PTC India Financial Services Limited

Financial Services — Credit Services · NSE

₹27.59+₹1.36 (+5.18%)

DalalBaazaar Score

74 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:50 pm

Understanding the Business

Company site ↗

The 60-second version of PTC India Financial Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

PTC India Financial Services Limited, a non-banking finance company, provides project financing services for entire energy value chain through investment and lending into power generation, transmission and distribution, and fuel sources and related infrastructure projects; offers debt assistance to projects; long and short term loans; advisory services; and equity investment services for green and brown-field projects, as well as bridge financing to the projects.

IndustryCredit Services

SectorFinancial Services

Employees52

Annual revenue₹448 Cr

How does it make money?

Turns over ₹448 Cr a year. Of every ₹100 of sales, about ₹71 reaches shareholders as profit, with ₹59 left at the operating level before interest, tax and depreciation. Each of its 52 employees supports ₹8.61 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹8.61 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, STATE BANK OF INDIA, HDFC BANK LTD, ICICI BANK LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -40% while net margin moved +204% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-40%

Margin effect+204%

DalalBaazaar Score

74/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 15.8% a year
✓ Profit CAGR of 22.0% is above 15%
✗ Latest-year revenue growth of -56.7% is below the longer-term trend — momentum is fading
✗ Profit fell 70.4% in the latest year

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

84/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

8.0x

3Y Median

12.5x

40 monthly readings · mean 12.8x · range 5.4x–23.1x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 36% below its 3y median of 12.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 53% below the peer median of 17.0x.

vs. its own history

Cheap

12.5x median over 40 months · -36%

vs. sector peers

Cheap

17.0x median of 4 peers · -53%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

13.3x

PEG

0.36

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 43.0% to 58.6% over 3 years.
Return on equity is rising
ROE has improved from 7.2% to 10.4%.
Return on capital is rising
ROCE has improved from 3.7% to 9.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Low reported insider holdingOwnership
Reported insider holding is 0.0%. For Indian companies this field is an unreliable proxy — check the official promoter shareholding in the exchange filing.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 43.0% to 58.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 36% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 53% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 57%✓ 58.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✓ 10.4%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 12.5x✓ 8.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹1,772 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.0x

Cheap

Cheap against the generic band

P/B Ratio

0.57x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹3.47

Profitable

Profitable on a per-share basis

ROE

10.4%

Moderate

Moderate capital efficiency

ROCE

9.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.57x

Low

Conservative leverage

Revenue Growth (YoY)

-56.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-70.4%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1,780 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

4.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

79.1%

Good

Healthy core-business profitability

Net Margin

63.4%

Good

Strong bottom-line conversion

Current Ratio

3.09

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.73

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

27.0 / 27.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

56.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹749 Cr	₹704 Cr	₹555 Cr	₹448 Cr	-15.8%
EBITDA	₹322 Cr	₹226 Cr	₹287 Cr	₹262 Cr	-6.6%
EBITDA Margin	43.0%	32.1%	51.6%	58.6%	—
PAT (Net Profit)	₹176 Cr	₹161 Cr	₹217 Cr	₹319 Cr	+22.0%
EPS	₹2.74	₹2.5	₹3.38	₹4.97	+22.0%
ROE	7.2%	6.3%	7.9%	10.4%	—
ROCE	3.7%	4.1%	6.2%	9.6%	—
Total Debt	₹5,122 Cr	₹3,926 Cr	₹2,861 Cr	₹1,768 Cr	-29.8%
Free Cash Flow	₹1,887 Cr	₹2,562 Cr	₹1,135 Cr	₹1,780 Cr	-1.9%

🔴 Revenue has shrunk at 15.8% a year over 3 years.

🔴 EBITDA has shrunk at 6.6% a year over 3 years.

🟢 EBITDA Margin has risen from 43.0% to 58.6% over 3 years (+15.5 pts).

🟢 PAT (Net Profit) has grown at 22.0% a year over 3 years.

🟢 EPS has grown at 22.0% a year over 3 years.

🟢 ROE has risen from 7.2% to 10.4% over 3 years (+3.2 pts).

🟢 ROCE has risen from 3.7% to 9.6% over 3 years (+5.9 pts).

🟢 Total Debt has shrunk at 29.8% a year over 3 years.

🟡 Free Cash Flow has been broadly flat over 3 years (-1.9% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹4,956 Cr

Total Liabilities

₹1,877 Cr

Cash & Equivalents

₹61 Cr

Operating Cash Flow

₹1,780 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

70.5%

Insider Holding

0.0%

Corporate Actions

Ex-Dividend Date

05 Sept 2023

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
STATE BANK OF INDIA	10.3x	15.2%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%

Recent News

3 mixed1 negative2 general

PTC India Financial Services (PFS.NS) Edges Up 0.72% to ₹26.58, Holding Above Key Support - Earnings Sentiment

https://www.siam.in/, 09 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

PTC India Financial Services to host analyst call on Oct 28 for Q2FY27 results

scanx.trade, 14 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

PTC India Financial Services Ltd is Rated Strong Sell

MarketsMojo, 16 Oct

Volume Gainers on October 16, 2026, at 12:00 PM IST: Mirae Asset Nifty 100 Low Volatility 30 ETF Leads The Volume

HDFC Sky, 16 Oct

PTC India Financial Services consolidated net profit declines 70.55% in the June 2026 quarter

Business Standard, 29 JulResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

PTC India Financial Services Share Price Rises 8% Today

Univest, 28 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Revenue growth is negative (-56.7%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Reported insider holding is low — cross-check the official promoter shareholding % in the company's exchange filing.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingGrowth · Risk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 3 tripwires holding · see Key things to watch ↑