PFS is wrongly categorised under PSU tag IMHO. It's 60% owned by PTC India n there promoter stake is only 16% and that too 4% each by 4 PSU like PFC, NHPC, Powergrid , ntpc .
This was due to visionary policy of erstwhile PTC chairman TN Thakur appointed during NDA regime.
So working culture compensation is more like a private sector.No need for its scmd to go to sham shakti bhawan to offer Salam to the minister n it's IAS Secy.
Once the market realises this fact the PE shud increase.
Sharekhan has come out with an Excellent report on PFS with price target of 38.