What was PTC India's revenue in Q3 FY26?

PTC India reported revenue of ₹3,405 Cr in Q3 FY26, a -14% change year-over-year.

Did PTC India management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

PTC India Q3 FY26 Research Workspace: Revenue ₹3,405 Cr (-14%)

Q: What guidance did PTC India management give?

Trading volume growth expected to remain firm: Management expects power demand to remain firm, though short-term volatility may persist due to weather conditions.

Revenue ₹3,405 Cr -14%

EBITDA —

PAT ₹49 Cr -25%

EBITDA Margin 5%

Duration 57 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

PTC India reported a mixed Q3 FY26. Standalone PAT fell 25% YoY to ₹83 crore due to lower rebate and surcharge income, as improved discom liquidity reduced these earnings. However, trading volumes grew 4% YoY to 20 billion units, driven by exchange trades. The short-term trading margin improved to 0.87 paise/unit from 0.75 paise/unit last year. Management highlighted that rebate income is cyclical and may recover if power demand firms up. Key developments include the board's approval for three promoters to relinquish promoter status, leaving NTPC as sole promoter, which could unlock synergies. The company holds ₹3,292 crore cash, with ₹2,000 crore earmarked for trading working capital. Risks include regulatory delays in market coupling and potential margin compression if discom liquidity normalizes.

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Research workspace

Focused Modules

!Risks 3 risks

Risk Intelligence

Lower rebate and surcharge income may persist

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Quarter Snapshot

Trading Volume (Q3) 20 BU

+4% YoY

Quarterly trading volume increased to 20 billion units from 19.2 BU last year.

Short-term Trading Margin 0.87 paise/unit

+12 bps YoY

Short-term margin improved from 0.75 paise/unit in Q3 FY25.

Cash on Balance Sheet ₹3,292 Cr

N/A

Cash includes ₹2,000 Cr for working capital and ₹1,200 Cr for potential investments.

Bangladesh Outstanding ₹372 Cr

-53% YoY

Outstanding from Bangladesh reduced from ~₹800 Cr earlier; payments are regular.

Fast read

Guidance and risk preview

Top guidance Trading volume growth expected to remain firm

Management expects power demand to remain firm, though short-term volatility may persist due to weather conditions.

Top risk Lower rebate and surcharge income may persist

Improved discom liquidity has reduced rebate income; if sustained, it could continue to pressure earnings.