Power Finance Corporation Limited NCD January 2026 Details & Guidance
NCD Issue Opens on: Friday, January 16, 2026
NCD Issue Closes on: Friday, January 30, 2026
About the Company
Incorporated in 1986, Power Finance Corporation Limited (PFC) is one of India’s leading financial institutions dedicated to the power sector. PFC plays a pivotal role in financing and supporting India’s power infrastructure and works closely with the Government of India, state governments, power utilities, public and private sector entities, and intermediaries for policy implementation and structural reforms in the power sector.
PFC is registered with the RBI as a Non-Deposit Taking Systemically Important NBFC (NBFC-ND-SI) and was granted Navratna status by the Government of India in 2007, reflecting its strategic importance and strong financial position.
The company offers a comprehensive range of services covering the entire power value chain—generation (conventional and renewable), transmission, distribution, renovation and modernisation—along with long-term and short-term financing, refinancing, guarantees, and advisory services. Its wholly owned subsidiary, PFC Consulting Limited, provides technical advisory and consultancy services for power sector projects.
NCD Issue Highlights
| Particulars | Details |
|---|---|
| Issue Opening Date | January 16, 2026 |
| Issue Closing Date | January 30, 2026 |
| Issue Type | Secured, Redeemable, Non-Convertible Debentures |
| Tranche Issue Size | Rs. 500.00 Crores |
| Issue Size (Oversubscription) | Rs. 4,500.00 Crores |
| Shelf Limit | Rs. 10,000.00 Crores |
| Issue Price | Rs. 1,000 per NCD |
| Face Value | Rs. 1,000 per NCD |
| Minimum Application | 10 NCDs |
| Market Lot | 1 NCD |
| Listing | NSE |
| Basis of Allotment | First Come First Serve |
| Debenture Trustee | Beacon Trusteeship Ltd. |
NCD Coupon Rates & Yield Structure
| Particulars | Series 1 | Series 2 | Series 3 | Series 4 | Series 5 |
|---|---|---|---|---|---|
| Frequency of Interest | Annual | Annual | NA | Annual | Cumulative |
| Nature | Secured | Secured | Secured | Secured | Secured |
| Tenor | 5 Years | 10 Years | 121 Months | 15 Years | 15 Years |
| Coupon (% p.a.) | 6.85% | 7.00% | NA | 7.05% | NA |
| Effective Yield (% p.a.) | 6.85% | 6.99% | 6.80% | 7.04% | 7.05% |
| Amount on Maturity | Rs. 1,000 | Rs. 1,000 | Rs. 1,00,000 | Rs. 1,000 | Rs. 2,780.50 |
NCD Rating
| Rating Agency | Rating | Outlook | Safety Degree | Risk Degree |
|---|---|---|---|---|
| CARE Ratings Ltd. | AAA | Stable | Highest degree of safety | Lowest credit risk |
| CRISIL Ratings Ltd. | AAA | Stable | Highest degree of safety | Lowest credit risk |
| ICRA Ltd. | AAA | Stable | Highest degree of safety | Lowest credit risk |
Objects of the Issue
The net proceeds from the issue will be utilised for:
-
Onward lending and financing / refinancing of existing indebtedness
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Debt servicing including interest and principal repayment / prepayment
-
General corporate purposes
Company Financials (Restated – Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| 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 |
(Amount in Rs. Crore)
NCD Subscription Status
Subscription details will be updated during live bidding. Investors are advised to revisit for real-time data.
Company Contact Information
Power Finance Corporation Limited
“Urjanidhi”, 1, Barakhamba Lane,
Connaught Place, New Delhi – 110001
Phone: +91 11 2345 6787
Email: mk_agarwal@pfcindia.com
NCD Registrar
KFin Technologies Ltd.
Phone: 040 6716 2222 / 040 7961 1000
Email: pfcl.ncdipo@kfintech.com
NCD Lead Managers
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Nuvama Wealth Management Ltd.
-
A.K. Capital Services Ltd.
-
Tipsons Consultancy Services Pvt. Ltd.
-
Trust Investment Advisors Pvt. Ltd.
Power Finance Corporation NCD January 2026 – Review
Power Finance Corporation Limited is a strategically important PSU NBFC with a dominant presence in India’s power financing ecosystem. The January 2026 NCD issue comprises secured NCDs, rated AAA (Stable) by all major rating agencies, indicating the highest degree of safety with minimal credit risk.
The offered effective yields of up to 7.05% p.a. are suitable for conservative and moderate-risk investors seeking stable, long-term income from a high-quality issuer. The company’s strong asset base exceeding Rs. 12 lakh crore, consistent profitability, and implicit government backing add to investor comfort.
Proceeds from the issue are largely intended for refinancing and general corporate purposes, supporting balance-sheet efficiency and ongoing lending activities. The FCFS allotment mechanism favours early applicants, especially in high-demand series.
Chanakya View:
This NCD issue is well-suited for risk-averse investors, retirees, and those looking to park funds in AAA-rated, secured instruments for a medium to long-term horizon (5–15 years). Investors may consider laddering across tenors to optimise yield and duration risk.
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