PNC Infratech Ltd(PNCINFRA)

NSE: PNCINFRABSE: 539150

₹ 134.8-3.95%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,458 crNext results: 28 Oct 2026Website: www.pncinfratech.comUpdated: 24 Oct 2026

About

PNC Infratech Ltd is an Indian integrated infrastructure company working in road and highway EPC, road BOT/OMT/HAM projects, water supply and irrigation, coal mining, airport runways, power transmission, industrial area development, and railways. It reported FY26 revenue of Rs 5,368.1 Cr and had an unexecuted order book of over ₹18,000 Cr as on March 31, 2026. The company has executed over 100 major infrastructure projects across 16 states. Its FY26 annual report describes it as a dominant participant in recent project awards across North India, particularly Uttar Pradesh.^[1][2]

Business segments

Road EPC: Rs 4,070.15 Cr revenue in FY26, 75.8% of total, with EBIT margin of 10.3%.^[3]
Toll/Annuity (HAM assets): Rs. 713.8 Cr revenue in FY26, 13.3% of total, with EBIT margin of 70.7%.^[3]
Water (JJM and irrigation): Rs. 584.16 Cr revenue in FY26, 10.9% of total, with EBIT margin of 15.8%.^[3]
Management's target mix is about 60% highways and 40% other sectors, including mining, railways, water, transmission and renewables (FY26 annual report).^[1]

Portfolio and track record

Over 100 major projects executed across 16 states: 74 road EPC projects, 23 airport runway works, 1 railway track project, 2 power transmission projects, 1 industrial area redevelopment and 1 water supply project (as of FY26).^[1]
As of FY26 the company manages 1 BOT-Toll project, 2 BOT-Annuity projects and 14 HAM projects; the 14 HAM projects have an aggregate bid project cost of over ₹17,000 Cr.^[1]
In FY26 the company entered two new segments: coal mining (SECL Gevra) and a Solar Power cum BESS project for NHPC.^[1]
As of FY26 the company can bid on its own, without consortium partners, for projects worth up to ₹10,000 Cr.^[1]
As of FY26 the company owns and leases quarries and runs its own stone aggregate mines and crushers. It buys cement, steel and bitumen from established manufacturers.^[1]

Order book and book-to-bill

Unexecuted order book stood at over Rs. 19,100 Cr as of Q1 FY27 (including 2 HAM projects won in April, bridge and flyover in May, and airport LOI in July 2026), vs over ₹18,000 Cr at March 31, 2026 and Rs 17,700 Cr at March 31, 2025.^[4][1][5]
Balance order book as reported on the slide as of 30 June 2026 was Rs. 15,670 Cr; book-to-bill on FY26 standalone revenue of Rs. 4,633 Cr was ~3.9x.^[4]
Order book composition as of Q4 FY26 (post-March wins): highways 62%, water/canal/railway/airport 25%, coal mining 13%.^[6]
FY27 order inflow target is Rs. 12,000 - 15,000 Cr. As of Q1 FY27, 24 bids worth Rs. 32,000 Cr had been submitted and 78 more projects worth Rs. 1.7 lakh Cr were identified for bidding over the next 2 - 3 months.^[4]

Key operating numbers

Net working capital days were 110 days in Q1 FY27 (113 days in Q4 FY26 and Q3 FY26). Debtor days were 134 days in Q1 FY27, flat vs. March 2025.^[4]
JJM water segment: Rs. 136 Cr executed in Q1 FY27 against an opening water order book of Rs. 2,310 Cr. Receivables of Rs. 741 Cr (excl. GST) were pending from state and central governments as of Q1 FY27.^[4]
Coal mining (SECL MDO, Rs. 2,957 Cr contract): Rs. 68 Cr revenue in FY26. Management targets Rs. 500 Cr in FY27 after deploying two new surface miners. Execution in Q1 FY27 was affected because the land provided was not contiguous.^[6]
Toll collection from the Raebareli (RBJ) HAM asset was Rs. 32 Cr in Q1 FY27.^[4]
Remaining HAM equity to be invested: Rs. 436 Cr as of Q1 FY27.^[4]

Customers and geography

Key clients as of FY26 include NHAI, MoRTH, Airports Authority of India, BSRDC, MSRDC, MPRDC, CIDCO, Military Engineering Services, South-Eastern Coalfields and NHPC.^[1]
Clients also include UP SWSM (JJM water). Revenue is heavily concentrated in government/PSU clients (as of Q4 FY26).^[6]
As of FY26 the company operates only in India, has a significant exposure to Uttar Pradesh, and North India makes up a substantial share of its order book.^[1]
Overseas bidding has started: as of Q3 FY26, 2 ADB-funded road project bids had been submitted in Uzbekistan, aggregating ~Rs. 1,500 Cr equivalent.^[7]

Expansion and capex

NHPC Solar + BESS EPC (300 MW solar + 150 MW/600 MWh BESS): total EPC value is ~Rs. 2,000 Cr and over 300 acres in Madhya Pradesh are finalised. Revenue is expected from Q4 FY27, with over Rs. 1,000 Cr targeted in FY28.^[4]
Two new HAM projects (Barabanki-Mustafabad and Mustafabad-Biswariya) secured in April 2026 with combined value Rs. 3,483 Cr; combined equity requirement ~Rs. 400 Cr, mainly in FY28 - FY29.^[4]
FY27 standalone capex is targeted at Rs. 150 Cr, of which Rs. 70 Cr was incurred in Q1 FY27. The present capex level is expected to support turnover of Rs. 8,000 - 10,000 Cr.^[4]
Varanasi-Kolkata HAM packages (Pkg 2, 3, 6; combined BPC ~Rs. 3,100 Cr): appointed dates came in Sep - Oct 2025, and they delivered Rs. 336 Cr revenue in FY26. Management targets Rs. 1,600 - 1,800 Cr from these three in FY27.^[6]
Andhra Pradesh irrigation canal project: Rs. 150 Cr of execution targeted in FY27 and the remaining ~Rs. 600 Cr in FY28; the project has been extended to September 2028.^[4]

Recent developments

October 2026: PNC incorporated PNC Infratech (Kazakhstan) LLP in the Republic of Kazakhstan, with charter capital of 5,00,000 KZT, to build roads and highways.^[8]
September 2026: CARE Ratings upgraded long-term bank facilities to AA+, with Rating Watch with Negative Implications continuing. Short-term facilities were upgraded to A1+ and taken off Rating Watch with Negative Implications.^[9]
July 2026: An arbitration award of Rs. 244 Cr was published in favour of PNC for the UP PWD Sonauli-Gorakhpur project.^[4]
July 2026: Pantnagar Airport project received Letter of Intent, adding an airport project to the order book for the first time.^[4]
May 2026: PNC received Rs. 234.99 Cr from NHAI under a one-time settlement (Vivad-Se-Vishwas Scheme III) of the Agra Bypass EPC project arbitration.^[4]
March 2026: The sale of PNC Challakere (Karnataka) Highways to Vertis Infrastructure Trust was completed, ending the divestment of all 12 road assets. Total enterprise value was Rs. 9,006 Cr, and equity value Rs. 2,517 Cr vs invested equity of Rs. 1,736 Cr.^[6]
May 2025: Tranche I of the sale to Vertis Infrastructure Trust (KKR-sponsored) was completed: 10 HAM assets divested for an equity consideration of ₹1,827.6 Cr.^[1]

Market Cap

₹3,458 Cr

High / Low

₹291 / 116

Stock P/E

4.7

Price / Book

0.5

Book Value

₹266

EPS

₹32.4

No. of Shares

25.65 Cr

ROCE

8.2%

ROE

13.0%

OPM

21.0%

Debt / Equity

0.76

Sales

₹5,368 Cr

Net Profit

₹832 Cr

Promoter holding

56.3%

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PNC Infratech Ltd(PNCINFRA)

About

Business segments

Portfolio and track record

Order book and book-to-bill

Key operating numbers

Customers and geography

Expansion and capex

Recent developments

Signal history

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