PNCINFRA
PNC Infratech share price & financials
- Price
- ₹226.01
- Market cap
- ₹5.6k Cr
- Sector
- Construction
- Calls analysed
- 6
PNC Infratech Limited Q1 FY27
What went well
- Standalone Revenue for Q1 FY27 increased by 34% YoY to INR 1,518 crores.
- Standalone EBITDA for Q1 FY27 grew by 167% YoY to INR 375 crores, with a margin of 24.7%.
- Consolidated EBITDA for Q1 FY27 rose by 42% YoY to INR 524 crores, achieving a 31% margin.
What to watch
- NHAI's project awarding activity remained subdued in Q1 FY2027, with only 107 kilometers awarded.
- Execution also moderated to approximately 640 kilometers in Q1 FY2027.
What PNC Infratech Limited does
PNC Infratech builds and, in some cases, operates infrastructure assets across highways, expressways, bridges and flyovers, water supply and irrigation, airport runways, railways/dedicated freight corridor, power transmission lines and coal mining. It earns through a mix of EPC contracts (construction only), BOT toll and annuity road concessions, and Hybrid Annuity Model (HAM) road projects, using an integrated in-house model that includes owned/leased quarries and its own equipment fleet for planning, design, engineering and construction. Clients are chiefly central and state government authorities such as NHAI, state PWDs/road development corporations, DSIIDC, Coalfields companies and Airports Authority of India.
Segments
- Roads and Highways – EPC
- Roads and Highways – BOT/HAM/OMT
- Water Supply and Irrigation
- Airport Infrastructure
- Railways and Dedicated Freight Corridor
- Industrial Area Development
- Power Transmission
- Coal Mining (MDO)
- Major infrastructure projects executed
- 98 across segments
- Projects currently under execution
- 24
- Indian states with executed projects
- 16, with dominance in North India
- HAM road projects in portfolio
- 14 (5 PCOD/COD achieved, 6 under construction)
- BOT road assets operated
- 4 (toll and annuity-based)
- EPC road projects completed
- 66
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 2 delivered 2 missed 12 open- JJM Receivables Clearance at risk said Q1 FY26 Promised: Clearance in Q2 FY26 Q1 FY27: Problem persists. Management states INR 741 crores (excl. GST) is yet to be realized from the government for water projects. The original promise remains significantly delayed.
- FY26 Standalone EBITDA Margin delivered said Q4 FY25 Promised: ~13% Q4 FY26: Achieved 12.58% for FY26, meeting the revised guidance range.
- FY26 Revenue Growth missed said Q4 FY25 Promised: 20% growth over FY25 Q4 FY26: Actual standalone revenue was INR 4,633 crores, a 16% decline from FY25's INR 5,513 crores, missing even the final revised guidance.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.6%, net profit down 23.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,427 | 1,470 | 1,704 | 1,423 | 1,128 −21% | 1,201 −18% | 1,617 −5% | 1,688 +19% |
| EBITDA | 356 | 379 | 362 | 367 | 253 −29% | 239 −37% | 277 −23% | 524 +43% |
| Net profit | 83 | 81 | 75 | 431 | 216 +160% | 77 −5% | 108 +44% | 332 −23% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −42.3% 1Y
1Y: ₹304.2 on 10 Sept 2025 → ₹175.4. High ₹310.45 (18 Sept 2025), low ₹160.55 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −6.2%
- 10 Aug
- Q4 FY26
- −2.3%
- 20 May
- Q3 FY26
- −1.0%
- 10 Feb
- Q2 FY26
- −1.2%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 12.3% a year over 3 years, FY23 to FY26. Operating margin widened to 21.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹8.0k Cr | ₹8.7k Cr | ₹6.8k Cr | ₹5.4k Cr |
| Operating profit | ₹1.6k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹1.1k Cr |
| Operating margin | 20.1% | 23.2% | 30.5% | 21.2% |
| Interest | ₹470 Cr | ₹660 Cr | ₹851 Cr | ₹581 Cr |
| Depreciation | ₹253 Cr | ₹177 Cr | ₹195 Cr | ₹122 Cr |
| Net profit | ₹659 Cr | ₹910 Cr | ₹814 Cr | ₹832 Cr |
| Net margin | 8.3% | 10.5% | 12.0% | 15.5% |
| Cash from operations | ₹-1.5k Cr | ₹-231 Cr | ₹-56 Cr | ₹4.6k Cr |
| Free cash flow | ₹-1.5k Cr | ₹-278 Cr | ₹-86 Cr | ₹4.8k Cr |
| ROCE | 15.0% | 16.0% | 14.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr | ₹51 Cr |
| Reserves | ₹3.0k Cr | ₹3.6k Cr | ₹4.2k Cr | ₹5.1k Cr | ₹6.6k Cr | ₹6.8k Cr |
| Borrowings | ₹4.2k Cr | ₹4.8k Cr | ₹6.3k Cr | ₹8.0k Cr | ₹5.1k Cr | ₹5.2k Cr |
| Other liabilities | ₹2.3k Cr | ₹2.2k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.1k Cr | ₹1.9k Cr |
| Total liabilities | ₹9.6k Cr | ₹10.6k Cr | ₹12.6k Cr | ₹15.6k Cr | ₹13.8k Cr | ₹13.9k Cr |
| Fixed assets | ₹1.8k Cr | ₹1.5k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹549 Cr | ₹692 Cr |
| Capital work in progress | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr |
| Investments | ₹579 Cr | ₹424 Cr | ₹312 Cr | ₹511 Cr | ₹2.3k Cr | ₹788 Cr |
| Other assets | ₹7.2k Cr | ₹8.7k Cr | ₹11.0k Cr | ₹13.9k Cr | ₹10.9k Cr | ₹12.4k Cr |
| Total assets | ₹9.6k Cr | ₹10.6k Cr | ₹12.6k Cr | ₹15.6k Cr | ₹13.8k Cr | ₹13.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −2.07 pp while the public added +1.90 pp. The shareholder count shrank 11% to 1,63,876.
- Promoters
- 56.1%
- FIIs
- 7.3%
- DIIs
- 23.8%
- Public
- 12.8%
Since Jun 2025
- DIIs −2.07 pp
- Public +1.90 pp
- FIIs +0.14 pp
How it drifted, 12 quarters
Over this window the public went from 5.1% to 12.8% — +7.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.1%, FIIs 10.8%, DIIs 28.1%, Public 5.1%.Dec '23: Promoters 56.1%, FIIs 11.0%, DIIs 27.2%, Public 5.7%.Mar '24: Promoters 56.1%, FIIs 11.8%, DIIs 27.0%, Public 5.1%.Jun '24: Promoters 56.1%, FIIs 10.8%, DIIs 26.4%, Public 6.8%.Sep '24: Promoters 56.1%, FIIs 10.1%, DIIs 25.5%, Public 8.4%.Dec '24: Promoters 56.1%, FIIs 7.0%, DIIs 26.6%, Public 10.4%.Mar '25: Promoters 56.1%, FIIs 7.1%, DIIs 26.3%, Public 10.6%.Jun '25: Promoters 56.1%, FIIs 7.1%, DIIs 25.9%, Public 10.9%.Sep '25: Promoters 56.1%, FIIs 7.0%, DIIs 26.5%, Public 10.4%.Dec '25: Promoters 56.1%, FIIs 7.0%, DIIs 26.2%, Public 10.8%.Mar '26: Promoters 56.1%, FIIs 7.2%, DIIs 24.6%, Public 12.2%.Jun '26: Promoters 56.1%, FIIs 7.3%, DIIs 23.8%, Public 12.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.16 pp 1.44% held
- UTI Value Fund Mutual fund +0.10 pp 3.87% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of PNC Infratech Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Madhavi Jain | 9.84% | unchanged |
| Ncj Infrastructure Private Limited | 9.65% | unchanged |
| HDFC Small Cap Fund Mutual fund | 9.55% | unchanged |
| Vaibhav Jain | 8.72% | unchanged |
| Yogesh Jain | 6.55% | unchanged |
| Pradeep Kumar Jain | 5.98% | unchanged |
| Ashita Jain | 5.06% | unchanged |
| Meena Jain | 4.94% | unchanged |
| UTI Value Fund Mutual fund | 3.87% | +0.10 pp |
| Naveen Kumar Jain | 2.88% | unchanged |
| HSBC mutual fund- HSBC value fund Mutual fund | 2.65% | −0.35 pp |
| Chakresh Kumar Jain | 1.76% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in PNCINFRA
Filings to Aug 2026
2 new, 2 added, 0 trimmed, 0 sold out — net +40.85 L shares (+13.3%).
- Held by funds
- ₹798 Cr
- 12 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹322 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹322 Cr | held | Dec '22 |
| HDFC Hybrid Equity Fund HDFC Mutual Fund | ₹181 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹62 Cr | held | Jan '21 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹53 Cr | +9.36 L | Jun '26 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹38 Cr | +8.59 L | Aug '25 |
| HDFC Children's Fund HDFC Mutual Fund | ₹33 Cr | held | Nov '24 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹28 Cr | new | Aug '26 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹25 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
2 added, 0 trimmed — net +40.85 L shares (+13.3%)
- Funds are sitting on
- -17%
- vs est. average cost
- Held by funds
- ₹798 Cr
- 12 schemes · ≈ 14% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹322 Cr · 0.8% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 5y 8m · since Jan '21
Shares held by these funds +20%
Aug '23 3.08 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse PNC Infratech Limited
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