PSU Finance Stocks and Companies in India

The largest PSU Finance stocks in India by market value are PFC (₹1.06 lakh crore), REC (₹75,574 crore) and IREDA (₹29,778 crore), at prices of 4 Nov 2026.

• PFC: ₹322.50 | market value ₹1.06 lakh crore | P/BV 0.8
• REC: ₹287 | market value ₹75,574 crore | P/BV 0.8
• IREDA: ₹106 | market value ₹29,778 crore | P/BV 2.1
• IFCI: ₹59.42 | market value ₹16,010 crore | P/BV 1.8
• Tourism Finance Corporation of India: ₹157.85 | market value ₹7,460 crore | P/BV 5.35
• Haryana Financial Corporation: ₹65.50 (price from the week of 5 Jul 2026) | market value ₹1,360 crore | P/BV 6.06

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 6 listed Indian Finance - PSU Lending companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance - PSU Lending index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Power Finance Corporation Ltd₹1 lakh cr
2. REC Ltd₹75,200 cr
3. Indian Renewable Energy Development Agency Ltd₹28,000 cr
4. IFCI Ltd₹14,700 cr
5. Tourism Finance Corporation of India Ltd₹7,460 cr
6. Haryana Financial Corporation Ltd₹1,360 cr

6 PSU Finance companies in the Finance - PSU Lending industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 6 are listed below, largest first. The largest is Power Finance Corporation (₹1.03 lakh crore) and the smallest with a market value is Haryana Financial Corporation.

Download all 6 PSU Finance companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 23% ahead of NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters.

Price and the fundamentals both up. 1 of 6 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 6 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 6 pass the momentum test (no change from four weeks earlier); earnings rising at 4 of the 6 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 4 of 6 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 6 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Finance - PSU Lending has done better than the NIFTY 500 by 7.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 3.5%. Tourism Finance Corporation of India Ltd is the strongest against the sector itself at +82.9%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 47.7 as of 30 October 2026 (consolidation, falling).

Finance - PSU Lending has done better than the NIFTY 500 by 7.3% over 52 weeks, but is 3.5% behind over the last 13 weeks. 1 of 6 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 1 of the 5 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Indian Renewable Energy Development Agency Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.

REC Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Tourism Finance Corporation of India Ltd has the strongest one-year price move in Finance - PSU Lending at +128.7%. It also leads on relative strength against the NIFTY, at +86.6%. 1 of 6 companies we track is ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Finance - PSU Lending itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

1 of 6 Finance - PSU Lending companies held a results call for July to September 2026.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.6 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 6 Finance - PSU Lending companies, in percentage points.

Ownership and spending as of 10 October 2026.

Power Finance Corporation Ltd has the highest Income among the 6 Finance - PSU Lending companies compared here, at ₹1,15,432 crore. REC Ltd is next at ₹59,050 crore. Haryana Financial Corporation Ltd has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Power Finance Corporation Ltd is the largest at ₹1,15,432 crore, 95.5% ahead of REC Ltd. Haryana Financial Corporation Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 2363.4% from a ₹10 crore base, with 15 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Power Finance Corporation Ltd is the size to compare against; Haryana Financial Corporation Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

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

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Power Finance Corporation Ltd has the highest Net profit among the 6 Finance - PSU Lending companies compared here, at ₹33,642 crore. REC Ltd is next at ₹15,098 crore. Tourism Finance Corporation of India Ltd has the highest Profit growth at 40%, so level and change sit with different companies.

What the numbers say: Power Finance Corporation Ltd earns the most, ₹33,642 crore of profit over the last 12 months, 122.8% above REC Ltd. Tourism Finance Corporation of India Ltd shows 40% growth from a profit base of ₹154 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Power Finance Corporation Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

No company in this Finance - PSU Lending comparison reports a funding base figure this section can compare, so the Deposits rank is empty. On Borrowings, Power Finance Corporation Ltd is highest at ₹10,12,503 crore, across 6 of 6 companies with a usable reading.

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

What this means: The current leader sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Funding base · company comparison

Deposits · largest deposit bases

Not enough comparable data.

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposits is left out: no company here reports it on a comparable basis.

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Tourism Finance Corporation of India Ltd has the highest ROA among the 6 Finance - PSU Lending companies compared here, at 5.1%. REC Ltd is next at 2.2%. Indian Renewable Energy Development Agency Ltd has the highest ROA change at +0.8 percentage points, so level and change sit with different companies.

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 +0.8 percentage points.

What this means: Tourism Finance Corporation of India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on assets · company comparison

Withheld from this chart: Power Finance Corporation Ltd (PFC): its two data sources disagree by up to 27% on reported income across 15 comparable periods, so its derived ratios are withheld; IFCI Ltd (IFCI): its two data sources disagree by up to 235% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Power Finance Corporation Ltd has the highest ROE among the 6 Finance - PSU Lending companies compared here, at 20.7%. REC Ltd is next at 20.1%. Haryana Financial Corporation Ltd has the highest ROE change at +4.7 percentage points, so level and change sit with different companies. 6 of 6 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Power Finance Corporation Ltd leads roe at 20.7%; Haryana Financial Corporation Ltd leads roe change at +4.7 percentage points.

What this means: Power Finance Corporation Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Return on equity · company comparison

Withheld from this chart: Power Finance Corporation Ltd (PFC): its two data sources disagree by up to 27% on reported income across 15 comparable periods, so its derived ratios are withheld; IFCI Ltd (IFCI): its two data sources disagree by up to 235% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

Tourism Finance Corporation of India Ltd has the lowest Gross NPA among the 6 Finance - PSU Lending companies compared here, at 0.4%. Power Finance Corporation Ltd is next at 0.7%. Power Finance Corporation Ltd has the lowest GNPA change at −0.8 percentage points, so level and change sit with different companies.

What the numbers say: Tourism Finance Corporation of India Ltd leads gross npa at 0.4%; Power Finance Corporation Ltd leads gnpa change at −0.8 percentage points.

What this means: Tourism Finance Corporation of India Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Asset quality · company comparison

Withheld from this chart: IFCI Ltd (IFCI): its two data sources disagree by up to 235% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

Gross NPA · lowest

GNPA change · fastest improvers

All-company data · latest reported quarter

Power Finance Corporation Ltd has the lowest P/BV ÷ ROE among the 6 Finance - PSU Lending companies compared here, at 0.04×. The same company also has the lowest P/BV, at 0.73×. 6 of 6 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Power Finance Corporation Ltd has the lowest comparable P/BV ÷ ROE at 0.04×, 0% below REC Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance - PSU Lending companies show up on 6 of our India lists. The most are on the 52 week high & low list (4 companies).

This Finance - PSU Lending comparison names 7 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-source figures left out because the two sources disagree. 2 of the 7 ranked sections have fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 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-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Funding base, Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 6 Finance - PSU Lending companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

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 15 comparable periods, so its derived ratios are withheld; IFCI Ltd (IFCI): its two data sources disagree by up to 235% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Finance - PSU Lending comparison above in question form. Every one is computed from the same 6 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.