Infrastructure – Apr-Jun’26 Earnings Preview – Earnings recovery underway
Published on 07 Jul 2026
Order inflow in the infrastructure sector (Exhibit 2) was better in Q1FY27, at INR494bn (vs. INR341bn in Q1FY26), led by road EPC players, with PNC, HG Infra, Ceigall & GR outperforming. T&D contractors led by KEC and Kalpataru sustained the momentum, and RVNL secured a healthy start against its FY27 guidance. Q4FY26 order book continues to provide strong revenue visibility (1.8–5.1x), supporting execution into FY27. Financial performance of our coverage universe is expected to improve for Q1FY27, with revenue/EBITDA growth of ~6%/8% YoY. Stock wise, PSP, PNC, Ahluwalia and Ashoka are likely to deliver strong revenue growth. HG Infra, KNR and IRCON are expected to see weak revenue on YoY basis. NCC has secured orders worth INR 40.7 bn in Q1FY27, and its robust order book (INR 723 bn; 3.9x visibility) offers strong multi-year growth visibility. Top picks: NCC, Ahluwalia & PNC
