Key Metrics of PTC Inc.
About PTC Inc.
Sectors
Company details
- Listed
- Nasdaq: PTC
Operational Areas of PTC Inc.
Company summary
US market & SEC filings
PTC · Nasdaq · SEC CIK 0000857005
PTC share price
Annual results (SEC EDGAR)
Revenue, operating income, net income, EPS, cash flow, assets, liabilities, equity and debt for every year filed with the SEC are part of the premium plan.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 16 Sep 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹6,800 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Dominant share in power trading market in India
PTC is the one of the largest players in the Indian power trading market.
+ Stable trading margins in LTT/CBTs
PTC has a strong portfolio of long-term power trading contracts, supported by back-to- back PPAs with developers and PSAs with discoms.
+ Effective management of contractual risks
PTC’s long-term, medium-term and cross-border trading businesses carry contractual risks on both the PPA and PSA fronts despite their relatively stable and attractive margins.
+ Low leverage, strong debt coverage metrics and healthy liquidity profile
PTC’s financial risk profile is characterised by negligible leverage, strong debt coverage metrics and a robust liquidity position.
Credit challenges
− Significant counterparty risks due to poor financial health of discoms
PTC is exposed to the counterparty credit risks of its offtakers — which are state power utilities that have weak to moderate credit profiles.
− Margins remain exposed to open positions
Although PTC’s current open-position exposure is limited, any material increase in the untied contracted capacity could expose the company to merchant market price volatility and profitability fluctuations.
Could lead to an upgrade
The rating may be upgraded if the counterparty credit profile strengthens, particularly among state power utilities, thereby reducing the payment-related risks. A sustained improvement in trading volumes, led by growth in the long term and medium-term trading segments, would help improve the profits further and may favour an upgrade.
Could lead to a downgrade
Pressure on PTC’s rating could arise if there is a significant build-up of net receivables for a prolonged period of time, increasing the leverage and weakening the
Agency-reported financials (ICRA, 16 Sep 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹34,962 Cr | ₹36,853 Cr | ₹13,301 Cr |
| PAT | ₹855 Cr | ₹397 Cr | ₹70.70 Cr |
| OPBDITA/OI | 1.5% | 1.0% | 0.4% |
| PAT/OI | 2.4% | 1.1% | 0.5% |
| Total outside liabilities/Tangible net worth (times) | 0.80× | 0.90× | — |
| Total debt/OPBDITA (times) | 0.20× | 0.00× | — |
| Interest coverage (times) | 19.70× | 45.80× | 6.76× |
| Revenue growth (YoY) | — | 5.4% | — |
| EBITDA (margin × income) | ₹524 Cr | ₹369 Cr | ₹53.20 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹105 Cr | ₹0.00 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹26.62 Cr | ₹8.05 Cr | ₹7.87 Cr |
PTC India Limited was founded in 1999 to promote power trading in the country. The company’s promoters are Power Grid Corporation of India Limited (PGCIL), NTPC Limited (NTPC), Power Finance Corporation Limited (PFC) and NHPC Limited (NHPC). PTC has been the pioneer in developing and implementing power trading in India. At present, it is a category-I licence holder (defined as per CERC guidelines), which permits the highest volumes of trading. In FY2026, the volume of traded electricity stood at 92.8 billion units. Over the years, PTC has diversified its service offering in the power sector by setting up an investment vehicle — PFS — for providing financial solutions in the energy value chain. In March 2025, PTC sold its 100% stake in PTC Energy Limited (PEL) having a wind power capacity of 288.8 MW to ONGC Green Limited for Rs. 1,175 crore.
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Short term – Fund based facilities | Working capital & bank lines | ₹2,000 Cr | ₹2,000 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| facilities | Other | ₹3,500 Cr | ₹4,500 Cr | 28.6% | — | Other | ICRA |
| Commercial paper | Commercial paper | ₹300 Cr | ₹300 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 72% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 72% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 6.76×
Rated limits by facility
Timeline
From the report
The companymaintained cash and liquid investments of approximately Rs. 2,246.7 crore as on August 19, 2026, with no long-term debt outstanding, and remains effectively net debt-free.
From the report
The companymaintained cash and liquid investments of approximately Rs. 2,246.7 crore as on August 19, 2026, with no long-term debt outstanding, and remains effectively net debt-free.
From the report
The company follows a conservative financial policy with no long-term debt and limited dependence on working capital borrowings.As on August 19, 2026, PTC maintained cash and liquid investments of Rs. 2,246.72 crore, while remaining effectively net debt-free following the monetisation of PTC Energy Limited.
From the report
The company follows a conservative financial policy with no long-term debt and limited dependence on working capital borrowings.As on August 19, 2026, PTC maintained cash and liquid investments of Rs. 2,246.72 crore, while remaining effectively net debt-free following the monetisation of PTC Energy Limited.
From the report
The company remains effectively net www.icra.in Sensitivity Label : Public Page |3 debt-free following the divestment of PTC Energy Limited, which significantly strengthened its financial flexibility.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of PTC Inc.
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | packagingcorp.com | 2000 | United States | |
 International Paper |
Part of International Power and Paper Company. | internationalpaper.com | — | United States |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | weyerhaeuser.com | — | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | avery.com | — | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | crowncork.com | — | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | ingredion.com | — | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | silganholdings.com | 2022 | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | greif.com | — | United States | |
| Indian IT Services · IT Services & Software | griddynamics.com | 2018 | United States | |
| Paper, Pulp & Packaging · Cement, Building Materials & Polymers | clearwaterpaper.com | — | United States |
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.