1. Opening Hook
PTC India Financial Services has finally decided to wake up after a long infrastructure hangover.
Yes, the same NBFC that once flexed a ₹14,000 cr book and then spent years apologising for it.
This quarter, management walked in with a straight face, big disbursement numbers, and—surprise—no governance drama. That alone deserves a slow clap.
₹609 crore disbursements, highest in 13 quarters, and suddenly everyone is saying “inflection point” like it’s a buzzword sale. The Board is reconstituted, NPAs are mostly history, and the last villain—Danu—has been dragged to NCLT, ARCs, and negotiation tables simultaneously.
Revenue still hasn’t caught up, margins are under pressure, and liabilities remain the awkward silence in the room. But momentum? That’s finally visible.
Read on—because Q4 guidance gets ambitious, confidence levels spike, and excuses quietly disappear.
2. At a Glance
- Disbursements ₹609 cr – 13-quarter high; PFS finally remembered how to lend.
- 9M FY26 disbursements ₹1,073 cr – Beat last full year; low bar, but still crossed.
- PAT ₹49 cr (Q3) – Profits showed up, didn’t ghost this time.
- Net NPA ₹47 cr – Basically just Danu, still refusing to leave.
- Capital adequacy 71% – Capital buffer so thick it’s getting bored.
- Liquidity ₹1,400–1,500 cr – Cash ready, lenders still warming up.
3. Management’s Key Commentary
“The last quarter marked an inflection point for the organization.”
(Translation: Please forget the last 4 years.) 😏
“We have diversified into
oil & gas, data centres, and new infrastructure segments.”
(Translation: Solar alone wasn’t paying the bills.)
“Governance and legacy issues have been successfully resolved.”
(Translation: The skeletons have been locked back in the cupboard.)
“Our net NPA is only ₹47 crores.”
(Translation: Danu Wind Park, please pack your bags.)
“We expect disbursements to double in Q4.”
(Translation: ₹1,200 cr or this slide deck goes to waste.) 😬
“One pressing area is garnering more liabilities.”
(Translation: Growth needs lenders who actually return calls.)
“We want portfolio yield around 10.5%.”
(Translation: Don’t expect IREDA-style cheap loans here.)
4. Numbers Decoded
Metric Q3 FY26 What It Really Means
--------------------------------------------------------------
Disbursements ₹609 cr Execution finally moving
9M Disbursements ₹1,073 cr Faster than FY25, still catching up
PAT ₹49 cr Sustainable only if AUM grows
ROA (Q3) 3.73% Elevated due to low base
Capital Adequacy 71% Excess capital, underused
Liquidity ₹1,400+ cr Ammo ready, trigger pending
Net NPA ₹47 cr One last