PTC India Ltd

ESG rating update

• CRISIL updated ESG rating to 'Adequate' (score 52) using FY2024-25 public data; no CRISIL engagement by company.

AGM Details

• AGM date and time: 30 September 2026 at 12:30 PM, via VC/OAVM.
• Record date for entitlement to final dividend: 07 October 2026.

Dividend & Record Date

• Proposed final dividend: 55% (Rs 5.50 per equity share) for FY2025-26.
• Dividend subject to approval at the ensuing AGM.

Financial Performance

• Standalone Q1 FY27 volume up 12% to 25.8 billion units.
• Standalone operating income rose 2% to Rs 113 crore.
• Standalone PBT declined 32% to Rs 96 crore; PAT down 33% to Rs 71 crore.
• Consolidated PBT down 48% to Rs 151 crore; PAT down 54% to Rs 112 crore.
• Standalone EPS Rs 2.39; consolidated EPS Rs 3.31.
• Note: Rs 17.4 crore provision recognized in standalone notes.
• Net cash on standalone basis Rs 2,451 crore as of June 30.
• Interim dividend of Rs 23 per share; described as one-time payout.

Operating Update

• Long-term 1200 MW PPF signed with NTPC Green for solar procurement.
• Cross-border operations continue with Bangladesh, Bhutan, and Nepal; payments flow remains regular in Bangladesh.
• Power demand expected to grow 4-6% annually; volatility may arise from weather.
• 60% of trading volume from exchange-traded products; rest from bilateral trades.
• Battery/storage tie-ups under discussion; evaluating multiple options.
• Teesta Urja 1.2 GW under construction; 40-50% generation expected by year-end.
• NTPC Green tie-up is long-term; online by FY29.

Liquidity and Debtors

• Debtors at June 30: Rs 4,469 crore; top debtors include Punjab SB, UPPCL, Haryana, Rajasthan, Tamil Nadu.
• Back-to-back debtor-creditor arrangement; PTC exposure not more than 60 days.
• Standalone cash Rs 2,451 crore; cash reserve supports interim dividend.
• PFS divestment process: transaction advisor appointed; timeline uncertain.
• NLC JV formation approved; potential investment up to Rs 500 crore.
• PTC Energy sale proceeds about Rs 1,185 crore; remaining cash around Rs 1,100 crore.

Projects and Capex

• Teesta Urja 1.2 GW under construction; cofferdam stage progressing.
• First generation expected by December; full dam milestones to follow.
• NTPC Green 1200 MW long-term PPF signed; online by FY29.
• Hydro long-term capacity declines due to lower generation.
• Storage/battery initiatives: evaluating options with potential ROCE impact.
• NLC JV formation underway; investment up to Rs 500 crore; progress by FY end.

Q&A Highlights

• PPAs expiry not expected in next three years.
• Long-term trading requires direct generator-utility contracts; traders cannot bid in SBD.
• Storage/battery tie-ups under discussion; evaluating asset-owner versus service model.
• NTPC Green tie-up long-term; online by FY29; Teesta Urja progress noted.
• Interim dividend of Rs 23 per share; described as a one-time payout.
• PFS divestment: advisor appointed; timeline uncertain; value maximization objective.
• Debtors concentration: top debtors include Punjab SB, UPPCL, Haryana, Rajasthan, Tamil Nadu; exposure ~60 days.

Risks and Watchpoints

• Divestment of PFS depends on regulatory approvals; timeline not fixed.
• Debtor concentration risk; recoveries depend on counterparty viability and litigation outcomes.
• Policy changes could broaden merchant power; market depth affects margins.
• Cash usage: interim dividend timing and proceeds from PTC Energy sale under review.

Meeting Details

• Board meeting scheduled for 4 August 2026; time and venue not disclosed.

Key Agenda Items

• Consideration of interim dividend proposal for FY 2026-27 (if any).

Other Notes

• Record date for interim dividend to be intimated separately.
• Trading window closed from 01 July 2026 and remains closed till 48 hours after Q1 results.

Meeting Details

• Meeting scheduled for Tuesday, 04 August 2026; time and venue not disclosed.

Key Agenda Items

• Consideration and approval of unaudited standalone and consolidated financial results for quarter ended 30 June 2026.

Other Notes

• Trading window closed from 01 July 2026 until 48 hours after results announcement.

Dematerialisation status for quarter ended 30 June 2026

• Securities dematerialised have been listed on stock exchanges within 15 days of receipt.
• Certificates mutilated and cancelled; depository substituted as registered owner within 15 days.

PPA with NTPC Renewable Energy Ltd

• PTC India entered PPA on 3 July 2026 with NTPC Renewable Energy Ltd for 1200 MW solar power.
• NTPC Renewable Energy Ltd is a wholly owned subsidiary of NTPC Green Energy Limited.
• PPA is under a bilateral arrangement.