{"id":11484,"date":"2026-01-15T14:54:12","date_gmt":"2026-01-15T14:54:12","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=11484"},"modified":"2026-02-03T06:23:42","modified_gmt":"2026-02-03T06:23:42","slug":"power-finance-corporation-ncd-ipo","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/","title":{"rendered":"POWER FINANCE CORPORATION NCD IPO"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#_High_Yield_CRISIL_CARE_ICRA_AAAStable_Rated\" >\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 High Yield | CRISIL, CARE &amp; ICRA AAA\/Stable Rated<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Bond_overview\" >Bond overview:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Coupon_rates_and_effective_yield_for_each_of_the_series\" >Coupon rates and effective yield for each of the series:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Allocation_Ratio\" >Allocation Ratio:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Investment_Process_for_Power_Finance_corporation_NCD_IPO\" >Investment Process for Power Finance corporation NCD IPO:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Financial_Overview\" >Financial Overview:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Snapshot_stating_the_Revenue_Expenses_PAT_and_Net-worth_In_crores\" >Snapshot stating the Revenue, Expenses, PAT and Net-worth (In crores):<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Cash_flow_for_last_few_years_In_crores\" >Cash flow for last few years (In crores):<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Ratio_Analysis\" >Ratio Analysis:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Issue_analysis\" >Issue analysis:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Pros\" >Pros:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Cons\" >Cons:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\" >To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#About_PFC\" >About PFC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Key_Highlights\" >Key Highlights:<\/a><ul class='ez-toc-list-level-5' ><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Strengths\" >Strengths:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Weakness\" >Weakness:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/#Invest_in_Bond_IPO_online_in_just_5_minutes\" >Invest in Bond IPO online in just 5 minutes<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"_High_Yield_CRISIL_CARE_ICRA_AAAStable_Rated\"><\/span><span style=\"font-weight: 400;\"><strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 High Yield | CRISIL, CARE &amp; ICRA AAA\/Stable Rated<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h4><span class=\"ez-toc-section\" id=\"Bond_overview\"><\/span><b>Bond overview<\/b><b>:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Power Finance Corporation Limited is issuing the Non-Convertible Debentures. These NCDs are AAA\/Stable rated by CRISIL, ICRA and CARE. The NCDs are being issued in five series: coupon ranges from 6.85% to 7.30% p.a. and different tenures of 5 Years, 10 years, 10 years 1 month &amp; 15 years. The NCDs are secured and redeemable in nature.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11486 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview-245x300.png\" alt=\"POWER FINANCE CORPORATION NCD IPO\" width=\"886\" height=\"1085\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview-245x300.png 245w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview-835x1024.png 835w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview-768x941.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview-1253x1536.png 1253w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141328\/Bond-overview.png 1489w\" sizes=\"(max-width: 886px) 100vw, 886px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Coupon_rates_and_effective_yield_for_each_of_the_series\"><\/span><b>Coupon rates and effective yield for each of the series:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\" wp-image-11487 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141555\/Issue-structure-300x175.png\" alt=\"Power Finance Corporation NDC IPO\" width=\"945\" height=\"551\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141555\/Issue-structure-300x175.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141555\/Issue-structure-1024x598.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141555\/Issue-structure-768x448.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141555\/Issue-structure.png 1033w\" sizes=\"(max-width: 945px) 100vw, 945px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Allocation_Ratio\"><\/span><b>Allocation Ratio:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The allocation ratio is prepared based on norms laid down by SEBI. Before announcing the allocation ratio, the same has to be approved by SEBI.\u00a0 Once the IPO subscription closes, applications will be divided into different categories. The category-wise allocation ratio is always decided and declared during the launch of the particular IPO. Considering the Allocation Ratio, units will be assigned to applicants. Refer to the chart to know the application ratio for Power Finance Corporation (PFC) NCD-IPO. <\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11488 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio-300x186.png\" alt=\"Power Finance Corporation NCD IPO\" width=\"892\" height=\"553\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio-300x186.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio-1024x635.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio-768x476.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio-1536x952.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15141823\/Allocation-Ratio.png 1673w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Investment_Process_for_Power_Finance_corporation_NCD_IPO\"><\/span><b>Investment Process for Power Finance corporation NCD IPO:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">You can invest in IPOs via GoldenPi in these easy steps.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-11500 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-300x120.png\" alt=\"Power finance Corporation NCD IPO\" width=\"840\" height=\"336\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-300x120.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1-768x306.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/16060509\/Screenshot-2025-10-17-211205-1.png 906w\" sizes=\"(max-width: 840px) 100vw, 840px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Financial_Overview\"><\/span><b>Financial Overview:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Snapshot_stating_the_Revenue_Expenses_PAT_and_Net-worth_In_crores\"><\/span><b>Snapshot stating the Revenue, Expenses, PAT and Net-worth (In crores):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-11489 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1-300x180.png\" alt=\"Power Finance Corporation NCD IPO\" width=\"889\" height=\"533\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1-300x180.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1-1024x615.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1-768x461.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1-1536x923.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142531\/Financials-1.png 1863w\" sizes=\"(max-width: 889px) 100vw, 889px\" \/><\/p>\n<h5><span class=\"ez-toc-section\" id=\"Cash_flow_for_last_few_years_In_crores\"><\/span><b>Cash flow for last few years (In crores):<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p><img decoding=\"async\" class=\" wp-image-11490 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow-300x162.png\" alt=\"Power Finance Corporation NCD IPO \" width=\"947\" height=\"511\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow-300x162.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow-1024x552.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow-768x414.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow-1536x828.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15142817\/Cashflow.png 1854w\" sizes=\"(max-width: 947px) 100vw, 947px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Cash flow refers to the movement of cash in and out of the business at a specific point in time. It represents the net balance of the cash movement.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">*Cash flow from operating activities reflects the amount a company generates through its product of services.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">**Cash flow from investing activities reflects cash generated and spent relating to investing activities, like purchase of assets, sales of securities etc.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">***Cash flow from financing activities gives an insight into the financial stability of a company to its investors. It reflects the net flows of cash that are used to fund the company.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Ratio_Analysis\"><\/span><b>Ratio Analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><img decoding=\"async\" class=\" wp-image-11491 aligncenter\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15143147\/ratio-analysis-300x230.png\" alt=\"Power Finance Corporation NCD IPO\" width=\"904\" height=\"693\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15143147\/ratio-analysis-300x230.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15143147\/ratio-analysis-768x590.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15143147\/ratio-analysis.png 901w\" sizes=\"(max-width: 904px) 100vw, 904px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Issue_analysis\"><\/span><b>Issue analysis:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Pros\"><\/span><b>Pros:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">PFC has a AAA\/Stable rating from CRISIL, CARE &amp; ICRA which means that it is considered to be a very safe investment.<\/span><\/span><\/li>\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These NCDs are senior secured in nature providing an additional layer of protection to your investment. Minimum security cover of at least 100% till final redemption of NCDs.<\/span><\/span><\/li>\n<li><span style=\"font-weight: 400;\">An opportunity to invest in one of the leading power sector NBFC of India having Govt of India (GOI) backing<\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">.<\/span><\/span><\/li>\n<li><strong><span style=\"font-weight: 400;\">Including AAA\/Stable rated NCDs in an investment portfolio can diversify risk, especially for investors with a large exposure to equities or other high-risk assets.<\/span><\/strong><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Cons\"><\/span><b>Cons:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The interest rates on NCDs are typically lower than the returns on other types of investments, such as stocks or mutual funds.<\/span><\/span><\/li>\n<li><span style=\"font-weight: 400;\">In a changing interest rate environment, the fixed interest rate on the NCD may become less attractive if market interest rates rise significantly.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"To_get_better_returns_than_Bank_FDs_invest_in_NCD-IPOs_online\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-better-return-fds\"><b>To get better returns than Bank FDs, invest in NCD-IPOs online.\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"About_PFC\"><\/span><b>About PFC:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Power Finance Corporation Limited (&#8220;PFC&#8221;), established in 1986, is a Schedule-A Maharatna Central Public Sector Enterprise (&#8220;CPSE&#8221;) and a premier public financial institution in India, specializing in the power sector&#8217;s financing. <\/span><span style=\"font-weight: 400;\">As a publicly traded Government of India (&#8220;GoI&#8221;) business and a public financial institution under the Companies Act of 2013, PFC is registered with the RBI as a systemically important, non-deposit-accepting NBFC. It is also classified as an Infrastructure Finance Company (IFC), enabling it to meet India\u2019s long-term power and infrastructure financing requirements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PFC holds a strategically important position in the Government of India&#8217;s power sector development initiatives, benefitting from strong policy support. It serves as the nodal agency for various key government schemes, including the Revamped Distribution Sector Scheme (RDSS), Ultra Mega Power Projects (UMPPs), and the Late Payment Surcharge (LPS) mechanism for Discoms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company offers a comprehensive range of financial products, such as long-term and short-term loans, project finance, refinancing, equipment lease financing, guarantees, and advisory services. These are provided across the entire power value chain, covering generation, transmission, and distribution. PFC&#8217;s diverse client base includes central and state power utilities (SPUs), private power producers, renewable energy companies, and equipment manufacturers.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In recent years, PFC has broadened its focus to include renewable energy, clean technologies, and energy transition projects. Furthermore, it has selectively ventured into infrastructure and logistics segments like electric mobility, roads, metro rail, and smart cities. The company also accesses global capital markets, notably through green bonds.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Highlights\"><\/span><b>Key Highlights:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h5><span class=\"ez-toc-section\" id=\"Strengths\"><\/span><b>Strengths:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>Quasi-sovereign backing: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Strategic GoI entity with 55.99% ownership (Jun &#8217;25); nodal agency for key power sector schemes, supporting funding access and policy backing.<\/span><\/span><\/li>\n<li><b>Healthy profitability:<\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> PAT grew 21% YoY to \u20b917,352 cr in FY25, driven by improved NIMs at 3.6% (3.3% FY24), low opex (0.13% ATA) and controlled credit costs, supporting strong Return on total assets (RoTA) of 3.2% (3.3% annualised in Q1FY26).<\/span><\/span><\/li>\n<li><b>Improving asset quality trend:<\/b> <span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">GNPA declined to 1.94% (Mar &#8217;25) vs 3.34% (Mar\u201924) with sustained recoveries; PCR ~80% on Stage III assets (Jun &#8217;25).<\/span><\/span><\/li>\n<li><b>Healthy capitalisation<\/b><span style=\"font-weight: 400;\">:<\/span> <span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Capital adequacy ratio (CAR) at 22.4% (Jun &#8217;25) well above regulatory minimum of 15%; gearing improved to 6.4x (Mar\u201925) from 6.7x (Mar &#8217;24).<\/span><\/span><\/li>\n<li><b>Diversified and low-cost funding profile: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Access to domestic bonds (57%), bank loans, ECBs and multilateral funding; 95% of forex borrowings hedged, limiting currency risk.<\/span><\/span><\/li>\n<li><b>Market leadership in power financing: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan book grew ~13% YoY to \u20b95.43 lakh Cr (FY25) and further to \u20b95.50 lakh Cr (Jun &#8217;25) led by LPS (Late Payment Surcharge) and RBPF ( Revolving Bill Payment Facility) disbursements.<\/span><\/span><\/li>\n<li><b>Gradual portfolio diversification: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Rising exposure to renewables (15% of loan book) and initial foray into infrastructure (~2% as of Jun &#8217;25) reduces long-term concentration risk.<\/span><\/span><\/li>\n<li><b>Strong liquidity position : <\/b><span style=\"font-weight: 400;\">Cash &amp; investments of ~\u20b912,700 Cr (Mar &#8217;25), scheduled collections of \u20b993,945 Cr and \u20b914,768 Cr of undrawn bank lines, together comfortably covering FY26 debt obligations of \u20b983,715 Cr.<\/span><\/li>\n<\/ul>\n<h5><span class=\"ez-toc-section\" id=\"Weakness\"><\/span><b>Weakness:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<ul>\n<li><b>High sectoral concentration: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Power sector exposure remains dominant, reflecting mandate; diversification into infrastructure is still nascent (2% of loan book).<\/span><\/span><\/li>\n<li><b><b>Exposure to financially weak state power utilities (SPUs): <span style=\"font-weight: 400;\">Discoms account for ~40% of loan book, exposing PFC to state utility payment risks despite government-backed mechanisms (LPS).<\/span><\/b><\/b><\/li>\n<li><b>Borrower concentration risk: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Top 20 borrowers account for ~54% of loan book (Mar &#8217;25), though marginally improved from ~57% in Mar\u201924.<\/span><\/span><\/li>\n<li><b>ALM structural mismatch: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Negative cumulative mismatch in 3-5 yr bucket, though mitigated by strong liquidity buffers and sovereign-linked funding access.<\/span><\/span><\/li>\n<li><b>Rising private sector exposure: <\/b><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Private sector loans increased to 23% (Jun\u201925) from 19% (Mar\u201924), which could add to asset quality volatility over cycles.<\/span><\/span><\/li>\n<li><b>Infrastructure lending execution risk: <\/b><span style=\"font-weight: 400;\">Entry into non-power infrastructure introduces new asset quality and execution risks, requiring careful monitoring.<\/span><\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Invest_in_Bond_IPO_online_in_just_5_minutes\"><\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><b>Invest in Bond IPO online in just 5 minutes<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\"><strong>Source:<\/strong> Tranche I Prospectus Dated January 9, 2026<\/span><\/p>\n<p><b>Disclaimer &#8211;<\/b> <span style=\"font-weight: 400;\">The information is published as on date 15\/01\/2026 based on information available on Tranche I <\/span><span style=\"font-weight: 400;\">Prospectus dated <\/span><span style=\"font-weight: 400;\">January 9, 2026.<\/span><span style=\"font-weight: 400;\"> The information may be subject to change in case of change in terms of prospectus or any other reason as the case may be. Contents which are exclusively for educational information\/knowledge sharing on capital market concepts and has no influence the investment\/sale decisions of any investors<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 High Yield | CRISIL, CARE &amp; ICRA AAA\/Stable Rated Bond&hellip;<\/p>\n","protected":false},"author":12,"featured_media":11485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[113,253,293],"tags":[],"class_list":["post-11484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ncd-ipo","category-psu-bonds","category-bond-market-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>POWER FINANCE CORPORATION NCD IPO - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"POWER FINANCE CORPORATION NCD IPO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"POWER FINANCE CORPORATION NCD IPO - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"POWER FINANCE CORPORATION NCD IPO\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/investment-guide\/ncd-ipo\/power-finance-corporation-ncd-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2026-01-15T14:54:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-03T06:23:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/01\/15140747\/Blog-Banner.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1161\" \/>\n\t<meta property=\"og:image:height\" content=\"551\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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