PTC India reports Rs 159.11 crore operating cash outflow

PTC India Limited reported a Rs 159.11 crore standalone operating cash outflow for the half year ended September 30, 2026, despite net profit of Rs 183.90 crore. The outflow reversed a Rs 1,069.34 crore operating cash inflow in the half year ended September 30, 2025, as working-capital movements changed sharply.

Why did PTC India’s operating cash flow turn negative?

PTC India’s operating cash flow turned negative because working-capital movements used Rs 283.07 crore in the half year ended September 30, 2026, compared with cash generation of Rs 965.68 crore in the corresponding 2025 period. Operating profit before working-capital changes was Rs 175.65 crore, slightly below Rs 181.66 crore a year earlier, and did not cover the subsequent cash use.

The largest movement was a Rs 280.93 crore increase in loans and other financial assets, compared with a Rs 44.71 crore increase in the half year ended September 30, 2025. Trade payables increased by Rs 39.21 crore, substantially below the Rs 1,212.84 crore increase in the prior-year period, while other current assets used Rs 12.21 crore after generating Rs 35.44 crore a year earlier.

How did PTC India remain profitable while operating cash fell?

PTC India remained profitable because its standalone income statement recorded net profit of Rs 183.90 crore for the half year ended September 30, 2026, although this was below Rs 238.60 crore in the corresponding 2025 period. Profit before tax declined to Rs 247.79 crore from Rs 321.30 crore, while the cash-flow statement separately captures changes in operating balances and tax payments.

Revenue from operations rose to Rs 10,372.37 crore from Rs 9,194.15 crore, but purchases also increased to Rs 10,125.41 crore from Rs 8,946.07 crore. Total income increased to Rs 10,568.85 crore from Rs 9,414.06 crore, while finance costs rose to Rs 95.55 crore from Rs 70.18 crore and other income declined to Rs 196.48 crore from Rs 219.91 crore.

PTC India identifies electricity trading as its main business and says its other activities revolve around that business, leaving no separate reportable business segment in the standalone accounts. It sold 92,802 million units of electricity in the half year ended September 30, 2026, compared with 49,220 million units in the quarter ended September 30, 2025, as separately presented in the results.

What role did surcharge income and expense play in profit?

PTC India recognised Rs 109.90 crore of surcharge income from customers on overdue power-sale amounts in the half year ended September 30, 2026, down from Rs 146.43 crore in the corresponding 2025 period. The company included this income in other income, which fell by Rs 23.43 crore year on year during the six months.

Corresponding surcharge expense paid or payable to suppliers was Rs 80.94 crore, up from Rs 66.17 crore a year earlier, and was included in finance costs. PTC India’s stated accounting policy is to recognise surcharge income or recoverables when there is no significant uncertainty about measurement or collectability, with related supplier liabilities recognised accordingly.

What do PTC India’s investing and financing cash flows show?

PTC India generated Rs 942.07 crore from investing activities in the half year ended September 30, 2026, reversing an investing cash outflow of Rs 1,258.41 crore in the prior-year period. The cash-flow statement recorded a Rs 735.31 crore decrease in bank balances other than cash and cash equivalents, whereas those balances increased by Rs 1,446.99 crore in the corresponding 2025 period.

Financing activities used Rs 777.03 crore, compared with an outflow of Rs 517.29 crore a year earlier. Dividend paid was Rs 680.81 crore versus Rs 346.33 crore, while finance costs paid rose to Rs 96.22 crore from Rs 70.18 crore; cash and cash equivalents consequently increased by Rs 5.93 crore to Rs 219.97 crore.

How did PTC India’s standalone balance sheet change?

PTC India’s bank balances other than cash and cash equivalents declined to Rs 1,930.61 crore at September 30, 2026, from Rs 2,664.93 crore at March 31, 2026. Other financial assets increased to Rs 291.07 crore from Rs 10.10 crore, while trade receivables were broadly unchanged at Rs 4,377.77 crore compared with Rs 4,379.73 crore.

Total assets decreased to Rs 8,002.23 crore at September 30, 2026, from Rs 8,466.65 crore at March 31, 2026. Total equity declined to Rs 4,070.08 crore from Rs 4,729.84 crore, while current liabilities rose to Rs 3,830.93 crore from Rs 3,654.59 crore and trade payables to creditors other than micro and small enterprises rose to Rs 3,570.74 crore.

What did the limited review say about PTC India’s results?

PTC India’s audit committee reviewed the standalone results with management on November 2, 2026, and the board approved them on the same date. The results for the quarter and half year ended September 30, 2026 are unaudited and were subject to a limited review rather than a full audit.

T R Chadha & Co LLP stated that nothing had come to its attention causing it to believe the standalone statement did not disclose the required information or contained a material misstatement. The auditor said a review conducted under Standards on Review Engagement is substantially narrower in scope than an audit and does not provide audit assurance.

Conclusion

PTC India’s Rs 183.90 crore standalone profit for the half year ended September 30, 2026 did not convert into operating cash, as a Rs 280.93 crore increase in loans and other financial assets and limited Rs 39.21 crore growth in trade payables contributed to a Rs 159.11 crore outflow. This compared with a Rs 1,069.34 crore operating inflow in the corresponding 2025 period.

The filing provides no earnings target, cash-flow forecast or scheduled future event beyond the November 2, 2026 approval of the September results. The next disclosure will therefore be relevant for movements in loans and other financial assets, trade payables and bank balances, which changed by Rs 280.93 crore, Rs 39.21 crore and Rs 735.31 crore respectively in the reported half year.