Hold PTC India; target of Rs 42: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on PTC India

The management of PTC India Financial Services has informed the exchange regarding successful divestment of its entire stake in Indian Energy Exchange (IEX) for a consideration of Rs 132.54 crore. Prior to the deal, investment in IEX was at Rs 1.52 crore, leading to a profit of Rs 131 crore. However, the management is expected to utilise a proportion of gains as higher provisions.

Outlook

Consequently, we have revised our FY17E PAT estimates by 28% factoring in one-time gains at Rs 404 crore. Keeping FY18E estimates unchanged, our ABV has increased at Rs 37.9 per share compared to Rs 37.4 earlier. Therefore, we revise our target price at Rs 42 per share (Rs 40 earlier), valuing the stock at 1.1x FY18E ABV. We continue to maintain our HOLD recommendation on the stock.

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