PTC India FY26 Trading Volume Rises 12.15% Higher

FY26 operating volumes show steady expansion

PTC India Limited reported total power trading volume of 92,802 million units, or MUs, in FY 2025-26. This was 12.15% higher than 82,751 MUs recorded in the previous financial year. The increase highlights the larger role of power exchanges in the company's trading mix. PTC operates in power trading and generation-related activities across India, Nepal, Bhutan and Bangladesh. Its trading operations cover bilateral contracts, exchange-based transactions and cross-border power flows. The company is also a co-promoter of Hindustan Power Exchange, or HPX. The FY26 operating data points to stronger activity on power exchanges, while short-term bilateral volumes declined. The numbers are relevant for investors tracking the company's volume growth and the changing structure of India's electricity market.

Exchange volumes drive the increase

Power exchange volumes were the main contributor to PTC India's reported growth in FY26. Exchange volumes reached 52,224 MUs, compared with 42,843 MUs a year earlier. That represents growth of 21.90%. Short-term trading volume, including exchange volume, stood at 57,968 MUs during the year. This category includes both transactions carried out on exchanges and short-term bilateral contracts. The rise in exchange activity more than offset a reduction in short-term bilateral volumes. It also shows the increasing importance of market-based power procurement and sale for the company. PTC has indicated that it is increasing participation in the merchant market and exploring a green power exchange platform.

Bilateral short-term trade declines

PTC India's short-term bilateral trade volume fell to 5,744 MUs in FY26 from 6,951 MUs in the preceding year. The decline came even as total trading volume increased. This reflects a shift in the composition of short-term transactions towards power exchanges. Bilateral trading involves direct arrangements between electricity buyers and sellers, while exchange transactions are executed through organised market platforms. The information provided does not specify the reasons for the lower bilateral volume. However, the data clearly shows that exchange-based activity accounted for a larger share of the company's short-term trading business. For investors, this mix change is important because volume growth was concentrated in the exchange segment rather than bilateral short-term contracts.

Key operating data

Bhutan trade remains part of operations

Cross-border electricity trade continued to feature in PTC India's operations during the financial year. The company supplied 1,939 MUs to Bhutan during dry months, compared with 1,098 MUs in the previous year. It also continued to sell electricity from generating stations in Bhutan on Indian power exchanges. The reported volume sold from Bhutan generating stations was 218 MUs in the current financial year. PTC's business includes cross-border trade with Nepal, Bhutan and Bangladesh. These transactions connect regional power systems and allow electricity to be traded across borders subject to applicable arrangements. The available disclosures show higher power supplied to Bhutan during dry months, although they do not provide financial details for these transactions.

HPX stake and exchange market presence

PTC India holds a 22.62% stake in Hindustan Power Exchange. Its role as a co-promoter of HPX gives the company exposure to the development of India's power exchange market. The company's reported FY26 exchange volume growth occurred alongside a broader focus on exchange-based electricity trading. Power exchanges offer platforms where market participants can buy and sell electricity for different delivery periods. PTC has also referred to exploration of a green power exchange platform. No timeline, structure or financial commitment for such a platform was provided in the supplied information. Therefore, the stated development should be seen as an area being explored rather than a confirmed operational launch.

Board appointment and corporate disclosures

PTC informed the market about the appointment of Sh. Amol Babulal Taori, bearing DIN 11890590, to its board as a nominee of Power Grid Corporation of India. The supplied information does not state the appointment date or provide further details of the role. Separately, PTC made an announcement under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations regarding the incorporation of a joint venture company. The announcement described the disclosure as an intimation of incorporation. No joint venture name, ownership structure, business purpose or financial terms were included in the available text. These disclosures add to the company's recent corporate updates but cannot be assessed beyond the stated facts.

PTC Energy sale and subsidiary position

PTC's disclosures state that PTC Energy Limited, or PEL, ceased to be a subsidiary during FY 2024-25. Shareholders had approved the sale of PTC's entire equity stake in PTC Energy to ONGC. The reported enterprise value for that transaction was ₹2,021 crore. This is a corporate development separate from PTC's FY26 trading volumes. The change means PTC Energy is no longer included as a subsidiary in the manner indicated by the company for FY25-26. PTC India Financial Services Limited, or PFS, remains a listed subsidiary in which PTC holds a 64.99% stake. The company stated that its investment in PFS was ₹754.77 crore.

Financial and market context

PTC India has also reported that quarterly profit rose 61% to ₹243 crore on lower costs, according to the supplied news update. The information does not specify the reporting quarter, revenue, profit base or period of comparison. As a result, the figure cannot be directly linked to the FY26 operating volume data. The company published a BSE corporate announcement titled “PTC Reports Quarterly Financial Results & Operating Metrics Update” on 7 October 2026. The supplied material does not provide the financial figures or operating metrics contained in that announcement. Investors should distinguish between the stated annual trading volumes, the separately reported quarterly profit headline and corporate disclosures concerning the board and joint venture.

Why the volume mix matters

The FY26 data shows that PTC India's overall trading growth was supported by power exchanges. Exchange volumes increased by 9,381 MUs year on year, while short-term bilateral volume was 1,207 MUs lower than the previous year. This comparison explains why total trading activity rose despite lower bilateral short-term trade. The company's cross-border operations also recorded a higher volume of supply to Bhutan during dry months. Its exposure to HPX and its stated interest in a green power exchange platform place exchange-market developments among the company-specific factors to monitor. But the available disclosures do not provide guidance, revenue contribution by segment or future trading targets. The next set of company disclosures, including financial and operating updates, will provide further detail on the progression of these businesses.

Conclusion

PTC India recorded a 12.15% increase in FY26 total trading volume to 92,802 MUs, with power exchange transactions rising 21.90%. Cross-border trade with Bhutan remained active, while bilateral short-term volumes declined. The company also disclosed a board appointment and the incorporation of a joint venture company, without additional transaction details in the supplied information. Future corporate announcements and financial updates will be important for assessing the commercial impact of the higher trading volumes and evolving exchange participation.