PNCINFRA
Micro CapPNC Infratech Limited
Infra
PNC Infratech is an Indian infrastructure development company with over 25 years of experience. It specializes in EPC and HAM projects across roads & highways, water supply, irrigation, railways, airport runways, and has diversified into coal mining and solar power projects. The company operates across 16 states in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 27/100Rev -5% YoY · margin compression · PAT +44% YoY · +35% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,617 Cr | -5.1% | +34.6% |
| EBITDA | ₹277 Cr | -23.5% | +15.9% |
| Operating margin | 17.0% | -400 bps | -300 bps |
| PAT | ₹108 Cr | +44.0% | +40.3% |
| PAT margin | 6.7% | +228 bps | +27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
PNC Infratech reports mixed FY26 results: Consolidated PAT up, but revenue and EBITDA margins decline YoY. Strong order book provides revenue visibility, while working capital days increased.
The company's thesis remains intact due to a robust order book providing significant revenue visibility and strategic asset divestment for capital recycling. However, the decline in revenue and EBITDA margins, coupled with increased working capital days, warrants close monitoring of execution efficiency and operational profitability.
Consolidated Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Diversification into New Segments
Secured a 5-year mining project worth Rs. 2,957 Cr and is setting up a 300 MW solar power project with 150 MW/600 MWh ESS (~Rs. 2,000 Cr EPC value).
Focus on HAM Projects
Continuing to increase presence in BOT, OMT & HAM projects by leveraging technical and financial credentials.
Expansion in Water Supply & Irrigation
Expanding presence in water supply and irrigation sectors, including rural water supply projects.
Capex for Future Turnover
Present Capex of Rs. 1,609 Cr in FY26 will enable the company to achieve a Turnover of Rs. 8,000-10,000 Cr.
Strategic Asset Divestment
Signed Master SPA to divest 12 road assets (11 HAM, 1 BOT Toll) for an Enterprise Value of Rs. 9,006 Cr, with an Equity Value of Rs. 2,517 Cr.
Strong Credit Rating
Long term bank facilities reaffirmed at CARE AA+; Stable and Short term at CARE A1+.
Robust Order Book
Order book of over Rs. 18,000 Cr provides strong revenue visibility for future periods.
Revenue Decline
Consolidated revenue decreased by 20.8% YoY in FY26, indicating slower project execution or lower new order intake compared to previous year.
EBITDA Margin Contraction
Consolidated EBITDA margin declined by 930 bps YoY in FY26, suggesting pressure on operational profitability.
Increased Working Capital Days
Standalone Net Working Capital Days increased from 114 to 134, indicating higher capital blockage in operations.
Project Under Sub-judice
A project worth Rs. 2,040 Cr is under sub-judice, posing uncertainty regarding its execution and contribution to the order book.
Awaiting Appointed Dates
Contracts worth Rs. 1,091 Cr are in the order book but awaiting appointed dates, delaying revenue recognition.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
For an infrastructure company, year-over-year comparison is more relevant to assess long-term project execution, revenue trends, and margin stability, given the multi-year nature of projects and potential seasonality.
Order Book
Remaining value of contracts under execution is over Rs. 18,000 Cr, including Rs. 1,091 Cr where the appointed date is awaited.
Order Book to Revenue Cover
Order book is over 3.9 times of FY26 revenue.
Consolidated Revenue (FY26)
UNDER_STRESSConsolidated Revenue declined to Rs. 5,368 Cr in FY26 from Rs. 6,769 Cr in FY25.
Consolidated EBITDA Margin (FY26)
UNDER_STRESSConsolidated EBITDA margin decreased to 21.2% in FY26 from 30.5% in FY25.
Capital Recycling Strategy
Management aims to recycle capital from operating road assets and reinvest in fund-based infrastructure opportunities.
Balance Sheet De-leveraging
Strategic divestment is intended to strengthen the financial position by reducing debt exposure.
Funding Future Growth
Capital unlocked from divestment will be used to fund future infrastructure projects and expansion.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution (Revenue Growth) | Consolidated revenue declined 20.8% YoY in FY26. | Timely execution of the large order book to translate into revenue growth and improve execution speed. |
| EBITDA Margin Stability | Consolidated EBITDA margin declined to 21.2% in FY26 from 30.5% in FY25. | Stabilization and improvement in EBITDA margins, especially from new diversified projects. |
| Working Capital Management | Standalone Net Working Capital Days increased to 134 in Mar-26. | Reduction in working capital days and efficient management of receivables to improve cash conversion. |
| Appointed Date Conversion | Rs. 1,091 Cr worth of contracts are awaiting appointed dates. | Expeditious receipt of appointed dates for projects to commence execution and contribute to revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -6.2% / mo
Technical chart
PNCINFRAweekly · 3Y-35.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 42.
- SMA20 falling (~6.6% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 37% off 52W high · 28% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 86.3%.
- Fair-value margin of safety is positive at 14.0%.
- Valuation contributes 28/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 30th percentile of the scored universe and 33rd percentile within Infra. Main check: results consistency is weak at 19/100.
Healthy Trust Lite: Promoter holding is 56.1%. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 33rd pctile, median 65 · Micro: 17th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 82.9%.
- ▸4 years of positive FCF.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.9x.
- ▸ROE is low at 7%.
- ▸ROCE trend is -4.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 11.70
- P/B
- 0.77
- EV/EBITDA
- 8.27
- Market Cap
- 5245.00Cr
Profitability
- ROE
- 7.00%
- ROCE
- 8.46%
- ROA
- 6.00%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- -12.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 1.95×
- Altman Z
- 1.96
- Book Value
- 266.00
Cash Flow
- FCF Yield
- 86.29%
- FCF Positive Y
- 4/5
- OCF
- 4593.00 Cr
- EPS TTM
- 32.42
Shareholding
- Promoter Hold
- 56.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.