CEO resignation and leadership vacuum
MD & CEO Balaji resigned for personal reasons, effective June 30, 2026. Successor search is ongoing, creating near-term execution uncertainty.
PTCINDIAFINANCIAL / bear-case history
Track the concerns that keep returning.
PTC INDIA FINANCIAL · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
High cost of borrowing
Despite improving asset quality, cost of borrowing remains elevated at ~9.5%, pressuring NIMs. Management expects gradual decline but no near-term target given.
Prepayment risk and AUM stagnation
Prepayments of ₹1,441 Cr in FY26 outpaced disbursements, causing AUM to shrink. Unpredictable prepayments could hinder AUM growth despite strong sanctions.
Undrawn sanction pipeline conversion delay
₹2,000 Cr of sanctions remain undisbursed; delays in project execution could push disbursements beyond Q2 FY27, impacting growth guidance.