PNC Infratech (PNCINFRA) Q3 25/26 earnings summary

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.