Power Finance Corporation Limited NCD

Non-banking financial company(NBFC)| Rs. 10,000 Min Investment

Issue Opening Date
Friday, January 16, 2026
Issue Closing Date
Friday, January 30, 2026
Credit Ratings
“Crisil AAA/Stable', 'CARE AAA; Stable' '[ICRA]AAA (Stable)”
Issue Size (Net)
up to Rs.5000 Crs
Power Finance Corporation Limited NCD ClosedOpen
Non-banking financial company(NBFC)

Rs. 10,000

Min. investment
Company Highlights Term Sheet ROI Financial Hightlight Prospectus

1. Company Information

Power Finance Corporation Limited (PFC) is India's largest government-owned Non-Banking Financial Company (NBFC) and a 'Maharatna' Central Public Sector Enterprise, established in 1986 under the Ministry of Power to exclusively finance the entire power sector value chain (generation, transmission, distribution) and allied infrastructure like logistics, playing a crucial role in India's energy development by funding projects and supporting state utilities with loans, consultancy, and capacity building, while maintaining a strong financial profile with low NPAs and significant market share.

Company Strengths

1. Strong presence across the entire power sector value chain including generation, transmission, distribution, renewable energy, and power infrastructure financing, with increasing exposure to emerging areas such as green energy, storage, and energy transition projects.

2. Proven ability to design, implement, and scale large government-backed schemes such as RDSS, UMPPs, and renewable energy programs, ensuring long-term asset visibility and stable growth.

3. Established leadership as India’s largest power sector NBFC with ~20% market share, commanding a near-monopolistic position in long-term funding of state utilities, central PSUs, and private power developers.

4. Backed by the Government of India with a seasoned management team having deep sectoral expertise and a strong track record in managing large-scale, long-tenure infrastructure lending while maintaining asset quality.

5. Ability to raise low-cost funds from domestic and international markets due to highest credit ratings and sovereign support, along with expanding global financial presence through IFSC GIFT City and multilateral partnerships.

2. Rating:

“Crisil AAA/Stable', 'CARE AAA; Stable' '[ICRA]AAA (Stable)”

3.Power Finance Corporation NCD  Registrar

Kfin Technologies Ltd.

  Tower-B, Plot No 31 & 32
Financial District, Nanakramguda, Gachibowli
  Hyderabad, Telangana India - 500 032
04067162222, 04079611000
pfcl.ncdipo@kfintech.com
https://ipostatus.kfintech.com

Power Finance Corporation Limited Details

Issuer Power Finance Corporation Limited
Instrument Secured Redeemable Non-Convertible Debentures
Issue Opens on Friday, January 16, 2026
Issue Closes on Friday, January 30, 2026
Issue Size Rs.1,000/ (except in case of Series III NCDs (zero coupon NCD), the issue price shall be Rs.51,502 for Category I and II; Rs.51,263 for Category III and Rs.50,780 for Category IV Investors) per NCD
Issue Price / Face Value Rs.1,000 per NCD
Minimum Application Rs.10,000/- (10 NCD) and in multiples of Rs.1,000/- (1 NCD) thereafter.
Credit Rating “Crisil AAA/Stable', 'CARE AAA; Stable' '[ICRA]AAA (Stable)”
Registrar KFin Technologies Limited
Listing The NCDs are proposed to be listed on NSE
Category I - Institutional II - Non-Institutional III - HNI IV - Retail
Category Allocation 10% 10% 40% 40%
Put/Call Option N.A
Mode of Allotment Compulsorily in dematerialized form.
Allotment First Come First Serve Basis
Depositories NSDL and CDSL

Specific Terms for Each Series of NCDs

Series I II III IV V
Tenor 5 years 10 years 10 years 1 Month 15 years 15 years
Frequency of Interest Payment Annual Annual Zero Coupon NCD Annual Cumulative
Minimum Application and in multiples of thereafter (Rs.)

Rs.10,000 (10 NCD) and in multiple of Rs.1,000 (1 NCD) thereafter. Except in case of Series III NCDs (zero coupon NCD), the minimum application shall be 1 NCD and in multiple of 1 NCD thereafter. For Series III NCDs, the minimum application amount shall be Rs.51,502.00 for Category I and II; Rs.51,263.00 for Category III and Rs.50,780.00 for Category IV Investors.

Face Value (Rs / NCD) Rs.1,000 Rs.1,00,000 Rs.1,000
Issue Price of NCDs (Rs. / NCD) for NCD Holders in Category I and Category II. Rs.1,000 Rs.51,502.00 Rs.1,000
Issue Price of NCDs (Rs. / NCD) for NCD Holders in Category III. Rs.51,263.00
Issue Price of NCDs (Rs. / NCD) for NCD Holders in Category IV. Rs.50,780.00
Coupon (% per annum) for NCD Holders in Category I and Category II. 6.85% 7.00% N.A 7.05% N.A.
Coupon (% per annum) for NCD Holders in Category III 6.90% 7.10% N.A 7.20% N.A
Coupon (% per annum) for NCD Holders in Category IV 7.00% 7.20% N.A 7.30% N.A
Effective Yield (% per annum) for NCD Holders of Category I and Category II 6.85% 6.99% 6.80% 7.04% 7.05%
Effective Yield (% per annum) for NCD Holders of Category III 6.90% 7.09% 6.85% 7.19% 7.20%
Effective Yield (% per annum) for NCD Holders of Category IV 7.00% 7.19% 6.95% 7.29% 7.30%
Mode of Interest Payment Through various modes available
Amount (Rs. / NCD) on Maturity for NCD Holders in Category I and Category II Rs.1,000 Rs.1,000 Rs.1,00,000 Rs.1,000 Rs.2,780.50
Amount (Rs. / NCD) on Maturity for NCD Holders in Category III Rs.1,000 Rs.1,000 Rs.1,00,000 Rs.1,000 Rs.2,839.56
Amount (Rs. / NCD) on Maturity for NCD Holders in Category IV Rs.1,000 Rs.1,000 Rs.1,00,000 Rs.1,000 Rs.2,879.58
Maturity / Redemption Date (from the Deemed Date of Allotment) 5 years 10 years 10 years 1 Month 15 years 15 years
Nature of Indebtedness Secured
Put and Call Option Not applicable

Power Finance Corporation Limited Company Financials

Particulars
H1 FY26
FY 25
FY 24
Revenue from Operations
57,429.28
1,07,106.00
91,508.00
Total Income
58,214.00
1,08,432.00
92,684.00
EBITDA
54,890.00
1,03,215.00
88,740.00
EBITDA Margin (%)
95.60%
96.40%
97.00%
Profit After Tax
16816
30,514.00
26,461.00
Profit After Tax Margin (%)
28.90%
28.10%
28.50%
Return on Equity (%)
21.00%
20.40%
18.90%
Net Debt / Equity
5.1
5.23
5.26
Net Debt / EBITDA
4.7
4.9
5.1
Amount in Rs. Crore

Prospectus Document

Official Red Herring Prospectus (RHP)

For detailed company and issue information

Download

Timeline

Issue Opening Date
Friday, January 16, 2026
Issue Closing Date
Friday, January 30, 2026
Allotment finalisation
First Come First Serve Basis
Listing
The NCDs are proposed to be listed on BSE

Disclaimer: This report has been prepared by RR Equity Brokers Private Ltd. The information in this report is collected from various public sources. RR Equity Brokers is not responsible for any loss or damage that may result from using this information or from investment risks.

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