PTC India Limited

Utilities — Utilities - Independent Power Producers · NSE

₹149.89−₹0.22 (−0.15%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

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

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:59 pm

Understanding the Business

Company site ↗

The 60-second version of PTC India 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 Limited, together with its subsidiaries, engages in the trading and generating power in India, Nepal, Bhutan, and Bangladesh. The company operates through two segments, Power and Financing Business.

IndustryUtilities - Independent Power Producers

SectorUtilities

Employees109

Annual revenue₹16,666 Cr

How does it make money?

Turns over ₹16,666 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 109 employees supports ₹152.90 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹152.90 Cr

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD, ADANI POWER 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?Little sign of one

Returns on capital of 14.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.8%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +9% while net margin moved +25% 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+9%

Margin effect+25%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

• ROE of 10.1% is moderate

Quality vs. Valuation

Company Quality

60/ 100

Average

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

Valuation

81/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

8.7x

3Y Median

9.3x

40 monthly readings · mean 9.4x · range 5.2x–15.9x

Sector Median

20.6x

median of 4 sector peers

🟡Currently trading close to its 3y median of 9.3x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 58% below the peer median of 20.6x.

vs. its own history

Fair

9.3x median over 40 months · -6%

vs. sector peers

Cheap

20.6x median of 4 peers · -58%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.7x

PEG

0.81

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 73% over 3 years.
Return on capital is rising
ROCE has improved from 10.4% to 14.2%.
Very low debt
Debt/Equity of 0.25x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Margins are compressing
EBITDA margin has slipped from 7.9% to 6.2% over 3 years.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 73% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 58% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹2,813 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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?

Margins are being competed away
EBITDA margin has fallen from 7.9% to 6.2%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Growth barely outpaces inflation
Revenue compounding at 2.9% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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 4%✓ 6.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 2.9% CAGR
Latest reported year was 19.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹2,813 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 14.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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

7 good · 3 neutral · 1 weak

Market Cap

₹4,437 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.7x

Cheap

Cheap against the generic band

P/B Ratio

0.74x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹17.18

Profitable

Profitable on a per-share basis

ROE

10.1%

Moderate

Moderate capital efficiency

ROCE

14.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.25x

Low

Conservative leverage

Revenue Growth (YoY)

19.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-49.8%

Falling

Profits are shrinking

Dividend Yield

7.34%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹2,813 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

11.4x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

3.1%

Weak

Thin margins leave little room for error

Net Margin

2.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.24

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.70

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

153.6 / 157.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

36.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹15,304 Cr	₹16,499 Cr	₹15,596 Cr	₹16,666 Cr	+2.9%
EBITDA	₹1,210 Cr	₹1,255 Cr	₹1,200 Cr	₹1,033 Cr	-5.1%
EBITDA Margin	7.9%	7.6%	7.7%	6.2%	—
PAT (Net Profit)	₹446 Cr	₹477 Cr	₹900 Cr	₹606 Cr	+10.8%
EPS	₹15.05	₹16.11	₹30.41	₹20.46	+10.8%
ROE	8.9%	9.3%	15.5%	10.1%	—
ROCE	10.4%	12.1%	17.0%	14.2%	—
Total Debt	₹6,546 Cr	₹4,327 Cr	₹2,962 Cr	₹1,769 Cr	-35.3%
Free Cash Flow	₹3,573 Cr	₹2,448 Cr	₹1,858 Cr	₹2,813 Cr	-7.7%

🟢 Revenue has grown at 2.9% a year over 3 years.

🔴 EBITDA has shrunk at 5.1% a year over 3 years.

🔴 EBITDA Margin has fallen from 7.9% to 6.2% over 3 years (-1.7 pts).

🟢 PAT (Net Profit) has grown at 10.8% a year over 3 years.

🟢 EPS has grown at 10.8% a year over 3 years.

🟢 ROE has risen from 8.9% to 10.1% over 3 years (+1.2 pts).

🟢 ROCE has risen from 10.4% to 14.2% over 3 years (+3.9 pts).

🟢 Total Debt has shrunk at 35.3% a year over 3 years.

🔴 Free Cash Flow has shrunk at 7.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹12,631 Cr

Total Liabilities

₹5,572 Cr

Cash & Equivalents

₹275 Cr

Operating Cash Flow

₹2,817 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

25.2%

Insider Holding

21.7%

Corporate Actions

Dividend Rate

₹11

Ex-Dividend Date

07 Oct 2026

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%
ADANI POWER LTD	26.5x	21.9%

Recent News

1 positive2 mixed3 general

PTC India Completes Leadership Restructuring with New Chairman Appointment

scanx.trade, 18 Oct

PTC Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

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

₹26 dividend paid in 2026 so far! PTC India to pay 55% dividend- Check record date, yield, stock performance

Livemint, 24 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Is PTC India (NSE:PTC) A Risky Investment?

Simply Wall Street, 29 Jan

PTC India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Aug

PTC India Fin board to meet tomorrow for Q1 FY27 results; stock declined 0.88 percent in previous session

Moneycontrol.com, 27 JulResults

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

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Growth · Risk

WeakProfitability

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑