Whalesbook
PFC ne FY26 ke last quarter mein ₹8,598 crore ka net profit book kiya, jo pichle saal ke same quarter se 3% zyada hai. Ye achieve karne ke liye unhone apne operating expenses bade smartly kam kiye, jisse total income mein hui thodi si girawat, jo ₹28,857 crore rahi, usse manage kar liya gaya. Par haan, unka Net Interest Income (NII) 10.5% gir kar ₹10,833 crore ho gaya, matlab core lending business mein thoda pressure tha. Phir bhi, company ne ₹3.95 per share ka final dividend announce kiya hai, investors ke liye khushkhabri!
Abhi PFC ki market cap lagbhag ₹1.45 trillion ke aas-paas hai (May 2026 mid mein). Inka P/E ratio 5.8x se 6.1x ke beech hai, jo REC Ltd (5.5x-5.8x) ke kareeb hai, lekin IREDA (18x-20x) se toh bahut hi kam. Haan, current P/E apne 10-year median se 76% upar hai, par pehle iske P/E 10x se bhi upar jaate the. Kuch analysts isko valuation ke hisaab se 'Significantly Overvalued' bhi keh rahe hain.
India ka NBFC sector bade changes dekhne wala hai. Budget 2026-27 mein sarkari companies ko consolidate karne ki baat hui hai, jisme PFC aur REC bhi aate hain. Aim hai ki credit access badhe, tech aaye aur strong government-backed lenders banein. NBFC sector FY26 mein 15-17% grow karega, jo bank credit growth se zyada hai. Infrastructure finance karne wali companies jaise PFC ko government ke infrastructure spending se fayda hoga. Aur jab RBI 2026 ki shuruaat mein rate cut karna start karega, toh NBFCs ki funding cost kam hogi, jisse NIMs bhi sudhar sakte hain.
Sabka view ek jaisa nahi hai. Kuch analysts 'Sell' keh rahe hain toh kuch 'Strong Buy'. NII mein 10.5% ki kami funding cost badhne ya asset quality mein dikat ka ishara ho sakti hai, haalanki gross bad loan 1.09% aur net bad loan 0.07% hai jo low hain. November 2024 mein PFC ne Shapoorji Pallonji Group ka ₹200 billion ka loan reject kar diya tha kyunki unhe unka sector nahi pata tha. Ye dikhata hai ki company cautious hai aur naye areas mein jaane mein thoda soch-samajh kar chalegi.
Analysts ke mutabik, PFC ke liye 1-year price targets ₹454.5 se ₹1011.61 tak hain. Average target ₹502.2 se ₹779.2 ke beech lag raha hai. Sarkaar ki NBFC consolidation wali strategy se PFC jaise badi companies ko fayda hoga, scale badhega aur borrowing cost kam ho sakti hai, jo infrastructure aur energy transition goals ke liye accha hai. Aur haan, PFC apne dividends ke liye bhi jaane jaati hai, is baar bhi ₹3.95 ka proposed dividend mil raha hai, jo paisa banane wale investors ko attract karta hai.