PTC India Q2 FY27 Results (NSE: PTC)
Signal: Margin pressure
The read
The key inflection is negative: revenue growth accelerated to +6.5% YoY from -0.5% in Q3FY26 and +33.3% in Q4FY26, but operating margin contracted to 5.0% from 7.4% a year earlier and PAT fell 28.4% to ₹15,910 lakh; the group-level drag came from a ₹10,806 lakh impairment swing and 15.7% higher finance costs, not from weak power volumes.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,812.07 Cr | +6.5% | +21.7% |
| EBIT | ₹286.47 Cr | -27.5% | |
| Net profit | ₹159.1 Cr | -28.4% | |
| EPS | ₹4.85 | -24.9% | |
| EBIT margin | 5.0% |
P&L walk
Revenue increased to ₹5,81,207 lakh, +6.5% YoY and +21.7% QoQ, but EBITDA margin fell to 5.0% from 7.4% as impairment swung from income of ₹5,689 lakh to an expense of ₹5,117 lakh and finance costs rose 15.7% YoY; PAT declined 28.4% to ₹15,910 lakh.
Key positives
- Electricity sold increased to 32,463 MU, up 25.9% YoY from 25,783 MU, supporting the 6.5% revenue increase to ₹5,81,207 lakh.
- Consolidated revenue improved 21.7% sequentially from ₹4,77,380 lakh, while PAT rose 42.0% QoQ from ₹11,208 lakh.
- Surcharge income increased 19.3% YoY to ₹10,140 lakh, indicating continued recovery of overdue customer dues.
Key concerns
- EBITDA margin contracted 240bps YoY to 5.0% despite revenue growth, with calculated EBITDA down 28.1% to ₹28,898 lakh.
- Finance costs rose 15.7% YoY to ₹11,720 lakh and surcharge expense increased 78.0% to ₹7,550 lakh, absorbing a larger portion of operating profit.
- Standalone operating cash flow turned negative at ₹15,911 lakh in H1FY27 versus positive ₹1,06,934 lakh in H1FY26, despite standalone PAT of ₹18,390 lakh for the half year.
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