PTC India financials and balance sheet

NSE: PTCBSE: 532524PowerSmall Cap

Formerly Power Trading Corporation of India

₹133.37₹7.27 (5.17%)BSE ₹133.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹140.64.

52-week range of traded prices to 23 Oct 2026

₹132.80Low, 23 Oct 2026₹229.51High, 7 May 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹3,948 Cr763rd largest listed
P/E: 7.8
P/B: 0.7
Dividend yield: 23.62%
ROE: 8.6%
ROCE: 8.3%
Debt to equity: 0.25
Volume, NSE: 34,19,28659.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.PTC India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2024, the company's revenue for that year, ₹16,763 Cr, differs from its quarters added, ₹17,030 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue16,771
Materials and goods−15,810
Employee costs−90
Other expenses+12
Operating profit883
Depreciation−10
Other income+367
One-off items−4.4
Finance costs−310
Profit before tax925
Tax−208
Joint ventures+1.0
Net profit717

What the company owns

Receivables₹4,381 Cr
Cash and bank₹3,921 Cr
Plant, investments and other assets₹3,579 Cr
Current investments₹750 Cr

What pays for it: net worth and liabilities

Net worth₹7,059 Cr
Owed to suppliers₹3,533 Cr
Borrowings₹1,757 Cr
Other liabilities₹282 Cr

PTC India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.PTC India segment results by quarter

Revenue by segment

₹16,961 CrTotal

Power₹16,450 Cr97.0% of total
Financing business₹511 Cr3.0% of total

Profit by segment

Power₹376 Cr49.3% of total
Financing business₹387 Cr50.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Power
Revenue, ₹ crore
13,952
16,761
17,247
15,917
15,191
16,012
15,615
16,450
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
482
441
623
592
450
429
517
376
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financing business
Revenue, ₹ crore
1,324
1,355
1,112
941
783
767
626
511
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
289
172
89
156
230
218
281
387
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	15,276	18,116	18,360	16,859	15,974	16,779	16,241	16,961
Company revenue, as in its results	15,145	18,101	18,346	16,856	15,971	16,763	16,241	16,771
Revenue	13,952	16,761	17,247	15,917	15,191	16,012	15,615	16,450
Revenue growth	–	20.1%	2.9%	−7.7%	−4.6%	5.4%	−2.5%	5.3%
Profit	482	441	623	592	450	429	517	376
Profit growth	–	−8.6%	41.4%	−4.9%	−24.0%	−4.6%	20.4%	−27.1%
Margin	3.5%	2.6%	3.6%	3.7%	3.0%	2.7%	3.3%	2.3%
Return on capital	–	17.1%	25.1%	21.2%	16.2%	13.7%	26.7%	39.3%
Assets	–	9,236	8,570	9,904	8,325	8,167	5,121	4,685
Liabilities	–	6,653	6,092	7,107	5,546	5,025	3,182	3,727
Capital employed	–	2,583	2,478	2,797	2,779	3,142	1,939	958
Revenue	1,324	1,355	1,112	941	783	767	626	511
Revenue growth	–	2.3%	−17.9%	−15.4%	−16.8%	−2.0%	−18.4%	−18.4%
Profit	289	172	89	156	230	218	281	387
Profit growth	–	−40.5%	−48.3%	75.7%	46.9%	−5.2%	29.2%	37.7%
Margin	21.8%	12.7%	8.0%	16.6%	29.3%	28.4%	44.9%	75.9%
Return on capital	–	13.0%	5.3%	7.5%	9.9%	9.1%	10.6%	12.6%
Assets	–	10,844	11,058	9,243	7,467	6,350	5,544	4,876
Liabilities	–	9,522	9,391	7,165	5,158	3,954	2,898	1,806
Capital employed	–	1,322	1,667	2,078	2,310	2,396	2,646	3,069
Revenue	9	8	14	21	29	26	36	177
Profit	−27	−23	−33	−4	1	7	319	162
Assets	0	0	1,040	735	0	606	2,251	0
Liabilities	0	0	23	94	0	114	67	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.PTC India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 28 Nov	Mar 2023Filed 28 May	Mar 2024Filed 10 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue from operations	15,311	19,641	15,145	18,101	18,346	16,856	15,971	16,763	16,241	16,771
	13,921	18,121	13,204	16,277	16,653	15,282	14,619	15,701	15,111	15,888
Materials and goods bought	13,479	17,563	13,010	15,923	16,270	14,938	14,367	15,398	14,600	15,810
Employee costs	–	–	50	59	65	75	84	88	85	90
Other expenses	–	–	144	296	318	269	167	215	427	−12
Operating profit before depreciation	1,390	1,520	1,941	1,823	1,692	1,575	1,352	1,062	1,130	883
Operating margin	9.1%	7.7%	12.8%	10.1%	9.2%	9.3%	8.5%	6.3%	7.0%	5.3%
Materials, % of revenue	–	–	85.9%	88.0%	88.7%	88.6%	90.0%	91.9%	89.9%	94.3%
Employee costs, % of revenue	–	–	0.3%	0.3%	0.4%	0.4%	0.5%	0.5%	0.5%	0.5%
Other expenses, % of revenue	–	–	1.0%	1.6%	1.7%	1.6%	1.0%	1.3%	2.6%	−0.1%
Depreciation and amortisation	21	97	97	100	100	101	102	10	9	10
Operating profit after depreciation	1,369	1,422	1,843	1,723	1,592	1,474	1,250	1,052	1,120	872
Other income	203	146	141	23	28	23	32	42	37	367
Finance costs	800	944	1,240	1,155	921	751	600	424	348	310
Profit before one-off items and tax	772	624	744	590	699	745	683	671	808	929
One-off items	0	0	0	−1	−21	0	0	−20	306	−4
Profit before tax	772	624	744	589	679	745	683	650	1,114	925
	266	220	254	183	221	193	173	170	263	208
Current tax	–	261	154	103	176	153	193	176	258	149
Deferred tax	–	−42	101	81	45	40	−20	−5	5	59
Share of profit of joint ventures and associates	–	–	–	0	0	−1	−2	3	2	1
Profit from discontinued businesses	–	–	–	–	–	–	–	50	123	–
	506	404	490	406	458	552	507	533	976	717
Belonging to the company's shareholders	415	355	425	368	449	506	446	477	900	606
Belonging to outside owners of subsidiaries	–	–	64	39	9	46	62	56	76	112
Other comprehensive income	–	–	−46	−2	−6	19	20	−123	−7	2
Total comprehensive income	–	–	443	404	452	571	527	410	969	719
Net margin	3.3%	2.1%	3.2%	2.2%	2.5%	3.3%	3.2%	3.2%	–	4.3%
Net margin without joint ventures and associates	–	–	–	2.2%	2.5%	3.3%	3.2%	3.2%	–	4.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 15 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 28 Nov	Mar 2023Filed 28 May	Mar 2024Filed 10 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	4,685	4,927	5,162	5,516	5,874	6,030	6,769	7,059
	3,962	4,187	4,420	4,723	5,019	5,142	5,805	5,981
Share capital	296	296	296	296	296	296	296	296
Reserves	3,666	3,891	4,124	4,427	4,723	4,846	5,509	5,685
Belonging to outside owners of subsidiaries	723	740	742	792	855	888	964	1,078
	11,204	10,089	9,786	9,764	6,521	4,305	2,946	1,757
Repayable after a year	9,234	8,485	7,704	6,061	4,833	2,804	1,758	945
Repayable within a year	1,971	1,604	2,082	3,703	1,687	1,501	1,187	812
	7,275	7,592	7,763	8,264	5,867	5,176	4,321	4,530
Trade payables	2,954	4,360	3,654	4,327	4,012	3,531	2,939	3,533
Other financial liabilities	2,287	1,540	1,934	158	100	88	98	79
Other liabilities	63	86	91	75	65	55	87	105
Provisions	0	1	1	1	2	1	1	1
Tax owed	0	0	0	0	0	0	9	0
	9,318	8,590	7,744	6,102	4,889	2,845	1,826	1,042
Other financial liabilities	75	92	27	12	28	2	12	11
Other liabilities	0	0	0	0	0	17	0	–
Provisions	10	13	12	29	28	22	56	86
Liabilities going with businesses held for sale	–	–	–	–	–	1,072	–	–
	21,278	21,109	20,668	19,882	16,630	15,123	12,916	12,631
Held for sale or for a demerger	–	–	–	–	–	1,868	–	–
	14,747	12,355	10,105	8,311	7,749	4,222	3,552	2,489
Plant in use, after depreciation	1,966	1,868	1,775	1,692	1,589	43	20	31
Intangible assets	1	16	12	1	28	0	18	1
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	0	0	0	0	0	0	0	0
Investments	291	551	582	564	312	221	216	175
Stakes in joint ventures and associates	0	12	0	0	9	13	0	16
Loans given	11,438	9,414	7,387	5,920	5,691	3,781	3,123	2,067
Other financial assets	639	22	12	7	11	8	4	180
Deferred tax	176	97	53	11	31	83	78	18
Other assets	235	374	285	116	76	74	93	0
	6,532	8,755	10,563	11,571	8,881	9,033	9,364	10,142
Trade receivables	4,909	7,011	6,190	7,186	5,677	5,756	4,762	4,381
Cash and cash equivalents	112	421	939	1,247	971	860	1,710	275
Other bank balances	97	322	442	713	972	1,333	1,564	3,645
Current investments	0	0	390	204	4	50	161	750
Loans given	0	0	0	0	0	0	0	0
Other financial assets	1,222	862	2,490	2,144	1,150	973	1,075	956
Other assets	191	139	112	77	108	61	91	133
Net debt	10,996	9,346	8,015	7,601	4,574	2,062	−489	−2,914

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 Jun	Mar 2022Filed 28 Nov	Mar 2023Filed 28 May	Mar 2024Filed 10 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
	2,108	3,049	3,575	2,451	1,921	2,817
	2,217	3,068	3,147	252	1,881	3,062
	279	−406	1,158	−832	409	971
Receivables	810	−1,004	1,498	−368	971	363
Payables	0	0	0	0	0	603
Other working capital	−532	598	−341	−464	−561	6
Tax paid	−109	1	−152	−189	−267	−245
Interest paid	0	0	600	0	0	0
Capital spending	4	10	1	3	5	4
Free cash flow	2,104	3,039	3,574	2,448	1,915	2,813
	−505	46	168	−504	870	−824
Plant and property sold	0	0	0	0	1	0
Interest received	14	19	13	24	15	297
	−1,085	−2,788	−4,019	−2,042	−1,941	−3,428
Borrowings raised	−141	−1,216	0	−990	0	−1,113
Borrowings repaid	0	0	0	0	−1,356	0
Interest paid	−930	−834	−594	−422	−349	−310
Lease payments	0	−5	0	0	0	0
Dividends paid	232	222	172	253	231	435
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	518	308	−276	−96	850	−1,434

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.PTC India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 28 Nov	Mar 2023Filed 28 May	Mar 2024Filed 10 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Earnings per share	₹14.01	₹12.00	₹14.37	₹12.42	₹15.16	₹17.10	₹15.05	₹16.11	₹30.41	₹20.46
Diluted earnings per share	₹14.01	₹12.00	₹14.37	₹12.42	₹15.16	₹17.10	₹15.05	₹16.11	₹30.41	₹20.46
Dividend per share	₹3.00	₹4.00	₹4.00	₹5.50	₹7.50	₹7.80	₹7.80	₹7.80	₹11.70	₹8.50
Book value per share	–	–	₹133.84	₹141.46	₹149.32	₹159.57	₹169.55	₹173.71	₹196.11	₹202.05
Dividend payout	21.4%	33.3%	27.8%	44.3%	49.5%	45.6%	51.8%	48.4%	38.5%	41.5%
Shareholder yield	–	–	–	–	10.1%	9.1%	6.8%	4.6%	4.8%	9.3%
Market cap at the year end (₹ crore)	2,765	2,587	2,174	1,147	2,301	2,435	2,518	5,504	4,843	4,664

Ratios

Consolidated, years to March.PTC India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 15 May	Mar 2020Filed 20 Jun	Mar 2021Filed 25 Jun	Mar 2022Filed 28 Nov	Mar 2023Filed 28 May	Mar 2024Filed 10 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 19 May
Revenue growth	9.5%	28.3%	−22.9%	19.5%	1.4%	−8.1%	−5.3%	–	−3.1%	3.3%
Operating profit growth	1.8%	9.3%	27.7%	−6.0%	−7.2%	−6.9%	−14.2%	–	6.3%	−21.9%
Net profit growth	17.6%	−20.1%	21.2%	−17.1%	12.7%	20.6%	−8.1%	5.1%	83.1%	−26.5%
Earnings per share growth	−3.6%	−14.3%	19.8%	−13.6%	22.1%	12.8%	−12.0%	7.0%	88.8%	−32.7%
	–	–	10.7%	9.0%	10.4%	11.1%	9.1%	–	–	10.3%
	–	–	–	−1.7 pts	1.4 pts	0.6 pts	−1.9 pts	–	–	–
From the net margin	–	–	–	−3.0 pts	1.8 pts	2.4 pts	−0.8 pts	–	–	–
From asset turnover	–	–	–	1.6 pts	0.3 pts	−0.7 pts	0.5 pts	–	–	–
From borrowing	–	–	–	−0.3 pts	−0.7 pts	−1.0 pts	−1.7 pts	–	–	–
Return on capital employed	–	–	11.6%	11.5%	10.7%	9.6%	10.1%	–	11.5%	9.9%
Cash conversion	–	–	–	–	460.7%	552.7%	704.9%	459.6%	196.7%	392.6%
Interest cover	1.7	1.5	1.5	1.5	1.7	2.0	2.1	2.5	3.2	2.8
Debt to equity	–	–	2.39	2.05	1.90	1.77	1.11	–	0.44	0.25
Receivable days	–	–	118	141	123	156	130	–	107	95
Inventory days	–	–	0	0	0	0	0	–	0	0
Payable days	–	–	83	100	82	106	102	–	73	82
Cash conversion cycle, days	–	–	35	41	41	50	28	–	34	14
Working capital days	–	–	25	41	62	105	63	–	63	38
Asset turnover	–	–	0.71	0.85	0.88	0.83	0.87	–	–	1.31
Assets per rupee of net worth	–	–	5.37	5.20	4.85	4.43	3.75	–	–	2.17
Sales per rupee of plant	–	–	7.70	9.69	10.34	9.97	10.05	392.40	818.17	549.14
Capital spending to depreciation	–	–	–	–	0.04	0.10	0.01	0.28	0.59	0.41
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2024 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2024, Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.7%
Cash from operations against operating profit: 319.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.8%	−1.8%	1.6%
Profit growth, yearly rate	3.5%	6.2%	10.8%
Return on capital employed, average	–	10.3%	10.7%
Operating margin, average	8.5%	7.3%	6.2%
Net margin, average	3.0%	3.5%	3.7%
Cash conversion cycle, days, average	–	31	24
Interest cover, average	2.0	2.5	2.8
Debt to equity, average	–	0.89	0.34

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	13,812	7,188	2,817
Cash from investing	−244	−458	−824
Cash from financing	−14,217	−7,411	−3,428
Capital spending	24	13	4
Dividends paid	1,313	919	435
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings repaid	1,356	1,356	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	8	6	8	9	7
Altman Z-scorePublished threshold 1.1	–	–	1.26	1.84	2.41	2.73	3.21	3.89	5.87	6.37
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.03	−3.00	−3.32	−2.97	−3.41	−2.83
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−5.48	−12.55	−17.72	−8.90	−12.94	−9.99
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.76	5.70	3.94	3.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	23.29	−13.06	24.21	−15.74	−3.57	−14.15	−11.27
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.28	8.73	−2.26	−6.03	−1.34	0.82	−0.45
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	0.00	–	–	–	0.00
Effective tax ratePublished threshold 17.16 per cent	34.47	35.23	34.19	31.09	32.56	25.90	25.38	26.17	23.60	22.52
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	25.79	3.05	−2.84	−0.38	−4.01

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Sep 2026	ICRA Limited (opens in a new tab)	Issuer Rating	[ICRA]AAReview, Re-affirm	Stable
16 Sep 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		300
16 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A1+Review, Re-affirm		2,000
16 Sep 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		4,500
22 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		575
22 May 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		300
22 May 2026	CRISIL Ratings Limited (opens in a new tab)	Corporate Credit Rating	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.