PFC · Financial Services · filed 4 Nov 2026
Power Finance Corporation Ltd. reported revenue of ₹14,793 cr for July to September 2026, +0.3% on the year and +5.7% on the quarter.
Operating profit (EBITDA) was ₹14,520 cr, a margin of 98.2%, +511 bps on the year and −492 bps on the quarter. Operating costs grew −73.4% against revenue growth of +0.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹4,987 cr, +11.8% on the year and +5.1% on the quarter, with earnings per share of ₹15.11. Profit before other income, one-offs and tax grew 7.9%, so 4 points of the headline growth came from outside the core business.
Of the 11 companies in Power and utilities that have reported Q2 FY27 so far, Power Finance Corporation Ltd. ranks 11th on revenue growth; the sector median is +22.8%. Its margin moved +511 bps on the year against a sector median of +66 bps.
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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Cash | ₹637 cr | ₹1,078 cr | ▼ 40.9% |
| Bank balances | ₹1,297 cr | ₹1,183 cr | ▲ 9.7% |
| Long-term borrowings | ₹1.62 lakh cr | ₹1.57 lakh cr | ▲ 3.1% |
| Short-term borrowings | ₹3.17 lakh cr | ₹3.37 lakh cr | ▼ 6.1% |
| Trade payables | ₹8.7 cr | ₹25.4 cr | ▼ 65.9% |
| Net block | ₹57.2 cr | ₹62.1 cr | ▼ 8.0% |
| Capital work in progress | ₹15.9 cr | ₹15.9 cr | 0.0% |
| Equity | ₹1.11 lakh cr | ₹1.03 lakh cr | ▲ 8.4% |
| Total assets | ₹6.14 lakh cr | ₹6.19 lakh cr | ▼ 0.8% |
Other matter 1: “We did not review the unaudited financial results of a subsidiary included in the unaudited consolidated financial results, whose financial results reflect Group's share of total assets of ₹6,74,188.47 crore as at 30th September, 2026, Group's share of total revenues… Read in full
We did not review the unaudited financial results of a subsidiary included in the unaudited consolidated financial results, whose financial results reflect Group's share of total assets of ₹6,74,188.47 crore as at 30th September, 2026, Group's share of total revenues of ₹15,010.43 crore and ₹29,479.92 crore, total net profit after tax of ₹3,477.73 crore and ₹7,670.49 crore and total comprehensive income (net of tax) of ₹4,036.58 crore and ₹11,476.53 crore for the quarter and half year ended 30th September, 2026 respectively, and cash flows (net) of ₹507.17 crore for the half year ended 30th September, 2026 as considered in the unaudited consolidated financial results.
Other matter 2: “The unaudited consolidated financial results also include the financial results of two other subsidiaries which have not been reviewed, which reflects Group's share of total assets of ₹1,023.43 crores as at 30th September 2026, Group's share of total revenues of… Read in full
The unaudited consolidated financial results also include the financial results of two other subsidiaries which have not been reviewed, which reflects Group's share of total assets of ₹1,023.43 crores as at 30th September 2026, Group's share of total revenues of ₹92.80 crore and ₹192.10 crore, total net profit after tax ₹51.63 crores and ₹111.34 crores and total comprehensive income of ₹59.58 crore and ₹119.52 crore for the quarter and half year ended 30th September, 2026 respectively, and cash flows (net) of ₹4.84 crore for the half year ended 30th September, 2026.
Filing p. consolidated limited review report p.1-3
₹0.0 cr still unused. “Raised ₹6,643.50 crore via three series of NCDs during Q2 FY27 (₹2,500.00 crore on 25-Aug-26, ₹2,168.50 crore and ₹1,975.00 crore on 07-Sep-26); fully utilised with nil deviation.”
Board of Directors approved Scheme of Merger of REC Limited into PFC on June 28, 2026; received RBI NOC on October 15, 2026 and BSE/NSE no-objection letters on October 19, 2026. (p. note 7 of consolidated results)
Audit Committee presently comprises of one Independent Director, awaiting appointment of other Independent Directors by the Government of India. (p. note 3 of consolidated results)
Tax: Consolidated tax expense of ₹2,099.80 crore (current tax ₹2,115.76 crore, deferred tax credit ₹15.96 crore) on Profit before tax of ₹9,781.31 crore. Refund of ₹416.09 crore for FY 2016-17 received, of which ₹282.25 crore is under contest.
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Gross Loan Outstanding (₹ crore) | 1,189,152 | — | 1,163,768 |
| Gross Credit Impaired Assets Ratio | 0.55% | — | — |
| Net Credit Impaired Assets Ratio | 0.13% | — | — |
| Capital Risk Adjusted Ratio (CRAR) | 23.89% | — | — |
| Operating Margin | 33.02% | 36.16% | — |
| Net Profit Margin | 26.28% | 28.86% | — |
PFC monitors discom payment discipline via the PRAAPTI portal under Late Payment Surcharge (LPS) rules; Government serviced bond receivables stood at ₹29,357.36 crore and loan assets at ₹11,89,151.80 crore.
PRAAPTI portal and LPS rules enforce structured recovery of discom dues across the power sector.
not disclosed
As a dedicated financial institution lending to power, logistics, and infrastructure, plant-level MW capacity figures are not published in financial results filings.
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.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Lending to power, logistics and infrastructure sector | ₹29,044 cr | ▲ 0.5% | ₹9,781 cr | ▼ 2.7% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹14,756 cr | ₹13,993 cr | ₹14,793 cr |
| YoY | — | — | +0% |
| EBITDA margin | 93.0% | 103.1% | 98.2% |
| Other income, % of PBT | 0% | 0% | 3% |
| Exceptional items | — | — | — |
| Tax rate | 19% | 20% | 19% |
| Net profit | ₹4,462 cr | ₹4,745 cr | ₹4,987 cr |
| YoY | — | — | +12% |
| Core profit YoY | — | — | +8% |
| EPS | ₹13.52 | ₹14.38 | ₹15.11 |
| Flags | · | · | ✓ |
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 ₹14,793 cr (+0.3% on the year) and net profit of ₹4,987 cr (+11.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +7.9% on the year, against +11.8% for reported profit.
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