PTC India Q2 FY26 Concall Decoded: – Powering Profits While the Grid Still Lags Behind

1. Opening Hook

India’s electricity demand barely flickered this quarter, but PTC India lit up the scoreboard anyway — proving that even when the nation takes a power nap, traders can still stay awake. With renewables, cross-border trade, and “virtual PPAs” now in their vocabulary, management sounded more like policy wonks than profit hawks. Still, when margins are measured in paisa, every watt counts.As theGuru Granth Sahibsays,“He alone knows the secret of His creation.”PTC’s secret seems to be making more money even when the lights are dim. Stick around — the real jolt comes when ₹3,000 crore in cash meets a patient boardroom. ⚡

2. At a Glance

• Trading Volume up 11%– National demand up 1%; PTC flexed its trading biceps anyway.
• Revenue up 11%– Every paisa traded, every paisa earned.
• PAT up 15% (Standalone)– Steady as a hydro dam in monsoon.
• Consolidated PAT up 48% (Continuing Ops)– Finally, the subsidiaries joined the party.
• Trading Margin: 3.54 paisa/unit– Small number, big satisfaction.
• ₹3,000 crore cash– CFO’s problem: too much power, not enough plugs.
• Dividend Policy “Steady”– Translation: Don’t expect fireworks yet.

3. Management’s Key Commentary

“Our trading volume grew 11% even as national demand rose just 1.07%.”(Translation: We out-traded the country itself. ⚡)

“We executed a 100 MW PPA and floated an EoI for 500 MW solar + storage.”(Translation: Green is the new black — and profitable.)

“Half our trade came from exchanges; the rest from long and medium-term contracts.”(Translation: Half short, half long — hedged better than a mutual fund.)

“Cross-border trade with Bhutan, Nepal, and Bangladesh continues smoothly.”(Translation: At least our neighbors pay their bills on time.)

“We are exploring renewable joint ventures with NLC.”(Translation: When in