PNC Infratech (PNCINFRA) Q4 24/25 earnings summary

Executive summary

• FY2025 saw significant challenges in the infrastructure sector, including delays in project awards and construction due to elections, land acquisition issues, and weather disruptions.

• The company reported FY25 standalone revenue of Rs. 5,513 crore and PAT of Rs. 706 crore, with a robust order book exceeding Rs. 17,700 crore as of March 31, 2025.

• Completed monetization of 10 road assets, aligning with a capital recycling strategy, and received an arbitration award.

• Maintained strong credit ratings (CARE AA+ for long-term, A1+ for short-term) and a stable outlook.

• Board recommended a final dividend of 30% (Rs.0.60 per share) for FY25, subject to shareholder approval.

Financial highlights

• Standalone FY25 revenue: Rs. 5,513 crore; EBITDA: Rs. 1,049 crore (19% margin); PAT: Rs. 706 crore (12.8% margin).

• Consolidated FY25 revenue: Rs. 6,789 crore; EBITDA: Rs. 2,066 crore (30.5% margin); PAT: Rs. 815 crore (12% margin).

• Standalone Q4 FY25 revenue: Rs. 1,415 crore; EBITDA: Rs. 176 crore (12.4% margin); PAT: Rs. 121 crore (8.6% margin).

• Standalone net working capital cycle: 113 days as of March 31, 2025.

• Cash and cash equivalents at year-end: Rs. 546 crore (standalone), Rs. 1,141 crore (consolidated).

Outlook and guidance

• FY2026 guidance: 20% revenue growth, EBITDA margin around 13%, and Rs. 15,000 crore in new order inflows.

• Order book of Rs. 17,700+ crore is over 3.2 times FY25 revenue, supporting future growth.

• Board expects to complete the sale of equity in two remaining road assets in H1 FY26.

• Dividend payout of Rs.0.60 per share proposed for FY25, subject to AGM approval.

• Targeting Rs. 900-1,000 crore execution from Jal Jeevan Mission in FY2026.