# Finance - PSU Lending — company-by-company sector analysis

> Finance - PSU Lending: Power Finance Corporation Ltd owns the largest revenue base; Haryana Financial Corporation Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Finance - PSU Lending has outperformed NIFTY 500 by 13.4% over 52 weeks and 1.4% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. Power Finance Corporation Ltd leads with income of ₹1,15,444 crore, based on 6 of 6 comparable companies through Mar 2026.

### Is the Finance - PSU Lending sector outperforming NIFTY 500?

Finance - PSU Lending has outperformed NIFTY 500 by 13.4% over 52 weeks and 1.4% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Finance - PSU Lending company is largest by income?

Power Finance Corporation Ltd leads with income of ₹1,15,444 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Finance - PSU Lending company is growing fastest?

Haryana Financial Corporation Ltd has the fastest current income growth at 100%, across 6 of 6 comparable companies.

### Which Finance - PSU Lending company has the strongest 4-Factor Sector Score?

Power Finance Corporation Ltd ranks first at 63.1/100 with 87% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Finance - PSU Lending company has the lowest comparable P/BV-to-ROE?

Power Finance Corporation Ltd has the lowest comparable P/BV ÷ ROE at 0.05, among 5 of 6 companies that pass the metric’s comparability rules.

### How much history does this Finance - PSU Lending comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Finance - PSU Lending has outperformed NIFTY 500 by 13.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.4%. 4 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Tourism Finance Corporation of India Ltd is the strongest against the sector itself at +15.7%.

13-week sector return versus NIFTY 500: 1.4%
52-week sector return versus NIFTY 500: 13%
Stocks leading NIFTY: 4/5
Stocks leading sector: 2/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹2.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Power Finance Corporation Ltd (PFC): 63/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 18.9/35 | Capital efficiency 22.6/25 | Valuation 15.7/20 | Relative strength 5.9/20
   - Exact sum: 18.9 + 22.6 + 15.7 + 5.9 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Indian Renewable Energy Development Agency Ltd (IREDA): 52/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 24.0/35 | Capital efficiency 15.9/25 | Valuation 10.7/20 | Relative strength 1.7/20
   - Exact sum: 24 + 15.9 + 10.7 + 1.7 = 52.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.9% and the one-year return is -23.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. IFCI Ltd (IFCI): 51/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.7/35 | Capital efficiency 7.9/25 | Valuation 3.8/20 | Relative strength 17.7/20
   - Exact sum: 21.7 + 7.9 + 3.8 + 17.7 = 51.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Tourism Finance Corporation of India Ltd (TFCILTD): 51/100 — Mixed-positive evidence; evidence 88%
   - Growth & earnings 12.2/35 | Capital efficiency 16.7/25 | Valuation 1.9/20 | Relative strength 20.0/20
   - Exact sum: 12.2 + 16.7 + 1.9 + 20 = 50.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 26%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. REC Ltd (RECLTD): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 5.0/35 | Capital efficiency 15.8/25 | Valuation 14.5/20 | Relative strength 6.4/20
   - Exact sum: 5 + 15.8 + 14.5 + 6.4 = 41.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6. Haryana Financial Corporation Ltd (HARAFIN): 48/100 — Thin evidence · provisional; evidence 15%
   - Growth & earnings 19.4/35 | Capital efficiency 9.3/25 | Valuation 9.0/20 | Relative strength 10.0/20
   - Exact sum: 19.4 + 9.3 + 9 + 10 = 47.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Power Finance Corporation Ltd is the scale leader at ₹1,15,444 crore, 95% ahead of REC Ltd. Haryana Financial Corporation Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1097.6% from a ₹10 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Power Finance Corporation Ltd is the scale benchmark; Haryana Financial Corporation Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Power Finance Corporation Ltd's growth falls below Haryana Financial Corporation Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Power Finance Corporation Ltd · ₹1,15,444 crore | 95% versus #2 · REC Ltd | 7/8 recent comparable periods | 6/6 companies · 100 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Power Finance Corporation Ltd (PFC): ₹1.2 L Cr
2. REC Ltd (RECLTD): ₹59.2K Cr
3. Indian Renewable Energy Development Agency Ltd (IREDA): ₹8.3K Cr
4. IFCI Ltd (IFCI): ₹2.1K Cr
5. Tourism Finance Corporation of India Ltd (TFCILTD): ₹233 Cr

### Income growth — fastest growers
1. Haryana Financial Corporation Ltd (HARAFIN): 100% — older report
2. Indian Renewable Energy Development Agency Ltd (IREDA): 23%
3. IFCI Ltd (IFCI): 10%
4. Power Finance Corporation Ltd (PFC): 8.4%
5. REC Ltd (RECLTD): 2.0%

### 20-quarter Income history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹19.6K Cr | Mar 2023 ₹20.1K Cr | Jun 2023 ₹21.0K Cr | Sep 2023 ₹22.4K Cr | Dec 2023 ₹23.6K Cr | Mar 2024 ₹24.1K Cr | Jun 2024 ₹24.7K Cr | Sep 2024 ₹25.7K Cr | Dec 2024 ₹26.8K Cr | Mar 2025 ₹29.3K Cr | Jun 2025 ₹28.5K Cr | Sep 2025 ₹28.9K Cr | Dec 2025 ₹29.1K Cr | Mar 2026 ₹28.9K Cr | Jun 2026 —
- RECLTD: Sep 2021 ₹10.1K Cr | Dec 2021 ₹10.1K Cr | Mar 2022 ₹9.7K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹10.0K Cr | Dec 2022 ₹9.8K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹11.1K Cr | Sep 2023 ₹11.7K Cr | Dec 2023 ₹12.1K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹13.1K Cr | Sep 2024 ₹13.7K Cr | Dec 2024 ₹14.3K Cr | Mar 2025 ₹15.3K Cr | Jun 2025 ₹14.7K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.1K Cr | Mar 2026 ₹14.6K Cr | Jun 2026 ₹14.4K Cr
- IREDA: Sep 2021 ₹683 Cr | Dec 2021 ₹743 Cr | Mar 2022 ₹746 Cr | Jun 2022 ₹786 Cr | Sep 2022 ₹792 Cr | Dec 2022 ₹869 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹348 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹607 Cr | Dec 2023 ₹454 Cr | Mar 2024 ₹605 Cr | Jun 2024 ₹388 Cr | Sep 2024 ₹617 Cr | Dec 2024 ₹459 Cr | Mar 2025 ₹414 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹735 Cr | Dec 2025 ₹456 Cr | Mar 2026 ₹470 Cr | Jun 2026 —
- TFCILTD: Sep 2021 ₹66 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹74 Cr | Jun 2026 ₹115 Cr
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹10 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Income growth history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 20% | Jun 2024 18% | Sep 2024 15% | Dec 2024 14% | Mar 2025 21% | Jun 2025 15% | Sep 2025 12% | Dec 2025 8.6% | Mar 2026 -1.2% | Jun 2026 —
- RECLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 -0.9% | Dec 2022 -2.9% | Mar 2023 6.1% | Jun 2023 17% | Sep 2023 17% | Dec 2023 23% | Mar 2024 24% | Jun 2024 18% | Sep 2024 17% | Dec 2024 18% | Mar 2025 21% | Jun 2025 13% | Sep 2025 11% | Dec 2025 5.5% | Mar 2026 -5.0% | Jun 2026 -2.1%
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 16% | Dec 2022 17% | Mar 2023 39% | Jun 2023 45% | Sep 2023 49% | Dec 2023 44% | Mar 2024 34% | Jun 2024 32% | Sep 2024 38% | Dec 2024 36% | Mar 2025 37% | Jun 2025 29% | Sep 2025 26% | Dec 2025 25% | Mar 2026 14% | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 46% | Jun 2024 21% | Sep 2024 1.7% | Dec 2024 1.1% | Mar 2025 -32% | Jun 2025 4.9% | Sep 2025 19% | Dec 2025 -0.7% | Mar 2026 14% | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 — | Mar 2022 1.7% | Jun 2022 -4.6% | Sep 2022 -12% | Dec 2022 -18% | Mar 2023 -1.6% | Jun 2023 -6.4% | Sep 2023 0.0% | Dec 2023 31% | Mar 2024 -3.3% | Jun 2024 5.1% | Sep 2024 12% | Dec 2024 -4.5% | Mar 2025 19% | Jun 2025 6.5% | Sep 2025 1.5% | Dec 2025 11% | Mar 2026 7.3% | Jun 2026 74%
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -78% | Mar 2024 138% | Jun 2024 -100% | Sep 2024 — | Dec 2024 -100% | Mar 2025 -86% | Jun 2025 — | Sep 2025 -100% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Power Finance Corporation Ltd leads with ₹33,625 crore of TTM profit, 109.7% above REC Ltd. IFCI Ltd shows 24.7% growth from a ₹434 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Power Finance Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Power Finance Corporation Ltd · ₹33,625 crore | 109.7% versus #2 · REC Ltd | 8/8 recent comparable periods | 6/6 companies · 100 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Power Finance Corporation Ltd (PFC): ₹33.6K Cr
2. REC Ltd (RECLTD): ₹16.0K Cr
3. Indian Renewable Energy Development Agency Ltd (IREDA): ₹1.9K Cr
4. IFCI Ltd (IFCI): ₹434 Cr
5. Tourism Finance Corporation of India Ltd (TFCILTD): ₹85 Cr

### Profit growth — fastest growers
1. IFCI Ltd (IFCI): 25%
2. Indian Renewable Energy Development Agency Ltd (IREDA): 10%
3. Power Finance Corporation Ltd (PFC): 10%
4. Tourism Finance Corporation of India Ltd (TFCILTD): 4.9%
5. REC Ltd (RECLTD): -5.1%

### 20-quarter Net profit history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5.2K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹7.6K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.8K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 —
- RECLTD: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹4.2K Cr
- IREDA: Sep 2021 ₹110 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹226 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹201 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹295 Cr | Sep 2023 ₹285 Cr | Dec 2023 ₹336 Cr | Mar 2024 ₹337 Cr | Jun 2024 ₹384 Cr | Sep 2024 ₹388 Cr | Dec 2024 ₹425 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹549 Cr | Dec 2025 ₹585 Cr | Mar 2026 ₹493 Cr | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹109 Cr | Mar 2023 ₹-241 Cr | Jun 2023 ₹-129 Cr | Sep 2023 ₹174 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹-88 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹260 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- TFCILTD: Sep 2021 ₹22 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹28 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹32 Cr | Jun 2026 ₹61 Cr
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹-0 Cr | Mar 2024 ₹-0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-0 Cr | Sep 2025 ₹-0 Cr | Dec 2025 ₹9 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 23% | Jun 2024 20% | Sep 2024 8.9% | Dec 2024 23% | Mar 2025 11% | Jun 2025 25% | Sep 2025 8.6% | Dec 2025 5.8% | Mar 2026 2.9% | Jun 2026 —
- RECLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.2% | Sep 2022 1.5% | Dec 2022 5.1% | Mar 2023 35% | Jun 2023 21% | Sep 2023 39% | Dec 2023 13% | Mar 2024 33% | Jun 2024 17% | Sep 2024 6.5% | Dec 2024 23% | Mar 2025 5.7% | Jun 2025 29% | Sep 2025 9.3% | Dec 2025 -0.6% | Mar 2026 -22% | Jun 2026 -6.1%
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 67% | Dec 2022 88% | Mar 2023 12% | Jun 2023 31% | Sep 2023 55% | Dec 2023 67% | Mar 2024 33% | Jun 2024 30% | Sep 2024 36% | Dec 2024 26% | Mar 2025 49% | Jun 2025 -36% | Sep 2025 41% | Dec 2025 38% | Mar 2026 -1.8% | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -64% | Mar 2024 — | Jun 2024 — | Sep 2024 6.3% | Dec 2024 -123% | Mar 2025 66% | Jun 2025 — | Sep 2025 71% | Dec 2025 — | Mar 2026 -87% | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 — | Mar 2022 22% | Jun 2022 19% | Sep 2022 -9.1% | Dec 2022 -10% | Mar 2023 14% | Jun 2023 -4.0% | Sep 2023 -5.0% | Dec 2023 56% | Mar 2024 -20% | Jun 2024 4.2% | Sep 2024 37% | Dec 2024 -18% | Mar 2025 50% | Jun 2025 24% | Sep 2025 12% | Dec 2025 39% | Mar 2026 6.7% | Jun 2026 97%
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -126% | Jun 2024 503% | Sep 2024 -105% | Dec 2024 — | Mar 2025 — | Jun 2025 -115% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Power Finance Corporation Ltd (PFC): ₹10.1 L Cr
2. REC Ltd (RECLTD): ₹5.1 L Cr
3. Indian Renewable Energy Development Agency Ltd (IREDA): ₹77.8K Cr
4. IFCI Ltd (IFCI): ₹3.5K Cr
5. Tourism Finance Corporation of India Ltd (TFCILTD): ₹1.1K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹6.6 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹7.5 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹8.6 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.7 L Cr | Jun 2025 — | Sep 2025 ₹10.0 L Cr | Dec 2025 — | Mar 2026 ₹10.1 L Cr | Jun 2026 —
- RECLTD: Sep 2021 ₹3.7 L Cr | Dec 2021 — | Mar 2022 ₹3.3 L Cr | Jun 2022 ₹3.6 L Cr | Sep 2022 ₹3.7 L Cr | Dec 2022 ₹3.8 L Cr | Mar 2023 ₹3.8 L Cr | Jun 2023 — | Sep 2023 ₹4.4 L Cr | Dec 2023 ₹4.7 L Cr | Mar 2024 ₹4.5 L Cr | Jun 2024 ₹4.9 L Cr | Sep 2024 ₹5.1 L Cr | Dec 2024 ₹5.2 L Cr | Mar 2025 ₹5.0 L Cr | Jun 2025 ₹5.2 L Cr | Sep 2025 ₹5.2 L Cr | Dec 2025 ₹5.6 L Cr | Mar 2026 ₹5.1 L Cr | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹27.6K Cr | Jun 2022 ₹29.5K Cr | Sep 2022 ₹32.4K Cr | Dec 2022 ₹32.4K Cr | Mar 2023 ₹40.2K Cr | Jun 2023 ₹40.3K Cr | Sep 2023 ₹41.8K Cr | Dec 2023 ₹41.8K Cr | Mar 2024 ₹49.7K Cr | Jun 2024 ₹51.6K Cr | Sep 2024 ₹54.7K Cr | Dec 2024 — | Mar 2025 ₹64.7K Cr | Jun 2025 ₹68.1K Cr | Sep 2025 ₹69.9K Cr | Dec 2025 ₹75.0K Cr | Mar 2026 ₹77.8K Cr | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.0K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.7K Cr | Jun 2025 — | Sep 2025 ₹3.5K Cr | Dec 2025 — | Mar 2026 ₹3.5K Cr | Jun 2026 —
- TFCILTD: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹920 Cr | Dec 2022 ₹920 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹978 Cr | Jun 2024 ₹978 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹863 Cr | Jun 2025 ₹863 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.1K Cr
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Return On Assets

What the numbers say: Tourism Finance Corporation of India Ltd leads roa at 5.1%; Indian Renewable Energy Development Agency Ltd leads roa change at +0.4 percentage points.

Investor read: Tourism Finance Corporation of India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Tourism Finance Corporation of India Ltd · 5.1% | 83.5% versus #2 · Power Finance Corporation Ltd | 5/7 recent comparable periods | 5/6 companies · 38 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Tourism Finance Corporation of India Ltd (TFCILTD): 5.1%
2. Power Finance Corporation Ltd (PFC): 2.8%
3. Indian Renewable Energy Development Agency Ltd (IREDA): 2.6%
4. REC Ltd (RECLTD): 2.5%
5. IFCI Ltd (IFCI): 1.7%

### ROA change — fastest improvers
1. Indian Renewable Energy Development Agency Ltd (IREDA): +0.4 pp
2. Tourism Finance Corporation of India Ltd (TFCILTD): +0.2 pp
3. REC Ltd (RECLTD): −0.2 pp

### 20-quarter ROA history
- RECLTD: Sep 2021 — | Dec 2021 — | Mar 2022 2.4% | Jun 2022 2.5% | Sep 2022 2.4% | Dec 2022 2.6% | Mar 2023 2.7% | Jun 2023 2.7% | Sep 2023 2.5% | Dec 2023 2.5% | Mar 2024 2.5% | Jun 2024 3.0% | Sep 2024 2.5% | Dec 2024 2.8% | Mar 2025 2.7% | Jun 2025 2.8% | Sep 2025 2.7% | Dec 2025 — | Mar 2026 2.5% | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 1.7% | Jun 2022 — | Sep 2022 1.8% | Dec 2022 — | Mar 2023 1.7% | Jun 2023 1.8% | Sep 2023 2.3% | Dec 2023 2.2% | Mar 2024 2.0% | Jun 2024 — | Sep 2024 2.1% | Dec 2024 — | Mar 2025 2.2% | Jun 2025 1.9% | Sep 2025 1.2% | Dec 2025 2.6% | Mar 2026 2.6% | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 — | Mar 2022 3.8% | Jun 2022 — | Sep 2022 4.5% | Dec 2022 — | Mar 2023 4.3% | Jun 2023 — | Sep 2023 4.2% | Dec 2023 — | Mar 2024 4.3% | Jun 2024 — | Sep 2024 4.4% | Dec 2024 — | Mar 2025 4.9% | Jun 2025 — | Sep 2025 4.9% | Dec 2025 — | Mar 2026 5.1% | Jun 2026 —

### 20-quarter ROA change history
- RECLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 +0.2 pp | Sep 2023 +0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −0.2 pp | Jun 2024 +0.3 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 +0.2 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +0.3 pp | Jun 2024 — | Sep 2024 −0.2 pp | Dec 2024 — | Mar 2025 +0.2 pp | Jun 2025 — | Sep 2025 −0.9 pp | Dec 2025 — | Mar 2026 +0.4 pp | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +0.5 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 0.0 pp | Jun 2024 — | Sep 2024 +0.2 pp | Dec 2024 — | Mar 2025 +0.6 pp | Jun 2025 — | Sep 2025 +0.5 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Power Finance Corporation Ltd leads roe at 20.7%; Indian Renewable Energy Development Agency Ltd leads roe change at +1.2 percentage points.

Investor read: Power Finance Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Power Finance Corporation Ltd · 20.7% | 3.5% versus #2 · REC Ltd | Not enough history | 6/6 companies · 55 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Power Finance Corporation Ltd (PFC): 21%
2. REC Ltd (RECLTD): 20%
3. Indian Renewable Energy Development Agency Ltd (IREDA): 16%
4. Tourism Finance Corporation of India Ltd (TFCILTD): 9.9%
5. IFCI Ltd (IFCI): 2.1%

### ROE change — fastest improvers
1. Indian Renewable Energy Development Agency Ltd (IREDA): +1.2 pp
2. Power Finance Corporation Ltd (PFC): 0.0 pp
3. Tourism Finance Corporation of India Ltd (TFCILTD): −0.1 pp
4. Haryana Financial Corporation Ltd (HARAFIN): −0.3 pp — older report
5. IFCI Ltd (IFCI): −1.0 pp

### 20-quarter ROE history
- RECLTD: Sep 2021 21% | Dec 2021 24% | Mar 2022 20% | Jun 2022 19% | Sep 2022 19% | Dec 2022 21% | Mar 2023 21% | Jun 2023 22% | Sep 2023 20% | Dec 2023 20% | Mar 2024 21% | Jun 2024 24% | Sep 2024 20% | Dec 2024 22% | Mar 2025 22% | Jun 2025 22% | Sep 2025 23% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 12% | Jun 2022 13% | Sep 2022 13% | Dec 2022 14% | Mar 2023 14% | Jun 2023 18% | Sep 2023 19% | Dec 2023 18% | Mar 2024 20% | Jun 2024 18% | Sep 2024 18% | Dec 2024 17% | Mar 2025 17% | Jun 2025 13% | Sep 2025 8.7% | Dec 2025 17% | Mar 2026 18% | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 11% | Mar 2022 9.7% | Jun 2022 10% | Sep 2022 11% | Dec 2022 8.2% | Mar 2023 7.6% | Jun 2023 10% | Sep 2023 9.6% | Dec 2023 7.6% | Mar 2024 12% | Jun 2024 8.0% | Sep 2024 9.3% | Dec 2024 9.1% | Mar 2025 7.8% | Jun 2025 10% | Sep 2025 10% | Dec 2025 9.4% | Mar 2026 10% | Jun 2026 10%

### 20-quarter ROE change history
- RECLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −3.0 pp | Mar 2023 +1.9 pp | Jun 2023 +2.4 pp | Sep 2023 +1.2 pp | Dec 2023 −0.4 pp | Mar 2024 −0.9 pp | Jun 2024 +2.6 pp | Sep 2024 −0.5 pp | Dec 2024 +2.0 pp | Mar 2025 +1.1 pp | Jun 2025 −2.0 pp | Sep 2025 +3.3 pp | Dec 2025 −0.3 pp | Mar 2026 −2.2 pp | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +2.2 pp | Jun 2023 +4.8 pp | Sep 2023 +6.1 pp | Dec 2023 +4.2 pp | Mar 2024 +6.2 pp | Jun 2024 +0.3 pp | Sep 2024 −1.4 pp | Dec 2024 −0.4 pp | Mar 2025 −3.9 pp | Jun 2025 −5.2 pp | Sep 2025 −9.2 pp | Dec 2025 +0.1 pp | Mar 2026 +1.2 pp | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.5 pp | Mar 2023 −2.1 pp | Jun 2023 −0.2 pp | Sep 2023 −1.1 pp | Dec 2023 −0.6 pp | Mar 2024 +4.0 pp | Jun 2024 −2.0 pp | Sep 2024 −0.3 pp | Dec 2024 +1.5 pp | Mar 2025 −3.8 pp | Jun 2025 +2.1 pp | Sep 2025 +0.7 pp | Dec 2025 +0.3 pp | Mar 2026 +2.4 pp | Jun 2026 −0.1 pp

## Gross NPA — Leaders & Improvers

What the numbers say: Power Finance Corporation Ltd leads both gross npa at 0.7% and gnpa change at -1 percentage points.

Investor read: Power Finance Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: Power Finance Corporation Ltd · 0.7% | Not enough peers | 8/8 recent comparable periods | 1/6 companies · 27 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest
1. Power Finance Corporation Ltd (PFC): 0.7%

### GNPA change — fastest improvers
1. Power Finance Corporation Ltd (PFC): −1.0 pp
2. Indian Renewable Energy Development Agency Ltd (IREDA): +1.1 pp

### 20-quarter Gross NPA history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.9% | Mar 2023 3.7% | Jun 2023 3.5% | Sep 2023 3.4% | Dec 2023 3.1% | Mar 2024 3.0% | Jun 2024 3.0% | Sep 2024 2.6% | Dec 2024 2.3% | Mar 2025 1.6% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 1.3% | Mar 2026 0.7% | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 4.2% | Mar 2023 3.2% | Jun 2023 3.1% | Sep 2023 3.1% | Dec 2023 2.9% | Mar 2024 2.9% | Jun 2024 2.2% | Sep 2024 2.2% | Dec 2024 2.7% | Mar 2025 2.7% | Jun 2025 4.1% | Sep 2025 4.0% | Dec 2025 3.8% | Mar 2026 — | Jun 2026 —

### 20-quarter GNPA change history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −0.8 pp | Mar 2024 −0.6 pp | Jun 2024 −0.6 pp | Sep 2024 −0.8 pp | Dec 2024 −0.8 pp | Mar 2025 −1.4 pp | Jun 2025 −1.5 pp | Sep 2025 −1.2 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 −1.3 pp | Mar 2024 −0.3 pp | Jun 2024 −0.9 pp | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −0.2 pp | Jun 2025 +1.9 pp | Sep 2025 +1.8 pp | Dec 2025 +1.1 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Power Finance Corporation Ltd has the lowest comparable P/BV ÷ ROE at 0.05×, 16.7% below REC Ltd. Only 5 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Power Finance Corporation Ltd · 0.05× | 16.7% versus #2 · REC Ltd | 0/8 recent comparable periods | 5/6 companies · 48 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Power Finance Corporation Ltd (PFC): 0.1
2. REC Ltd (RECLTD): 0.1
3. Indian Renewable Energy Development Agency Ltd (IREDA): 0.2
4. Tourism Finance Corporation of India Ltd (TFCILTD): 0.4
5. IFCI Ltd (IFCI): 1.0

### P/BV — lowest P/BV
1. Power Finance Corporation Ltd (PFC): 1.0
2. REC Ltd (RECLTD): 1.1
3. IFCI Ltd (IFCI): 2.1
4. Indian Renewable Energy Development Agency Ltd (IREDA): 2.4
5. Tourism Finance Corporation of India Ltd (TFCILTD): 4.1

### 20-quarter P/BV ÷ ROE history
- RECLTD: Sep 2021 0.0 | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 —
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.2 | Mar 2026 0.1 | Jun 2026 —
- TFCILTD: Sep 2021 — | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.2 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.2 | Dec 2024 0.2 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 0.4

### 20-quarter P/BV history
- PFC: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.1 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 —
- RECLTD: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 1.8 | Jun 2024 2.4 | Sep 2024 2.0 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 1.1
- IREDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2 | Mar 2024 4.3 | Jun 2024 6.0 | Sep 2024 7.3 | Dec 2024 5.7 | Mar 2025 4.6 | Jun 2025 4.4 | Sep 2025 3.8 | Dec 2025 3.1 | Mar 2026 2.5 | Jun 2026 —
- IFCI: Sep 2021 — | Dec 2021 — | Mar 2022 0.9 | Jun 2022 — | Sep 2022 — | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 1.8 | Dec 2023 1.7 | Mar 2024 2.3 | Jun 2024 3.3 | Sep 2024 3.3 | Dec 2024 2.7 | Mar 2025 1.9 | Jun 2025 3.0 | Sep 2025 2.5 | Dec 2025 1.6 | Mar 2026 1.6 | Jun 2026 —
- TFCILTD: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 2.2 | Sep 2025 3.4 | Dec 2025 3.0 | Mar 2026 3.0 | Jun 2026 3.6
- HARAFIN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.4 | Mar 2025 2.6 | Jun 2025 5.3 | Sep 2025 7.8 | Dec 2025 8.3 | Mar 2026 — | Jun 2026 —

## Market action

Tourism Finance Corporation of India Ltd has the strongest one-year price move in Finance - PSU Lending at +51.5%. It also leads on Mansfield relative strength against NIFTY at +26%. 4 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Tourism Finance Corporation of India Ltd (TFCILTD): 52%
2. Haryana Financial Corporation Ltd (HARAFIN): 34%
3. IFCI Ltd (IFCI): 15%
4. Power Finance Corporation Ltd (PFC): -2.0%
5. REC Ltd (RECLTD): -9.8%

### Strongest relative strength versus NIFTY 500
1. Tourism Finance Corporation of India Ltd (TFCILTD): 26%
2. IFCI Ltd (IFCI): 19%
3. Power Finance Corporation Ltd (PFC): 2.8%
4. REC Ltd (RECLTD): 1.5%
5. Indian Renewable Energy Development Agency Ltd (IREDA): -10.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

## Every company
- Power Finance Corporation Ltd (PFC) — market value ₹1.4 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- REC Ltd (RECLTD) — market value ₹95.2K Cr; latest fundamentals Jun 2026
- Indian Renewable Energy Development Agency Ltd (IREDA) — market value ₹33.8K Cr; latest fundamentals Mar 2026
- IFCI Ltd (IFCI) — market value ₹18.9K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Tourism Finance Corporation of India Ltd (TFCILTD) — market value ₹4.0K Cr; latest fundamentals Jun 2026
- Haryana Financial Corporation Ltd (HARAFIN) — market value ₹1.7K Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 3. Unverified: 1. Withheld: 2. Graded companies: 6.

2 of 6 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Power Finance Corporation Ltd (PFC) — its two data sources disagree by up to 27% on reported income across 14 comparable periods, so its derived ratios are withheld; IFCI Ltd (IFCI) — its two data sources disagree by up to 235% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | PFC | Power Finance Corporation Ltd | diff_gt_2pct | disagreement up to 27.07% over 14 comparable periods
- WITHHELD | IFCI | IFCI Ltd | diff_gt_2pct | disagreement up to 235.11% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Finance - PSU Lending index?

The Nifty Finance - PSU Lending index tracks India's listed Finance - PSU Lending companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Finance - PSU Lending sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Finance - PSU Lending stocks in India?

Ranked by this page's four-factor score, Power Finance Corporation Ltd places first among 6 listed Finance - PSU Lending companies, followed by Indian Renewable Energy Development Agency Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Finance - PSU Lending stocks are listed in India?

This comparison covers 6 listed Finance - PSU Lending companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Finance - PSU Lending company is the biggest?

Power Finance Corporation Ltd is the largest, with trailing-twelve-month income of ₹1,15,444 crore, ahead of REC Ltd at ₹59,203 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Finance - PSU Lending company is growing fastest?

Haryana Financial Corporation Ltd has the fastest income growth at 100% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Finance - PSU Lending company makes the most profit?

Power Finance Corporation Ltd earns the most, at ₹33,625 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. IFCI Ltd has the fastest profit growth at 24.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Finance - PSU Lending lender has the best asset quality?

Power Finance Corporation Ltd reports the lowest gross NPA ratio at 0.7% — lower is better — across 1 of 6 lenders. Read the direction as well as the level: a rising NPA ratio off a low base can matter more than a high but falling one.

### Which Finance - PSU Lending company earns the highest return on capital?

Tourism Finance Corporation of India Ltd leads on return on assets at 5.1%, across 5 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Finance - PSU Lending stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Power Finance Corporation Ltd screens cheapest at 0.05×. Only 5 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Finance - PSU Lending sector beating the market?

Finance - PSU Lending has outperformed NIFTY 500 by 13.4% over the last 52 weeks and 1.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Finance - PSU Lending stock has the strongest price momentum?

Tourism Finance Corporation of India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Finance - PSU Lending company scores highest for research priority?

Power Finance Corporation Ltd scores 63.1 out of 100 with 87% evidence confidence, from 18.9 points on growth and earnings, 22.6 on capital efficiency, 15.7 on valuation and 5.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Finance - PSU Lending companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Finance - PSU Lending sector?

The 6 Finance - PSU Lending companies on this page carry ₹2,89,588 crore of combined market value. Power Finance Corporation Ltd is the largest at ₹1,35,931 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Finance - PSU Lending sector's P/B ratio?

The median price-to-book ratio across the 6 Finance - PSU Lending companies on this page is 2.4×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Finance - PSU Lending sector performing?

4 of the 5 covered Finance - PSU Lending companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/finance-psu-lending