Intimation of Analyst/Investor Meet

PNC Infratech Limited

PNC Infratech Limited held its 4QFY26 Earnings Conference Call on Wednesday, 20th May 2026. The call was moderated by Mr. Sudeep Bora from Ambit Capital, with management participants including Mr. Yogesh Jain (Managing Director), Mr. T.R. Rao (Director - Infra), and Mr. Pankaj Agarwal (Vice President - Finance & Accounts).

The purpose of the event was to discuss the financial results for the quarter and year ended 31st March 2026 and provide operational updates. The meeting was held after the earnings announcement, with the financial results and investor presentation already uploaded on stock exchanges and the company's website.

Financial Performance Highlights:

Standalone Results (Q4 FY26):

  • Revenue: INR 1,458 crore
  • EBITDA: INR 175 crore
  • EBITDA Margin: 12.02%
  • PAT: INR 100 crore
  • PAT Margin: 6.89%

Standalone Results (FY26):

  • Revenue: INR 4,633 crore
  • EBITDA: INR 583 crore
  • EBITDA Margin: 12.58%
  • PAT: INR 344 crore
  • PAT Margin: 7.43%

Consolidated Results (Q4 FY26):

  • Revenue: INR 1,167 crore
  • EBITDA: INR 277 crore
  • EBITDA Margin: 17.14%
  • PAT: INR 108 crore
  • PAT Margin: 6.66%

Consolidated Results (FY26):

  • Revenue: INR 5,368 crore
  • EBITDA: INR 1,137 crore
  • EBITDA Margin: 21.17%
  • PAT: INR 832 crore
  • PAT Margin: 15.49%

Balance Sheet Position (as of 31st March 2026):

Standalone:

  • Net Worth: INR 5,811 crore
  • Debt: INR 741 crore
  • Net Debt to Equity: 0.13x
  • Cash & Bank Balance: INR 1,068 crore
  • Net Surplus: INR 327 crore

Consolidated:

  • Net Worth: INR 6,813 crore
  • Total Debt: INR 5,151 crore
  • Net Debt to Equity: 0.76x
  • Cash & Bank Balance: INR 2,856 crore

Operational Updates:

Recent Developments:

  • March 2026: Completed sale of equity stake in PNC Challakere (Karnataka) Highways Private Limited to Vertis Infrastructure Trust, marking completion of final tranche of 12-asset divestment
  • April 2026: Emerged as L1 bidder for two HAM projects of NHAI in Uttar Pradesh with combined Bid Project Cost of INR 3,483 crore
  • May 2026: Declared L1 bidder for EPC project of Lucknow Development Authority for four-lane flyover (INR 200 crore)
  • May 2026: Received Letter of Acceptance from Uttar Pradesh State Bridge Corporation Limited for EPC bridge project (INR 559 crore in JV)
  • May 2026: Received Provisional Completion (PCOD) for Prayagraj-Kaushambi - Package III HAM project
  • 12th May 2026: Entered one-time settlement agreement with NHAI regarding Agra Bypass EPC Project Arbitration Award for INR 235 crore under Vivad-Se-Vishwas III Scheme

Project Portfolio:

  • 15 fund-based projects comprising 1 BOT-Toll, 2 BOT Annuity, and 14 HAM projects
  • Aggregate Bid Project Cost of 14 HAM projects: Over INR 17,200 crore
  • HAM Project Status: 5 projects achieved PCOD/COD, 6 under construction, 1 achieved financial closure, 2 awaiting LOA
  • Total equity requirement for HAM projects: INR 1,623 crore (excluding 2 new projects)
  • Equity already infused: INR 1,081 crore
  • Remaining equity to be invested: INR 542 crore over next 2 years

Order Book:

  • Unexecuted order book: Over INR 22,000 crore (including newly secured projects)
  • Highway contracts: 62% of order book
  • Water, canal, area development, railway, airport contracts: 25%
  • Coal mining contract: 13%

Guidance and Outlook:

Revenue Guidance:

  • FY27: ~30% growth (~INR 6,000 crore)
  • FY28: ~25% growth (~INR 7,500 crore)

Margin Guidance:

  • FY27: ~12% EBITDA margin

Order Inflow Guidance:

  • FY27: INR 15,000 crore total
  • Already secured: INR 3,957 crore (highways) + INR 2,000 crore (solar) = ~INR 6,000 crore
  • Additional expected: INR 9,000-10,000 crore
  • Segment mix: 60-70% highways, 30-40% non-highways

Key Project-Specific Updates:

Solar Project (BESS):

  • Order value: INR 2,000 crore
  • Equity requirement: INR 400 crore
  • FY27 equity infusion: INR 120 crore
  • Execution start: Q3 FY27
  • FY27 revenue target: INR 600 crore
  • FY28 revenue target: INR 1,400 crore

Coal Mining Project:

  • Order value: INR 2,956 crore
  • CAPEX: INR 350 crore (INR 250 crore already invested)
  • FY26 revenue: INR 68 crore
  • FY27 revenue target: INR 400 crore
  • FY28 revenue target: INR 600 crore

Jal Jeevan Mission (Water):

  • FY27 revenue target: INR 750 crore
  • Payments: Received INR 300 crore in FY26

Varanasi-Kolkata Packages:

  • FY26 revenue: INR 336 crore
  • FY27 revenue target: INR 1,600-1,800 crore

Western Bhopal Bypass:

  • Appointed Date expected by September 2026
  • Execution start: Q3 FY27

Andhra Irrigation Project:

  • Work done: INR 380 crore
  • Remaining work: INR 700 crore
  • FY27 target: INR 200 crore

Working Capital Metrics (as of 31st March 2026):

  • Retention money: INR 264 crore
  • Mobilization advance: INR 155 crore
  • Total debtors: INR 1,660 crore
  • HAM debtors: INR 372 crore
  • Water debtors: INR 868 crore
  • Unbilled revenue: INR 475 crore

Additional Notes:

The transcript was submitted to BSE and NSE pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The document includes the full earnings call transcript with management commentary and Q&A session with analysts.