PNC Infratech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript PNC Infratech Ltd filed with BSE on 28 May 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 FY26 revenue of INR 4,633 crore with an EBITDA margin of 12.58% and consolidated revenue of INR 5,368 crore with an EBITDA margin of 21.17%. Management attributed the lower-than-expected FY26 turnover to delayed appointed dates on four HAM projects worth over INR 4,400 crore. The company guided for around 30% standalone revenue growth in FY27 to roughly INR 6,000 crore, with EBITDA margin expected around 12%, and highlighted new order wins in HAM, EPC bridges, solar and mining segments.
Numbers mentioned
Standalone Revenue: INR 1,458 crore (Q4 FY26)
p. 7
“Standalone Revenue for the 4th quarter of FY26 is INR 1,458 crore.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Standalone EBITDA margin: 12.02% (Q4 FY26)
p. 7
“Standalone EBITDA margin for the quarter is 12.02%.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Standalone PAT: INR 100 crore (Q4 FY26)
p. 7
“Standalone profit for the 4th quarter of FY26 is INR 100 crore.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Standalone Revenue: INR 4,633 crore (FY26)
p. 7
“Standalone Revenue for FY26 is INR 4,633 crore.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Standalone EBITDA margin: 12.58% (FY26)
p. 7
“Standalone EBITDA for FY26 is INR 583 crores. Standalone EBITDA margin for FY26 is 12.58%.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Standalone PAT margin: 7.43% (FY26)
p. 7
“Standalone profit for FY26 is INR 344 crores. Standalone PAT margin for FY26 is 7.43%.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Consolidated Revenue: INR 1,167 crores (Q4 FY26)
p. 7
“Consolidated revenue for the 4th quarter of FY26 is INR 1,167 crores.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Consolidated EBITDA margin: 17.14% (Q4 FY26)
p. 7
“The EBITDA margin for Q4FY26 is 17.14%.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Consolidated Revenue: INR 5,368 crore (FY26)
p. 8
“Consolidated revenue for FY26 is INR 5,368 crore.”
Yogesh Jain, page 8 of the filed PDF · View the filing
Consolidated EBITDA margin: 21.17% (FY26)
p. 8
“Consolidated EBITDA for FY26 is INR 1,137 crores. The EBITDA margin for FY26 is 21.17%.”
Yogesh Jain, page 8 of the filed PDF · View the filing
Consolidated PAT margin: 15.49% (FY26)
p. 8
“Consolidated PAT for FY26 is INR 832 crores. The PAT margin for FY26 is 15.49%.”
Yogesh Jain, page 8 of the filed PDF · View the filing
Net debt to equity (standalone): 0.13 times (as on 31st March 2026)
p. 8
“This translates to net debt to equity of 0.13 times.”
Yogesh Jain, page 8 of the filed PDF · View the filing
Net debt to equity (consolidated): 0.76 times (as on 31st March 2026)
p. 8
“This translates to net debt to equity of 0.76 times.”
Yogesh Jain, page 8 of the filed PDF · View the filing
Unexecuted order book: over INR 22,000 crores
p. 7
“Company’s unexecuted order book stands at over INR 22,000 crores, which includes the value of newly secured 2 HAM projects and 2 EPC bridge projects.”
Yogesh Jain, page 7 of the filed PDF · View the filing
Retention money: INR 264 crores
p. 9
“Retention money is INR 264 crores.”
Pankaj Agarwal, page 9 of the filed PDF · View the filing
Mobilization advance: INR 155 crores
p. 9
“Mobilization advance is INR 155 crores.”
Pankaj Agarwal, page 9 of the filed PDF · View the filing
Total debtors: INR 1,660 crores
p. 9
“Total debtor is INR 1,660 crores.”
Pankaj Agarwal, page 9 of the filed PDF · View the filing
Unbilled revenue: INR 475 crores (as of 31st March 2026)
p. 9
“Unbilled revenue is INR 475 crores as of 31st March 2026.”
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.
Standalone revenue growth — around INR 6,000 crore top line · FY27
stated firmly by T. R. Rao
p. 8
“So, we are proposing a guidance of around 30% for FY27, which will be around INR 6,000 crores top line”
T. R. Rao, page 8 of the filed PDF · View the filing
Standalone revenue growth — around INR 7,500 crores · FY28
stated as an aspiration by T. R. Rao
p. 8
“and then for FY28, from there we are looking at another 25% guidance, so that will roughly translate into INR 7,500 crores.”
T. R. Rao, page 8 of the filed PDF · View the filing
EBITDA margin — around 12% · FY27
stated conditionally by T. R. Rao
p. 8
“The EBITDA will continue to be around 12% for FY27.”
T. R. Rao, page 8 of the filed PDF · View the filing
EBITDA margin — 12% · FY27
stated firmly by T. R. Rao
p. 9
“overall in FY27, we are hopeful of achieving 12% EBITDA.”
T. R. Rao, page 9 of the filed PDF · View the filing
New order inflow — around INR 15,000 crores · FY27
stated as an aspiration by T. R. Rao
p. 9
“we are expecting an overall new order book of around INR 15,000 crores in FY27”
T. R. Rao, page 9 of the filed PDF · View the filing
Solar revenue — INR 600 crores · FY27
stated conditionally by T. R. Rao
p. 13
“We are targeting around INR 600 crores in FY27, and INR 1,400 crores in FY28.”
T. R. Rao, page 13 of the filed PDF · View the filing
JJM revenue — INR 750 crores · FY27
stated conditionally by T. R. Rao
p. 13
“for FY27, we are targeting INR 750 crores in revenue, with the hope that the government will release more and more funds for this project, both central and state.”
T. R. Rao, page 13 of the filed PDF · View the filing
Interest cost — reduced by INR 3 crores to INR 4 crores · FY27
stated firmly by Pankaj Agarwal
p. 14
“FY27, we see that the interest cost will be reduced by INR 3 crores to INR 4 crores from the current quarter.”
Pankaj Agarwal, page 14 of the filed PDF · View the filing
Western Bhopal appointed date — before end of 30th September · FY27
stated firmly by T. R. Rao
p. 14
“For Western Bhopal, we are expecting AD I would say before end of the 30th September and we should be able to commence the physical execution in Q3.”
T. R. Rao, page 14 of the filed PDF · View the filing
Varanasi-Kolkata packages revenue — INR 1,600 crores to INR 1,800 crores · FY27
stated firmly by T. R. Rao
p. 18
“going forward in FY27, we are looking at around INR 1,600 crores to INR 1,800 crores revenue from these packages.”
T. R. Rao, page 18 of the filed PDF · View the filing
Jalna-Nanded and Pune Ring Road revenue — INR 1,500 crores to INR 1,600 crores · FY27
stated firmly by T. R. Rao
p. 18
“we are targeting around INR 1,500 crores to INR 1,600 crores in FY27 from these two projects”
T. R. Rao, page 18 of the filed PDF · View the filing
Mining (MDO/EPC) revenue — INR 400 crores · FY27
stated conditionally by T. R. Rao
p. 20
“we are expecting INR 400 crores revenue in FY27, and going forward, around INR 50 crores per month to INR 600 crores in FY28.”
T. R. Rao, page 20 of the filed PDF · View the filing
Andhra irrigation project work — INR 200 crores · FY27
stated conditionally by T. R. Rao
p. 19
“So, this year we are targeting around INR 200 crores of work in FY27.”
T. R. Rao, page 19 of the filed PDF · View the filing
CAPEX — INR 150 crores · FY27
stated firmly by Pankaj Agarwal
p. 20
“CAPEX for Financial Year ‘27, we are targeting INR 150 crores.”
Pankaj Agarwal, page 20 of the filed PDF · View the filing
New order inflow target for FY27 — 30% to 35% from new sectors · FY27/FY28
stated as an aspiration by T. R. Rao
p. 11
“we said that around 30% to 35% we are expecting the new orders from these things, as we are pursuing these opportunities actively.”
T. R. Rao, page 11 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 guided 30% growth in FY27 to about INR 6,000 crore and a further 25% in FY28 to about INR 7,500 crore, with margins around 12%.
Answered by T. R. Rao
Asked by Shravan Shah: What is the revenue growth guidance for FY27 and FY28 given the lower-than-expected FY26 performance?
p. 8
“So, we are proposing a guidance of around 30% for FY27, which will be around INR 6,000 crores top line, and then for FY28, from there we are looking at another 25% guidance, so that will roughly translate into INR 7,500 crores.”
T. R. Rao, page 8 of the filed PDF · View the filing
Management acknowledged near-term margin pressure but expects mitigation from the new compensation mechanism and improvement in later quarters.
Answered by T. R. Rao
Asked by Shravan Shah: Is there margin risk in Q1/Q2 due to commodity price increases?
p. 9
“certainly, we cannot deny that there would not be any margin pressure. Certainly, there will be pressure on our margins given the current scenario.”
T. R. Rao, page 9 of the filed PDF · View the filing
Management said they do not expect diversification to dilute margins and expect to maintain around 12% EBITDA overall.
Answered by T. R. Rao
Asked by Jainam Shah: Will diversification into new sectors affect the overall EBITDA margin?
p. 11
“we do not see any kind of a cross-subsidy kind of a thing in margin perspective.”
T. R. Rao, page 11 of the filed PDF · View the filing
Management said the guidance is based on already-awarded projects in progress, excluding new wins, with only the Western Bhopal appointed date still pending.
Answered by T. R. Rao
Asked by Sarvesh Gupta: How much of the INR 6,000 crore FY27 guidance is based on secured, approval-free projects versus pending approvals?
p. 15
“the INR 6,000 crores guidance, which we are giving based on the projects that have been duly awarded to us, we are not considering any new projects that we are going to secure during the remaining 10- month period of the current financial year.”
T. R. Rao, page 15 of the filed PDF · View the filing
Management explained that price escalation is passed through to EPC contracts on a back-to-back basis from the SPV.
Answered by T. R. Rao
Asked by Parikshit Khandpal: How are margins protected against commodity cost inflation in EPC contracts from SPVs?
p. 17
“it is on a back-to-back basis. Whatever SPVs are getting the price index multiple, which covers both the WPI increase as well as the CPI increase, which will largely cover the other things.”
T. R. Rao, page 17 of the filed PDF · View the filing
Management attributed the FY25 margin to one-off arbitration settlement receipts and a project completion bonus that inflated that year's turnover and margin.
Answered by T. R. Rao
Asked by Archit Agrawal: Why did EBITDA margin compress sharply from 19% in FY25 to 12-13% this year?
p. 15
“in FY25, we received more than INR 400 crores payment towards the arbitration awards published in our favor through settlement under Vivad se Vishwas II.”
T. R. Rao, page 15 of the filed PDF · View the filing
Management said they expect a revision of authority costs via a corrigendum for projects to be bid going forward.
Answered by T. R. Rao
Asked by Bhavin Modi: Does NHAI plan to revise authority costs given the spike in bitumen prices?
p. 21
“We are expecting a revision of this authority’s cost, because as of now, the compensation mechanism that they introduced is only for three months from the 1st of April for the ongoing projects.”
T. R. Rao, page 21 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions in West Asia causing volatility in crude oil prices and higher input costs, particularly bitumen, fuel and logistics
p. 6
“Towards the end of FY26, geopolitical tensions in West Asia led to volatility in global crude oil prices and logistic costs, resulting in higher input costs, particularly bitumen, fuel and logistics.”
Yogesh Jain, page 6 of the filed PDF · View the filing
Subdued NHAI awarding activity due to delays in land acquisition, project appraisal and approval timelines
p. 5
“The subdued awarding activity over the past three years largely caused by persistent delays in acquisition of land, extended project appraisal & approval timelines, and delay in finalizing of viable and bankable project structure under DBFOT-Toll model.”
Yogesh Jain, page 5 of the filed PDF · View the filing
Delayed appointed dates for four HAM projects reducing FY26 turnover
p. 8
“the four of our projects got delayed execution, three of NHAI projects and one of MPRDC projects of having a more than INR 4,400 crores, for which we executed our concession agreements way back in July ‘23 and March ‘24, that has resulted in lower turnover in FY26 than what we expected”
T. R. Rao, page 8 of the filed PDF · View the filing
Sharp cutthroat competition in the EPC segment
p. 12
“the competition in the EPC segment will continue to be very sharp, and I would say, a cutthroat kind of competition will be there.”
T. R. Rao, page 12 of the filed PDF · View the filing
Land acquisition and environmental issues delaying Western Bhopal project alignment
p. 14
“we faced some serious hindrances and impediments in the original alignment because of the land acquisition issues and the other environmental issues.”
T. R. Rao, page 14 of the filed PDF · View the filing
Construction restrictions in NCR to curb pollution affecting Haryana Orbital Rail progress
p. 18
“whenever there is a restriction imposed in the construction activity in NCR to curb the pollution, we are also seeing these restrictions in the construction activities.”
T. R. Rao, page 18 of the filed PDF · View the filing
Prolonged intense monsoon affecting Jalna-Nanded project execution
p. 18
“Last year, for Jalna-Nanded, we encountered a very prolonged, very intense, and record-breaking monsoon in Jalna-Nanded.”
T. R. Rao, page 18 of the filed PDF · View the filing
Dependence on government fund releases for Jal Jeevan Mission and Andhra irrigation project payments
p. 19
“this further progress and all depend upon the receipt of payments from the government of Andhra Pradesh.”
T. R. Rao, page 19 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.