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PTC India Limited (PTC) Fair Value & Analysis

Utilities · IN · Market cap ₹46.4B (≈ $491M) · ISIN INE877F01012

What is PTC India Limited really worth?

PI PTC India Limited PTC · BSE
Price₹156.30
Fair Value₹347.82
Upside+122.5%
Quality65/100

A solid business, trading 55% below our fair value of ₹347.82.

As of Aug 23, 2026, the fair value of PTC India Limited is ₹347.82 per share against a price of ₹156.30, so the fair value sits 123% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow
Ranks above peers (10/15)

Risks

!Weak Growth (revenue 5y −2.0 %/yr)
!Thin margins · 2.9% net margin
!Narrow moat 38/100
!Weak on dividend: 10 out of 100
Evidence: High Range ₹260.86 – ₹434.77

Fair value as of: Aug 23, 2026

From 22 valuation models · updated 14 days ago

Share price −11.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (₹260.86). The market is more pessimistic than our downside scenario.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

₹202.01 ₹48.56 Fair Value ₹347.82 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

60‑month range ₹48.56 – ₹202.01 · fair‑value band ₹260.86 – ₹434.77 · the ₹156.30 price screens below the ₹347.82 fair value. Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

PTC India Limited (PTC) currently trades at ₹156.30, while our model-based Fair Value estimate is ₹347.82, implying the stock looks roughly 55.1% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Utilities sector. Bull case: the DCF Models group reads highest at a median of ₹619.94 per share, and 21 of the 22 models we run sit above the ₹156.30 price. Bear case: the Asset-Based group reads lowest at ₹135.37, and 1 of the 22 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, PTC India Limited generated revenue of ₹175B at a net margin of 2.9%. Revenue grew 19.1% year over year. It earns a return on equity of 10.4%. Net debt stands at ₹14.8B. Fundamentals as of Aug 23, 2026

Our scenario range runs from ₹260.86 (bear case) to ₹434.77 (bull case); at ₹156.30, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 20% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −51% fair-value upside, at 123%, PTC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ₹11.75 per share, which is 7.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF ₹947.37 ₹1,308 ₹1,935 80
Growth DCF ₹983.62 ₹1,332 ₹1,898 79
5Y EBITDA Exit ₹439.94 ₹535.30 ₹653.69 77
All 22 models by family
DCF Models
FCF DCF ₹947.37 ₹1,308 ₹1,935 80
Owner Earnings ₹188.33 ₹266.77 ₹403.08 76
5Y Revenue Exit ₹468.27 ₹583.94 ₹740.33 74
5Y EBITDA Exit ₹439.94 ₹535.30 ₹653.69 77
5Y P/E Exit ₹489.24 ₹619.94 ₹768.16 72
10Y Revenue Exit ₹637.41 ₹767.46 ₹904.97 68
10Y EBITDA Exit ₹626.06 ₹735.17 ₹846.46 70
10Y P/E Exit ₹656.46 ₹791.35 ₹923.76 65
Earnings-Based
Graham-Dodd ₹139.13 ₹253.67 ₹313.60 66
EPV ₹153.71 ₹183.10 ₹208.81 74
Multiples
P/E Multiple ₹276.21 ₹368.28 ₹460.35 63
P/S Multiple ₹260.86 ₹347.82 ₹434.77 58
P/B Multiple ₹260.86 ₹347.82 ₹434.77 55
EV/EBIT ₹251.50 ₹342.88 ₹434.26 66
EV/EBITDA ₹162.75 ₹224.54 ₹286.33 67
EV/Revenue ₹199.11 ₹294.15 ₹389.18 53
Asset-Based
NCAV (Graham) ₹101.02 ₹135.37 ₹202.05 54
Growth DCF
Growth DCF ₹983.62 ₹1,332 ₹1,898 79
Rev-Margin DCF ₹468.27 ₹603.60 ₹775.34 74
Economic Profit
Residual Income ₹178.19 ₹198.72 ₹318.89 75
ROIC Compounder ₹153.71 ₹183.10 ₹211.31 72
Growth Earnings
Growth-Adj P/E ₹196.98 ₹281.40 ₹365.82 67

Widest divergence: DCF Models (₹619.94) versus Asset-Based (₹135.37). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 9.1
P/S ratio 0.33 P/E × margin
EPS (TTM) ₹17.23 price ÷ EPS = P/E 9.1
Dividend yield 9.4% payout 85.2%
Net margin 3.6% FY2025
Return on equity 10.4% TTM
More key figures
Profitability
Return on assets (EBIT) 7.7% avg 5y
Operating margin 3.1% TTM
Growth
Revenue (TTM) ₹175B TTM
Revenue growth (YoY) +19.1% 3y avg +1.3%
EPS growth (YoY) −49.8%
Balance sheet & cash flow
Free cash flow ₹28.1B FY2025
Net debt ₹14.8B FY2025 · ≈ 0.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 51

Profitability 44
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PTC India Limited, together with its subsidiaries, engages in the trading of power in India, Nepal, Bhutan, and Bangladesh. The company operates in two segments, Power and Financing Business. It engages in long term, medium term, and short-term power trading activities; and cross border power trading business.

Full company description

PTC India Limited, together with its subsidiaries, engages in the trading of power in India, Nepal, Bhutan, and Bangladesh. The company operates in two segments, Power and Financing Business. It engages in long term, medium term, and short-term power trading activities; and cross border power trading business. The company provides financing solutions to the energy value chain which includes v or extending debt to power projects in generation, transmission, distribution, fuel resources, and fuel related infrastructure, as well as consultancy and advisory services. It serves its products to state distribution and private distribution companies, corporates, and entities trading power on power exchanges. The company was formerly known as Power Trading Corporation of India Ltd and changed its name to PTC India Limited. PTC India Limited was incorporated in 1999 and is based in New Delhi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PTC India Limited reported revenue of ₹166B in FY2025 versus ₹169B in FY2021, a compound −0.4%/yr. Reported net income was ₹6.1B in FY2025, compounding +4.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
₹166B
Latest YoY
+2.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.0%
Avg. revenue growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.1%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.6% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+6.2%
Dividend yield9.4%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 6.2% vs 10Y 5.1%, steady
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8.6% (2020) → 4.3% (2025) · falling
Worst earnings drop52% (2017) · in INR
Revenue −0.4%/yr
FY21 ₹169B
FY22 ₹160B
FY23 ₹168B
FY24 ₹162B
FY25 ₹166B
Net income +4.6%/yr
FY21 ₹5.1B
FY22 ₹4.5B
FY23 ₹4.8B
FY24 ₹9.0B
FY25 ₹6.1B

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Cite: Fair Value Calculator (2026). "PTC India Limited Fair Value". https://www.fairvalue-calculator.com/stock/PTC.BSE

Peer Group

Utilities - Independent Power Producers · 76 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside +123% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 3% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 19% · Top 25%
Dividend yield (TTM) 9.4% · Top 25%
Debt / equity 0.16× · Lower than 75% of peers

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 9.1× · Cheaper than median
P/B 0.78× · Cheaper than median
P/S (TTM) 0.26× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 6.7× · Cheaper than median
PEG 0.86× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE45 · sector 0
FUTURE100 · sector 36
PAST100 · sector 12
HEALTH85 · sector 98
DIVIDEND10 · sector 28

Insider activity: 46/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $285.05 $88.09 −69%
Vistra Corp VST $144.22 $50.39 −65%
Adani Power Limited ADANIPOWER ₹206.10 ₹75.57 −63%
CGN Power Co 003816 ¥4.33 ¥3.62 −16%
Gulf Development Public Company GULF 63.25 THB 39.25 THB −38%
NRG Energy, Inc NRG $109.51 $53.91 −51%
Adani Energy Solutions Limited ADANIENSOL ₹1,583 ₹342.02 −78%
Talen Energy Corporation TLN $365.07 $43.55 −88%
Datang International Power Generation Co 601991 ¥5.89 ¥4.95 −16%
Power Assets Holdings 0006 HK$59.90 HK$30.74 −49%

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Frequently asked questions

Is PTC India Limited (PTC) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of ₹347.82 versus a price of ₹156.30, about +123% upside (undervalued).
What is the fair value of PTC?
Our model-based fair value for PTC India Limited is ₹347.82 (as of Aug 23, 2026), built from audited fundamentals. The current price: ₹156.30.
What is the quality score of PTC?
PTC India Limited has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for PTC India Limited (PTC)?
Our model-based price target is the fair value of ₹347.82 (as of Aug 23, 2026) from 22 valuation models. Cautious scenario ₹260.86, optimistic scenario ₹434.77. It is a calculation from audited fundamentals, not an analyst target.
What is the PTC India Limited stock forecast for 2026?
Our models put fair value at ₹347.82, about +123% upside versus a price of ₹156.30 (undervalued). Cautious scenario ₹260.86, optimistic scenario ₹434.77. The calculation is refreshed regularly with new filings.
What is the revenue of PTC India Limited (PTC)?
PTC India Limited reported trailing-twelve-month revenue of about ₹175B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of PTC?
The net profit margin of PTC India Limited is about 2.9%, meaning it keeps roughly 2.9% of revenue as net income. Based on the latest reported figures.
Does PTC India Limited pay a dividend?
PTC India Limited currently shows a dividend yield of about 9.39% relative to its recent price (as of Aug 23, 2026).
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