PFCPower Finance Corporation Ltd.
Power Finance Corporation Q2 FY27 Results: Consolidated Net Profit ₹7,682 Crore on Total Income of ₹29,234 Crore
- Earnings
- power sector lending (NBFC)
Reviewed byRachit TripathiBlacklitt Research
Power Finance Corporation (NSE: PFC) reported total income of ₹29,234.42 crore and net profit of ₹7,681.51 crore on a consolidated basis for the quarter ended 30 Sep 2026, and standalone total income of ₹14,973.11 crore with net profit of ₹4,986.71 crore. It said in a filing on 04 Nov 2026 that the Board approved the results and declared a second interim dividend of ₹4.10 per share.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹29,234.42 crore, up 1.2% YoY and 2.4% QoQ
- Net profit: ₹7,681.51 crore, down 2.0% YoY and 14.6% QoQ; attributable to owners ₹6,034.28 crore
- EPS: ₹18.29 basic, against ₹17.40 a year earlier
- Refund: ₹2,416.09 crore Income Tax refund for FY 2016-17 received in the quarter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹14,973.11 crore, up 1.5% YoY and 7.0% QoQ
- Net profit: ₹4,986.71 crore, up 11.8% YoY and 5.1% QoQ
- EPS: ₹15.11 basic, against ₹13.52 a year earlier
- Dividend: Second interim ₹4.10 per share; record date 17 Nov 2026
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 29,234.42 | 28,901.10 | +1.2% | 28,563.17 | +2.4% | |
| Revenue from operations | 29,044.48 | 28,890.24 | +0.5% | 28,526.86 | +1.8% |
| Other income | 189.94 | 10.86 | n/a | 36.31 | +423.1% |
| 7,681.51 | 7,834.39 | -2.0% | 8,997.92 | -14.6% | |
| Profit before tax | 9,781.31 | 10,057.36 | -2.7% | 11,260.08 | -13.1% |
| Finance costs | 18,057.75 | 17,313.68 | +4.3% | 17,250.42 | +4.7% |
| Depreciation | 16.13 | 15.32 | +5.3% | 17.98 | -10.3% |
| Tax expense | 2,099.80 | 2,222.97 | -5.5% | 2,262.16 | -7.2% |
| Net profit margin | 26.28% | 27.11% | -0.83 pp | 31.50% | -5.23 pp |
| EPS, basic (₹) | 18.29 | 17.40 | +5.1% | 21.25 | -13.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 2.0% to ₹7,681.51 crore while total income rose 1.2%, so the two lines moved in opposite directions from a year earlier. Profit before tax fell 2.7% to ₹9,781.31 crore, and tax expense fell 5.5% to ₹2,099.80 crore. Tax was 21.5% of profit before tax this quarter.
Finance costs rose 4.3% YoY to ₹18,057.75 crore and are now 61.8% of total income, against 59.9% a year earlier. Other income was ₹189.94 crore, against ₹10.86 crore in the same quarter last year, and is 1.9% of profit before tax. The filing notes a refund of ₹2,416.09 crore relating to FY 2016-17, of which ₹2,282.25 crore relates to matters not yet final; provision for the same was already created in FY 2016-17.
The consolidated quarter-on-quarter fall of 14.6% in net profit compares with a 2.4% rise in total income.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 14,973.11 | 14,756.14 | +1.5% | 13,994.90 | +7.0% | |
| Revenue from operations | 14,793.20 | 14,755.50 | +0.3% | 13,993.13 | +5.7% |
| Other income | 179.91 | 0.64 | n/a | 1.77 | n/a |
| 4,986.71 | 4,461.94 | +11.8% | 4,745.40 | +5.1% | |
| Profit before tax | 6,157.13 | 5,539.89 | +11.1% | 5,913.09 | +4.1% |
| Finance costs | 8,535.62 | 8,182.94 | +4.3% | 8,502.88 | +0.4% |
| Depreciation | 6.78 | 5.81 | +16.7% | 8.60 | -21.2% |
| Tax expense | 1,170.42 | 1,077.95 | +8.6% | 1,167.69 | +0.2% |
| Net profit margin | 33.30% | 30.24% | +3.07 pp | 33.91% | -0.60 pp |
| EPS, basic (₹) | 15.11 | 13.52 | +11.8% | 14.38 | +5.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 11.8% YoY to ₹4,986.71 crore, faster than total income, which rose 1.5%. Profit before tax rose 11.1% to ₹6,157.13 crore, and tax expense rose 8.6% to ₹1,170.42 crore, so the tax rate on profit before tax was 19.0%.
Finance costs were ₹8,535.62 crore, 4.3% higher than a year earlier and 57.0% of total income. Standalone exceptional items were nil in the quarter and in the half year. Other income of ₹179.91 crore was 1.2% of total income, against ₹0.64 crore a year earlier.
Standalone impairment loss allowance on loans was ₹8,535.15 crore at 30 Sep 2026, against ₹10,398.76 crore at 31 Mar 2026. The gross credit impaired assets ratio was 0.91% and the net ratio 0.15%, and CRAR was 23.89%.
Inference
The filing declares a second interim dividend of ₹4.10 per share, subject to TDS, with a record date of 17 Nov 2026 and payment on or before 04 Dec 2026. The company had earlier paid ₹3.90 per share as first interim dividend for FY 2026-27.
The Scheme of Merger of REC Limited into the Company remains subject to statutory and regulatory approvals, shareholder and creditor approval, and sanction by the Ministry of Corporate Affairs. The filing does not state when these approvals will be received. The filing also does not say what the outcome of the tax matters behind the ₹2,282.25 crore not yet final will be, or why consolidated finance costs rose.
Filed with BSE on . Reference: Original filing (PDF)
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