PNC Infratech (PNCINFRA) Q4 25/26 earnings summary

Executive summary

• FY 2026 saw mixed outcomes for the highway sector, with subdued project awarding but satisfactory execution on existing backlog.

• Company diversified into mining, solar, water, and other infrastructure segments, aiming for sustained growth beyond roads.

• Strategic divestment of 12 road assets completed, with the final asset sold to Vertis Infrastructure Trust (KKR affiliates) in Q4 FY26.

• Board recommended a final dividend of 30% (Rs. 0.60 per share) for FY26, subject to AGM approval.

• Audited standalone and consolidated financial results for Q4 and FY26 were approved, with an unmodified auditor's opinion.

Financial highlights

• Standalone Q4 FY26 revenue: Rs. 1,458 Cr; EBITDA: Rs. 175 Cr (12.02% margin); PAT: Rs. 100 Cr (6.89% margin).

• Standalone FY26 revenue: Rs. 4,633 Cr; EBITDA: Rs. 583 Cr (12.58% margin); PAT: Rs. 344 Cr (7.43% margin).

• Consolidated Q4 FY26 revenue: Rs. 1,617 Cr; EBITDA: Rs. 277 Cr (17.1% margin); PAT: Rs. 108 Cr (6.7% margin).

• Consolidated FY26 revenue: Rs. 5,368 Cr; EBITDA: Rs. 1,137 Cr (21.17% margin); PAT: Rs. 832 Cr (15.49% margin).

• Standalone and consolidated revenue and profit showed YoY growth, with standalone revenue at Rs. 5,51,312.38 lakhs and consolidated revenue at Rs. 6,76,268.37 lakhs.

Outlook and guidance

• FY 2027 revenue guidance: ~INR 6,000 crore (30% growth); FY 2028: ~INR 7,500 crore (25% growth).

• EBITDA margin guidance: ~12% for FY 2027, with similar expectations for FY 2028 if commodity volatility subsides.

• Order inflow target for FY 2027: INR 15,000 crore, with 60-70% from highways and the rest from non-road sectors.

• Dividend of Rs. 0.60 per share recommended for FY26, reflecting confidence in future cash flows.

• Company evaluating further impacts of new labor codes on financials.