State-owned lender to the energy sector, Power Finance Corporation (PFC), reported a revenue from operations of ₹290.44 billion (~$3.09 billion) in the second quarter (Q2) of the financial year (FY) 2027, up 1.2% year-over-year (YoY) from ₹286.90 billion (~$3.05 billion).

CNet profit declined 1.9% YoY to ₹76.82 billion (~$816.97 million) from ₹78.34 billion (~$833.14 million).

Diluted earnings per share stood at ₹18.29 (~$0.195), compared to ₹17.40 (~$0.185) a year earlier.

H1 FY 2027

For the first half (1H) of FY 2027, revenue from operations increased 0.3% YoY to ₹575.71 billion (~$6.12 billion) from ₹574.29 billion (~$6.11 billion).

Net profit declined 0.8% YoY to ₹166.79 billion (~$1.77 billion) from ₹168.16 billion (~$1.79 billion).

Diluted earnings per share stood at ₹39.53 (~$0.420) in H1 FY 2027.

Balance Sheet and Loan Book

PFC’s balance sheet size stood at approximately ₹12.74 trillion (~$135.49 billion) as of September 30, 2026.

The company’s net loan assets stood at approximately ₹11.80 trillion (~$125.49 billion), compared with ₹11.53 trillion (~$122.62 billion) as of March 31, 2026, a 2.3% increase.

Net worth increased to approximately ₹1.47 trillion (~$15.63 billion) as of September 30, 2026, from ₹1.32 trillion (~$14.04 billion) as of March 31, 2026.

Gross credit impaired assets ratio stood at 0.55%, while its net credit impaired assets ratio was 0.13%.

The company’s standalone net worth increased 13.9% YoY to ₹1.11 trillion (~$11.80 billion) from ₹975.25 billion (~$10.37 billion).

PFC’s standalone gross loan assets increased 2% YoY to ₹5.73 trillion (~$60.94 billion) as of September 30, 2026, from ₹5.61 trillion (~$59.66 billion).

Disbursements declined 31.5% YoY to ₹341.31 billion (~$3.63 billion) in Q2 FY 2027 from ₹498.41 billion (~$5.30 billion).

For 1H FY 2027, disbursements fell 36.8% YoY to ₹543.07 billion (~$5.78 billion) from ₹859.94 billion (~$9.15 billion).

PFC’s renewable generation loan book increased to ₹893.09 billion (~$9.50 billion) from ₹846.79 billion (~$9.01 billion) a year earlier. Renewable generation, including large hydropower projects, accounted for approximately 16% of its total loan book.

Loans toward solar, wind, and other renewable energy projects stood at ₹688.95 billion (~$7.33 billion), compared with ₹679.67 billion (~$7.23 billion) a year earlier. Large hydropower loans increased to ₹204.14 billion (~$2.17 billion) from ₹167.13 billion (~$1.78 billion).

The loan book included ₹2.79 trillion (~$29.67 billion) toward generation, ₹432.12 billion (~$4.60 billion) toward transmission, ₹1.88 trillion (~$19.99 billion) toward distribution, ₹457.38 billion (~$4.86 billion) toward infrastructure and logistics, and ₹167.28 billion (~$1.78 billion) toward other segments.

Government sector loans accounted for 76% of the loan book, while private sector loans accounted for 24%.

PFC received a no-objection certificate from the Reserve Bank of India on October 15, 2026, for its proposed merger with REC. The merger remains subject to the required regulatory, shareholder, and creditor approvals.