PNC Infratech (PNCINFRA) Q2 25/26 earnings summary

Executive summary

• Revenue guidance for FY 2026 revised downward to 5% growth over FY 2025 due to delayed appointed dates for major HAM projects and subdued project awarding by NHAI over the past two years.

• Appointed dates for three out of four delayed HAM projects have now been declared, improving execution visibility for H2 FY 2026 and FY 2027.

• Monetization of 11 out of 12 HAM assets completed, with the last asset pending final approval and expected to contribute significant equity inflow.

• Robust order book of over INR 20,100 crore as of September 2025, more than 3.6 times FY25 revenue.

• Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, with statutory auditor review confirming compliance and no material misstatements.

Financial highlights

• Stand-alone Q2 FY 2026 revenue: INR 983 crore; EBITDA: INR 136 crore (margin 13.9%); PAT: INR 86 crore (margin 8.8%).

• Consolidated Q2 FY 2026 revenue: INR 1,128 crore; PAT: INR 216 crore (margin 19.1%).

• Stand-alone H1 FY 2026 revenue: INR 2,119 crore; EBITDA: INR 277 crore (margin 13.1%); PAT: INR 167 crore (margin 7.9%).

• Consolidated H1 FY 2026 revenue: INR 2,550 crore; PAT: INR 647 crore (margin 25.4%).

• Stand-alone net worth as of 30 Sep 2025: INR 5,628 crore (net debt/equity 0.14x); consolidated INR 6,623 crore (net debt/equity 0.76x).

Outlook and guidance

• FY 2026 revenue expected at INR 5,800 crore, reflecting 5% growth over FY 2025 base of INR 5,500 crore.

• FY 2027 revenue growth guidance maintained at 20%, with aspiration for 30% if execution ramps up.

• EBITDA margin guidance for FY 2026 and FY 2027 at 12.5%-13%.

• Order inflow target for FY 2026 remains INR 12,000–15,000 crore, with INR 6,000 crore already secured.

• Final asset divestment (PNC Challakere Highways) expected in H2 FY26, pending conditions precedent.