PNC Infratech (PNCINFRA) Q3 24/25 earnings summary

Executive summary

• Q3 FY2025 standalone revenue was ₹1,205 crores, EBITDA ₹146 crores, and PAT ₹83 crores; 9M FY2025 standalone revenue was ₹4,099 crores, EBITDA ₹873 crores, and PAT ₹585 crores.

• Consolidated Q3 FY2025 revenue was ₹1,470 crores, EBITDA ₹379 crores, and PAT ₹81 crores; 9M FY2025 consolidated revenue was ₹5,065 crores, EBITDA ₹1,704 crores, and PAT ₹740 crores.

• Order book exceeded ₹18,900 crores as of December 31, 2024, with major EPC and HAM projects under execution.

• Signed agreement to divest equity stake in 12 road assets to Highways Infrastructure Trust (HIT) for an enterprise value of ₹9,005.7 crores.

• Major technological advancements included India's first use of automated and intelligent machine-aided construction on the Mumbai-Nagpur Expressway.

Financial highlights

• Q3 FY2025 standalone revenue declined 33% YoY; EBITDA down 39%, PAT down 45%.

• 9M FY2025 standalone revenue fell 23% YoY; EBITDA up 23%, PAT up 31%.

• Standalone EBITDA margin at 12.1% for Q3 FY2025; 21.3% for 9M FY2025.

• Standalone PAT margin at 6.9% for Q3 FY2025; 14.3% for 9M FY2025.

• Arbitration claims and early completion bonuses contributed ₹57,214.19 lakhs to contract revenue in 9M FY2025.

Outlook and guidance

• FY2025 revenue expected to decline 25–30% YoY (including arbitration), with a rebound and 35% growth expected in FY2026.

• Order inflow guidance for FY2025 and FY2026 is ₹13,000–15,000 crores each year, mainly from road sector projects.

• EBITDA margin guidance: 12–12.5% for FY2025, rising to 13% in FY2026.

• JJM water segment revenue guidance: ₹800–850 crores for FY2025, ₹1,200 crores for FY2026.

• Irrigation segment revenue guidance: ₹50–60 crores in Q4 FY2025, ₹400–450 crores in FY2026.