NSE:PFC · Risk Score Report

NSE:PFCNSEFinancial Services

Power Finance Corporation Limited

📊 Credit Services

Day ₹462

₹478 Oversold

52W ₹330

₹486 Overbought

₹465.00

▼ ₹16.40 (-3.41%)

Vol: 6,213,430 · Avg: 9,958,468

As of April 29, 2026 · 06:27 IST

COMPOSITE RISK SCORE

VAL:22/25 · FIN:17/25 · GRO:14/25 · TECH:20/25

📈 P/E RATIO

6.1x

Trailing

📖 P/B RATIO

1.2x

Price to Book

💰 EPS

₹76.40

TTM

🏛 MARKET CAP

₹153,455Cr

Large Cap

📊 ROE

19.5%

Return on Equity

📈 REV GROWTH

11.5%

YoY

🏢 Company Analysis · Power Finance Corporation Limited

💼 BUSINESS MODEL

Power Finance Corporation Limited, a non-banking finance company, provides financial products and related advisory services to the power, logistics, and infrastructure sectors in India..
The company offers fund-based financial policies and products, such as project-specific funding; a revamped distribution sector scheme; funding for clearance of dues-LPS; a revolving bill payment facility; guidelines for solar and wind power generation projects, as well as for funding private sector independent transmission projects (ITP); a debt refinancing policy; a prepayment policy for solar wind ITP and other projects; takeout financing, asset acquisition, bridge loans, buyer's lines of credit, credit facilities for the purchase of power through power exchanges, and conventional and energy-saving projects; and project, medium, and short-term loan services..
Its fund-based financial policies/products also include grants/interest-free loans for studies/consultancies; lease financing for the purchase of equipment and wind power projects; a line of credit for the import of coal; a policy for underwriting of debt; and financial assistance to distribution franchisees..
The company also provides non-fund-based policies/products comprising guarantees, letters of comfort, and a policy for guarantees for credit enhancement; and non-fund-based consultancy services..
Operates in Credit Services within the Financial Services sector.
Workforce of 540 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹153,455 Cr) — dominant market position with significant scale advantages.
Profit margin of 50.5% suggests pricing power / cost moat.
Key competitors: Power Fin.Corpn., REC Ltd, I R F C, H U D C O.

🚀 CATALYSTS

No specific near-term catalysts identified from available data.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹450 — ₹530 (mean ₹491, 13 analysts).
Favorable asymmetry — upside potential of +14% vs downside floor of -3% (4.3x reward-to-risk).
P/E of 6.1x — low valuation floor, limited downside from de-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: None (13 analysts).
Latest quarter earnings change: +8% YoY — relatively flat.

✅ PROS

Stock is providing a good dividend yield of 3.40%.
Company has been maintaining a healthy dividend payout of 22.4%
Company's working capital requirements have reduced from 33.0 days to 19.0 days

❌ CONS

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 11.5% over past five years.
Company might be capitalizing the interest cost

VALUATION

22/25

25% WEIGHT

P/E at 6x
P/B at 1.2x
Analyst target: ₹491 (+5.6%)
1Y return: +17.2%

FINANCIAL HEALTH

17/25

25% WEIGHT

ROE: 19.5%
Profit margin: 50.5%
Revenue growth: 11.5%
Debt/Equity: 603%

GROWTH

14/25

25% WEIGHT

Revenue growth: 11.5%
Earnings growth: 8.0%
Beta: 0.63
Sector: Financial Services

TECHNICAL

20/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

6.1x

Trailing twelve months

P/B RATIO

1.2x

Price to Book value

ROE

19.5%

Return on Equity

PROFIT MARGIN

50.5%

Net profit margin

OPM

93.4%

Operating profit margin

ANALYST TARGET

₹491

Range: ₹450 - ₹530

Yahoo Finance ↗

PEG RATIO

0.34

Price/Earnings to Growth

EV/EBITDA

N/A

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

3.03%

Annual yield

ROA

2.7%

Return on Assets

GROSS MARGIN

99.4%

Gross profit margin

INDUSTRY AVERAGES — FINANCIAL INSTITUTION

P/E 20.1x (below avg)

P/B 3.0x (sector fair)

ROCE 9.5% (above avg)

ROE 18% (sector good)

OPM 30% (sector good)

Div Yield 2.06%

D/E <200 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹10,280 Cr	—	₹5,829 Cr	—	N/A	N/A
Q4 FY25	₹12,131 Cr	+18.0%	₹6,316 Cr	+8.4%	N/A	N/A
Q1 FY26	₹10,288 Cr	-15.2%	₹6,866 Cr	+8.7%	N/A	N/A
Q2 FY26	₹10,842 Cr	+5.4%	₹5,743 Cr	-16.4%	N/A	N/A
Q3 FY26	₹11,089 Cr	+2.3%	₹6,292 Cr	+9.6%	N/A	N/A

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹30,237 Cr	—	₹14,015 Cr	—	₹4,904 Cr	—
FY23	₹27,517 Cr	-9.0%	₹15,889 Cr	+13.4%	₹-74,717 Cr	-1623.4%
FY24	₹33,566 Cr	+22.0%	₹19,761 Cr	+24.4%	₹-97,820 Cr	-30.9%
FY25	₹41,678 Cr	+24.2%	₹22,991 Cr	+16.3%	₹-92,269 Cr	+5.7%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Power Finance Corporation Limited Makes Its Money

🏦 Snapshot of Power Finance Corporation Limited's Balance Sheet

💸 Looking into Power Finance Corporation Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue +	21,009	22,391	23,572	24,141	24,717	25,722	26,798	29,265	28,539	28,890	29,095
YOY Sales Growth %	13.36%	15.80%	20.02%	20.34%	17.65%	14.88%	13.69%	21.22%	15.46%	12.32%	8.57%
Interest	13,670	14,313	14,827	15,154	15,521	16,008	16,562	16,584	17,204	17,314	17,572
Expenses +	-65	-551	791	-589	310	366	429	2,131	212	1,514	1,031
Employee Cost %	0.55%	0.52%	0.58%	0.52%	0.52%	0.49%	0.45%	0.59%	0.49%	0.49%	0.52%
Financing Profit	7,404	8,629	7,954	9,577	8,886	9,348	9,807	10,550	11,123	10,062	10,492
Financing Margin %	35%	39%	34%	40%	36%	36%	37%	36%	39%	35%	36%
Other Income +	9	13	22	35	20	33	24	20	90	11	27
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-18.28
Other income normal	8.95	12.69	21.57	34.94	19.92	32.94	23.81	20.42	89.88	10.98	45.76
Depreciation	12	13	14	15	12	13	15	16	14	15	18
Profit before tax	7,401	8,629	7,961	9,597	8,894	9,368	9,816	10,554	11,199	10,057	10,502
Tax %	19%	23%	21%	21%	19%	23%	21%	21%	20%	22%	22%
Net Profit +	5,982	6,628	6,294	7,556	7,182	7,215	7,760	8,358	8,981	7,834	8,212
Minority share	-1,406	-1,795	-1,567	-1,932	-1,639	-1,912	-1,931	-2,041	-2,115	-2,091	-1,919
Exceptional items AT	0	0	0	0	0	0	0	0	0	0	-14
Profit excl Excep	5,982	6,628	6,294	7,556	7,182	7,215	7,760	8,358	8,981	7,834	8,226
Profit for PE	4,576	4,833	4,727	5,624	5,543	5,302	5,829	6,316	6,866	5,743	6,303
Profit for EPS	4,576	4,833	4,727	5,624	5,543	5,302	5,829	6,316	6,866	5,743	6,292
YOY Profit Growth %	34%	23%	22%	20%	21%	10%	23%	12%	24%	8%	8%
EPS in Rs	13.87	14.65	14.33	17.04	16.80	16.07	17.66	19.14	20.81	17.40	19.07
Gross NPA %	3.54%	3.40%	3.13%	3.02%	2.97%	2.62%	2.30%	1.64%	1.47%	1.45%	1.26%
Net NPA %	1.00%	0.98%	0.86%	0.85%	0.84%	0.80%	0.73%	0.38%	0.31%	0.30%	0.23%
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue +	48,624	54,106	62,189	71,656	76,262	77,807	91,508	107,106	115,789
Sales Growth %	76.29%	11.27%	14.94%	15.22%	6.43%	2.03%	17.61%	17.05%
Interest	30,289	34,627	40,845	44,684	44,709	47,017	57,968	64,670	68,674
Expenses +	6,583	1,696	7,332	7,102	8,215	4,290	-33	3,833	4,888
Manufacturing Cost %	0.35%	2.68%	7.17%	0.37%	1.95%	4.30%	0.27%	0.86%
Employee Cost %	0.77%	0.67%	0.64%	0.52%	0.53%	0.57%	0.54%	0.52%
Other Cost %	12.41%	-0.21%	3.98%	9.03%	8.28%	0.65%	-0.85%	2.20%
Financing Profit	11,752	17,783	14,012	19,871	23,338	26,501	33,573	38,603	42,227
Financing Margin %	24%	33%	23%	28%	31%	34%	37%	36%	36%
Other Income +	42	94	105	46	79	47	69	85	149
Exceptional items	-1	-1	-3	-5	-4	-10	-9	-12
Other income normal	43	95	107	51	83	57	78	97
Depreciation	15	15	24	25	35	52	53	56	63
Profit before tax	11,779	17,862	14,093	19,891	23,382	26,496	33,588	38,632	42,312
Tax %	25%	29%	33%	21%	20%	20%	21%	21%
Net Profit +	8,797	12,640	9,477	15,716	18,768	21,179	26,461	30,514	33,386
Minority share	-2,108	-2,719	-2,355	-3,968	-4,753	-5,289	-6,700	-7,524
Exceptional items AT	-1	-1	-2	-4	-3	-8	-7	-10
Profit excl Excep	8,797	12,641	9,479	15,720	18,771	21,186	26,468	30,524
Profit for PE	6,689	9,922	7,123	11,751	14,017	15,895	19,767	22,998
Profit for EPS	6,689	9,921	7,122	11,748	14,015	15,889	19,761	22,991
Profit Growth %	199%	48%	-28%	65%	19%	13%	24%	16%
EPS in Rs	20.27	30.06	21.58	35.60	42.47	48.15	59.88	69.67	76.42
Dividend Payout %	31%	0%	35%	22%	23%	22%	23%	23%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	2,640	2,640	2,640	2,640	2,640	2,640	3,300	3,300	3,300
Reserves	37,194	44,481	46,760	58,127	69,036	81,518	97,847	114,438	123,686
Borrowing	441,151	539,488	596,561	659,682	660,476	751,158	861,961	971,758	1,000,961
Other Liabilities +	41,546	42,260	48,560	55,257	58,848	60,796	75,770	88,590	94,682
Non controlling int	15,435	16,363	16,766	21,023	24,599	27,823	33,142	37,417	39,835
Trade Payables	67	75	53	71	50	64	121	152	193
Other liability items	26,044	25,822	31,741	34,164	34,199	32,909	42,507	51,021	54,654
Total Liabilities	522,531	628,869	694,521	775,707	791,000	896,112	1,038,877	1,178,086	1,222,629
Fixed Assets +	161	196	238	341	719	782	764	761	764
Land	87.89	115.36	113.77	113.77	162.47	159.60	156.74	153.87
Building	60.68	60.80	60.80	156.98	457.41	483.48	483.48	481.02
Plant Machinery	-0.00	-0.00	-0.00	-0.00	19.90	79.30	83.23	83.23
Equipments	34.77	38.26	43.07	44.90	54.41	60.22	65.16	77.23
Computers	36.78	40.19	42.12	48.17	56.16	60.25	67.39	71.93
Furniture n fittings	19.73	23.29	27.72	39.29	87.72	88.41	88.32	86.51
Vehicles	0.60	0.49	0.52	0.52	0.53	0.68	0.85	0.64
Intangible Assets	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	22.21
Other fixed assets	22.26	27.18	70.18	65.23	25.18	25.09	25.08	34.53
Gross Block	262.71	305.57	358.18	468.86	863.78	957.03	970.25	988.96
Accumulated Depreciation	101.27	109.93	120.08	127.54	144.60	174.73	205.90	228.25
CWIP	129	199	288	336	53	22	39	88	105
Investments	5,493	4,604	4,404	3,499	3,774	5,973	10,971	12,792	14,283
Other Assets +	516,749	623,871	689,590	771,530	786,454	889,334	1,027,102	1,164,445	1,207,477
Cash Equivalents	2,849	16,377	4,188	8,203	6,684	4,101	3,389	9,585	10,329
Loans n Advances	595	1,074	1,375	730	722	815	944	920	1,126,319
Other asset items	513,159	606,248	683,892	762,430	778,921	884,247	1,022,578	1,153,666	70,535
Total Assets	522,531	628,869	694,521	775,707	791,000	896,112	1,038,877	1,178,086	1,222,629

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1,795	-57,148	-80,252	-42,148	-59,143	4,904	-74,717	-97,820	-92,269
Profit from operations	10,643	17,023	17,595	21,476	27,090	31,178	31,473	30,680	39,443
Loans Advances	-7,378	-70,628	-78,082	-73,763	-83,336	-12,804	-100,607	-134,054	-123,406
Operating investments	0	-636	-1,611	-913	616	-4,635	-1,306	99	-1,006
Other WC items	1,831	1,941	-13,608	14,362	1,564	-3,493	822	11,820	534
Working capital changes	-5,546	-69,323	-93,301	-60,313	-81,157	-20,932	-101,091	-122,134	-123,878
Direct taxes	-3,301	-4,848	-4,627	-3,386	-5,381	-5,365	-5,257	-6,406	-7,871
Other operating items	0	0	81	76	306	23	158	40	38
Cash from Investing Activity +	-667	1,409	-13,463	-73	1,741	-547	-1,694	-3,409	-2,312
Fixed assets purchased	-125	-90	-99	-131	-93	-301	-123	-323	-840
Fixed assets sold	0	0	0	1	1	0	0	0	0
Capital WIP	-57	0	0	0	0	0	0	0	0
Investments purchased	-598	0	0	0	0	-273	-1,576	-3,087	-1,475
Investments sold	0	0	0	0	1,855	0	0	0	0
Interest received	22	510	411	0	0	0	0	0	0
Dividends received	90	92	77	0	0	0	0	0	0
Invest in subsidiaries	-1	0	-14,500	0	0	0	0	0	0
Other investing items	0	897	648	56	-22	26	5	1	3
Cash from Financing Activity +	1,950	52,018	93,616	43,399	60,424	-8,371	75,537	101,261	94,258
Proceeds from shares	31	0	0	0	0	0	0	0	100
Proceeds from debentures	18,570	23,608	0	27,538	29,924	0	41,227	60,171	54,381
Redemption of debentures	0	0	-4,740	0	0	-33,532	-44	-44	-44
Proceeds from borrowings	0	8,175	101,415	43,957	33,642	42,036	38,476	50,535	57,115
Repayment of borrowings	-16,691	0	0	-23,834	0	-12,365	0	-3,246	-9,146
Interest paid fin	-16	0	0	0	0	0	0	0	0
Dividends paid	-79	-4,464	-2,512	-3,535	-3,142	-4,508	-4,118	-6,151	-8,144
Financial liabilities	0	0	0	-1	-1	-3	-3	-3	-3
Other financing items	135	24,699	-547	-726	0	2	-1	-1	0
Net Cash Flow	3,079	-3,720	-98	1,179	3,023	-4,014	-874	32	-323
Free Cash Flow	1,614	-57,237	-80,351	-42,277	-59,234	4,604	-74,840	-98,143	-93,110
CFO/OP	23%	-124%	-144%	-71%	-83%	15%	-94%	-100%	-82%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	6%	17%	23%	15%	21%	21%	20%	21%	21%

🏭 Industry Peers — Financial Institution

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Power Fin.Corpn. ★	₹466	6.1	₹153,801	9.7%	+8.1%	79
2	REC Ltd	₹362	5.9	₹95,362	9.7%	-21.7%	71
3	I R F C	₹105	19.7	₹137,755	5.8%	+10.5%	64
4	H U D C O	₹217	15.6	₹43,441	9.6%	-3.0%	62
5	Indian Renewable	₹138	20.6	₹38,795	9.4%	+37.5%	61
6	Tour. Fin. Corp.	₹73	27.8	₹3,381	10.7%	+40.6%	58
7	IFCI	₹59	86.7	₹16,002	5.0%	-93.5%	32
8	Guj. State Fin.	₹11	—	₹97	—	+3.6%	31
9	Haryana Fin. Co.	₹63	162.7	₹1,318	-1.2%	+1550.8%	20

★ PFC is the top-ranked techno-fundamental pick in Financial Institution

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	55.99%	55.99%	55.99%	55.99%	55.99%	55.99%
FIIs	18.04%	18.84%	18.66%	18.84%	18.33%	19.64%
DIIs	17.16%	16.17%	16.11%	16.04%	15.48%	15.05%
Public	8.80%	8.97%	9.21%	9.13%	10.18%	9.32%
No. of Shareholders	10,91,108	11,26,259	11,28,203	10,97,217	11,30,351	10,54,196

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 11.5% YoY.

💹High ROE (19.5%): Above sector norm of 18% — efficient capital use.

🔀Healthy Margins (50.5%): Above sector norm of 30%.

🇮Low Beta (0.63): Less volatile than market — defensive play.

🔴 RISKS

📜High Debt/Equity (603%): Above sector threshold of 500% — leverage risk.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Financial Services space.

🕸 Factor Analysis · Radar

Momentum 8/10
1M +22.5%, 6M +17.0%, RSI 62, MACD bullish, Above 200DMA

Sentiment 6/10
Analyst upside +5.6%, Rec: none

Value 9/10
P/E 6.1, P/B 1.2, PEG 0.34

Quality 5/10
Margin 50.5%, D/E 603

Low Volatility 8/10
Beta 0.63, Ann. vol 28%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 5.6% analyst upside	OPM of 93% provides margin buffer
HOLD	Retain existing position; wait for better entry; FII stake rising (+1.31%)	Miss further upside if momentum continues; 1M return of +22.5% shows momentum
SELL	Lock in +17.2% 1Y return; redeploy into REC Ltd at lower P/E	Avoid further drawdown

REASONS TO BUY

Analyst upside of 5.6% with mean target of ₹491
FII stake rising (+1.31%) — signals institutional confidence
ROE of 19.5% above sector norm of 18%
Revenue growing at 11.5% YoY (sector norm: 6%)

REASONS TO SELL / AVOID

REC Ltd offers lower P/E (5.9) with ROCE of 9.7% in the same sector
Debt/Equity at 603% exceeds sector comfort zone

📰 Latest News

India state-run firms tap bond market for $2 billion before funding costs rise

Reuters · 2026-02-11T11:08

Power Finance Corp Ltd (BOM:532810) Q2 2026 Earnings Call Highlights: Strong Profit Growth ...

GuruFocus.com · 2025-11-07T17:00

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

73/100

Power Finance Corporation Limited trades at ₹465.00 with a composite risk score of 73/100. The stock scores 22/25 on valuation, 17/25 on financial health, 14/25 on growth, and 20/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 5.6% with a mean target of ₹491. Revenue growth is at 11.5%.

Bottom Line: Positive for Financial Services but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE HIGH ROE CHEAP HIGH DEBT