PNC Infratech announced results for Q3 FY2026, revealing standalone revenue of ₹1,056 crores and an EBITDA margin of 12.40%. The company has successfully incorporated a renewable energy subsidiary and is pursuing a substantial pipeline, including over ₹1.2 lakh crores in bids. Management noted a focus on diversifying beyond roads into sectors like water and renewables, aiming for a balanced portfolio mix in the medium term.
Q3 FY2026 Financial Performance Summary
PNC Infratech Limited provided an update on its financial performance for the quarter and nine months ended December 31, 2025. Management highlighted that the financial results and investor presentation were uploaded on the Stock Exchanges.
Standalone Performance
- Standalone Revenue for Q3 FY26: ₹1,056 crores.
- Standalone EBITDA for Q3 FY26: ₹131 crores, yielding a margin of 12.40%.
- Standalone PAT for Q3 FY26: ₹77 crores, with a margin of 7.26%.
- Standalone Revenue for 9M FY26: ₹3,176 crores.
- Standalone EBITDA margin for 9M FY26: 12.84%.
Consolidated Performance
- Consolidated Revenue for Q3 FY26: ₹1,201 crores.
- Consolidated EBITDA margin for Q3 FY26: 19.91%.
- Consolidated PAT margin for Q3 FY26: 6.39%.
- Consolidated EBITDA margin for 9M FY26: 22.91%.
Balance Sheet Snapshot (as of December 31, 2025)
- Standalone Net Worth: ₹5,710 crores; Net Debt to Equity: 0.19 times.
- Consolidated Net Worth: ₹6,704 crores; Total Debt: ₹5,478 crores; Net Debt to Equity: 0.82 times.
- Total Consolidated Cash & Bank Balance: ₹2,745 crores.
Operational Updates and Order Book
Company Developments
In Q3 FY’26, the company incorporated a new subsidiary, PNC Renewable Energy Private Limited, to manage renewable energy operations. The NHPC Solar plus BESS project will be executed through a step-down subsidiary.
Project Execution Details
The company currently manages 16 fund-based projects (1 BOT-Toll, 2 BOT Annuity, and 13 HAM projects). The total equity investment requirement for HAM projects is ₹1,744 crore, with ₹1,110 crores already infused by December 2025. Additionally, the company is executing 16 standalone EPC projects valued at over ₹18,000 crore.
Order Book Position
As of December 31, 2025, the unexecuted order book stands over ₹19,000 crores. Highway contracts comprise 53%, while water, canal, development, railways, airports, and coal mining projects make up the remaining 47%.
Future Outlook and Pipeline
Domestic and International Bidding
Management confirmed submitting 2 road bids in Uzbekistan, valued around ₹1,500 crores equivalent, which are fully funded with no investment risk.
In India, the company has submitted 33 bids worth approximately ₹28,700 crores, including 22 EPC, 7 HAM, and 4 TBCB bids. Furthermore, the company is pursuing over ₹1,20,000 crores worth of potential bids scheduled through March.
Sector Strategy
Roads and highways will remain the key focus area, but the strategy involves diversifying into railways, metro rail, water, transmission lines, and renewable energies. Management anticipates a shift towards a 50-50 mix between highways and other sectors over the next 2-3 years.
Sector Margins and Growth
Guidance for EBITDA margin for the current year was adjusted slightly lower to 12%-12.5% due to a projected 10% decline in turnover. For FY ’27, margins are targeted to remain around 12.5%.
Project-Specific Updates
- Water Sector: Execution is expected to continue through FY ’28, with targets of ₹150 crores revenue in FY ’27 and ₹200-250 crores in FY ’28.
- Mining Project: Expected margins of 9% PBT, with revenue targets of ₹500 crores in FY ’27 and ₹600 crores in FY ’28.
- Solar Project (BESS): Tentatively expected to contribute ₹1,000 crores revenue in FY ’27 (nearly 50% of the EPC value). Physical execution is planned to commence in Q2 FY ’27.
Q&A Highlights
When questioned on the order book reduction from the last quarter, management clarified the difference was due to revenue recognition, maintenance projects, price escalation, and the non-receipt of arbitration income this quarter. The ₹200 crores holdback from the 10 HAM asset monetization was partially received (₹42 crores) in Q2.
Regarding competitive intensity, management noted that despite stringent net worth criteria by NHAI, competition remains high, though they expect it to reduce as awarding activities pick up and smaller bidders are naturally depleted.
Source: BSE
