Overview

Detailed Summary

PTC India Limited is the leading power trading company in India providing integrated power trading, long-/medium-/short-term contracts, cross-border energy flows, renewable asset ownership and energy consultancy, holding a Category I CERC license with permission to trade unlimited volumes and an affiliated financial services subsidiary PTC India Financial Services (PFS).
Despite a 9% YTD growth in traded volume to 69.23 billion units, PTC India saw quarter-on-quarter PAT compression because rebate and surcharge income fell materially due to improved DISCOM liquidity; this highlights that higher volumes alone no longer guarantee proportional profit growth, shifting earnings sensitivity to margins and non-trade income.
PTC India held cash and investments of about Rs. 3,292 crore as of December 31, with management maintaining ~Rs.2,000 crore as a trading ‘war chest’ and indicating roughly Rs.1,100–1,200 crore available from the PEL sale for strategic deployment into investments, MoU-driven projects or equity opportunities.
PTC is consciously evolving from a pure trader to an integrated energy solutions provider via equity in HPX, MoUs with SECI, NLC and Indian Port Association, consultancy mandates, long-term renewable deals and bid advisory mandates—signalling a strategic push into renewables, storage-linked procurements and exchange-related opportunities.

Sector: Power Generation & Distribution
Industry: Trading - Large
Market Cap: 4,664 Cr
Volatility: Moderate Risk
P/E Ratio: 5.5
Industry P/E: 63.6
PEG Ratio: —
P/B Ratio: 0.8
52W High: 206.90
52W Low: 142.60

Sales CAGR

1Y: -3.12%
3Y: -0.04%
5Y: -1.03%
10Y: 2.52%

Profit CAGR

1Y: 83.10%
3Y: 26.25%
5Y: 21.71%
10Y: 15.46%

ROE

TTM: 11.03%
3Y: 9.76%
5Y: 9.46%
10Y: 8.61%

ROCE

TTM: 16.68%
3Y: 13.54%
5Y: 13.11%
10Y: 12.89%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SGMART	445.75	5,616 Cr	54.29	3.68	0.00	7.86	11.27	4.15
PTC	157.25	4,664 Cr	5.46	0.80	7.43	11.03	16.68	7.16
EMIL	93.70	3,605 Cr	36.46	2.32	0.00	6.29	7.81	2.56
RPTECH	348.95	2,300 Cr	9.48	1.24	0.29	10.94	13.10	5.07
STCINDIA	110.30	661 Cr	1.02	0.00	0.00	-0.74	-1.96	29.42
SHANKARA	106.10	256 Cr	4.52	0.58	2.84	9.43	17.27	3.73
AMRAPLIN	13.85	68 Cr	44.68	2.03	0.00	5.95	4.16	1.87

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	5,070	3,428	3,507	4,686	5,128	3,421	3,006	4,009	5,459	3,405
Expenses	4,775	3,178	3,256	4,382	4,822	3,111	2,797	3,721	5,183	3,231
Operating Profit	295	250	251	304	306	310	210	288	275	174
OPM %	5.81	7.28	7.16	6.49	5.97	9.05	6.98	7.19	5.05	5.11
Other Income	20	7.97	-17	3.60	5.88	4.74	331	95	127	67
Interest	109	104	100	102	91	85	71	92	101	64
Depreciation	2.42	2.57	2.68	2.27	2.23	2.30	2.51	2.36	2.61	2.66
Profit Before Tax	204	151	132	203	219	227	467	289	298	175
Tax %	25.98	26.01	26.88	25.75	25.64	22.44	22.16	15.88	25.50	25.00
Net Profit	151	112	96	151	163	176	364	243	222	131
EPS in Rs	6.10	2.68	2.91	5.87	7.34	5.32	11.88	6.59	6.46	3.85

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	15,311	12,766	15,145	18,101	18,346	16,856	15,674	16,763	16,241	15,564
Expenses	13,921	11,614	13,204	16,278	16,655	15,282	14,566	15,701	15,111	14,450
Operating Profit	1,390	1,151	1,941	1,822	1,690	1,575	1,108	1,062	1,130	1,114
OPM %	9.08	9.02	12.81	10.07	9.21	9.34	7.07	6.34	6.96	7.16
Other Income	203	147	141	23	7.43	23	22	25	345	436
Interest	800	944	1,240	1,155	919	751	467	424	348	338
Depreciation	21	97	97	100	100	101	9.94	10	9.31	9.40
Profit Before Tax	772	258	744	589	679	745	653	654	1,117	1,202
Tax %	34.47	36.02	34.19	31.09	32.56	25.93	25.76	26.04	23.55	21.34
Net Profit	506	165	490	406	458	552	485	484	854	946
EPS in Rs	—	—	14.29	12.43	15.17	17.09	15.06	16.08	30.41	28.78
Dividend Payout %	21.41	59.26	27.84	44.28	49.47	45.61	51.83	48.42	38.47	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	296	296	296	296	296	296	296	296	296	296
Reserves	3,255	3,559	3,423	3,666	3,891	4,124	4,427	4,723	4,846	5,509
Borrowings	7,112	9,388	11,348	11,204	10,089	11,479	9,771	6,546	4,327	2,962
Other Liabilities	4,118	4,855	4,186	6,112	6,833	4,769	5,387	5,065	5,654	4,148
Total Liabilities	14,782	18,098	19,253	21,278	21,109	20,668	19,882	16,630	15,123	12,916
Fixed Assets	387	2,155	2,061	1,967	1,884	1,787	1,693	1,617	43	38
CWIP	0.00	0.06	0.06	0.00	0.00	0.00	0.00	0.15	0.20	0.11
Investments	1,102	974	400	291	564	972	768	326	284	377
Other Assets	13,293	14,970	16,792	19,020	18,662	17,909	17,421	14,686	14,796	12,500
Total Assets	14,782	18,098	19,253	21,278	21,109	20,668	19,882	16,630	15,123	12,916

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1,281	111	-1,438	-108	3,294	2,108	3,049	3,575	2,451	2,132
Cash from Investing Activity	87	-1,374	249	244	-414	-505	46	168	-519	869
Cash from Financing Activity	1,124	1,353	1,278	-408	-2,570	-1,085	-2,788	-4,019	-2,042	-2,165
Net Cash Flow	-70	91	89	-272	309	518	308	-276	-111	835

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%	16.22%
FIIs	28.87%	28.28%	27.47%	28.77%	29.41%	33.07%	33.31%	28.67%	25.72%	28.75%	28.92%	27.81%
DIIs	8.36%	11.70%	11.20%	9.71%	9.29%	9.15%	9.11%	9.07%	10.16%	10.20%	10.22%	10.09%
Public	46.55%	43.81%	45.11%	45.30%	45.09%	41.56%	41.36%	46.04%	47.91%	44.84%	44.64%	45.89%
Total Shareholders	2,04,917	1,97,015	2,05,905	2,15,611	2,49,937	2,51,163	2,55,754	2,73,242	2,74,500	2,66,059	2,69,199	2,73,627

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