PNCINFRA
PNC Infratech Limited
EPC contractor for highways, transmission, solar, water, railways and urban infrastructure projects
Industrials›Construction›Construction›Civil Construction
pncinfratech.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Stock price
₹143.16
Market cap
3,672 Cr
Stock P/E
5.0
P/B
0.54
Dividend yield
0.4%
ROE (FY26)
12.2%
ROCE (FY26)
13.8%
Operating margin (FY26)
18.9%
Debt / equity (FY26)
0.76
OCF / EBITDA (FY26)
404.1%
OCF / EBITDA (3Y)
82.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
PNC Infratech is an Agra-based infrastructure contractor that builds highways, bridges, flyovers, water-supply and irrigation projects, airport runways and coal mining work, mainly for government agencies, and also develops highway projects under the hybrid annuity model (HAM).
Company snapshot
24thBy market cap
Ranked among 90 companies in Civil Construction.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 71.2% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Road | 71.2% | 3,606 Cr | 846 Cr | — |
| Toll/Annuity | 16.5% | 838 Cr | 607 Cr | — |
| Water | 12.3% | 621 Cr | 97 Cr | — |
What we see
Positives
- ✓Net margin of 15.5% — the business keeps a healthy share of every rupee it earns.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,911 Cr | 2,047 Cr | 2,600 Cr | 2,168 Cr | 1,427 Cr | 1,470 Cr | 1,704 Cr | 1,423 Cr | 1,128 Cr | 1,201 Cr | 1,617 Cr | 1,688 Cr |
| Operating expenses (approx.) | 1,512 Cr | 1,615 Cr | 1,864 Cr | 1,199 Cr | 1,071 Cr | 1,091 Cr | 1,342 Cr | 1,055 Cr | 875 Cr | 962 Cr | 1,340 Cr | 1,165 Cr |
| EBITDA | 400 Cr | 432 Cr | 736 Cr | 969 Cr | 356 Cr | 379 Cr | 362 Cr | 367 Cr | 253 Cr | 239 Cr | 277 Cr | 524 Cr |
| OPM % | 20.9% | 21.1% | 28.3% | 44.7% | 25.0% | 25.8% | 21.3% | 25.8% | 22.4% | 19.9% | 17.1% | 31.0% |
| Other income | 21 Cr | 17 Cr | 24 Cr | 30 Cr | 37 Cr | 42 Cr | 63 Cr | 31 Cr | 32 Cr | 38 Cr | 41 Cr | 71 Cr |
| Interest | 161 Cr | 169 Cr | 183 Cr | 190 Cr | 204 Cr | 224 Cr | 233 Cr | 187 Cr | 129 Cr | 128 Cr | 137 Cr | 124 Cr |
| Depreciation | 41 Cr | 44 Cr | 44 Cr | 40 Cr | 40 Cr | 74 Cr | 41 Cr | 31 Cr | 26 Cr | 30 Cr | 35 Cr | 39 Cr |
| Profit before tax | 219 Cr | 235 Cr | 533 Cr | 768 Cr | 149 Cr | 124 Cr | 151 Cr | 502 Cr | 292 Cr | 118 Cr | 155 Cr | 432 Cr |
| Tax % | 32.3% | 21.4% | 25.7% | 25.1% | 44.0% | 34.1% | 50.0% | 14.1% | 26.2% | 34.8% | 30.4% | 23.1% |
| Net profit | 148 Cr | 185 Cr | 396 Cr | 575 Cr | 83 Cr | 81 Cr | 75 Cr | 431 Cr | 216 Cr | 77 Cr | 108 Cr | 332 Cr |
| EPS (₹) | ₹5.77 | ₹7.21 | ₹15.43 | ₹22.42 | ₹3.25 | ₹3.17 | ₹2.94 | ₹16.81 | ₹8.41 | ₹2.99 | ₹4.20 | ₹12.94 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,252 Cr | 2,411 Cr | 3,774 Cr | 5,603 Cr | 5,788 Cr | 7,208 Cr | 7,956 Cr | 8,650 Cr | 6,769 Cr | 5,368 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,628 Cr | 1,642 Cr | 2,768 Cr | 4,275 Cr | 4,370 Cr | 5,674 Cr | 6,356 Cr | 6,645 Cr | 4,703 Cr | 4,231 Cr | Sign in free for the trailing twelve months |
| EBITDA | 624 Cr | 769 Cr | 1,007 Cr | 1,327 Cr | 1,418 Cr | 1,534 Cr | 1,600 Cr | 2,005 Cr | 2,066 Cr | 1,137 Cr | Sign in free for the trailing twelve months |
| OPM % | 27.7% | 31.9% | 26.7% | 23.7% | 24.5% | 21.3% | 20.1% | 23.2% | 30.5% | 21.2% | Sign in free for the trailing twelve months |
| Other income | 41 Cr | 24 Cr | 47 Cr | 176 Cr | 111 Cr | 89 Cr | 81 Cr | 82 Cr | 172 Cr | 141 Cr | Sign in free for the trailing twelve months |
| Interest | 310 Cr | 309 Cr | 348 Cr | 439 Cr | 426 Cr | 425 Cr | 470 Cr | 660 Cr | 852 Cr | 582 Cr | Sign in free for the trailing twelve months |
| Depreciation | 242 Cr | 262 Cr | 346 Cr | 351 Cr | 363 Cr | 390 Cr | 253 Cr | 177 Cr | 195 Cr | 122 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 92 Cr | 216 Cr | 360 Cr | 719 Cr | 744 Cr | 806 Cr | 957 Cr | 1,249 Cr | 1,192 Cr | 1,067 Cr | Sign in free for the trailing twelve months |
| Tax % | -28.3% | -12.3% | 2.3% | 23.5% | 33.2% | 28.0% | 31.2% | 27.2% | 31.6% | 22.0% | Sign in free for the trailing twelve months |
| Net profit | 118 Cr | 243 Cr | 351 Cr | 550 Cr | 497 Cr | 580 Cr | 658 Cr | 909 Cr | 815 Cr | 832 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹4.62 | ₹9.47 | ₹13.70 | ₹21.43 | ₹19.37 | ₹22.63 | ₹25.67 | ₹35.45 | ₹31.79 | ₹32.42 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | 2.2% | 1.9% | 1.4% | 1.9% | 1.9% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr | 51 Cr |
| Reserves | 1,410 Cr | 1,637 Cr | 1,973 Cr | 2,503 Cr | 3,002 Cr | 3,577 Cr | 4,234 Cr | 5,134 Cr | 5,938 Cr | 6,762 Cr |
| Borrowings | 1,795 Cr | 1,865 Cr | 2,535 Cr | 3,262 Cr | 3,755 Cr | 4,779 Cr | 6,271 Cr | 8,016 Cr | 9,345 Cr | 5,151 Cr |
| Other liabilities | 1,963 Cr | 2,348 Cr | 2,695 Cr | 2,674 Cr | 2,767 Cr | 2,238 Cr | 2,076 Cr | 2,409 Cr | 2,725 Cr | 1,894 Cr |
| Total liabilities | 5,219 Cr | 5,902 Cr | 7,254 Cr | 8,490 Cr | 9,575 Cr | 10,645 Cr | 12,632 Cr | 15,610 Cr | 18,059 Cr | 13,858 Cr |
| Fixed assets (net) | 351 Cr | 409 Cr | 617 Cr | 591 Cr | 657 Cr | 591 Cr | 535 Cr | 475 Cr | 412 Cr | 628 Cr |
| CWIP | 8 Cr | 11 Cr | 6 Cr | 0 Cr | 3 Cr | 0 Cr | 0 Cr | — | 0.28 Cr | 4 Cr |
| Investments | 103 Cr | 169 Cr | 263 Cr | 444 Cr | 579 Cr | 424 Cr | 312 Cr | 511 Cr | 790 Cr | 788 Cr |
| Loans & advances | — | — | 0 Cr | 257 Cr | 280 Cr | 270 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 153 Cr | 176 Cr | 404 Cr | 267 Cr | 354 Cr | 481 Cr | 764 Cr | 765 Cr | 861 Cr | 761 Cr |
| Trade receivables | 652 Cr | 595 Cr | 519 Cr | 284 Cr | 393 Cr | 666 Cr | 1,099 Cr | 1,633 Cr | 1,254 Cr | 1,509 Cr |
| Cash & bank | 15 Cr | 144 Cr | 297 Cr | 846 Cr | 847 Cr | 521 Cr | 415 Cr | 1,002 Cr | 1,141 Cr | 871 Cr |
| Other assets | 3,935 Cr | 4,398 Cr | 5,149 Cr | 5,801 Cr | 6,463 Cr | 7,692 Cr | 9,508 Cr | 11,224 Cr | 13,599 Cr | 9,297 Cr |
| Total assets | 5,219 Cr | 5,902 Cr | 7,254 Cr | 8,490 Cr | 9,575 Cr | 10,645 Cr | 12,632 Cr | 15,610 Cr | 18,059 Cr | 13,858 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 285 Cr | 540 Cr | 197 Cr | 525 Cr | 186 Cr | -499 Cr | -1,454 Cr | -231 Cr | -56 Cr | 4,593 Cr |
| Cash from investing | -202 Cr | -200 Cr | -444 Cr | -230 Cr | -248 Cr | 25 Cr | 343 Cr | -250 Cr | -261 Cr | -67 Cr |
| Cash from financing | -135 Cr | -211 Cr | 400 Cr | 254 Cr | 63 Cr | 148 Cr | 1,005 Cr | 1,067 Cr | 456 Cr | -4,796 Cr |
| Net cash flow | -51 Cr | 129 Cr | 153 Cr | 549 Cr | 0.58 Cr | -326 Cr | -106 Cr | 586 Cr | 139 Cr | -270 Cr |
| Free cash flow (OCF − Capex) | 76 Cr | 398 Cr | -101 Cr | 434 Cr | -2 Cr | -580 Cr | -1,517 Cr | -282 Cr | -91 Cr | 4,267 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 12.4% | 14.8% | 15.5% | 19.9% | 17.2% | 14.6% | 13.5% | 14.5% | 13.3% | 13.8% |
| ROE % | 8.1% | 14.4% | 17.4% | 21.5% | 16.3% | 16.0% | 15.4% | 17.5% | 13.6% | 12.2% |
| Debtor days | 105 | 90 | 50 | 19 | 25 | 34 | 50 | 69 | 67 | 102 |
| Inventory days | 68 | 52 | 69 | 29 | 37 | 40 | 55 | 50 | 81 | 82 |
| Days payable | 123 | 141 | 82 | 51 | 75 | 43 | 50 | 62 | 83 | 85 |
| Cash conversion cycle | 50 | 1 | 37 | -4 | -14 | 31 | 56 | 57 | 66 | 99 |
| OCF / EBITDA % | 45.7% | 70.2% | 19.6% | 39.6% | 13.1% | -32.5% | -90.9% | -11.5% | -2.7% | 404.1% |
| OCF / EBITDA % (3 years) | — | — | 42.6% | 40.7% | 24.2% | 5.0% | -38.8% | -42.5% | -30.7% | 82.7% |
| Debt / equity | 1.23 | 1.10 | 1.25 | 1.28 | 1.23 | 1.32 | 1.46 | 1.55 | 1.56 | 0.76 |
| Current ratio | 1.57 | 1.44 | 1.70 | 1.96 | 1.72 | 1.68 | 1.69 | 2.07 | 2.29 | 3.72 |
| Net debt / EBITDA | 2.85 | — | 2.22 | 1.82 | 2.05 | 2.77 | 3.66 | 3.50 | 3.97 | 3.77 |