PTC India Financial Services Ltd: The NBFC That Lent, Burned Fingers, & is Now “De-Risking” Like Your Friend Who Discovered SIPs Too Late
1. At a Glance
PFS is an NBFC under RBI, with “Infrastructure Finance Company” status. It lends to the entire energy value chain: power, renewables, distribution, roads, e-mobility. Once aggressive, now conservative after corporate governance fights (Jan 2022 boardroom drama). Loan book shrank from ₹8,650 Cr in FY22 to ₹5,577 Cr in Q1 FY25, but NPAs fell too (GNPA from ₹724 Cr in FY22 → ₹486 Cr in Q1 FY25). Profitability is back: PAT ₹309 Cr in FY25 (+84%), trading at 0.94x P/BV, 8.3x P/E. Basically, a fallen angel NBFC trying to get its wings back.
2. Introduction
PFS was created as the financing arm of PTC India (power trading giant). Think of it as the “money guy” funding energy projects. For a while, they chased every flashy project in town, from renewables to thermal, roads, even e-mobility. Then came the corporate governance mess in 2022 (independent directors resigning, board fights, auditors flagging issues). Result: lenders stopped lending to the lender. Loan disbursals fell off a cliff, share price tanked 60%.
Now, after clean-ups, focus on smaller-ticket loans, better risk pricing (shift to Base Rate model), and reduced NPAs, PFS is staging a slow comeback.
