Despite running into profits worth over Rs 2,200 crore in 2025-26, Punjab State Power Corporation Limited (PSPCL) has failed to release pending dearness allowance (DA) instalments to employees and pensioners.Documents in possession of The Tribune show that the PSPCL’s profit for the financial year 2025-26 was Rs 2,204 crore against Rs 2,633 crore in 2024-25. “Thus, the PSPCL’s profit in the last financial year got reduced by 429 crore over the previous fiscal,” said a senior power corporation official.The PSPCL earned a profit of Rs 2,633 crore in the financial year 2024-25. However, loss funding to the tune of Rs 3,581 crore meant that it was left with an overall profit of Rs 6,215 crore. Loss funding is a financial bailout or grant released directly by the Punjab Government to stabilise the utility’s deficit. In the 2023-24 fiscal year, the PSPCL earned a profit of Rs 800 crore, while earlier it made a total loss of Rs 4,775 crore for the period ending March 2023.According to the 2025-26 audit report, the total income of the PSPCL was Rs 48,994 crore, which means a decrease of Rs 676 crore over the previous fiscal, with an income of Rs 49,570 crore. “The major component was power purchase worth Rs 29,814 crore against Rs 31,940 crore in the corresponding year. The major power purchase is done mostly during paddy season,” said a PSPCL official.Meanwhile, the expenditure to generate power at its own plants stood at Rs 3,716 crore against Rs 3,697 crore in 2025-2026 (an increase of Rs 19 crore). Revenue receipts from operations were Rs 29,161 crore against Rs 27,217 in 2024-25.The audit report suggests that the Punjab Government provided a subsidy of Rs 17,764 crore as compared to Rs 20,963 crore in the corresponding year. “By running its own captive coal mine and making optimal use of its power plants, the PSPCL has increased profitability,” said VK Gupta of the All India Power Engineers Federation. “With better management of resources, and ensuring power purchase from the energy exchange when it is cheaper, the PSPCL has benefited. Despite profits, the arrears of staff are still pending,” he said.