ₹51 crore PFS impairment pressured profit despite higher volumes.

From Q1 FY27, other income increased by ₹92.52 crore to ₹146.17 crore and total expenses rose ₹1,111 crore to ₹5,789 crore. Finance costs increased ₹65.22 crore to ₹117.20 crore and other expenses rose ₹33.33 crore to ₹73.51 crore, while tax expense fell ₹26.88 crore to ₹12 crore.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue rose 11.8% by ₹1,117.97 crore to ₹10,585.87 crore and total income increased 11.3% by ₹1,097.71 crore to ₹10,785.69 crore. PBT fell 45.5% by ₹266.18 crore to ₹319.06 crore, while PAT declined 41.7% by ₹193.75 crore to ₹271.18 crore. Basic EPS fell 37.5% by ₹4.89 to ₹8.16.

The company’s presentation reported H1 FY27 standalone trading volume of 58,246 MUs, against 49,220 MUs in H1 FY26. Standalone operating income was ₹246.96 crore, down from ₹248.08 crore, while consulting income rose to ₹180.19 crore from ₹174.01 crore. Standalone PAT was ₹183.90 crore, against ₹238.60 crore.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹11,908.82 crore, down from ₹12,630.71 crore at 31 March 2026. Total equity fell to ₹6,486.23 crore from ₹7,058.55 crore and borrowings declined to ₹1,412.66 crore from ₹1,757.17 crore. Cash rose to ₹483.92 crore from ₹275.34 crore.

Trade receivables were ₹4,382.14 crore, compared with ₹4,380.55 crore at 31 March 2026, and trade payables were ₹3,573.07 crore against ₹3,532.93 crore. H1 FY27 operating cash flow was an outflow of ₹566.73 crore, compared with an inflow of ₹2,235.55 crore in H1 FY26. Investing cash flow was ₹1,972.25 crore, and financing cash flow was an outflow of ₹1,196.94 crore.

How has PTC India done over the last 8 quarters?

Revenue rose year on year in each of the last three quarters and increased to ₹5,812.07 crore in Q2 FY27 from ₹4,773.8 crore in Q1 FY27. PAT recovered to ₹159.1 crore from ₹112.08 crore in the previous quarter, although it remained below ₹222.05 crore in Q2 FY26. EBITDA margin fell to 2.5% in Q2 FY27 from 3.2% in Q1 FY27 and 5.0% in Q2 FY26.

Across the reported series, revenue peaked at ₹5,812.07 crore in Q2 FY27 and was lowest at ₹3,006.27 crore in Q4 FY25. PAT peaked at ₹371.87 crore in Q4 FY25 and was lowest at ₹112.08 crore in Q1 FY27. EBITDA margin was highest at 9.1% in Q3 FY25 and lowest at 2.5% in Q2 FY27.

Which businesses drove the quarter?

The Power segment reported revenue of ₹5,804.84 crore, up 7.2% from ₹5,414.74 crore in Q2 FY26. Segment EBIT was ₹115.53 crore, lower than ₹144.13 crore, while the reported EBIT margin was 2.0%.

The Financing business reported revenue of ₹111.8 crore, down 14.1% from ₹130.2 crore, and EBIT of ₹15.92 crore against ₹116.69 crore. Its EBIT margin was 14.2%. Unallocated revenue rose 3.3% to ₹41.6 crore, while EBIT increased to ₹39.65 crore from ₹37.24 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 2 November 2026. The same-day investor presentation recorded a 1,200 MW solar power purchase agreement with NTPC Renewable Energy, an expression of interest for 500 MW/2000 MWh BESS, and incorporation of a joint venture with NLC India Renewable Company. No dividend or fund-raise decision was disclosed.

What did the auditors point out?

T R Chadha Co LLP said nothing had come to its attention that caused it to believe the standalone statement did not disclose the required information or contained a material misstatement. The review provided moderate assurance and was less extensive than an audit, so the auditors did not express an audit opinion.

The auditors included an emphasis of matter drawing attention to PTC India Financial Services Limited’s separate limited review report. The reproduced passage stated that the company had received an RBI extension until 30 September 2026 to meet the requirement to maintain a minimum infrastructure finance exposure of 75% of total assets and retain its Non-Banking Financial Company classification.

What did PTC India's management say?

Management said PFS monetisation remained active, but no deadline or expression-of-interest and bid timetable was disclosed. It expects little business activity from the NCL joint venture in the next one to two years, with preparatory work under way, while new connectivity can take three to four years. Management also identified regulatory approvals, valuation, operational stabilisation and judicial proceedings as factors affecting these initiatives.

Dr. Manoj Kumar Jha, Managing Director and CEO, said: “In the last quarter, we have signed 1200 megawatts of solar PPA with NTPC Renewable Energy and have floated 500 megawatt to 2000 megawatt hour EOI for procurement of long-term power in the renewable energy space.” He also said power-market prices varied with storage capacity below 20 GWh and highlighted risks including Bhutan seasonality, renewable-project delays, raw-material inflation and regulatory approval for market coupling.

How did PTC India shares react?

PTC India closed the first trading session after the filing 0.7% below its pre-results close. It was 1.2% higher after five minutes and 0.4% higher after 15 minutes, before the move turned negative at 30 minutes. The Power industry median fell 0.9% on the reaction day, leaving PTC India ahead by 0.2 percentage points.

By the next day’s close, the stock was 2.1% above its pre-results close, while the industry median was 1.2% higher. PTC India therefore exceeded the industry move by 0.9 percentage points. Earlier reaction-day moves were 7.8% on 4 August 2026, negative 5.5% on 19 May 2026, negative 5.7% on 14 February 2026 and 1.4% on 11 November 2025.