Power stocks · Micro cap · NSE
PTC India Limited is a pioneer in power trading in India, having introduced the concept in 2001 and being among the first to receive a trading license. It co-promotes India's electricity exchanges (IEX, HPX) and focuses on optimizing existing resources, developing power markets, facilitating project development, and promoting cross-border power exchange. Five PSUs under the Power Ministry hold 19.58% of the company.
full bear SMA stack · SMA20 -1.5% / mo · MACD − · near 52W low
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +20.8% · PAT -32.4% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -32% YoY · margin compression · Rev +21% YoY · +24% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,670 Cr | +20.8% | +23.6% |
| EBITDA | ₹55 Cr | -26.7% | +48.6% |
| Operating margin | 1.2% | -70 bps | +20 bps |
| PAT | ₹71 Cr | -32.4% | -6.6% |
| PAT margin | 1.5% | -120 bps | -49 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 33.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
PTC India reports 12% YoY growth in FY26 trading volume to 92.80 Billion Units, with Q4 volume up 24% YoY. FY26 Trading Margin grew 11% to INR 310.52 Crores. PAT for FY26 was INR 397.04 Crores, impacted by a prior-year one-off gain from PEL divestment.
The core power trading business shows robust volume and margin growth, indicating strong operational performance. Strategic initiatives in renewable energy project development and consulting are positive steps towards diversification and future growth, aligning with the broader energy transition. The underlying business momentum appears healthy despite the reported PAT decline due to a non-recurring gain in the previous fiscal year.
Latest issuer-disclosed distribution across 3 reported categories.
Strategic Joint Venture Agreement with NLC India Renewables Limited to jointly develop up to 2,000 MW of renewable energy projects across India.
New consulting assignments in smart meter installation, PM – KUSUM, renewable project management, and an ADB-funded multilateral power trade study.
New Clients (Cross Border, C&I) added during the year, serving more than 800 clients across all segments.
With transition towards carbon neutrality, demand for Renewable energy & different structure, C&I consumer and CPP model is new growth driver.
JV with NLC India Renewables Limited aims to jointly develop up to 2,000 MW of renewable energy projects across India in a phased manner.
Transition towards carbon neutrality is driving demand for Renewable energy & different structures like C&I consumer and CPP models.
Promoting exchange of power with neighboring countries (Nepal, Bhutan & Bangladesh) is a stated mission and an existing business line.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides explicit year-on-year growth figures for both Q4 and the full financial year across key metrics like trading volume and margin. Given the nature of power trading, which can have seasonal patterns and long-term contracts, YoY comparison provides a clearer picture of underlying business performance and growth trends.
Total Trading volume for the FY2025-26 grew by 12% to 92.80 Billion Units.
24% growth in Q4-26 over corresponding quarter of FY 25, reaching 23572 MU.
11% growth in FY 25-26, reaching INR 310.52 Crores.
27% growth in Q4 (FY 25-26) over Q4 (FY 24-25), reaching INR 76.23 Crores.
Mission to promote power trading for optimal resource utilization, develop power markets for investments, and facilitate power project development.
Joint venture to develop 2,000 MW of renewable energy projects (solar, wind, hydro, BESS) across India, supporting green energy transition.
Providing PMC services for substation development, transmission line/substation works, and O&M of power distribution systems.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Total Trading Volume Growth | 12% YoY in FY26 (92.80 BU) | Sustained double-digit growth in trading volumes, particularly in the exchange-traded and cross-border segments. |
| Renewable Project Development Progress | JV to develop up to 2,000 MW RE projects | Timelines for project commissioning, financial closure, and initial contributions from the NLC India Renewables JV. |
| Consulting Business Contribution | New assignments in smart meters, PM-KUSUM, RE project management | Growth in the number and value of consulting assignments, and their contribution to overall revenue and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 65th percentile within Power. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Power: 65th pctile, median 65 · Micro: 34th pctile, median 73
64 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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