1. Opening Hook
If you thought PSU-linked NBFCs only move when committees align, PTC India Financial Services just sprinted.
While the market was busy debating rate cuts and renewable hype, PFS quietly delivered its best execution quarter in years.
Disbursements hit a 13-quarter high, private corporates took 100% of fresh money, and legacy stress continued its vanishing act.
Meanwhile, AUM fell—but only because state utilities prepaid faster than expected. A nice problem, honestly.
This concall wasn’t loud. It was deliberate.
Fewer excuses, more numbers. Less nostalgia, more pipeline.
Read on—because the real story here isn’t Q3 profits.
It’s whether this long-ignored lender has finally learned how to grow without breaking things.
2. At a Glance
- Loan sanctions ₹1,188 Cr: Back-to-back ₹1,000+ Cr quarters, after 17 quarters of “warming up.”
- Disbursements ₹609 Cr: 13-quarter high—execution finally woke up.
- Total income ₹125 Cr: Down QoQ, but nobody panicked. Priorities have changed.
- PAT ₹49 Cr: Lower than Q2, higher than credibility discount.
- ROA 3.73%: Annualized and still respectable for a repaired balance sheet.
- Gross Stage III ₹193 Cr: Down ~80% from FY23—stress didn’t just reduce, it evaporated.
3. Management’s Key Commentary
“Q3 FY26 disbursements reached a 13-quarter high.”
(Translation: We finally stopped tripping
over internal approvals 😏)
“100% disbursements were to private corporate borrowers.”
(Translation: State utilities prepaid, so we moved on emotionally.)
“Loan sanctions exceeded ₹1,000 crores for two consecutive quarters.”
(Translation: Pipeline is no longer a PowerPoint fantasy.)
“Granular portfolio strategy is increasingly visible.”
(Translation: No more ‘one big loan, one big headache’.)
“Provision coverage on Stage III assets is 76%.”
(Translation: Even if ghosts return, we’re financially armed 👻.)
“All loans disbursed since FY18 remain standard.”
(Translation: New book behaves. Old book already punished us enough.)
“Cost of funds is being proactively managed.”
(Translation: We’re squeezing basis points like they owe us money.)
4. Numbers Decoded
| Metric | Q3 FY25 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|
| Loan Sanctions (₹ Cr) | 225 | 1,048 | 1,188 |
| Disbursements (₹ Cr) | 300 | 326 | 609 |
| Loan Assets (₹ Cr) | 5,178 | 3,697 | 3,503 |
| Total Income (₹ Cr) | 158 | 132 | 125 |
| PAT (₹ Cr) | 67 | 88 | 49 |
| Gross Stage III (₹ Cr) | 769 | 193 | 193 |
AUM fell, but execution, asset quality, and
