Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 16 Oct - Crisil ESG Ratings assigned PNC Infratech an ESG score of 53.
Source: Bse
PNC Infratech Limited (PNCINFRA)
Micro CapInfra stocks · Micro cap · NSE
PNC Infratech is an Indian infrastructure company with 25+ years experience, executing roads, highways, water supply, irrigation, railways, airports, and mining projects across 16 states. It operates on EPC, HAM, and BOT models, with in-house design, construction, and equipment capabilities.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:31 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -22.3% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 37
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
PNCINFRAD candles · FIT view-34.1%Latest close ₹143.16 on 2026-10-19
Bar
-0.9%
RSI
43
MACD hist
3.52
52W pos
15%
2026-10-19O ₹144.50H ₹144.81L ₹141.01C ₹143.16Vol 8.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PNCINFRANifty InfraNifty 500
- PNCINFRA
- -42.0%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -36.4 pp
Chart stats
19 Oct 2026- From 52W high
- -50.9%
- 52W range position
- 15%
- ATR (14)
- 5.6%
- Volume vs 20D
- 0.18x
- Avg traded value
- ₹71.6 Cr
- 20D price channel
- ₹128.3 - ₹172
₹291.7
₹116.4 - ₹291.7
₹8
Latest completed session
20-session average
54.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad15
Revenue +18.6% · PAT -23.0% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model-110.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 15/100PAT -23% YoY · Rev +19% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,688 Cr | +18.6% | +4.4% |
| EBITDA | ₹524 Cr | +42.8% | +89.2% |
| Operating margin | 31.0% | +500 bps | +1400 bps |
| PAT | ₹332 Cr | -23.0% | +207.4% |
| PAT margin | 19.7% | -1062 bps | +1299 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.09
- P/B
- 0.54
- EV/EBITDA
- 6.23
- Market Cap
- 3692.00Cr
Profitability
- ROE
- 2.41%
- ROCE
- 7.97%
- ROA
- 5.28%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -20.00%
- Revenue 3Y
- -12.00%
- EPS 3Y
- -38.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 2.50×
- Altman Z
- 1.89
- Book Value
- 266.00
Cash Flow
- FCF Yield
- 122.59%
- FCF Positive Y
- 4/5
- OCF
- 4593.00 Cr
- EPS TTM
- 28.54
Shareholding
- Promoter Hold
- 56.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,015+8.2% vs prev
Net Profit
₹ CrLatest: 344-51.3% vs prev
Return on Equity
%Latest: 675+5451.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~28.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 51% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
5
RS percentile
Stage 4 Downtrend
1M return
+3.1%
3M return
-42.0%
6M return
-35.6%
1Y return
-48.9%
RS 1D
0
RS 20D
+1
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 28.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 50.41+0.26%
RS vs Nifty 50050
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation23/30
Growth3/25
Quality0/20
Balance Sheet7/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 122.6%.
- Cash flow contributes 8/10 to the score.
- Valuation contributes 23/30 to the score.
Main drags
- Fair-value margin of safety is negative at -110.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 3/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
6.1
PB
0.5
EV/EBITDA
6.2
ROE
2.4%
ROCE
8.0%
FCF Yield
122.6%
Debt/Equity
0.8
MoS
-110.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-110.0%
Previous: -110.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹413.29
+65.4% MoS
Growth-justified P/E
2.4
Growth-justified Value
₹68.21
-110.0% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TARACHAND
Small
Tara Chand InfraLogistic Solutions Limited
Construction & Engineering
match 94
61
16.9
19.4%
+44%
UNDERVALUED
POWERMECH
Micro
Power Mech Projects Limited
Construction & Engineering
match 90
55
19.8
15.4%
+18%
FAIR VALUE
ORIENTCEM
Micro
Orient Cement Limited
Construction & Engineering
match 81
78
10.8
17.3%
+64%
DEEP VALUE
RITES
Large
RITES Limited
Construction & Engineering
match 80
41
23.1
15.4%
-245%
WATCHLIST
AFCONS
Small
Afcons Infrastructure Limited
Construction & Engineering
match 79
18
44.0
5.6%
-124%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:42:28.541Z
Management commentary snapshot
PNC Infratech reported strong Q1 FY27 standalone results with Total Revenue up 34% YoY to Rs. 1,518 Crs, EBITDA up 167% to Rs. 375 Crs, and PAT up 235% to Rs. 271 Crs. EBITDA margin expanded significantly by 1,230 bps to 24.7%.
The company delivered robust Q1 FY27 standalone financial performance, driven by strong revenue growth and significant margin expansion. New order wins and a healthy order book provide visibility, while debt metrics remain stable. Execution of new projects and working capital management are key.
Current business mix
Consolidated Revenue by Vertical (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Roads82.0%
Water8.0%
Toll/Annuity10.0%
Growth engines
Diversification into New Segments
Entered Mining and Solar-BESS projects, with a combined diversification portfolio of ~Rs. 4,957 Crs (Solar not in orderbook).
Strong Order Inflow
Secured multiple new EPC road and airport projects in Q1 FY27, adding significant value to the order book.
Focus on Core EPC Strength & Regional Expertise
Management aims to increase presence in BOT, OMT & HAM projects by leveraging technical and financial credentials.
Investments in Technology & Equipment
Improve performance and competitiveness through investments in modern equipment for cost-effective execution.
Capacity and execution
Man & Machine Augmentation
Strengthening of in-house execution team with engineers and investments in machinery to augment and upgrade capabilities.
Capex for Turnover Growth
Present Capex will enable the company to achieve a Turnover of Rs. 8,000-10,000 Crs.
Project Completions
Received Completion Certificate for Singraur Uphar - Baranpur Kadipur Ichauli HAM project and Provisional Completion Certificate for Kanpur Lucknow Expressway HAM project.
Tailwinds
Strong Credit Rating
Long term bank facilities rated CARE AA+ (Stable) and Short term bank facilities rated CARE A1+.
Operational HAM Projects
6 HAM projects are operational, with 5 under construction and 2 with signed concession agreements.
Arbitration Award Realization
Received Rs. 235 Crs arbitration award, improving liquidity and financial position.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation explicitly compares Q1 FY27 financial results against Q1 FY26, indicating a year-over-year comparison is the primary basis for assessing performance.
Sector KPIs management disclosed
Standalone Total Revenue
Rs. 1,518 Crs in Q1 FY27, +34% YoY from Rs. 1,136 Crs in Q1 FY26.
Standalone EBITDA
Rs. 375 Crs in Q1 FY27, +167% YoY from Rs. 141 Crs in Q1 FY26.
Standalone EBITDA Margin
24.7% in Q1 FY27, +1,230 bps YoY from 12.4% in Q1 FY26.
Standalone Profit After Tax
Rs. 271 Crs in Q1 FY27, +235% YoY from Rs. 81 Crs in Q1 FY26.
Management forward view
Strategic Alliances
Maintain strategic alliances with companies for synergy, entering project-specific JVs or sub-contracting relationships.
Diversification into New Areas
Expand presence in water supply, irrigation, railways, metro rail, renewable energy, storage systems, industrial area development, and Coalfields.
Working Capital Limits
Fund Based Limits of Rs. 1,000 Crs and Non-Fund Based Limits of Rs. 5,000 Crs will enable execution and bidding for larger projects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 15,670 Crs as of June 30, 2026. | Timely execution and revenue conversion from the substantial order book, especially new HAM and EPC projects. |
| Working Capital Management | Net Working Capital Days at 110 as of June 2026. | Maintenance or improvement in working capital days, given the nature of infrastructure projects. |
| Equity Requirement for HAM Projects | Balance equity to be invested is Rs. 436 Crs (Rs. 226 Crs in 9m FY27, Rs. 210 Crs in FY28). | Timely funding and deployment of equity for HAM projects to ensure project progress. |
| Future Order Book Additions | LOAs for Barabanki to Mustafabad HAM (Rs. 1,728 Crs) and Mustafabad to Biswariya HAM (Rs. 1,755 Crs) were won post Q1 FY27. | Formal inclusion of these significant HAM projects into the reported order book and their appointed dates. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 57th percentile within Infra. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
124 docs text-extracted · 54 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Infra: 57th pctile, median 64 · Micro: 32nd pctile, median 73
Evidence depth
Financial-only
124 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
42
weak · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 56.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 96.4%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROE is low at 7%.
- ▸ROCE trend is -4.2%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸4 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching PNC Infratech Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 30 Sep - PNC Infratech held its 27th AGM on September 30, 2026, approved dividend and several director reappointments.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 1 Oct - PNC Infratech disclosed voting results of 27th AGM held September 30, 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - CARE upgraded/reviewed PNC Infratech’s ₹1,700 crore long-term and ₹5,000 crore short-term bank facilities.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 23 Sep - CARE placed PNC Infratech’s ₹1,700 crore long-term and ₹5,000 crore short-term facilities on negative watch.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 7 Sep - PNC Infratech issued FY2025-26 AGM notice, annual report and BRSR; disclosed ₹35,400 BSE penalty.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 18 Aug - CARE reviewed Awadh Expressway’s ₹757.43 crore bank facilities at CARE A+; placed on watch.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 17 Jul - PNC Infratech signed concession agreements for two HAM projects worth Rs. 3,483 crore on 16 July 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.