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PNC Infratech (PNCINFRA) investor relations material
PNC Infratech Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue and profitability declined year-over-year due to muted project awarding and execution delays, but robust execution is expected in Q4 with several new projects commencing.
Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with limited review by statutory auditors.
Robust order book exceeding Rs. 19,300 crore as of December 31, 2025, with significant projects in roads, highways, water, and mining.
Completed sale of equity stake in 11 road assets, generating significant capital for reinvestment; final asset divestment expected in Q4 FY26.
Diversification into overseas markets and new sectors like renewables and mining is underway, with bids submitted in Uzbekistan and a new renewable energy subsidiary incorporated.
Financial highlights
Standalone Q3 FY26 revenue: INR 1,056 crore; EBITDA: INR 131 crore (margin 12.4%); PAT: INR 77 crore (margin 7.26%).
Consolidated Q3 FY26 revenue: INR 1,201 crore; EBITDA: INR 239 crore (margin 19.9%); PAT: INR 77 crore (margin 6.4%).
9M FY26 standalone revenue: INR 3,176 crore; EBITDA: INR 408 crore (margin 12.8%); PAT: INR 244 crore (margin 7.7%).
9M FY26 consolidated PAT includes INR 430 crore gain from asset monetization.
Standalone net worth: INR 5,710 crore; net debt: INR 1,106 crore; net debt/equity: 0.19x; cash and investments: INR 1,299 crore.
Outlook and guidance
FY26 revenue expected at INR 5,000 crore, a 10% decline year-over-year, with Q4 revenue projected at INR 1,700–1,800 crore.
FY27 revenue expected to grow 25% over FY26, with EBITDA margin guidance at 12–12.5% for both FY26 and FY27.
Order inflow guidance for FY26 is INR 12,000 crore, with a strong bid pipeline of over INR 120,000 crore identified.
Order book of over Rs. 19,300 crore provides revenue visibility, over 3.5 times FY25 revenue.
The final divestment of the last road asset is expected in Q4 FY26, pending fulfillment of conditions precedent.
- Q1 FY25 profit surged on one-time gains and asset divestment, with operations unaffected by CBI probe.PNCINFRA
Q1 24/251 Feb 2026 - One-time gains and asset sales drive profit growth and set up 30%+ FY26 rebound.PNCINFRA
Q2 24/2514 Jan 2026 - Order book exceeds ₹18,900 crores as asset monetization and capital recycling drive growth.PNCINFRA
Q3 24/2515 Dec 2025 - Q1 FY26 profit surged on asset sale, with strong order book and new project momentum.PNCINFRA
Q1 25/2623 Nov 2025 - FY25 revenue reached Rs. 5,513 crore, record order book, and 30% dividend proposed.PNCINFRA
Q4 24/2518 Nov 2025 - FY 2026 revenue growth cut to 5% amid project delays; strong Q2, asset sales, and order book support outlook.PNCINFRA
Q2 25/2613 Nov 2025
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