PNC Infratech (PNCINFRA) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue was INR 1,136 crore, EBITDA INR 141 crore (12.4% margin), and PAT INR 81 crore (7.1% margin); consolidated revenue was INR 1,423 crore, EBITDA INR 357 crore (25.8% margin), and PAT INR 431 crore (13.6% margin).

• Robust order book exceeded INR 17,000 crore as of June 2025, rising to INR 22,000 crore with new renewable and mining projects; contracts worth INR 4,337 crore await appointed dates.

• Company completed sale of equity in 11 of 12 BOT/HAM road assets, generating significant equity inflow; final asset sale expected in H1/Q2 FY26.

• Board approved unaudited financial results for Q1 FY26 and completed a major asset divestment post-quarter.

Financial highlights

• Net worth as of June 2025: INR 5,557 crore (standalone), consolidated INR 6,421 crore; standalone debt INR 20 crore, net debt-to-equity 0.07x; consolidated debt INR 4,712 crore, net debt-to-equity 1.3x.

• Cash and bank balance (including investments) at INR 2,672 crore; standalone cash at INR 483 crore as of June 2025.

• Inventory at INR 900 crore, trade receivables INR 1,900 crore (including INR 730 crore HAM debtors), trade payables INR 750 crore, retention money INR 180 crore, unbilled revenue INR 340 crore.

• Q1 FY26 included no contract revenue from arbitration awards or bonuses, unlike prior year.

• Standalone and consolidated EPS for Q1 FY26 were ₹3.15 and ₹16.81, respectively.

Outlook and guidance

• Revenue growth guidance for FY26 maintained at 15%-20%, targeting INR 6,300 crore topline.

• EBITDA margin guidance at 13% for FY26.

• FY27 revenue growth expected at 15%-20% as new projects commence.

• Coal mining to contribute INR 300-400 crore revenue in FY26, rising to INR 600 crore annually thereafter; BESS project to see major execution from next year.

• Order book at over 3.1 times FY25 revenue, providing strong revenue visibility.