PNC Infratech: Brokerage Firm Prabhudas Lilladher Maintains Buy Rating, Targets Rs 253

PNC Infratech Reports Subdued Q4FY26 Performance

PNC Infratech's latest quarterly results have revealed a subdued Q4FY26 performance, with revenue reaching INR14.6 billion, a 3% year-over-year (YoY) increase. This figure falls approximately 15% below both the research firm Prabhudas Lilladher's and consensus estimates, primarily due to slower execution and delays in appointed dates (ADs).

The company's FY26 order inflow stood at INR49 billion, excluding approximately INR20 billion in solar EPC orders. Notably, order momentum has improved sharply in Q1FY27, with approximately INR40 billion of projects at the L1 stage. Management has guided for an additional approximately INR110 billion of inflows during the rest of FY27E.

PNC Infratech's executable order book, excluding slow-moving projects, remains healthy at approximately INR150 billion, which is roughly three times the company's trailing twelve-month (TTM) revenue. The order book boasts a diversified mix across roads (approximately 60%+), water, mining, and emerging businesses. Management has guided for 30%/25% revenue growth in FY27E/FY28E.

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However, achieving the FY27 growth target is contingent on timely power purchase agreement (PPA) signing and financial closure for solar projects.

Investment Outlook

Despite the subdued Q4FY26 performance, Prabhudas Lilladher retains a BUY rating for PNC Infratech, with a stock price target of INR253. This recommendation is supported by the company's strong balance sheet, which boasts net cash, and attractive valuations at approximately 11x FY28E earnings per share (EPS) and 0.8x book value (BV).

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Note: The table presents a comparison of PNC Infratech's FY26 order inflow, Q1FY27 order momentum, and FY27E/FY28E revenue growth targets.