About PNC Infratech Limited
PNC Infratech Limited (NSE: PNCINFRA) is an Indian infrastructure development and construction company, headquartered in Agra, Uttar Pradesh. Founded in 1989 (originally as PNC Construction Company Limited and renamed in 2007), it specializes in engineering, procurement and construction (EPC) and end-to-end infrastructure solutions across core sectors.
The company undertakes and delivers major infrastructure projects, including roads, highways, bridges, flyovers, airport runways, power transmission lines, water supply and industrial area development, using various project delivery formats such as fixed-sum turnkey EPC, Hybrid Annuity Model (HAM), and public-private partnership (PPP) models like DBFOT and OMT.
Key Highlights – Q3 FY26
The company reported revenue of ₹1,056 crore in Q3 FY26. EBITDA for the quarter stood at ₹131 crore in Q3 FY26. Profit After Tax (PAT) amounted to ₹77 crore during Q3 FY26. The company achieved an EBITDA margin of 12.4% and a PAT margin of 7.3% in Q3 FY26, reflecting stable operating profitability for the quarter.
Key Highlights – 9M FY26
PNC Infratech reported revenue of ₹3,176 crore during 9M FY26, reflecting steady execution across its ongoing projects. The company recorded an EBITDA of ₹408 crore in 9M FY26, translating into an EBITDA margin of 12.8%, supported by operational efficiency. PAT stood at ₹244 crore for 9M FY26, with a PAT margin of 7.7%, indicating stable profitability.
The remaining value of contracts under execution exceeded ₹19,300 crore, including contracts worth ₹1,511 crore for which the appointed date is yet to be received, providing strong revenue visibility. The company maintained a healthy balance sheet with a debt-to-equity ratio of 0.19 times as on December 31, 2025, reflecting conservative leverage.
Robust Order Book
PNC Infratech had a strong order book of over ₹19,300 crore as on 31 December 2025, providing healthy execution visibility. Road highways, road expressways, railway, airport runway and canal EPC projects account for about 71% of the total order book.
The top six EPC projects under execution, with a combined remaining value of ₹10,120 crore, include the OB Removal and Coal Extraction Project for SECL (₹2,957 crore), Jalna–Nanded project for MSRDC (₹2,167 crore), Pune Ring Road for MSRDC (₹2,064 crore), and three packages of the Varanasi–Ranchi–Kolkata Highway for NHAI with a total value exceeding ₹2,900 crore.
The order book also comprises water projects valued at ₹2,656 crore, two projects aggregating ₹1,511 crore (including the Western Bhopal Bypass HAM project and a High Level Bridge EPC project in Bihar), and other projects worth ₹5,059 crore, taking the total order book to ₹19,346 crore.
The remaining value of contracts under execution exceeds ₹19,300 crore, including projects where the appointed date is awaited, and stands at more than 3.5 times FY25 revenue, underscoring strong medium-term growth visibility.
Additionally, the order book includes projects pending appointed dates, such as the 4-laning of the Western Bhopal Bypass in Madhya Pradesh on HAM mode with an EPC cost of ₹1,091 crore, and the construction of a High Level Bridge and Approach Road in Bihar on EPC mode with a project cost of ₹420 crore, for which the relevant approvals and award milestones have been achieved.
Growth Strategy
PNC Infratech’s growth strategy is centered on diversification and a focused execution approach, leveraging its strong project execution track record to expand into new functional areas of infrastructure development. The company aims to increase its presence in water supply and irrigation projects, while also diversifying into railways and metro rail projects, renewable energy, energy storage systems, industrial area development, coalfields, and other related infrastructure sectors.
Alongside diversification, the company emphasizes strengthening competitiveness in its core business by investing in advanced technology, modern equipment, and skilled manpower, which supports cost-effective and efficient project execution. PNC Infratech also focuses on building and maintaining strong strategic relationships, entering into project-specific joint ventures or subcontracting arrangements with partners whose resources, skills, and strategies create operational synergies and enhance overall performance.