NSE: PNCINFRA · BSE: 539150
PNC INFRATECH LTD.
The company builds and operates highways, expressways, and related infrastructure, primarily for NHAI and state government agencies. In FY26 it reported consolidated revenue of INR 5,368 crore, earned across three segments: Road construction (75.8% of segment revenue) covering EPC and HAM highway projects for NHAI and state PWDs; Toll/Annuity (13.3%) from operating toll roads and receiving annuity payments under HAM concessions; and Water (10.9%) from pipelines, treatment plants, and canal works under the Jal Jeevan Mission and similar state schemes. The unexecuted order book stood at INR 22,000+ crore at the end of FY26, providing 3+ years of revenue visibility, with highways at 62%, water/canal/rail/airport at 25%, and coal mining at 13%. Beyond roads, the company is taking on solar EPC (INR 2,000 crore pipeline), coal mining execution, and airport works such as the Pantnagar Airport EPC (INR 302.44 crore). Materials account for 62.7% of revenue — the largest cost driver — with bitumen, fuel, steel, and cement being key inputs, partly compensated by MoRTH's cost escalation mechanism effective April 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Road (76%), Toll/Annuity (13%), Water (11%). Cyclical, asset-heavy civil construction and infrastructure (EPC, HAM, BOT-Toll)
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,208 | 7,956 | 8,650 | 6,769 | 5,368 |
| EBITDA (ex other income) | 1,533 | 1,600 | 2,005 | 2,066 | 1,629 |
| margin % | 21.3 | 20.1 | 23.2 | 30.5 | 30.3 |
| Owners' profit | 580 | 658 | 909 | 815 | 832 |
| EPS, as reported (₹) | 22.63 | 25.67 | 35.45 | 31.79 | 32.42 |
| ROE % · ROCE % | 16.0 · 13.8 | 15.4 · 13.3 | 17.5 · 14.3 | 13.6 · 13.0 | 12.2 · 13.5 |
| Debt / equity (x) | 1.32 | 1.46 | 1.55 | 1.56 | 0.76 |
| Cash from operations | (499) | (1,454) | (231) | (56) | 4,593 |
| Capex | (81) | (63) | (51) | (35) | (326) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,427 | 1,470 | 1,704 | 1,423 | 1,128 | 1,201 | 1,617 | 1,688 |
| Profit before tax | 149 | 124 | 151 | 502 | 292 | 118 | 155 | 432 |
| Net profit | 83 | 81 | 75 | 431 | 216 | 77 | 108 | 332 |
| EPS (₹) | 3.25 | 3.17 | 2.94 | 16.81 | 8.41 | 2.99 | 4.20 | 12.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Road | 3,250 | 60.5 |
| Water | 453 | 8.4 |
| Toll/Annuity | 301 | 5.6 |
| ROAD | 821 | 15.3 |
| WATER | 131 | 2.4 |
| TOLL/ANNUITY | 176 | 3.3 |
| Toll/annuity | 237 | 4.4 |
| Total, before eliminations | 5,368 | 100.0 |
Exhibit 4: 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. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.7 | 13.5 | 11 of 101 | 90% |
| P/B | 0.5 | 1.3 | 12 of 85 | 86% |
| ROCE | 8.8 | 10.0 | 59 of 107 | 45% |
| ROE | 12.2 | 9.1 | 31 of 87 | 65% |
| Debt / Equity | 0.8 | 0.4 | 69 of 87 | 21% |
| EBITDA margin | 35.2 | 12.4 | 7 of 88 | 93% |
| Revenue growth | 18.7 | 6.2 | 30 of 86 | 66% |
| Profit growth | (23.0) | 2.7 | 53 of 84 | 37% |
| Market cap | 3450 | 456 | 22 of 107 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · PNC Infratech Q2 and H1 FY27 results include Rs 217 crore NHAI award | compliance | low | — | — |
| 28 Oct 2026 · Standalone revenue up 20.5%, group down 29.3%; highway bidding ban stayed | results | high | — | — |
| 22 Oct 2026 · Conference call on Q2FY27 results scheduled for 29 Oct 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · PNC Infratech to discuss Q2 FY27 results on 29 October | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Board meeting on Oct 28, 2026 to consider Q2 FY27 results | results | low | — | — |
| 17 Oct 2026 · Board meeting on Nov 28 to approve September quarter and half year results | results | low | — | — |
| 16 Oct 2026 · Crisil assigns ESG rating of 53 to PNC Infratech | business updates | medium | — | — |
| 13 Oct 2026 · Court stays NHAI debarment orders against PNC Infratech | regulatory legal | high | — | — |
| 8 Oct 2026 · PNC Infratech incorporates 100% subsidiary in Kazakhstan for road infra | strategic transactions | high | — | — |
| 1 Oct 2026 · PNC Infratech 27th AGM voting results: all 13 resolutions passed | board shareholder meetings | medium | — | — |
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.