PNC Infratech Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Road: 75.8% • Toll/ Annuity: 13.3% • Water: 10.9%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.68x)
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 6.3 is below its historical median
- Attractively priced for its growth - PEG of 0.8
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 27.8% versus prior year
- Operating cash flow has been negative in recent years
- Company's sales have been declining over the last five years
- Working capital days have increased from 165 to 312 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3925.00 | 32.55 | 540027.44 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 207.00 | 47.98 | 43159.92 | 0.34 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1408.65 | 21.17 | 24055.87 | 0.78 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.07 | 24.14 | 23032.75 | 1.36 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1268.60 | 36.23 | 21792.97 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 273.15 | 19.58 | 15352.19 | 1.83 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 983.20 | 26.53 | 11434.57 | 0.71 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.45 | 35.43 | 10830.19 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| IRCON | 115.10 | 20.67 | 10825.34 | 1.65 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| KEC | 392.85 | 18.89 | 10457.67 | 1.40 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| AFCONS | 274.30 | 69.72 | 10088.33 | 0.73 | 303.00 | 120.52 | 26710.00 | 692.49 | 12.88 | 9.42 |
| PNCINFRA | 178.95 | 6.27 | 4590.77 | 0.34 | 331.93 | -23.04 | 1688.46 | 18.67 | 12.08 | 31.01 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,092 | 1,911 | 2,047 | 2,600 | 2,168 | 1,427 | 1,470 | 1,704 | 1,423 | 1,128 | 1,201 | 1,617 | 1,688 | |
| 1,655 | 1,512 | 1,615 | 1,864 | 1,199 | 1,071 | 1,091 | 1,342 | 1,055 | 875 | 962 | 1,340 | 1,328 | |
| Operating Profit | 436 | 400 | 432 | 736 | 969 | 356 | 379 | 362 | 367 | 253 | 239 | 277 | 360 |
| OPM % | 20.86% | 20.92% | 21.11% | 28.31% | 44.69% | 24.98% | 25.76% | 21.26% | 25.82% | 22.44% | 19.91% | 17.14% | 21.35% |
| 20 | 21 | 17 | 24 | 30 | 37 | 42 | 63 | 353 | 194 | 37 | 50 | 71 | |
| Interest | 147 | 161 | 169 | 183 | 190 | 204 | 224 | 233 | 187 | 129 | 128 | 137 | 124 |
| Depreciation | 48 | 41 | 44 | 44 | 40 | 40 | 74 | 41 | 31 | 26 | 30 | 35 | 39 |
| Profit before Tax | 262 | 219 | 235 | 533 | 768 | 149 | 124 | 151 | 502 | 292 | 118 | 155 | 432 |
| Tax % | 31.00% | 32.33% | 21.44% | 25.71% | 25.11% | 43.99% | 34.15% | 50.04% | 14.05% | 26.23% | 34.75% | 30.37% | 23.08% |
| Net Profit | 0 | 0 | 0 | 0 | 575 | 83 | 81 | 75 | 431 | 216 | 77 | 108 | 332 |
| 7.04 | 5.77 | 7.21 | 15.43 | 22.42 | 3.25 | 3.17 | 2.94 | 16.81 | 8.41 | 2.99 | 4.20 | 12.94 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,252 | 2,411 | 3,774 | 5,603 | 5,788 | 7,208 | 7,956 | 8,650 | 6,769 | 5,368 | 5,634 | |
| 1,628 | 1,642 | 2,768 | 4,275 | 4,366 | 5,677 | 6,356 | 6,655 | 4,705 | 4,238 | 4,504 | |
| Operating Profit | 624 | 769 | 1,007 | 1,327 | 1,422 | 1,531 | 1,600 | 1,995 | 2,064 | 1,131 | 1,130 |
| OPM % | 27.71% | 31.89% | 26.67% | 23.69% | 24.57% | 21.24% | 20.11% | 23.06% | 30.50% | 21.06% | 20.05% |
| 41 | 24 | 47 | 176 | 107 | 90 | 81 | 91 | 174 | 640 | 352 | |
| Interest | 310 | 309 | 348 | 439 | 426 | 425 | 470 | 660 | 852 | 582 | 518 |
| Depreciation | 242 | 262 | 346 | 351 | 363 | 390 | 253 | 177 | 195 | 122 | 130 |
| Profit before Tax | 92 | 216 | 360 | 719 | 740 | 806 | 957 | 1,249 | 1,192 | 1,067 | 996 |
| Tax % | -28.30% | -12.32% | 2.31% | 23.55% | 33.42% | 27.99% | 31.23% | 27.17% | 31.57% | 22.04% | 26.52% |
| Net Profit | 118 | 243 | 351 | 550 | 493 | 580 | 658 | 909 | 815 | 832 | 732 |
| EPS | 4.62 | 9.47 | 13.70 | 21.43 | 19.37 | 22.63 | 25.67 | 35.45 | 31.79 | 32.42 | — |
| Dividend Payout % | 10.84% | 5.28% | 3.65% | 2.33% | 2.58% | 2.21% | 1.95% | 1.69% | 1.89% | 1.85% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- -1%
- 3 Years:
- -12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 11%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- 4%
- 5 Years:
- -13%
- 3 Years:
- -21%
- 1 Year:
- -42%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 16%
- 3 Years:
- 16%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 |
| 1,410 | 1,637 | 1,973 | 2,503 | 3,002 | 3,577 | 4,234 | 5,134 | 5,938 | 6,762 | |
| 3,187 | 3,295 | 3,681 | 4,490 | 5,060 | 5,417 | 6,847 | 7,983 | 9,383 | 5,158 | |
| Trade Payables | 277 | 473 | 479 | 476 | 726 | 514 | 688 | 953 | 874 | 790 |
| 178 | 269 | 865 | 812 | 695 | 1,080 | 811 | 1,489 | 1,791 | 1,093 | |
| Total Liabilities | 5,104 | 5,725 | 7,049 | 8,332 | 9,534 | 10,639 | 12,632 | 15,610 | 18,037 | 13,853 |
| 2,405 | 2,279 | 2,234 | 1,978 | 1,797 | 1,482 | 1,291 | 1,159 | 992 | 692 | |
| Capital Work in Progress | 8 | 11 | 6 | 0 | 3 | 0 | 0 | 0 | 0 | 4 |
| 103 | 169 | 263 | 444 | 579 | 424 | 312 | 511 | 790 | 788 | |
| 153 | 176 | 404 | 267 | 354 | 481 | 764 | 765 | 861 | 761 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,633 | 1,254 | 1,509 | |
| Cash & Bank | 47 | 185 | 408 | 921 | 945 | 747 | 706 | 1,379 | 1,644 | 2,238 |
| 2,388 | 2,905 | 3,735 | 4,721 | 5,857 | 7,505 | 9,559 | 10,163 | 12,495 | 7,862 | |
| Total Assets | 5,104 | 5,725 | 7,049 | 8,332 | 9,534 | 10,639 | 12,632 | 15,610 | 18,037 | 13,853 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 269 | 591 | 221 | 706 | 422 | -268 | -1,181 | -231 | -56 | 4,593 | |
| Cash from Investing | -202 | -252 | -444 | -230 | -252 | 25 | 343 | -250 | -261 | -67 |
| Cash from Financing | -135 | -211 | 400 | 254 | 63 | 148 | 1,005 | 1,067 | 456 | -4,796 |
| -51 | 129 | 153 | 549 | 1 | -326 | -106 | 586 | 139 | -270 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - PNC Infratech Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-07 - PNC Infratech Limited has informed the Exchange about letters sent to Sahreholders who have not registered their mail id
2026-09-07 - PNC Infratech Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-05 - PNC Infratech Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - PNC Infratech Limited has informed the Exchange about Credit Rating
2026-08-18 - PNC Infratech Limited has informed the Exchange about Credit Rating
2026-08-14 - PNC Infratech Limited has informed the Exchange about Transcript
2026-08-10 - PNC Infratech Limited has informed the Exchange about Link of Recording
2026-08-10 - PNC Infratech Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for PNCINFRA
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