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Power Finance Corporation Ltd

PFC

NSE

₹332.40-0.26%19 Oct 2026 at 3:58 PM

Reports

Finance PSU Lending

Power Finance Corporation Ltd

PFC

NSE

₹332.40

-0.26%

19 Oct 2026 at 3:58 PM

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Finance PSU Lending

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Power Finance Corporation is India’s largest government-owned power-sector lender - a financial backbone that channels money into everything from coal plants to solar farms and the wires that carry electricity to homes. It was set up in 1986 by the Government of India and became the country’s biggest non-banking financial company (NBFC) group after acquiring a controlling stake in REC Limited in 2019, a move now being taken to its logical conclusion with a full merger of REC into PFC. The recurring approach is simple: borrow cheaply on the strength of its government ownership and top-tier credit rating, then lend to power-sector projects and utilities at a spread - and increasingly, use that same playbook to finance roads, ports, electric vehicles and green hydrogen.

Business segments

A single engine with three lending streams - power generation and distribution, renewable energy, and a newer infrastructure book - all running on the same borrow-and-lend model, plus a government-scheme franchise that feeds the pipeline.

1. Power-sector lending: the core loan book

PFC lends to state utilities and private power producers across generation, transmission and distribution, earning a spread of about 2.5 percentage points between what it charges and what it pays to borrow.

The government sector is the anchor - 77% of standalone loan assets, or Rs. 4,20,549 crore, are to central and state power utilities and government departments, which means most of the book sits with entities that cannot easily default without a sovereign ripple.
Distribution now drives new lending - in the first half of FY26, roughly 57% of disbursements went to the distribution segment, because state discoms need constant funding to upgrade grids and pay generators, while generation took about 30%.
Borrowing is the raw material - PFC raises roughly 60% of its funds from the bond market, 20% from bank term loans and 20% from foreign-currency borrowings, with 95% of its USD 10.4 billion foreign-currency portfolio hedged against exchange swings.
Credit ratings keep the cost down - the company holds the highest long-term domestic rating of ‘AAA’ from CRISIL, ICRA and CARE, and international issuer ratings of BBB- from Fitch and Baa3 from Moody’s, which lets it borrow at rates that make the lending spread viable.
Stressed assets are worked out, not written off - PFC uses both the National Company Law Tribunal and out-of-court resolutions; it recovered more than 100% on the KSK Mahanadi project, a 3,600 MW thermal plant with Rs. 3,300 crore outstanding.

2. Renewable-energy financing: the green lending book

PFC is India’s largest renewable-energy financier, with a loan book that has more than doubled in five years to Rs. 84,680 crore, backing 50 GW of capacity - a quarter of the country’s non-fossil-fuel installed base.

Solar and wind dominate the portfolio - of the Rs. 81,031 crore standalone renewable book, solar, wind and other renewable projects account for Rs. 64,840 crore, with the rest in large hydro projects above 25 MW.
Green bonds fund the push - PFC issued its first green bond in 2017 for USD 400 million and a Euro Green Bond in 2021 for EUR 300 million, and its outstanding solar and wind loans of Rs. 36,161 crore exceed the amount it has raised through green-bond issuance.
New technologies are the next frontier - the company is targeting green hydrogen, battery storage, pump storage and offshore wind for commercial expansion, and plans to turn its subsidiary PFC Consulting into a thought-leadership hub for net-zero sectors.
Cheap foreign lines lower the cost - PFC signed a JPY 30 billion loan with the Japan Bank for International Cooperation under its ‘GREEN’ initiative, plus a JPY 2.65 billion project loan, both earmarked for renewable-energy financing.

3. Infrastructure and logistics lending: the diversification bet

A newer, smaller book - Rs. 12,534 crore - that extends the same lending model to roads, ports, metro rail, smart cities and electric-vehicle fleets.

Started small, sanctioned big - in its first year, the infra and logistics segment sanctioned roughly Rs. 25,000 crore but disbursed only about Rs. 1,900 crore, mostly to government projects, because infrastructure loans take time to draw down.
EV fleets are an early beachhead - PFC sanctioned Rs. 633 crore to Gensol Engineering for 5,000 passenger EVs and 1,000 cargo EVs, described as the largest EV asset-financing deal in India, and is exploring debt funding for EV manufacturers, battery makers and charging infrastructure.

Government-scheme franchise: the pipeline that feeds the book

PFC acts as the nodal agency for flagship power-sector schemes, which generates a fee income stream and - more importantly - creates a steady pipeline of borrowers who need loans to meet scheme requirements.

The LPS Rules cleaned up discom dues - as the implementing agency for the Late Payment Surcharge Rules, PFC helped reduce legacy dues owed by state distribution companies from Rs. 1,39,947 crore to Rs. 39,223 crore, while sanctioning Rs. 70,500 crore and disbursing Rs. 31,500 crore in related loans.
RDSS is a smart-meter and loss-reduction engine - PFC and REC are the nodal agencies for the Revamped Distribution Sector Scheme, which has a total outlay of Rs. 3,03,758 crore; for PFC’s allocated states, projects worth Rs. 1,12,874 crore have been sanctioned, with about 53% of that - Rs. 62,000 crore - for installing 10 crore smart meters.
Transmission SPVs are built and sold - through its subsidiary PFC Consulting, PFC incorporates special-purpose vehicles that secure land, surveys and forest clearances for transmission schemes, then transfers them to winning bidders under tariff-based competitive bidding; 55 of 77 SPVs had been transferred as of March 2024, with more created and sold every quarter.
Consultancy fees add a services layer - PFC Consulting has undertaken more than 200 assignments for 72 clients across 25 states and union territories, covering everything from bid-process management to smart-grid project reports and IT-enabled ERP implementation.

Group structure and partners

PFC is the holding company of a consolidated lending group with a combined loan book of over Rs. 11 lakh crore, and is in the process of absorbing its largest subsidiary, REC Limited, into a single government-owned entity.

REC Limited is the biggest piece - acquired in FY 2018-19 with a 52.63% government stake, REC is a systemically important infrastructure-finance NBFC that lends to the same power-sector universe; a merger by absorption into PFC was approved by both boards, with the proposal reserved for the approval of the President of India, and a share exchange ratio of 88 PFC shares for every 100 REC shares.
PFC Consulting Limited does the advisory and bid-coordination work - a wholly-owned subsidiary that acts as Bid Process Coordinator for independent transmission projects, project management agency for RDSS, and developer of the PRAAPTI portal for tracking power-bill payments.
PFC Infra Finance IFSC Limited taps global capital - set up in February 2024 at GIFT City, Gujarat, it is the subsidiary through which PFC became the first government NBFC to launch a finance company in the International Financial Services Centre, focused on lending to infrastructure and renewable-energy projects using foreign-currency funding.
Joint ventures and equity stakes extend the reach - PFC holds stakes in Energy Efficiency Services Limited (alongside NTPC, Power Grid and REC), PTC India Limited (4.05%), and Power Exchange India Limited, and holds equity investments in NHPC and Coal India valued at over Rs. 1,600 crore combined.

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

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Mkt Cap

Market Capitalization

₹1,09,695Cr

Close Price

₹332.40

Industry

Finance PSU Lending

Price To Earnings

4.21

Price To Sales

0.95

Revenue

₹1,15,431Cr

Rev Gr TTM

Revenue Growth TTM

4.63%

PAT Gr TTM

PAT Growth TTM

4.11%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22,391	23,572	24,141	24,717	25,722	26,798	29,265	28,539	28,890	29,095	28,920	28,527
Growth YoY Revenue Growth YoY%	15.8	20.0	20.3	17.6	14.9	13.7	21.2	15.5	12.3	8.6	-1.2	0.0
Interest Expended Interest ExpendedCr	14,313	14,827	15,154	15,521	16,008	16,562	16,567	17,204	17,314	17,572	17,333	17,250
Expenses ExpensesCr	-551	791	-589	310	366	429	2,148	212	1,514	1,031	416	35
Financing Profit Financing ProfitCr	8,629	7,954	9,577	8,886	9,348	9,807	10,550	11,123	10,062	10,492	11,170	11,242
FPM FPM%	38.5	33.7	39.7	36.0	36.3	36.6	36.0	39.0	34.8	36.1	38.6	39.4
Other Income Other IncomeCr	13	22	35	20	33	24	20	90	11	46	-63	36
Depreciation DepreciationCr	13	14	15	12	13	15	16	14	15	18	16	18
PBT PBTCr	8,629	7,961	9,597	8,894	9,368	9,816	10,554	11,199	10,057	10,502	11,092	11,260
Tax TaxCr	2,001	1,667	2,041	1,712	2,153	2,057	2,196	2,218	2,223	2,290	2,494	2,262
PAT PATCr	6,628	6,294	7,556	7,182	7,215	7,760	8,358	8,981	7,834	8,212	8,598	8,998
Growth YoY PAT Growth YoY%	26.8	20.1	23.3	20.1	8.8	23.3	10.6	25.1	8.6	5.8	2.9	0.2
NPM NPM%	29.6	26.7	31.3	29.1	28.1	29.0	28.6	31.5	27.1	28.2	29.7	31.5
EPS EPS₹	14.7	14.3	17.0	16.8	16.1	17.7	19.1	20.8	17.4	19.1	21.2	21.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	22,391	23,572	24,141	24,717	25,722	26,798	29,265	28,539	28,890	29,095	28,920	28,527
Growth YoY Revenue Growth YoY%	15.8	20.0	20.3	17.6	14.9	13.7	21.2	15.5	12.3	8.6	-1.2	0.0
Interest Expended Interest ExpendedCr	14,313	14,827	15,154	15,521	16,008	16,562	16,567	17,204	17,314	17,572	17,333	17,250
Expenses ExpensesCr	-551	791	-589	310	366	429	2,148	212	1,514	1,031	416	35
Financing Profit Financing ProfitCr	8,629	7,954	9,577	8,886	9,348	9,807	10,550	11,123	10,062	10,492	11,170	11,242
FPM FPM%	38.5	33.7	39.7	36.0	36.3	36.6	36.0	39.0	34.8	36.1	38.6	39.4
Other Income Other IncomeCr	13	22	35	20	33	24	20	90	11	46	-63	36
Depreciation DepreciationCr	13	14	15	12	13	15	16	14	15	18	16	18
PBT PBTCr	8,629	7,961	9,597	8,894	9,368	9,816	10,554	11,199	10,057	10,502	11,092	11,260
Tax TaxCr	2,001	1,667	2,041	1,712	2,153	2,057	2,196	2,218	2,223	2,290	2,494	2,262
PAT PATCr	6,628	6,294	7,556	7,182	7,215	7,760	8,358	8,981	7,834	8,212	8,598	8,998
Growth YoY PAT Growth YoY%	26.8	20.1	23.3	20.1	8.8	23.3	10.6	25.1	8.6	5.8	2.9	0.2
NPM NPM%	29.6	26.7	31.3	29.1	28.1	29.0	28.6	31.5	27.1	28.2	29.7	31.5
EPS EPS₹	14.7	14.3	17.0	16.8	16.1	17.7	19.1	20.8	17.4	19.1	21.2	21.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	27,780	27,481	48,624	54,106	62,189	71,656	76,262	77,568	91,508	1,06,502	1,15,450	1,15,431
Growth Revenue Growth%	11.3	-1.1	76.9	11.3	14.9	15.2	6.4	1.7	18.0	16.4	8.4	4.6
Interest Expended Interest ExpendedCr	16,645	16,768	30,289	34,627	40,845	44,684	44,709	47,017	57,968	64,644	69,415	69,470
Expenses ExpensesCr	2,053	5,539	6,584	1,697	7,335	7,107	8,197	4,061	-24	3,267	3,187	2,996
Financing Profit Financing ProfitCr	9,082	5,174	11,751	17,782	14,010	19,865	23,356	26,491	33,564	38,591	42,848	42,966
FPM FPM%	32.7	18.8	24.2	32.9	22.5	27.7	30.6	34.2	36.7	36.2	37.1	37.2
Other Income Other IncomeCr	106	130	22	51	86	45	83	57	78	97	83	30
Depreciation DepreciationCr	20	41	15	15	24	25	35	52	53	56	63	67
PBT PBTCr	9,167	5,264	11,779	17,862	14,093	19,891	23,382	26,496	33,588	38,632	42,850	42,911
Tax TaxCr	2,983	3,028	2,983	5,222	4,615	4,175	4,614	5,317	7,127	8,118	9,224	9,269
PAT PATCr	6,184	2,236	8,797	12,640	9,477	15,716	18,768	21,179	26,461	30,514	33,625	33,642
Growth PAT Growth%	3.0	-63.8	293.4	43.7	-25.0	65.8	19.4	12.8	24.9	15.3	10.2	4.1
NPM NPM%	22.3	8.1	18.1	23.4	15.2	21.9	24.6	27.3	28.9	28.6	29.1	29.1
EPS EPS₹	18.7	6.8	20.3	30.1	21.6	35.6	42.5	48.1	59.9	69.7	78.5	78.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	27,780	27,481	48,624	54,106	62,189	71,656	76,262	77,568	91,508	1,06,502	1,15,450	1,15,431
Growth Revenue Growth%	11.3	-1.1	76.9	11.3	14.9	15.2	6.4	1.7	18.0	16.4	8.4	4.6
Interest Expended Interest ExpendedCr	16,645	16,768	30,289	34,627	40,845	44,684	44,709	47,017	57,968	64,644	69,415	69,470
Expenses ExpensesCr	2,053	5,539	6,584	1,697	7,335	7,107	8,197	4,061	-24	3,267	3,187	2,996
Financing Profit Financing ProfitCr	9,082	5,174	11,751	17,782	14,010	19,865	23,356	26,491	33,564	38,591	42,848	42,966
FPM FPM%	32.7	18.8	24.2	32.9	22.5	27.7	30.6	34.2	36.7	36.2	37.1	37.2
Other Income Other IncomeCr	106	130	22	51	86	45	83	57	78	97	83	30
Depreciation DepreciationCr	20	41	15	15	24	25	35	52	53	56	63	67
PBT PBTCr	9,167	5,264	11,779	17,862	14,093	19,891	23,382	26,496	33,588	38,632	42,850	42,911
Tax TaxCr	2,983	3,028	2,983	5,222	4,615	4,175	4,614	5,317	7,127	8,118	9,224	9,269
PAT PATCr	6,184	2,236	8,797	12,640	9,477	15,716	18,768	21,179	26,461	30,514	33,625	33,642
Growth PAT Growth%	3.0	-63.8	293.4	43.7	-25.0	65.8	19.4	12.8	24.9	15.3	10.2	4.1
NPM NPM%	22.3	8.1	18.1	23.4	15.2	21.9	24.6	27.3	28.9	28.6	29.1	29.1
EPS EPS₹	18.7	6.8	20.3	30.1	21.6	35.6	42.5	48.1	59.9	69.7	78.5	78.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	1,320	2,640	2,640	2,640	2,640	2,640	2,640	2,640	3,300	3,300	3,300	3,300
Reserves ReservesCr	34,708	34,205	37,194	44,481	46,760	58,127	69,036	81,518	97,847	1,14,438	1,29,561	1,39,631
Borrowings BorrowingsCr	1,80,186	1,77,647	4,41,151	5,39,488	5,96,561	6,59,682	6,60,476	7,51,158	8,61,961	9,71,758	10,12,503	10,00,822
Other Liabilities Other LiabilitiesCr	31,005	45,046	41,546	42,260	48,560	55,257	58,848	60,796	75,770	88,590	99,214	1,02,396
Total Liabilities Total LiabilitiesCr	2,47,220	2,59,537	5,22,531	6,28,869	6,94,521	7,75,707	7,91,000	8,96,112	10,38,877	11,78,087	12,44,579	12,46,150
Fixed Assets Fixed AssetsCr				197	239	342	719	794	776	773	771	758
Cash Equivalents Cash EquivalentsCr	302	3,793	2,849	16,377	4,188	8,203	6,685	4,101	3,389	9,585	4,673	8,623
Other Assets Other AssetsCr	2,46,918	2,55,745	5,19,682	6,12,294	6,90,094	7,67,162	7,83,597	8,91,217	10,34,713	11,67,729	12,39,135	12,36,768
Total Assets Total AssetsCr	2,47,220	2,59,537	5,22,531	6,28,869	6,94,521	7,75,707	7,91,000	8,96,112	10,38,877	11,78,087	12,44,579	12,46,150

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital Equity CapitalCr	1,320	2,640	2,640	2,640	2,640	2,640	2,640	2,640	3,300	3,300	3,300	3,300
Reserves ReservesCr	34,708	34,205	37,194	44,481	46,760	58,127	69,036	81,518	97,847	1,14,438	1,29,561	1,39,631
Borrowings BorrowingsCr	1,80,186	1,77,647	4,41,151	5,39,488	5,96,561	6,59,682	6,60,476	7,51,158	8,61,961	9,71,758	10,12,503	10,00,822
Other Liabilities Other LiabilitiesCr	31,005	45,046	41,546	42,260	48,560	55,257	58,848	60,796	75,770	88,590	99,214	1,02,396
Total Liabilities Total LiabilitiesCr	2,47,220	2,59,537	5,22,531	6,28,869	6,94,521	7,75,707	7,91,000	8,96,112	10,38,877	11,78,087	12,44,579	12,46,150
Fixed Assets Fixed AssetsCr				197	239	342	719	794	776	773	771	758
Cash Equivalents Cash EquivalentsCr	302	3,793	2,849	16,377	4,188	8,203	6,685	4,101	3,389	9,585	4,673	8,623
Other Assets Other AssetsCr	2,46,918	2,55,745	5,19,682	6,12,294	6,90,094	7,67,162	7,83,597	8,91,217	10,34,713	11,67,729	12,39,135	12,36,768
Total Assets Total AssetsCr	2,47,220	2,59,537	5,22,531	6,28,869	6,94,521	7,75,707	7,91,000	8,96,112	10,38,877	11,78,087	12,44,579	12,46,150

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13,298	1,795	-57,148	-80,252	-42,148	-59,143	4,904	-74,699	-97,820	-92,270	-4,505
Investing Cash Flow Investing Cash FlowCr	-1,973	-667	1,409	-13,463	-73	1,741	-547	-1,694	-3,409	-2,212	-3,441
Financing Cash Flow Financing Cash FlowCr	10,383	1,950	52,018	93,616	43,399	60,424	-8,371	75,518	1,01,261	94,159	9,265
Net Cash Flow Net Cash FlowCr	-4,888	3,079	-3,720	-98	1,179	3,023	-4,014	-874	32	-323	1,319
Free Cash Flow Free Cash FlowCr	-13,409	1,671	-57,237	-80,351	-42,277	-59,234	4,604	-74,821	-98,143	-93,110	-4,841
CFO To EBITDA CFO To EBITDA%	-146.4	34.7	-486.3	-451.3	-300.9	-297.7	21.0	-282.0	-291.4	-239.1	-10.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13,298	1,795	-57,148	-80,252	-42,148	-59,143	4,904	-74,699	-97,820	-92,270	-4,505
Investing Cash Flow Investing Cash FlowCr	-1,973	-667	1,409	-13,463	-73	1,741	-547	-1,694	-3,409	-2,212	-3,441
Financing Cash Flow Financing Cash FlowCr	10,383	1,950	52,018	93,616	43,399	60,424	-8,371	75,518	1,01,261	94,159	9,265
Net Cash Flow Net Cash FlowCr	-4,888	3,079	-3,720	-98	1,179	3,023	-4,014	-874	32	-323	1,319
Free Cash Flow Free Cash FlowCr	-13,409	1,671	-57,237	-80,351	-42,277	-59,234	4,604	-74,821	-98,143	-93,110	-4,841
CFO To EBITDA CFO To EBITDA%	-146.4	34.7	-486.3	-451.3	-300.9	-297.7	21.0	-282.0	-291.4	-239.1	-10.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	22,685	38,519	22,678	32,473	24,328	30,005	29,688	40,063	1,28,770	1,36,723	1,25,288	1,09,695
Price To Earnings Price To Earnings	3.9	19.6	3.4	3.3	3.4	2.5	2.1	2.5	6.5	6.0	4.8	4.2
Price To Sales Price To Sales	0.8	1.4	0.5	0.6	0.4	0.4	0.4	0.5	1.4	1.3	1.1	0.9
Price To Book Price To Book	0.6	1.1	0.6	0.7	0.5	0.5	0.4	0.5	1.3	1.2	0.9	0.8
EV To EBITDA EV To EBITDA	22.3	41.0	39.2	31.2	44.0	34.3	29.3	29.7	29.4	28.5	26.4	25.6
Profitability Ratios Profitability Ratios
FPM FPM%	32.7	18.8	24.2	32.9	22.5	27.7	30.6	34.1	36.7	36.2	37.1	37.2
NPM NPM%	22.3	8.1	18.1	23.4	15.2	21.9	24.6	27.3	28.9	28.6	29.1	29.1
ROCE ROCE%	11.9	10.3	8.8	8.9	8.5	9.0	9.3	8.8	9.5	9.5	9.8	9.8
ROE ROE%	17.2	6.1	22.1	26.8	19.2	25.9	26.2	25.2	26.2	25.9	25.3	23.5
ROA ROA%	2.5	0.9	1.7	2.0	1.4	2.0	2.4	2.4	2.5	2.6	2.7	2.7
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	22,685	38,519	22,678	32,473	24,328	30,005	29,688	40,063	1,28,770	1,36,723	1,25,288	1,09,695
Price To Earnings Price To Earnings	3.9	19.6	3.4	3.3	3.4	2.5	2.1	2.5	6.5	6.0	4.8	4.2
Price To Sales Price To Sales	0.8	1.4	0.5	0.6	0.4	0.4	0.4	0.5	1.4	1.3	1.1	0.9
Price To Book Price To Book	0.6	1.1	0.6	0.7	0.5	0.5	0.4	0.5	1.3	1.2	0.9	0.8
EV To EBITDA EV To EBITDA	22.3	41.0	39.2	31.2	44.0	34.3	29.3	29.7	29.4	28.5	26.4	25.6
Profitability Ratios Profitability Ratios
FPM FPM%	32.7	18.8	24.2	32.9	22.5	27.7	30.6	34.1	36.7	36.2	37.1	37.2
NPM NPM%	22.3	8.1	18.1	23.4	15.2	21.9	24.6	27.3	28.9	28.6	29.1	29.1
ROCE ROCE%	11.9	10.3	8.8	8.9	8.5	9.0	9.3	8.8	9.5	9.5	9.8	9.8
ROE ROE%	17.2	6.1	22.1	26.8	19.2	25.9	26.2	25.2	26.2	25.9	25.3	23.5
ROA ROA%	2.5	0.9	1.7	2.0	1.4	2.0	2.4	2.4	2.5	2.6	2.7	2.7
Solvency Ratios Solvency Ratios

	PFC	RECLTD	IREDA	IFCI	TFCILTD	HARAFIN	GUJSTATFIN
Market CapitalizationMkt CapCr	1,09,695	79,616	29,930	17,365	7,236	1,189	72
Close PriceClose₹	332.40	302.35	106.54	64.45	156.30	57.25	8.07
IndustryIndustry	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending
Price To EarningsPE	4.21	4.98	15.16	100.70	46.94	159.03
Price To SalesPS	0.95	1.34	3.48	8.73	24.87	117.71	1,438.30
RevenueRevenueCr	1,15,431	59,202	8,612	1,988	291	10	0
Revenue Growth TTMRev Gr TTM%	4.6%	2.0%	19.9%	4.8%	14.8%	2,363.4%	117.2%
PAT Growth TTMPAT Gr TTM%	4.1%	-5.1%	25.9%	-13.3%	41.4%	462.4%	7.3%

	PFC	RECLTD	IREDA	IFCI	TFCILTD	HARAFIN	GUJSTATFIN
Market CapitalizationMkt CapCr	1,09,695	79,616	29,930	17,365	7,236	1,189	72
Close PriceClose₹	332.40	302.35	106.54	64.45	156.30	57.25	8.07
IndustryIndustry	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending	Finance PSU Lending
Price To EarningsPE	4.21	4.98	15.16	100.70	46.94	159.03
Price To SalesPS	0.95	1.34	3.48	8.73	24.87	117.71	1,438.30
RevenueRevenueCr	1,15,431	59,202	8,612	1,988	291	10	0
Revenue Growth TTMRev Gr TTM%	4.6%	2.0%	19.9%	4.8%	14.8%	2,363.4%	117.2%
PAT Growth TTMPAT Gr TTM%	4.1%	-5.1%	25.9%	-13.3%	41.4%	462.4%	7.3%

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FY2026

Mar 26