PNC Infratech Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript PNC Infratech Ltd filed with BSE on 14 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
PNC Infratech reported standalone revenue of Rs. 1,518 crore for Q1 FY27, up 34% year-on-year, with standalone EBITDA margin of 24.7% and PAT margin of 17.8%. Management discussed the show cause notice issued by NHAI regarding the Kanpur-Lucknow Expressway, declining to speculate on potential outcomes while the matter is under consideration. The company also outlined its unexecuted order book of over INR19,100 crores and provided updates on new project awards, diversification into solar, mining and water infrastructure, and reiterated its revenue guidance for FY27 and FY28.
Numbers mentioned
Standalone Revenue: Rs. 1,518 crore (Q1 FY27)
p. 6
“Standalone Revenue for the 1st quarter of FY27 is Rs. 1,518 crore which is higher by 34% as compared to Rs 1136 in the 1st quarter of FY26.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone EBITDA: Rs. 375 crore (Q1 FY27)
p. 6
“Standalone EBITDA for the 1st quarter of FY27 is Rs. 375 crore which is higher by 167% as compared to Rs. 141 crore in the 1st quarter of FY26.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone EBITDA margin: 24.7% (Q1 FY27)
p. 6
“Standalone EBITDA margin for the quarter is 24.7%.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone profit: Rs. 271 crore (Q1 FY27)
p. 6
“Standalone profit for the 1st quarter of FY27 is Rs. 271 crore which is higher by 235% as compared to Rs. 81 in the 1st quarter of FY26.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone PAT margin: 17.8% (Q1 FY27)
p. 6
“Standalone PAT margin for the Q1 of FY27 is 17.8%.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated revenue: Rs. 1,688 crores (Q1 FY27)
p. 6
“Consolidated revenue for the 1st quarter of FY27 is Rs. 1,688 crores which is higher by 19% as compared with Rs. 1423 crore in the 1st quarter of FY26.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated EBITDA: Rs. 524 crore (Q1 FY27)
p. 6
“Consolidated EBITDA for the 1st quarter of FY27 stood at Rs. 524 crore which is higher by 42% as compared to Rs. 367 crore in the 1st quarter of FY26.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated EBITDA margin: 31% (Q1 FY27)
p. 6
“The EBITDA margin for Q1 of FY27 is 31%.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated PAT: Rs. 332 crores (Q1 FY27)
p. 6
“Consolidated PAT for the 1st quarter of FY27 is Rs. 332 crores.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated PAT margin: 19.7% (Q1 FY27)
p. 6
“The PAT margin for Q1FY27is 19.7%.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone net worth: Rs. 6,084 crores (as on 30th June 2026)
p. 6
“Our net worth as on 30th June 2026 is Rs. 6,084 crores, whereas standalone debt from Banks/Financial Intuitions is Rs. 428 crores (excluding ICD).”
Yogesh Jain, page 6 of the filed PDF · View the filing
Standalone debt to equity: 0.07 times (as on 30th June 2026)
p. 6
“This translates to debt to equity of 0.07 times (excluding ICD).”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated net worth: Rs. 7,147 crores (as on 30th June 2026)
p. 6
“Our net worth as on 30th June 2026 is Rs. 7,147 crores whereas total debt is Rs. 5,448 crores.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Consolidated debt to equity: 0.76 times (as on 30th June 2026)
p. 6
“This translates to debt to equity of 0.76 times.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Unexecuted order book: over INR 19,100 crores
p. 5
“Company’s unexecuted order book stands at over INR 19,100 crores providing healthy revenue visibility, which includes value of 2 new HAM projects secured in April 2026, one major bridge project and one flyover project in May 2026, and one airport project in July 2026.”
Yogesh Jain, page 5 of the filed PDF · View the filing
Net working capital days: 110 days (as of 30th June)
p. 9
“Net working capital days as of 30th June is 110 days.”
Pankaj Agarwal, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue guidance FY27 — INR6,000 crores · FY27
stated firmly by T.R. Rao
p. 7
“So, we expected to secure a total new business worth of INR12,000 crores to INR15,000 crores in FY27, and the guidance of INR6,000 crores for FY27 and the guidance of INR7,500 crores in FY28, and we want to maintain the same guidance.”
T.R. Rao, page 7 of the filed PDF · View the filing
Pantnagar Airport appointed date — before end of September 2026
stated firmly by T.R. Rao
p. 8
“Pantnagar Airport, we expect this will be done during the current quarter, that is before end of September 2026.”
T.R. Rao, page 8 of the filed PDF · View the filing
Bhopal Bypass appointed date — third quarter, before end of current calendar year
stated conditionally by T.R. Rao
p. 8
“But whereas in the case of Bhopal, now there is some changes in the scope, so that we expect the third quarter, before the end of current calendar year.”
T.R. Rao, page 8 of the filed PDF · View the filing
AP canal project revenue — INR150 crores · FY27
stated firmly by Pankaj Agarwal
p. 11
“We have targeted for FY27 is INR150 crores for AP canal project.”
Pankaj Agarwal, page 11 of the filed PDF · View the filing
AP canal remaining revenue — INR600 crores · FY28
stated conditionally by T.R. Rao
p. 11
“So, Irrigation project, we are planning to complete the Irrigation project in FY28. That is our plan, that is our target, provided we will get the timely payment from the Government of Andhra Pradesh.”
T.R. Rao, page 11 of the filed PDF · View the filing
JJM revenue — INR700 crores to INR800 crores · FY27
stated firmly by T.R. Rao
p. 11
“JJM, we are expecting around INR700 crores to INR800 crores in the current financial year, in FY27, and around INR1,000 crores in FY28.”
T.R. Rao, page 11 of the filed PDF · View the filing
Tax rate — 25% to 27% · FY27
stated firmly by Pankaj Agarwal
p. 11
“The number will be in the range of 25% to 27%.”
Pankaj Agarwal, page 11 of the filed PDF · View the filing
Capex — INR150 crores · FY27
stated firmly by Pankaj Agarwal
p. 12
“We have capex for the entire year is targeting INR150 crores.”
Pankaj Agarwal, page 12 of the filed PDF · View the filing
Coal project revenue — INR500 crores · FY27 and FY28
stated firmly by Pankaj Agarwal
p. 14
“For coal project we are targeting INR500 crores for FY27, and INR500 crores same is FY28.”
Pankaj Agarwal, page 14 of the filed PDF · View the filing
Solar project revenue — more than INR1,000 crores · FY28
stated as an aspiration by T. R. Rao
p. 14
“And we will be achieving more than INR1,000 crores in FY28 and the remaining in FY29.”
T. R. Rao, page 14 of the filed PDF · View the filing
Mining project capex — INR350 crores
stated firmly by Pankaj Agarwal
p. 16
“Sorry, INR350 crores.”
Pankaj Agarwal, page 16 of the filed PDF · View the filing
Mining project revenue — around INR500 crores · current financial year and next financial year
stated as an aspiration by T.R. Rao
p. 15
“So, going forward, we don't foresee, so we should able to achieve around INR500 crores overall revenue in the current financial year, and similar kind of revenue in the next financial year, and should able to complete project within the 5 years’ timeframe.”
T.R. Rao, page 15 of the filed PDF · View the filing
Non-road sector share of order book — around 40% to 45%
stated as an aspiration by T.R. Rao
p. 16
“So, going forward, we see that this will further have a balanced kind of thing, so around 40% to 45% non-road sector, and around 55% going forward, let us see how things will unfold, see how the bidding opportunities emerge in the non-road sector.”
T.R. Rao, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management declined to speculate, saying the matter is under NHAI consideration and they are submitting a reply.
Answered by T.R. Rao
Asked by Shravan Shah: Whether the company will be declared a non-performer or banned from bidding over the Kanpur-Lucknow issue, and the financial impact.
p. 7
“Anything about the -- whether they will pass any order of non-performer or otherwise department is a completely speculative and hypothetical at this stage.”
T.R. Rao, page 7 of the filed PDF · View the filing
Management confirmed the same guidance is being maintained.
Answered by T.R. Rao
Asked by Shravan Shah: Is there any change to the previously given revenue and margin guidance?
p. 7
“No. As of now, we are not contemplating any change in the guidance, what we had given during the last con-call.”
T.R. Rao, page 7 of the filed PDF · View the filing
Management characterized the issues as routine maintenance from heavy rains and declined to comment on media reports of penalties.
Answered by T.R. Rao
Asked by Sarvesh Gupta: What is the extent of the road damage on Kanpur-Lucknow Expressway and the reported penalty for toll closure?
p. 12
“The first thing, whatever the stretches and isolated locations that have been affected due to torrential rains, the project has experienced during the month of July, these are the routine maintenance activities.”
T.R. Rao, page 12 of the filed PDF · View the filing
Management detailed submitted bids worth INR32,000 crores and an identified pipeline of about INR2 lakh crores.
Answered by T.R. Rao
Asked by Sarvesh Gupta: What is the current bidding pipeline for road projects?
p. 13
“So, these 24 projects where we had already submitted our bids at a value of INR32,000 crores. Apart from that, we identified another around 78 projects which are to be bid for next 2 to 3 months for a value of INR1.7 lakh crores.”
T.R. Rao, page 13 of the filed PDF · View the filing
Management cited land availability and local resistance issues that are now normalizing.
Answered by T.R. Rao
Asked by Deepashri Joshi: Why was mining project execution low this quarter?
p. 15
“See, in the mining, because the project proponent, that has to provide us very encumbrance-free and encroachment-free land, but unfortunately, the entire land was not provided, and even the land parcels what they have provided are in discontinuous manner, and also then there are some resistance by the local people.”
T.R. Rao, page 15 of the filed PDF · View the filing
Management said the order book mix is already shifting and expects further balancing via railways, metro, coal mining, and power transmission bids.
Answered by T.R. Rao
Asked by Chinmay Mishra: How does the company plan to reduce dependency on roadways revenue?
p. 16
“See, as we had mentioned, as of now, the road unexecuted order book is slightly more than 60% and remaining is slightly less than 40%.”
T.R. Rao, page 16 of the filed PDF · View the filing
Risks flagged
NHAI show cause notice and potential non-performer declaration or bidding ban related to Kanpur-Lucknow Expressway
p. 10
“They issued show cause notice to the concessionaire.”
T.R. Rao, page 10 of the filed PDF · View the filing
Weak NHAI award pipeline and geopolitical tensions slowing highway awarding and execution
p. 3
“This slowdown was primarily driven by a weak award pipeline, and continued geopolitical tensions.”
Yogesh Jain, page 3 of the filed PDF · View the filing
Delayed government fund releases affecting JJM water project working capital
p. 9
“And also, because there have been a paucity of funds at the state level as well as the government delay in the release of funds by the central government, so around INR741 crores excluding GST has to be realized from the government as on date.”
T.R. Rao, page 9 of the filed PDF · View the filing
Land availability and local resistance issues affecting mining project execution
p. 15
“Now, the things are becoming normal, and it is getting streamlined.”
T.R. Rao, page 15 of the filed PDF · View the filing
Torrential rains causing road maintenance issues at Kanpur-Lucknow Expressway
p. 13
“See, we are we are going by the contract conditions, and we are in the process of replying duly to the NHAI's notice what they have issued.”
T.R. Rao, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.