Synopsis:
PNC Infratech, with a strong ₹22,000 crore order book spanning highways, water projects, mining, and renewables, targets 15–20% revenue growth in FY26 backed by robust execution.
Known for its expertise in infrastructure and construction projects, the company has outlined strong growth prospects for the coming year. With a robust order inflow already secured and additional projects in the pipeline, the focus remains on expanding its portfolio and sustaining double-digit revenue growth in FY26.
PNC Infratech Limited’s stock, with a market capitalisation of Rs. 7,390 crores, fell to Rs. 287.10, hitting the a low of up to 3.28 percent from its previous closing price of Rs. 296.85. Furthermore, the stock over the past year has given a negative return of 35.4 percent.
Order Book Guidance
The company’s unexecuted order book stood at about Rs. 17,000 crore as of June 30, 2025. If we include newly awarded renewable energy and mining projects, the order book goes above Rs. 22,000 crore. Around 67% of these orders are linked to highways and expressways, while the remaining 33% relate to water projects, canals, and area development.
For FY26, the company has already secured orders worth Rs. 5,000 crore, mainly from battery energy storage systems (BESS) and mining. It expects to add another Rs. 7,000–10,000 crore in orders during the rest of the year, with highways being the main focus. The company has also submitted 13 bids worth Rs. 48,000 crore, including HAM, EPC, and one large TOT project, where the TOT bid alone amounts to Rs. 30,000 crore spread over 20 years.
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Revenue Guidance
The company has guided for revenue growth of 15–20% in FY26, expecting topline to cross Rs. 6,300 crore. Even though Q1 showed a decline, management is confident of recovery with higher execution in the second half, fresh project inflows, and approvals for delayed HAM projects. A similar 15–20% growth outlook has been shared for FY27 as well. EBITDA margins are expected at 13% for FY26, slightly above the 12.4% seen in Q1, which was impacted by lower turnover and fixed costs.
On the order inflow side, the company is targeting Rs. 12,000–15,000 crore for FY26 and is optimistic of crossing Rs. 15,000 crore. Mining projects are expected to contribute steady revenues of Rs. 600 crore annually over the next five years, with Rs. 300–400 crore likely in FY26. Revenue from the BESS project will be limited in FY26 as execution starts only in Q4, with major contributions expected in FY27.
Q1 Financial Highlights
The company reported revenue of Rs. 1,423 crore in Q1FY26, down 34% YoY from Rs. 2,168 crore in Q1FY25, and 16% lower QoQ from Rs. 1,704 crore in Q4FY25. Over the past three years, sales have declined at a CAGR of -2%, signaling pressure on top-line growth.
Net profit came in at Rs. 431 crore in Q1FY26, dropping 25% YoY from Rs. 575 crore but showing a sharp rebound QoQ from Rs. 75 crore. Despite recent fluctuations, profit has grown at a 3-year CAGR of 12%, with ROE improving at a 16% CAGR, highlighting efficient capital utilization.
Written By Fazal Ul Vahab C H
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