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Power Finance Corporation

PFC
Large Cap
(%) 1D
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Power Finance Corporation Share price and Fundamental Analysis

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Power Finance Corporation Ltd is a leading power sector Public Financial Institution and a Non-Banking Financial Company providing fund and non-fund based support for development of the Indian power sector. The Company is engaged in power sector financing, the integrated development of the power and associated sectors. They provide large range of Financial Products and Services like Rupee Term Loans, Transitional Financing Services, Project Term Loan, Equipment Lease Financing, Direct Discounting of Bills, Short Term Loan, and Consultancy Services etc for various Power projects in Generation, Transmission, and Distribution sector as well as for Renovation & Modernization of existing power projects.
Company Incorporation1986
ChairmanParminder Chopra
Head QuartersNew Delhi
Previous NamePower Finance Corporation Ltd

Key Metrics

Market Cap (Cr)
1,35,502
PE Ratio
6.08
Industry P/E
10.59
PEG Ratio
0.33
ROE
19.26%
ROCE
9.53%
ROA
2.69%
Total Debt (Cr)
Debt to Equity
Dividend Yield
3.29%
EPS
67.57
Book Value & P/B
333.46 x 1.23
Face Value
10
Outstanding Shares(Cr)
330.01
Current Ratio
EV to Sales
10.28

Included In

+More

Stock Returns

1 Week-2.18%
1 Month+3.89%
6 Months-12.22%
1 Year-2.65%
3 Years+364.67%
5 Years+520.31%

CAGR

1 Year CAGR

Revenue Growth

+17.97%

Net Profit Growth

+24.94%

Financing Profit Growth

+14.24%

Dividend Growth

N/A

Stock Returns CAGR

-2.65%
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3.1
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Mar 25

Promoters : 55.99%

FIIs : 18.84%

DIIs : 16.18%

Public : 8.98%

Promoter
FII/FPI
DII
Public
Promoter Pledge stands at 0.0% of holding in March 2025 Qtr
FII Shareholding Increased by 0.8% to 18.84% in March 2025 Qtr
DII Shareholding Decreased by 0.98% to 16.18% in March 2025 Qtr

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Power Finance Corporation Management and History

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Company History

Power Finance Corporation Ltd is a leading power sector Public Financial Institution and a Non-Banking Financial Company providing fund and non-fund based support for development of the Indian power sector. The Company is engaged in power sector financing, the integrated development of the power and associated sectors. They provide large range of Financial Products and Services like Rupee Term Loans, Transitional Financing Services, Project Term Loan, Equipment Lease Financing, Direct Discounting of Bills, Short Term Loan, and Consultancy Services etc for various Power projects in Generation, Transmission, and Distribution sector as well as for Renovation & Modernization of existing power projects.

The Company's clients include state power utilities, central power sector utilities, power departments, private power sector utilities (including independent power producers), joint sector power utilities, power equipment manufacturers and power utilities run by local municipalities. These clients are involved in all aspects of the generation, transmission and distribution and related activities in the power sector in India.

Power Finance Corporation Ltd was incorporated on July 16, 1986 as a public limited company. The GoI established the company as a financial institution in order to finance, facilitate and promote power sector development in India with the President of India holding 100% of the equity share capital. In December 31, 1987, they commenced their business operations. In the year 1988, they started lending activities. In the year 1990, the company was declared as a public financial institution.

In the year 1991, the company was conferred with a license to deal in foreign exchange in the power sector. In the year 1992, Project on Energy Management Consultation and Training (EMCAT) became operational with the objective to bring about improvement in the efficiency of the energy supply component of the power sector with the help of USAID. In the year 1996, the company started funding private power projects.

In the year 1998, the company was granted the Mini Ratna (Category I) status. They promoted a joint venture company, namely PTC Ltd in association with NTPC and PGCIL. In the year 1999, the company launched consultancy services in order to provide consultancy services to both state owned and private power utilities for the power and financial sectors.

In the year 2003, the company was appointed as a nodal agency by the MoP to fund the India Power Fund scheme to catalyze the process of fresh equity investment in the power sector. In the year 2005, the company entered into MoU with LIC and ten leading public sector banks for consortium financing of power projects. In the year 2006, the company incorporated seven subsidiary companies for developing UMPPs. They issued the letter of intent for the Sasan and Mundra UMPPs. In the year 2007, they incorporated their eighth subsidiary company for developing UMPP.

During the year 2006-07, the company launched their IPO and the holding of Government of India reduced from 100% to 89.78% of the paid-up equity. On successful completion of bidding process, two of the subsidiaries, Coastal Gujarat Power Ltd and Sasan Power Ltd were transferred to Tata Power Company Ltd and Reliance Power Ltd on April 22, 2007 and August 7, 2007 respectively. The company was registered as a Non Banking Financial Company by RBI and was conferred with the status of Nav Ratna by the Govt of India on June 22, 2007.

During the year 2007-08, the projects, namely Maneri Bhali U-1,3&4 (228 MW) of UTJVNL in Uttaranchal, Balimela U-7 of OHPC in Orissa and Teesta V HEP U-2 (170 MW) of NHPC in Sikkim, which were supported by the company were commissioned. The company sanctioned loans worth Rs 190 crore for R & M and Life Extension of thermal power plants. Also, they sanctioned Rs 222 crore for R&U of Hydro Power Projects.

In March 2008, the company signed an MoU with RITES Ltd (A Govt. of India Enterprise) to facilitate import of coal from African countries and elsewhere. Also, they signed an MoU with TNEB whereby PFC would finance cogeneration projects of around 250 MW planned to be set up at a cost of Rs1200 crore in various cooperative and public sector sugar mills in the state of Tamil Nadu.

In March 25, 2008, the company launched a 100% owned subsidiary company, namely PFC Consulting Ltd for providing consulting services. Also, they incorporated an advisory company namely Power Equity Capital Advisors Private Limited to provide advisory services related to equity investments in Indian power sector.

During the year 2008-09, the company established a Consortium Lending Group (CLG) with an aim to give fillip to Consortium Lending Operations, particularly through the Power Lenders' Club (PLC) which has 21 members including LIC, HUDCO and 18 Indian banks. The projects in association with the company, namely Baglihar HEP (3x150 MW) of JKPDCL in Jammu and Kashmir, Priyadarshni Jurala HEP (6x39 MW) of APPGCL in Andhra Pradesh and Varahi HEP (2x115 MW) of KPCL in Karnataka were commissioned.

During the year, the company sanctioned loans worth Rs 214 crore for R&M and life extension of thermal power plants. Also, they sanctioned Rs 48 crore for R&M of hydro power projects. Chhattisgarh State Electricity Board was reorganized / unbundled into Chhattisgarh State Power Holding Company Ltd., Chhattisgarh State Power Generation Company Ltd., Chhattisgarh State Power Transmission Company Ltd., Chhattisgarh State Power Distribution Company Ltd. and Chhattisgarh State Power Trading Company Ltd with effect from January 1, 2009. Also, the company in association with NTPC, NHPC and TCS promoted National Power Exchange Ltd with an authorized capital of Rs.50 crore.

The company was conferred with the coveted 'KPMG-Infrastructure Today Award 2008' for 'Most Admired Government Enabler - Power' category.

During the year 2009-10, the company sanctioned loans worth Rs 1,950 crore for R&M and life extension of thermal power plants. Also, they sanctioned Rs 74 crore for R&M of hydro power projects. In August 2009, Jharkhand Integrated Power Ltd. for Tilaiya UMPP in Jharkhand has also been transferred on 7th August, 2009 to Reliance Power Ltd. In November 2009, the company signed a joint venture agreement with TPC Ltd., Power Grid Corporation of India Ltd. and Rural Electrification Corporation Ltd for incorporating a Joint Venture Company with equal equity contribution (i.e. 25% each) from all the 4 CPSUs.

As on March 31, 2010, the company established twelve Special Purpose Vehicles for UMPPs to undertake preliminary site investigation activities necessary for conducting the bidding process for these projects. Ministry of Power is the 'facilitator' for the development of these UMPPs while Central Electricity Authority (CEA) is the 'Technical Partner'. These SPVs shall be transferred to successful bidder(s) selected through Tariff Based International Competitive Bidding Process for implementation and operation.

During the year 2010-11, loans worth Rs 556 crore were sanctioned for R&M and life extension of thermal power plants and an amount of Rs 562 crore was disbursed. Also, they disbursed Rs 83 crore for R&M of hydro power projects. In July 28, 2010, RBI classified the company as an Infrastructure Finance Company (IFC).

In October 2010, the company signed an MoU with NPCIL, the only player in nuclear power generation in India, for offering financial assistance to NPCIL for their new power projects as well as renovation, refurbishment and life extension projects etc.

During the first quarter of financial year 2011-12, the company made a Further Public Offer (FPO) of 22,95,53,340 equity shares of Rs 10 each. The issue included a fresh issue of 17,21,65,005 equity shares by the Company and an offer for sale of 5,73,88,335 equity shares by the President of India acting through Ministry of Power, Government of India.

In March 30, 2011, the company incorporated a wholly-owned subsidiary company namely Power Finance Corporation Green Energy Ltd to provide financial support for generating green (Renewable and Non-conventional sources of) energy. In July 18, 2011, they incorporated a wholly owned subsidiary, PFC Capital Advisory Services Ltd to syndicate and make financial arrangements for the Projects/ enterprises in the areas of power, energy, infrastructure and other industries.

During 2012, the corporation incorporated a Special Purpose Vehicle (SPV), as a wholly-owned subsidiary Company namely Deoghar Mega Power Limited. The Corporation also disbursed Rs 7,400 cr loan to 5 sick Discoms

In 2013, four Special Purpose Vehicles (SPVs) as wholly owned subsidiaries was incorporated by PFC Consulting Limited, a wholly owned subsidiary of the Corporation Limited. PFC Green Energy, a Wholly owned Subsidiary commenced operations in the month of March.

In 2014, the corporation incorporated Two (2) wholly Owned Subsidiaries of Power Finance Corporation Ltd, Cheyyur Infra Ltd and Odisha Infrapower Ltd. The Corporation decided to extend a Rs 15,000-crore loan to the Andhra Pradesh government to improve power sector infrastructure facilities and was officially announced. During the year, The Securities and Exchange Board of India granted a certificate of registration as a Debenture Trustee to PFC Capital Advisory Services Limited, a wholly owned subsidiary of Power Finance Corporation Limited (PFC).

In 2015, the corporation achieves MOU Targets of Financial Year 2014-15 for Sanctions and Disbursements. During the year, the Corporation incorporated Bihar Mega Power Limited as its wholly-owned subsidiary and also incorporated Jharkhand Infrapower Ltd as a wholly owned subsidiary of the corporation.

On 27 July 2015, Government of India offloaded 6.6 crore equity shares, representing a 5% stake in Power Finance Corporation via Offer for Sale through the stock exchanges mechanism. After the stake-sale, Government of India's holding in PFC declined to 67.8% from 72.8%.

On 21 April 2016, Power Finance Corporation informed the stock exchanges that Odisha Generation Phase-II Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited (wholly owned subsidiary of Power Finance Corporation Limited) established for development of common transmission system for phase-II generation projects in Odisha, has been transferred to M/s Sterlite Grid 3 Limited (the successful bidder).

On 2 June 2016, Power Finance Corporation Ltd (PFC) announced that it has acquired 23.32% stake in Shree Maheshwar Hydel Power Corporation Limited (SMHPCL) upon invocation of shares pledged by SMHPCL's promoters and upon partial conversion of sub debt loan to SMHPCL. PFC decided to invoke the pledged shares following loan default from SMHPCL. PFC was one of the lenders to SMHPCL and had given loan of Rs 700 crore to SMHPCL along with guaranteeing Rs 400 crore to the bond holders of SMHPCL.

On 6 July 2016, Power Finance Corporation Ltd informed the stock exchanges that Warora-Kurnool Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited (wholly owned subsidiary of Power Finance Corporation), established for development of Transmission System for 'Additional inter-Regional AC link for import into Southern Region i.e. Warora - Warangal and Chilakaluripeta - Hyderabad - KurnooI 765 kV link' Common Transmission System has since been transferred to M/s Essel Infraprojects Limited (the successful bidder) on 6 July 2016.

The Board of Directors of Power Finance Corporation Ltd at its meeting held on 14 July 2016 recommended issue of bonus shares in the ratio of 1:1.

On 15 July 2016, Power Finance Corporation Ltd informed the stock exchanges that Gurgaon-Palwal Transmission Limited (a wholly owned subsidiary of PFC Consulting Limited) established for development of Transmission System for 'Creation of new 400 kV substations in Gurgaon area and Palwal area as a part of ISTS' has since been transferred to M/s Sterlite Grid 4 Limited (the successful bidder) on 14 July 2016.

On 7 December 2017, Power Finance Corporation (PFC) announced that it has successfully closed the deal for issuance of USD 400 million Green Senior Unsecured Notes offering at a fixed rate coupon of 3.75% from the international debt capital markets under Regulation S of the U.S. Securities Act of 1933 (as amended) on 6 December 2017 and completed the formalities for listing at Singapore Exchange (SGX-ST) and International Securities Market segment of the London Stock Exchange.

Pursuant to the order of Ministry of Corporate Affairs dated February 5, 2019, PFC Capital Advisory Services Limited (PFCCAS, a wholly owned subsidiary of the Company) was amalgamated with PFC Consulting Limited, wholly owned subsidiary of the Company w.e.f. the appointed date i.e. April 1, 2018. Further, pursuant to the order of Ministry of Corporate Affairs dated February 7, 2019, PFC Green Energy Limited (PFCGEL, a wholly owned subsidiary of the Company) got amalgamated with the Company from the appointed date i.e. April 1, 2017.

During the year 2018-19, the Company acquired 52.63% shareholding held by the President of India in REC Limited (REC) at Rs 139.5036 per share for a total cash consideration of Rs. 1,44,99,99,50,186/- on March 28, 2019. By virtue of this investment, the Company became the holding company of REC and REC became subsidiary of PFC. Further, since PFC acquired REC on March 28, 2019, the holding of REC in Energy Efficiency Services Limited (EESL) i.e. 21.70% which when combined with PFC's share in EESLi.e. 36.36% amounts to 58.06%. Accordingly, company has since become the holding company of EESL and EESL has become subsidiary of PFC.

During FY 2018-19 Government of India (Gol) transferred 1,93,72,120 and 16,19,54,570 Equity Shares held in the Company, through the New Fund Offer, to the Asset Management Company (AMC) of Bharat 22 ETF and CPSE ETF respectively. Consequently, the Government of India's shareholding came down from 65.92% to 59.05% respectively.

During FY 2018-19, Power Finance Corporation (PFC) acquired 103,93,99,343 Equity Shares of REC (representing 52.63% of the Share Capital of REC) and since then, became the Holding Company and also the Promoter of REC. Consequently, REC Transmission Projects Company Limited, REC Power Distribution Company Ltd, Koderma Transmission Limited, Mandar Transmission Limited, Dinchang Transmission Limited, Chandil Transmission Limited and Dumka Transmission Limited, the subsidiaries of REC as on March 31, 2020 became the subsidiaries of PFC.

As on March 31, 2022, the Government of India's shareholding was 55.99%.

As at March 31, 2023, outstanding loan balances of Solar & Wind energy projects funded by PFC are Rs 14,765 crore & Rs 13,442 crore respectively. The total capacity (MW) of outstanding Solar & Wind energy projects funded by PFC as on March 31, 2023 is 9,324 MW.

On 25th August, 2022, PFC was granted the mandate by the Ministry of Power to extend lending support to the infrastructure and logistics sector. PFC has sanctioned loan of Rs 633 Crore to Blu Smart for the purchase of 5000 passenger Electric Vehicles (EVs). Further, PFC's funding of Rs 6,112 Crore to refinance 1,227 MW Solar and Wind Projects of JSW Energy Group underscores its commitment to sustainable energy.

As on March 31, 2023, 49 SPVs have been established for ITPs by PFC / PFCCL. During year 2023, nine companies/ Independent Transmission Projects (ITPs)-SPVs were incorporated including, Siot Transmission Limited, Fatehgarh III Beawar Transmission Limited, Beawar Dausa Transmission Limited, Khandukhal Rampura Transmission Limited - Transferred, Fatehgarh III Transmission Limited, Bhadla III Transmission Limited, Fatehgarh IV Transmission Limited, Raipur Pool Dhamtari Transmission Limited - Transferred and Dharamjaigarh Transmission Limited -Transferred. Further during FY 2022-23, SPVs established for development of transmission projects transferred comprised of Khetri-Narela Transmission Limited, Khandukhal Rampura Transmission Limited, Kishtwar Transmission Limited, Bhadla-Sikar Transmission Limited, Raipur Pool Dhamtari Transmission Limited and Dharamjaigarh Transmission Limited.

As at March 31, 2023, the Company along with its subsidiary RECL holds 33.13% stake in equity share capital of EESL (17.65% directly and 15.68% through its subsidiary RECL). As on March 31, 2023, PFC holds 24,55,00,000 Equity Shares of FV of Rs 10 each of Energy Efficiency Services Limited valued at Rs 158.08 crore.

During 2023, PFC, through The United States Agency for International Development (USAID) launched South Asia Distribution Utilities Network (DUN), across Bhutan, Bangladesh, India, Maldives, Nepal and Sri Lanka for the reform and modernisation of the sector.

As on March 31, 2023, PFC's Gross Loan assets comprised of Rs 48,198 crore in Renewable energy comprising Rs 16,251 crore of large hydro projects (>25MW) and Rs 31,947 crore other than large hydro projects.

During FY 2022-23, PFC signed a Loan Agreement for JPY 30 billion with Japan bank for International cooperation (JBIC). Further, a Project Loan agreement (PLA) was signed for JPY 2.65 billion between PFC and JBIC. Thus, the funds under the facility would be used by PFC to finance its renewable energy portfolio.

Power Finance Corporation Share Price

Power Finance Corporation share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.

Power Finance Corporation Market Cap

Market capitalization of Power Finance Corporation indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how Power Finance Corporation is valued compared to its competitors.

Power Finance Corporation PE Ratio

Power Finance Corporation PE ratio helps investors understand what is the market value of each stock compared to Power Finance Corporation 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.

Power Finance Corporation PEG Ratio

The PEG ratio of Power Finance Corporation evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.

Power Finance Corporation ROE (Return on Equity)

Return on Equity (ROE) measures how effectively Power Finance Corporation generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.

Power Finance Corporation ROCE (Return on Capital Employed)

Return on Capital Employed (ROCE) evaluates the profitability of Power Finance Corporation in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.

Power Finance Corporation Total Debt

Total debt of Power Finance Corporation shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.

Power Finance Corporation Debt to Equity Ratio

The Debt-to-Equity (DE) ratio of Power Finance Corporation compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.

Power Finance Corporation CAGR (Compound Annual Growth Rate)

CAGR shows the consistent growth rate of Power Finance Corporation over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.

Power Finance Corporation Technical Analysis

Technical analysis of Power Finance Corporation helps investors get an insight into when they can enter or exit the stock. Key components of Power Finance Corporation Technical Analysis include:

Support Levels (S1, S2, S3)

There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.

Resistance Levels (R1, R2, R3)

There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where Power Finance Corporation shares often struggle to rise above due to selling pressure.

Power Finance Corporation Dividends

Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect Power Finance Corporation ’s financial health and profitability.

Power Finance Corporation Bonus Shares

Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.

Power Finance Corporation Stock Split

Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.

Power Finance Corporation Financials

The financials of Power Finance Corporation provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.

Power Finance Corporation Profit and Loss Statements

The profit and loss statement of Power Finance Corporation highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of Power Finance Corporation .

Power Finance Corporation Balance Sheet

The balance sheet presents a snapshot of Power Finance Corporation ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.

Power Finance Corporation Cashflow Statements

Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.

Power Finance Corporation Net Interest Margin (NIM)

Power Finance Corporation Net Interest Margin (NIM) tells about the profitability earned by all NBFCs and financial institutions. It represents the income generated by the bank from the difference between the interest earned on loans and the interest paid on public deposits. Net Interest Margin (NIM) is a metric that monitors the profitability generated from a bank's lending activities.

Power Finance Corporation Non-Performing Assets (NPA) Ratio

Non-Performing Assets (NPA) indicate the ratio of a bank's loans that are classified as non-performing. A lower NPA ratio reflects stronger asset quality and more effective risk management.

Power Finance Corporation Capital Adequacy Ratio (CAR)

Capital Adequacy Ratio (CAR) is a metric to measure the bank's ability to absorb losses and still remain financially stable. A higher CAR shows that the bank is financially sound and can absorb potential losses.

Power Finance Corporation Gross NPA

Gross NPA is the percentage of total non-performing loans before provisioning, while net NPA is the percentage after provisioning. Lower gross and net NPA ratios indicate better loan quality.

Power Finance Corporation Net NPA Ratio

Net NPA is the actual losses a bank has incurred due to NPA accounts. Lower the NPA, better the banks can maintain stable income from interest on loans.

Power Finance Corporation CASA Ratio

CASA ratio tells how much of a bank's total deposits are in both current and savings accounts.

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