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The appointment, recommended by the Nomination and Remuneration Committee, will be valid till November 30, 2026, or up to the date of his superannuation from PTC India, and is subject to shareholder approval. He will be liable to retire by rotation.
Malhotra will succeed outgoing MD & CEO R Balaji, who resigned with effect from June 30, 2026, citing personal reasons, as earlier intimated to exchanges.
A Mechanical Engineer and CFA charterholder, Malhotra is an alumnus of NIT Kurukshetra and IIM Lucknow. He currently serves as Executive Director and Group Chief Risk Officer at PTC India and has over 35 years of experience across the power and utilities sector, including roles at NTPC, Athena Energy Ventures, and Energy Infratech.
He has worked extensively across strategy, finance, risk management, regulatory affairs, cyber resilience, and corporate development.
PTC India Financial Services is promoted by PTC and provides financial services and related products to companies in the energy value chain.
The company’s consolidated net profit tanked 21.76% to Rs 45.50 crore in Q4 FY26 as against Rs 58.16 crore in Q4 FY25. Total revenue from operations fell 22.16% year on year (YoY) to Rs 119.08 crore in Q4 FY26.
For the full year,net profit rose 47.14% to Rs 319.36 crore in the year ended March 2026 as against Rs 217.05 crore during the previous year ended March 2025. Sales declined 18.76% to Rs 514.57 crore in the year ended March 2026 as against Rs 633.37 crore during the previous year ended March 2025.
The short-term facilities have been reaffirmed at 'Crisil A1'.
Crisil Ratings stated that the ratings were placed on watch in October 2025, following the resignation of three independent directors of the company citing an unfavorable company environment that hindered their ability to function independently.
The independent directors did not provide specifics in their resignation letters. PFS, in turn, stated that the outgoing directors had been actively participating in all board and committee meetings and had not raised any concerns previously.
Subsequently, the company appointed three new independent directors, two of whom are also independent directors on the board of PTC India Limited, thereby ensuring compliance with the regulatory requirements.
Crisil Ratings has now resolved the rating watch and reaffirmed the rating of the company. The board has been reconstituted, and since then all committees are operational and the company's regular business activities, including the timely publication of financial results, are on track.
The ratings are also supported by the company's adequate capital position, with a net worth of Rs 3,034 crore and gearing of 0.7 times as of 31 December 2025.
The ‘negative’ outlook on the long-term rating reflects the prolonged delay in normalization of resource mobilization. This in turn limits the ability of the company to scale up disbursements, thereby impacting its market position.
The recent resignation of the managing director (MD) and chief executive officer (CEO), Mr. Balaji, on 30 March 2026, is expected to further impede the normalization of fresh fund raising.
As of December 31, 2025, assets under management (AUM) stood at Rs 3,503 crore, declining from Rs 4,735 crore as of March 31, 2025.
While incremental disbursements have shown an improvement, reaching Rs 1,073 crore in the first nine months of fiscal 2026, compared to Rs 916 crore, this growth has been largely funded by repayments and prepayments, with no incremental fund-raising since April 2024.
Notably, the company has raised only Rs 400 crore in incremental borrowing since January 2022.
Crisil Ratings will continue to monitor the company's funding profile closely and assess its ability to secure incremental funding at reasonable costs.
PTC India Financial Services is promoted by PTC and provides financial services and related products to companies in the energy value chain. As on December 31, 2025, gross loan book was Rs 3,503 crore.
For the nine-month period ended December 31, 2025, PAT stood at Rs 274 crore on total income (net of interest expense) of Rs 219 crore, against Rs 159 crore and Rs 233 crore, respectively, for the corresponding period of previous fiscal.
However, total revenue from operations declined 19.32% year on year to Rs 131.84 crore in the quarter ended 30 September 2025.
Profit before tax in Q2 FY26 was at Rs 117.63 crore, up 85.50% as against Rs 63.41 crore posted in Q2 FY25.
Net interest margin (NIM) (earning portfolio) increased to 4.59% in Q2 FY26, compared to 4.41% in Q2 FY25. Spread (earning portfolio) for Q2 FY26 declined to 1.74% as against 2.04% reported in Q2 FY25.
The provision coverage ratio (PCR) for stage III assets improved to 76% in Q2 FY26, compared to 63% in Q2 FY25.
Debt equity ratio declined to 0.76 times in Q2 FY26 from 1.27 times in Q2 FY25.
The return on net worth (annualized) increased to 12.30% from 7.26% in Q2 FY25, reflecting enhanced profitability and efficient capital utilization. Similarly, the return on assets (annualized) rose to 6.50%, compared to 3.08% in the same period last year.
The yield on earning portfolio stood at 11.23% in Q2 FY26, marginally lower than 11.47% in Q2 FY25, indicating stable portfolio yields despite changing market conditions.
Gross stage III assets improved significantly to Rs 193 crore in Q2 FY26 from Rs 764 crore in Q2 FY25.
In Q2 FY26 disbursements stood at Rs 326 crores, up from NIL in Q2 FY25. Similarly, loan sanctions in Q2 FY26 reached Rs 1,048 crores, compared to NIL in the same period last year.
On a half year basis, the company’s consolidated net profit surged 145% to Rs 224.77 crore despite 15.67% decline in total revenue from operations to Rs 273.75 crore in H1 FY26 over H1 FY25.
PTC India Financial Services stated, “We remain steadfast in our commitment to delivering consistent value to all our stakeholders, guided by the principles of transparency, accountability, and responsible growth. Our core focus continues to be on profitable expansion, operational excellence, and the development of innovative, customer-centric solutions that align with our long-term sustainability vision.
The quarter under review was marked by significant transition and progress. We witnessed strong traction across our business portfolio, supported by improved asset quality and steady growth in loan sanctions and disbursements. Notably, this quarter saw a visible uptick in loan activity, entry into the SME segment, and a meaningful improvement in asset quality. We are confident in sustaining this growth momentum in the coming quarters.
While our AUM may experience short-term fluctuations due to prepayments and portfolio churn, we remain optimistic about achieving steady, high-quality growth over the medium term. Our strategy continues to focus on building a well-diversified, low-volatility portfolio, while consistently creating long-term value for our stakeholders.”
PTC India Financial Services (PFS) is a NBFC registered with RBI which holds the status of Infrastructure Finance Company. It provides equity/debt financing solutions to the energy value chain.