PNC Infratech Limited

Key Financial Performance - Q2 FY27

Standalone Performance (₹ Crores):

  • Revenue: ₹1,146 (vs. ₹983 in Q2FY26, +17% YoY)
  • EBITDA: ₹138 (vs. ₹136 in Q2FY26, +1% YoY)
  • EBITDA Margin: 12.1% (vs. 13.9% in Q2FY26)
  • Profit Before Tax: ₹99 (vs. ₹112 in Q2FY26, -12% YoY)
  • Profit After Tax: ₹73 (vs. ₹86 in Q2FY26, -16% YoY)
  • PAT Margin: 6.3% (vs. 8.8% in Q2FY26)

Consolidated Performance (₹ Crores):

  • Revenue: ₹1,322 (vs. ₹1,128 in Q2FY26, +17% YoY)
  • EBITDA: ₹279 (vs. ₹253 in Q2FY26, +10% YoY)
  • EBITDA Margin: 21.1% (vs. 22.4% in Q2FY26)
  • Profit Before Tax: ₹158 (vs. ₹130 in Q2FY26, +22% YoY)
  • Profit After Tax: ₹115 (vs. ₹216 in Q2FY26, -47% YoY)
  • PAT Margin: 8.7% (vs. 19.1% in Q2FY26)

Key Financial Performance - H1 FY27

Standalone Performance (₹ Crores):

  • Revenue: ₹2,664 (vs. ₹2,119 in H1FY26, +26% YoY)
  • EBITDA: ₹513 (vs. ₹277 in H1FY26, +85% YoY)
  • EBITDA Margin: 19.2% (vs. 13.1% in H1FY26)
  • Profit Before Tax: ₹463 (vs. ₹223 in H1FY26, +108% YoY)
  • Profit After Tax: ₹343 (vs. ₹167 in H1FY26, +106% YoY)
  • PAT Margin: 12.9% (vs. 7.9% in H1FY26)

Consolidated Performance (₹ Crores):

  • Revenue: ₹3,011 (vs. ₹2,550 in H1FY26, +18% YoY)
  • EBITDA: ₹802 (vs. ₹620 in H1FY26, +29% YoY)
  • EBITDA Margin: 26.6% (vs. 24.3% in H1FY26)
  • Profit Before Tax: ₹589 (vs. ₹310 in H1FY26, +90% YoY)
  • Profit After Tax: ₹447 (vs. ₹647 in H1FY26, -31% YoY)
  • PAT Margin: 14.8% (vs. 25.4% in H1FY26)

Balance Sheet Position (as of September 30, 2026)

Standalone (₹ Crores):

  • Total Assets: ₹8,812 (vs. ₹8,277 as of March 31, 2026)
  • Equity: ₹6,142 (vs. ₹5,811 as of March 31, 2026)
  • Non-Current Liabilities: ₹739 (vs. ₹650 as of March 31, 2026)
  • Current Liabilities: ₹1,931 (vs. ₹1,816 as of March 31, 2026)
  • Cash and Cash Equivalents: ₹495 (vs. ₹441 as of March 31, 2026)

Consolidated (₹ Crores):

  • Total Assets: ₹14,763 (vs. ₹13,939 as of March 31, 2026)
  • Equity: ₹7,248 (vs. ₹6,813 as of March 31, 2026)
  • Non-Current Liabilities: ₹5,478 (vs. ₹5,355 as of March 31, 2026)
  • Current Liabilities: ₹2,037 (vs. ₹1,770 as of March 31, 2026)
  • Cash and Cash Equivalents: ₹559 (vs. ₹871 as of March 31, 2026)

Cash Flow Statement (H1 FY27)

Standalone (₹ Crores):

  • Net cash from operating activities: -₹128
  • Net cash from investing activities: -₹326
  • Net cash from financing activities: ₹508
  • Net increase in cash: ₹54

Consolidated (₹ Crores):

  • Net cash from operating activities: -₹378
  • Net cash from investing activities: -₹420
  • Net cash from financing activities: ₹486
  • Net decrease in cash: -₹312

Significant Corporate Developments

Arbitration Award:

  • Pronounced an arbitration award for ₹244 crores in favor of the Company for the EPC project "Upgradation of Sonauli to Gorakhpur section of NH 29E" executed for UP PWD.

NHAI Debarment Matter:

  • On September 11, 2026, NHAI extended a three-year debarment imposed on concessionaire Awadh Expressway Private Limited to PNC Infratech, restricting participation in NHAI and MoRTH projects.
  • On October 12, 2026, the Delhi High Court granted a stay on the effect of the debarment orders against both the Company and the concessionaire.

International Expansion:

  • Incorporated a subsidiary company 'PNC Infratech (Kazakhstan) LLP' in the Republic of Kazakhstan with the primary objective of providing infrastructure services, particularly in Roads and Highways.

Orderbook Details (as of September 30, 2026)

Total Orderbook: ₹14,871 Crores across 27 projects

Sector-wise Breakdown:

  • Roads - EPC: 7 projects, ₹4,847 Cr balance orderbook
  • Roads - HAM: 8 projects, ₹3,350 Cr balance orderbook
  • Mining: 1 project, ₹2,800 Cr balance orderbook
  • Water - JJM: 7 projects, ₹2,204 Cr balance orderbook
  • Canal: 1 project, ₹791 Cr balance orderbook
  • Airport: 2 projects, ₹510 Cr balance orderbook
  • Railways: 1 project, ₹369 Cr balance orderbook

Projects Awaiting Appointed Date:

  • Western Bhopal Bypass, Madhya Pradesh: ₹1,091 Cr EPC Cost (Financial closure documents submitted)
  • Pantnagar Airport, Uttarakhand: ₹302 Cr EPC Cost (Letter of Intent received)

Projects Awaiting Financial Closure:

  • NH-927: Barabanki to Mustafabad, UP: ₹1,728 Cr Bid Project Cost (Concession Agreement signed)
  • NH-927: Mustafabad to Biswariya, UP: ₹1,755 Cr Bid Project Cost (Concession Agreement signed)

Portfolio of Development Projects on PPP Mode

Equity Investment Requirements:

  • Total Equity Requirement: ₹1,623 Crores
  • Equity Invested up to September 30, 2026: ₹1,212 Crores
  • Balance to be Invested: ₹411 Crores
  • H2 FY27: ₹201 Crores
  • FY28: ₹210 Crores

Operational BOT Projects:

  • 12 HAM Projects under operation/implementation
  • 3 Operational BOT Projects comprising toll and annuity assets

Credit Rating Information

PNC Infratech Limited:

  • Long term bank facilities: CARE AA+ RNW (Double A plus) (Placed on Rating Watch with Negative Implications)
  • Short term bank facilities: CARE A1+ RWN (A One plus) (Placed on Rating Watch with Negative Implications)

Subsidiary Rating Updates:

  • Multiple subsidiaries received rating upgrades and reaffirmations during the period
  • New ratings assigned for Varanasi Kolkata Highway Package projects (CARE A; Stable)

Corporate Structure and Leadership

Board of Directors:

  • Mr. Pradeep Kumar Jain: Chairman & Managing Director (47+ years experience)
  • Mr. Chakresh Kumar Jain: Managing Director (35+ years experience)
  • Mr. Yogesh Jain: Managing Director (30+ years experience)
  • Mr. Anil Kumar Rao: Whole-time Director (41+ years experience)
  • Mr. Talluri Raghupati Rao: Whole-time Director (40+ years experience)
  • Five Independent Directors with extensive governance, banking, and administrative experience

Corporate Structure:

  • Multiple wholly-owned subsidiaries for various projects
  • Joint ventures with varying ownership percentages (55%, 70%, 74%, 90%, 95%)
  • New Kazakhstan subsidiary (100% owned)

Geographical Presence and Capabilities

  • Execution and operational presence across 16 states
  • 100+ major infrastructure projects delivered
  • Strong in-house design, engineering, and construction capabilities
  • Large fleet of modern equipment and owned quarries
  • ISO 9001:2015 certified company