PNC Infratech LimitedInfrastructure & ConstructionPNCINFRA
Q1 FY27 concall · earnings callPNC Infratech Limited
PNC Infratech delivered robust standalone revenue and profit growth in Q1, though the industry award pipeline was subdued and the company is managing an operational issue on the Kanpur-Lucknow Expressway.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone Revenue | ₹1,518 Cr | 34% | |
| Standalone EBITDA | ₹375 Cr | 167% | |
| Standalone EBITDA Margin | 24.7% | — | |
| Standalone PAT | ₹271 Cr | 235% | |
| Standalone PAT Margin | 17.8% | — | |
| Consolidated Revenue | ₹1,688 Cr | 19% | |
| Consolidated EBITDA | ₹524 Cr | 42% | |
| Consolidated EBITDA Margin | 31% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,470.01 Cr-28.2% YoY+3% QoQ | ₹81.35 Cr-56% YoY-2.5% QoQ | ₹3.17-56% YoY-2.5% QoQ |
| Q2 FY25 | ₹1,427.05 Cr-25.3% YoY-34.2% QoQ | ₹83.46 Cr-43.6% YoY-85.5% QoQ | ₹3.25-43.7% YoY-85.5% QoQ |
| Q1 FY25 | ₹2,167.51 Cr+3.6% YoY-16.6% QoQ | ₹575.17 Cr+218.4% YoY+45.3% QoQ | ₹22.42+218.5% YoY+45.3% QoQ |
| Q4 FY24 | ₹2,600.15 Cr+12.8% YoY+27% QoQ | ₹395.89 Cr+171.2% YoY+114% QoQ | ₹15.43+171.2% YoY+114% QoQ |
| Q3 FY24 | ₹2,046.64 Cr+13.5% YoY+7.1% QoQ | ₹185.00 Cr+32.4% YoY+25.1% QoQ | ₹7.21+32.3% YoY+25% QoQ |
TL;DR
- Standalone revenue rose 34% to Rs. 1,518 crore, and PAT surged 235% to Rs. 271 crore.
- Unexecuted order book stands at over INR 19,100 crores, providing revenue visibility.
- Management faces potential NHAI action regarding the Kanpur-Lucknow Expressway but refrains from speculating on outcomes.
- Guidance for FY27 and FY28 revenue and order inflow remains unchanged.
- Focus on diversifying order book beyond highways to railways, metro, power transmission, and mining.
Said on the call
“These things are blown out of proportion. See, we are we are going by the contract conditions, and we are in the process of replying duly to the NHAI's notice what they have issued.”
From the Q&A
| Topic | What management said |
|---|---|
| Kanpur-Lucknow Expressway Issue | Management confirmed receiving a show-cause notice from NHAI but declined to speculate on potential penalties or bidding bans, citing the fluidity of the situation. |
| Guidance Reiteration | Management maintained FY27 revenue guidance of INR 6,000 crores, FY28 guidance of INR 7,500 crores, and new business target of INR 12,000-15,000 crores. |
| Order Book Reconciliation | Clarified that the current unexecuted order book of over INR 19,100 crores includes new projects secured in Q1 (two HAMs, a bridge, a flyover, and an airport project). |
| Water Projects (JJM) Progress | INR 741 crores (ex-GST) is pending realization from the government; execution is expected over the next two financial years, with revenue targets of INR 700-800 crores for FY27 and ~INR 1,000 crores for FY28. |
| Equity Infusion Plan | Excluding new solar and two new HAM projects, remaining equity requirement is INR 436 crores to be invested over the next 2 years, with internal accruals expected to be adequate. |
| Diversification and Bidding Pipeline | Actively bidding in non-road sectors; has submitted 24 bids worth INR 32,000 crores and identified a pipeline of ~INR 1.7 lakh crores of projects to bid on in the next 2-3 months. |
Guidance
- Expect to secure new business worth INR 12,000 crores to INR 15,000 crores in FY27.
- Revenue guidance for FY27 is INR 6,000 crores.
- Revenue guidance for FY28 is INR 7,500 crores.
- Targeting INR 500 crores revenue from the coal mining project in FY27 and a similar amount in FY28.
- Targeting ~INR 150 crores revenue from the AP canal project in FY27, with completion planned for FY28.
- Expect revenue from JJM (water) projects of INR 700-800 crores in FY27 and around INR 1,000 crores in FY28.
Source
Summary written from the transcript filed by PNC Infratech Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 20:54 IST.
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