Power Finance Corporation
January 16, 2026 – January 30, 2026
| Price | ₹1000 - ₹1000 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 1 |
| Issue size | ₹5000.00 cr |
| Allotment | - |
| Listing | - |
Power Finance Corporation Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 200 | 200 | 200000 | 0 |
| HNI | 300 | 300 | 300000 | 0 |
Power Finance Corporation Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 0 | 100% |
Power Finance Corporation About
NCD Allocation :
| Category | NCD's Allocated (%) |
|---|---|
| Institutional | 10.00% |
| Non-Institutional | 10.00% |
| HNI | 40.00% |
| Retail | 40.00% |
| Total | 100.00% |
| Issue Open | Jan 16, 2026 - Jan 30, 2026 |
| Security Name | Power Finance Corporation |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 500.00 Crores |
| Issue Size (Oversubscription) | Rs 4,500 Crores |
| Overall Issue Size | Rs 5,000.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE, NSE |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
NCD Ratings
| # | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|---|
| 1 | CARE Ratings Limited | AAA | Stable | Highest degree of safety | Lowest credit risk |
| 2 | Crisil Ratings Limited | AAA | Stable | Lowest credit risk. | Highest degree of safety |
| 3 | ICRA Limited | AAA | Stable | Highest degree of safety | Lowest credit risk |
NCD Coupon Rates
| # | Series 1 | Series 2 | Series 3 |
|---|---|---|---|
| Frequency of Interest Payment | Annual | Annual | NA |
| Nature | Secured | Secured | Secured |
| Tenor | 5 Years | 10 Years | 121 Months |
| Coupon (% per Annum) | 6.85% | 7.00% | NA |
| Effective Yield (% per Annum) | 6.85% | 6.99% | 6.80% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,00,000.00 |
| # | Series 4 | Series 5 |
|---|---|---|
| Frequency of Interest Payment | Annual | Cumulative |
| Nature | Secured | Secured |
| Tenor | 15 Years | 15 Years |
| Coupon (% per Annum) | 7.05% | NA |
| Effective Yield (% per Annum) | 7.04% | 7.05% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 2,780.50 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 12,22,628.83 | 11,78,086.50 | 10,38,877.38 | 8,96,111.86 |
| Total Income | 57,530.14 | 1,06,598.70 | 91,174.87 | 77,625.19 |
| Profit After Tax | 16,815.84 | 30,514.40 | 26,461.18 | 21,178.59 |
Requirement of Funds and Utilization of Net Proceeds :
The following table details the Objects of the Issue and the amount proposed to be financed from Net Proceeds :
| S. No. | Objects of the Issue | Percentage of amount proposed to be financed from Net Proceeds |
|---|---|---|
| 1 | For the purpose of onward lending, financing / refinancing the existing indebtedness of our Company, and/or debt servicing (payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company)*# | 75% |
| 2 | General corporate purposes | Up to a maximum limit of 25% |
The funds raised from the issuance of zero coupon NCDs shall be utilized towards only the purpose of onward lending and shall not be used for any other purpose.
About Company
Incorporated in 1986, Power Finance Corporation Limited is one of India’s leading financial institutions focused exclusively on the power sector.
Registered with the Reserve Bank of India (RBI) as a non-deposit taking systemically important NBFC (NBFC-ND-SI).
Conferred ‘Navratna’ status by the Government of India in 2007, reflecting operational and financial strength.
Works closely with Government of India agencies, state governments, power utilities, intermediaries, and private sector players to support reforms and development in the power sector.
Provides end-to-end financial support across the entire power value chain — generation (conventional & renewable), transmission, distribution, and renovation & modernisation projects.
Offers fund-based assistance such as long-term project finance, short-term loans, buyers’ credit, debt underwriting, and refinancing.
Provides non-fund-based support including payment guarantees, credit enhancement guarantees, and letters of comfort.
Delivers technical advisory and consultancy services through its wholly owned subsidiary PFC Consulting Limited, supporting project planning and execution.
Strength
Strategic importance with strong GoI support – Backed by the Government of India, enhancing credibility, stability, and access to funding.
Significant player in power sector financing – One of the largest and most influential financiers across generation, transmission, and distribution projects.
Diversified resource base – Access to domestic and international borrowings supports liquidity and long-term lending capability.
Weakness
High borrower concentration – Significant exposure to public sector power utilities, many of which are historically loss-making, increases asset quality risk.
Recovery risk from collateral – Delays or inability to recover value from securities and collateral may impact financial health.
Restrictive covenants – Credit facility conditions may limit operational and financial flexibility.
Power Finance Corporation Lead Manager(s)
Power Finance Corporation Address
“Urjanidhi”,
1, Barakhamba Lane,
Connaught Place
New Delhi, New Delhi, 110001
+91 11 2345 6787
E-mail: mk_agarwal@pfcindia.com
Website: https://www.pfcindia.co.in/