PTC India Q1 FY27 Results (NSE: PTC)
Signal: Margin pressure
The read
Revenue recovered QoQ with 22.5% growth but PAT halved YoY as the one-time surcharge income and impairment reversals that boosted Q1FY26 did not repeat; core power trading margins remain thin and the NBFC subsidiary faces asset quality headwinds (NPA resolution, MD resignation).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,773.8 Cr | 19.1% | 22.5% |
| EBIT | ₹201.77 Cr | -32.6% | |
| Net profit | ₹97.99 Cr | -49.8% | |
| EPS | ₹3.31 | -49.8% | |
| EBIT margin | 4.23% |
P&L walk
Topline up 19% YoY but gross margin compressed 178bps as surcharge income collapsed; EBITDA margin fell to 4.3% from 7.5% as operating expenses rose sharply; PAT halved, entirely due to base-effect from prior-year impairment reversals and lower surcharge.
Segments
Power segment PBIT flat QoQ at ₹54.4 Cr (down 51.7% YoY); financing segment PBIT dropped 62.3% YoY to ₹55.4 Cr, dragging consolidated profit; both segments contributed nearly equally but both saw steep declines.
Key positives
- Revenue grew 19.1% YoY to ₹4,773.8 Cr, driven by higher electricity trading volumes.
- Interim dividend of ₹23 per share (11.5% yield) declared, strong shareholder return.
- Power segment PBIT improved 4.3% QoQ to ₹54.4 Cr, showing sequential stabilization.
Key concerns
- PAT down 49.8% YoY to ₹98 Cr as surcharge income collapsed from ₹61.4 Cr to ₹8.5 Cr and prior year had large impairment reversals.
- Gross margin contracted 178bps YoY (6.3% to 4.5%) on lower surcharge and higher purchases share.
- Financing segment PBIT fell 62.3% YoY to ₹55.4 Cr, with asset quality overhang from NPA accounts and MD resignation.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.