PFC · Financial Services
Power Finance Corporation Ltd. reported revenue of ₹28,890 cr for July to September 2025, +12.3% on the year and +1.2% on the quarter. Over the last four quarters revenue comes to ₹1.13 lakh cr, +15.6% on the four before.
Operating profit (EBITDA) was ₹27,376 cr, a margin of 94.8%, +5,841 bps on the year and +5,578 bps on the quarter. It is the widest margin of the last 8 quarters (range 33.7% to 94.8%). Operating costs grew −90.7% against revenue growth of +12.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹7,834 cr, +8.6% on the year and −12.8% on the quarter, with earnings per share of ₹17.40. Profit before other income, one-offs and tax grew 7.6%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹32,933 cr, +16.6% on the four before.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹75.01 over the last four quarters, the stock at ₹334.70 trades at 4.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Gross Loan Outstanding (₹ crore) | 1,163,768 |
Read using the Power and utilities framework (named in the filing read). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹23,572 cr | ₹24,141 cr | ₹24,717 cr | ₹25,722 cr | ₹26,798 cr | ₹29,265 cr | ₹28,539 cr | ₹28,890 cr | ₹29,095 cr | ₹28,920 cr | ₹28,527 cr | ₹29,044 cr |
| YoY | — | — | +18% | +15% | +14% | +21% | +15% | +12% | +9% | −1% | −0% | +1% |
| EBITDA margin | 33.7% | 39.7% | 36.0% | 36.3% | 36.6% | 36.0% | 39.0% | 94.8% | 36.1% | 38.6% | 99.9% | 95.3% |
| Other income, % of PBT | 0% | 0% | 0% | 0% | 0% | 0% | 1% | 0% | 0% | −1% | 0% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 21% | 19% | 23% | 21% | 21% | 20% | 22% | 22% | 22% | 20% | 21% |
| Net profit | ₹6,294 cr | ₹7,556 cr | ₹7,182 cr | ₹7,215 cr | ₹7,760 cr | ₹8,358 cr | ₹8,981 cr | ₹7,834 cr | ₹8,212 cr | ₹8,598 cr | ₹8,998 cr | ₹7,682 cr |
| YoY | — | — | +20% | +9% | +23% | +11% | +25% | +9% | +6% | +3% | +0% | −2% |
| Core profit YoY | — | — | +20% | +8% | +23% | +10% | +25% | +8% | +7% | +6% | +1% | −5% |
| EPS | ₹14.33 | ₹17.04 | ₹16.80 | ₹16.07 | ₹17.66 | ₹19.14 | ₹20.81 | ₹17.40 | ₹19.07 | ₹21.21 | ₹21.25 | ₹18.29 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Power Finance Corporation Ltd. reported revenue of ₹28,890 cr (+12.3% on the year) and net profit of ₹7,834 cr (+8.6% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +7.6% on the year, against +8.6% for reported profit.
None of the 7 checks that could run raised a question.
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