PTC
Micro CapPTC India Limited
Power
PTC India Limited is a pioneer in power trading in India, having introduced the concept in 2001 and being among the first to receive a trading license. It co-promotes India's electricity exchanges (IEX, HPX) and focuses on optimizing existing resources, developing power markets, facilitating project development, and promoting cross-border power exchange. Five PSUs under the Power Ministry hold 19.58% of the company.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -67% YoY · margin compression · Rev +33% YoY · +14% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,898 Cr | +33.3% | +14.5% |
| EBITDA | ₹145 Cr | -7.1% | -16.2% |
| Operating margin | 4.0% | -100 bps | -100 bps |
| PAT | ₹121 Cr | -67.5% | -7.6% |
| PAT margin | 3.1% | -962 bps | -75 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PTC India reports 12% YoY growth in FY26 trading volume to 92.80 Billion Units, with Q4 volume up 24% YoY. FY26 Trading Margin grew 11% to INR 310.52 Crores. PAT for FY26 was INR 397.04 Crores, impacted by a prior-year one-off gain from PEL divestment.
The core power trading business shows robust volume and margin growth, indicating strong operational performance. Strategic initiatives in renewable energy project development and consulting are positive steps towards diversification and future growth, aligning with the broader energy transition. The underlying business momentum appears healthy despite the reported PAT decline due to a non-recurring gain in the previous fiscal year.
FY25-26 Volume Mix by Trading Type
Latest issuer-disclosed distribution across 3 reported categories.
Renewable Energy Project Development
Strategic Joint Venture Agreement with NLC India Renewables Limited to jointly develop up to 2,000 MW of renewable energy projects across India.
Consulting Services Expansion
New consulting assignments in smart meter installation, PM – KUSUM, renewable project management, and an ADB-funded multilateral power trade study.
New Client Acquisition
New Clients (Cross Border, C&I) added during the year, serving more than 800 clients across all segments.
C&I and CPP Model Demand
With transition towards carbon neutrality, demand for Renewable energy & different structure, C&I consumer and CPP model is new growth driver.
Renewable Energy Project Development Target
JV with NLC India Renewables Limited aims to jointly develop up to 2,000 MW of renewable energy projects across India in a phased manner.
Energy Transition to Carbon Neutrality
Transition towards carbon neutrality is driving demand for Renewable energy & different structures like C&I consumer and CPP models.
Cross Border Power Trade
Promoting exchange of power with neighboring countries (Nepal, Bhutan & Bangladesh) is a stated mission and an existing business line.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides explicit year-on-year growth figures for both Q4 and the full financial year across key metrics like trading volume and margin. Given the nature of power trading, which can have seasonal patterns and long-term contracts, YoY comparison provides a clearer picture of underlying business performance and growth trends.
Total Trading Volume (FY25-26)
Total Trading volume for the FY2025-26 grew by 12% to 92.80 Billion Units.
Total Trading Volume (Q4 FY25-26)
24% growth in Q4-26 over corresponding quarter of FY 25, reaching 23572 MU.
Trading Margin (FY25-26)
11% growth in FY 25-26, reaching INR 310.52 Crores.
Trading Margin (Q4 FY25-26)
27% growth in Q4 (FY 25-26) over Q4 (FY 24-25), reaching INR 76.23 Crores.
Market Development and Optimization
Mission to promote power trading for optimal resource utilization, develop power markets for investments, and facilitate power project development.
Green Energy Transition Focus
Joint venture to develop 2,000 MW of renewable energy projects (solar, wind, hydro, BESS) across India, supporting green energy transition.
Diversification into Project Management Consultancy
Providing PMC services for substation development, transmission line/substation works, and O&M of power distribution systems.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Trading Volume Growth | 12% YoY in FY26 (92.80 BU) | Sustained double-digit growth in trading volumes, particularly in the exchange-traded and cross-border segments. |
| Renewable Project Development Progress | JV to develop up to 2,000 MW RE projects | Timelines for project commissioning, financial closure, and initial contributions from the NLC India Renewables JV. |
| Consulting Business Contribution | New assignments in smart meters, PM-KUSUM, RE project management | Growth in the number and value of consulting assignments, and their contribution to overall revenue and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +17.9% / mo
Technical chart
PTCdaily · 3Y+13.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 falling (~3.5% over last month) — short-term momentum negative.
- RSI(14) at 45 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 36.0%.
- Fair-value margin of safety is positive at 43.1%.
- Valuation contributes 29/30 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Growth is weaker at 6/25; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 63rd percentile within Power. Main check: results consistency is weak at 49/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 63rd pctile, median 67 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 34.3%.
- ▸8 years of positive FCF.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 16.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 9.09
- P/B
- 0.93
- EV/EBITDA
- 8.17
- Market Cap
- 5528.00Cr
Profitability
- ROE
- 10.30%
- ROCE
- 13.40%
- ROA
- 5.68%
- Dividend Y
- 6.26%
Growth (CAGR)
- Revenue 5Y
- -2.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 2.85×
- Altman Z
- 2.86
- Book Value
- 202.00
Cash Flow
- FCF Yield
- 36.05%
- FCF Positive Y
- 8/5
- OCF
- 2817.00 Cr
- EPS TTM
- 20.46
Shareholding
- Promoter Hold
- 16.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.