Infrastructure – Jul-Sep’26 Earnings Preview – Execution holds up; order inflow takes a breather
Published on 06 Oct 2026
Order inflow for our infra universe slowed sharply in Q2FY27, with BSE-announced inflow of INR 221bn (vs. INR 747bn in Q2FY26 and INR 572bn in Q1FY27). Road, building and rail awards stayed thin, while T&D (KEC, Kalpataru) and diversified players (Afcons, NCC, Dilip Buildcon, Jkumar) made up ~70% of the quarter's inflow. For most players, H1FY27 inflow is tracking well below FY27 guidance, which implies a steep H2 ramp-up. Our coverage universe, we expect revenue/EBITDA/PAT growth of ~6%/1%/-0.5% YoY, though EBITDA margin is likely to compress ~40bps YoY to 7.6%. Stock wise, PSP NCC and RVNL are likely to deliver relatively better revenue growth. KNR, HG Infra and IRCON are expected to see weak YoY revenue, and Ahluwalia could see better QoQ margin. Top picks: NCC & PSP.
