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 in 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 beyond.

• 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.

• Major asset divestment: Sale of equity stake in 11 highway assets to Vertis Infrastructure Trust completed; final asset divestment expected in H2 FY26.

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

Financial highlights

• Standalone Q2 FY 2026 revenue: INR 983 crore; EBITDA: INR 136 crore (13.9% margin); PAT: INR 86 crore (8.8% margin), including a INR 5 crore gain from asset sale.

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

• Consolidated Q2 FY 2026 revenue: INR 1,128 crore; EBITDA: INR 253 crore (22.4% margin); PAT: INR 216 crore (19.1% margin).

• Standalone net working capital days at 99 as of September 2025, down from 106 in March 2025.

• Net worth as of September 30, 2025: Standalone INR 5,628 crore; consolidated INR 6,623 crore.

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.