PTC's profit rises +41.95% QoQ despite weaker operating profit
Higher other income and a tax-rate decline offset faster expense growth and a +125.47% rise in interest costs.
Filed 02 Nov 2026, 17:59 IST · after market close · PTC India Ltd (PTC)
Key takeaways
- Consolidated net profit rose +41.95% QoQ to Rs 159.10 cr, helped by a sharply lower tax rate and higher other income.
- Operating profit fell -5.13% QoQ as expenses grew +22.62%, faster than revenue growth of +21.75%, narrowing the margin by 0.69 percentage points.
- Other income contributed 86.50% of pre-tax profit, while interest expense rose +125.47% QoQ, limiting the quality of the earnings increase.
Price around the results
Revenue growth did not translate into operating profit
PTC India’s consolidated revenue increased +21.75% QoQ to Rs 5,812.07 cr, but operating profit fell -5.13% to Rs 142.81 cr. Expenses grew +22.62%, outpacing revenue, so operating margin narrowed from 3.15% to 2.46%, a decline of 0.69 percentage points. The company ranked second from the bottom among 13 Utilities peers that had reported, with its margin 40.96 percentage points below the sector median of 43.42%.
Other income and tax drove the profit increase
Pre-tax profit rose +13.34% QoQ even as interest expense increased +125.47% to Rs 117.20 cr. Other income rose to Rs 148.00 cr and accounted for 86.50% of pre-tax profit, making it a major contributor to reported earnings. The tax rate fell by 18.75 percentage points to 7.01%, which further lifted net profit.
Management points to renewable and storage initiatives
Management said demand for renewable energy, different structures, commercial and industrial consumers, and captive power producer models is a new growth driver. The company said it had issued an expression of interest to procure 500 MW/2,000 MWh of battery energy storage on a long-term basis. Management also said a joint venture with NLC India’s renewable arm, NPRL, had been incorporated, while PTC is extending its 204 MW Nepal power-supply contract up to 2028.
Results were filed after market close
The consolidated results were filed after market close on 2 November 2026. No post-results stock reaction is covered here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹5,812 cr | ₹4,774 cr | +21.75% |
| Other income | ₹148 cr | ₹55 cr | +169.97% |
| Expenses | ₹5,669 cr | ₹4,623 cr | +22.62% |
| Operating profit | ₹143 cr | ₹151 cr | -5.13% |
| Operating margin (%) | 2.46% | 3.15% | — |
| Interest | ₹117 cr | ₹52 cr | +125.47% |
| Depreciation | ₹3 cr | ₹2 cr | +3.72% |
| Profit before tax | ₹171 cr | ₹151 cr | +13.34% |
| Tax | ₹12 cr | ₹39 cr | -69.14% |
| Net profit | ₹159 cr | ₹112 cr | +41.95% |
| EPS (₹) | ₹4.85 | ₹3.31 | +46.53% |
Operating margin of 2.46% compares with a Utilities sector median of 43.42% across 13 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company identifies demand for renewable energy, different structures, C&I consumers and CPP models as a new growth driver.
New orders
- PTC is extending its 204 MW power supply contract to Nepal for the medium term up to 2028.
New initiatives
- PTC has issued an expression of interest to procure 500 MW/2000 MWh of BESS power on a long-term basis.
- A JV between PTC and NLC India's renewable arm has been incorporated as NPRL.
What to watch
- Whether operating margin holds above 2.46%.
- Interest expense after its +125.47% QoQ increase.
- Whether other income remains close to 86.50% of pre-tax profit.