BSE: 532676
PBA INFRASTRUCTURE LTD.
Classified under Civil Construction within Industrials/Construction. Materials are the largest cost at 69.2% of revenue, followed by depreciation at 18.6% and employee costs at 10.8%. The company posted a net loss of ₹82.02 crore in FY26 and shareholder equity reserves are deeply negative. It has been classified as a Non-Performing Asset by lenders since January 2018, and consortium banks are seeking possession of secured assets under the SARFASEI Act. The auditor has flagged material uncertainty about the company's ability to continue as a going concern. The facts do not specify what type of civil construction the company undertakes, its project pipeline, order book, fleet, or client base. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Civil construction. Small civil construction company in severe financial distress with negative equity and defaulted bank loans
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1 | 11 | 60 | 36 | 23 |
| EBITDA (ex other income) | (3) | (126) | (13) | (4) | (76) |
| margin % | (241.1) | (1129.2) | (22.0) | (10.0) | (323.7) |
| Owners' profit | (3) | (134) | 2 | 2 | (82) |
| EPS, as reported (₹) | (0.13) | (99.61) | 1.82 | 1.65 | (60.75) |
| ROE % · ROCE % | (21.2) · 0.8 | 112.6 · 208.0 | (2.1) · (2.8) | (1.9) · (2.5) | 41.7 · 55.3 |
| Debt / equity (x) | 28.52 | (3.37) | (3.47) | (3.53) | (2.06) |
| Cash from operations | 27 | (2) | (21) | 3 | (2) |
| Capex | 0 | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 6 | 9 | 9 | 7 | 9 | 2 | 6 |
| Profit before tax | 0 | (1) | 0 | 2 | (0) | (23) | (2) | (54) |
| Net profit | 0 | (1) | 0 | 3 | (0) | (23) | (2) | (57) |
| EPS (₹) | 0.14 | (0.97) | 0.24 | 2.24 | (0.26) | (16.97) | (1.22) | (42.31) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 55.3 | 10.0 | 3 of 107 | 98% |
| EBITDA margin | (937.4) | 12.4 | 87 of 88 | 1% |
| Revenue growth | (38.0) | 6.2 | 77 of 86 | 11% |
| Profit growth | (1989.2) | 2.7 | 83 of 84 | 1% |
| Market cap | 7 | 468 | 106 of 107 | 1% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · NCLT admits insolvency petition against PBA Infrastructure over Canara Bank default | regulatory legal | critical | — | — |
| 27 Sept 2026 · 52nd AGM: All 4 resolutions approved with 99.46% majority | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 52nd AGM of PBA Infrastructure held on Sept 26, 2026; voting results awaited | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 5 Sept 2026 · PBA Infra publishes 52nd AGM, book closure and e-voting notice | compliance | minimal | — | — |
| 3 Sept 2026 · PBA Infrastructure submits FY26 Annual Report; reports Rs 82 Cr net loss | compliance | minimal | — | — |
| 3 Sept 2026 · PBA Infrastructure 52nd AGM notice set for September 26, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Book closure for 52nd AGM from Sep 20 to Sep 26, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Board re-appoints Independent Director, approves Q1 FY27 results | management changes | medium | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Zero Revenue, Loss Widens, Going Concern Flagged | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.