PNC Infratech (PNCL IN) – Q4FY26 Result Update – Weak Q4, but order momentum improves – BUY
Published on 20 May 2026
PNC Infratech reported a subdued Q4FY26 performance, with revenue at INR14.6bn, up 3% YoY, falling ~15% below our as well as consensus estimates, primarily due to slower execution and delays in appointed dates (ADs). FY26 order inflow stood at INR49bn (excluding ~INR20bn solar EPC orders), while order momentum has improved sharply in Q1FY27 with ~INR40bn of projects at L1 stage. Management has guided for an additional ~INR110bn of inflows during the rest of FY27E. The executable order book, excluding slow-moving projects, remains healthy at ~INR150bn (~3x TTM revenue), with a diversified mix across roads (~60%+), water, mining and emerging businesses. Management has guided for 30%/25% revenue growth in FY27E/FY28E. However, achieving the FY27 growth target is contingent on timely PPA signing and financial closure for solar projects. We retain BUY with SOTP based TP of INR253, supported by a strong balance sheet (Net cash) and attractive valuations at ~11x FY28E EPS and ~0.8x BV.
