PNC Infratech Shares See up to 46% Upside Potential Following Q4 Results, but Should Investors Take a Buy Call?

PNC Infratech Sees Gradual Recovery Amid Positive Brokerage Outlook

Domestic brokerage firms have maintained a positive outlook on PNC Infratech following the company's March quarter performance, expecting a gradual recovery in revenues over FY27 and FY28. This recovery is supported by a healthy executable order book, improving order inflows, and a ramp-up in execution across key projects.

Analysts expect the stock to rise up to ₹315 apiece, implying a potential upside of nearly 46% from Friday's closing price of ₹215. The company is well-positioned for a recovery cycle as execution intensity improves and newer business verticals scale up.

HDFC Securities maintained its 'Buy' rating with a target price of ₹304, highlighting expectations of a recovery in execution and order inflows during FY27. The brokerage noted that PNC's order book stood at around ₹180 billion as of March 2026, providing strong revenue visibility. New business segments such as renewables and mining are expected to drive future order inflows, while cash inflows from asset monetisation to Vertis contributed to PNC's healthy cash buffer.

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Other domestic brokerages, including Ambit Capital and ICICI Securities, have also maintained or upgraded their ratings on PNC Infratech. Ambit Capital retained its 'Buy' rating with a target price of ₹276, noting that the company has been able to maintain EBITDA margins despite weak execution trends over the last few quarters. ICICI Securities upgraded the stock to 'Buy' with a target price of ₹290, citing improving execution visibility and a strong executable order book.

Meanwhile, Nuvama Institutional Equities maintained a 'Hold' rating with a target price of ₹235, while acknowledging improving segmental diversification in the company's order book growth. The brokerage noted that management is targeting a higher share of non-road projects in future order inflows, with 30-35% of upcoming orders expected to come from segments such as solar, battery energy storage systems, and urban development projects.

Brokerages broadly expect order inflow momentum and execution recovery to remain the key monitorables for the company over the next few quarters.

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The company's shares staged a strong recovery in April, surging 33% after ending three straight months in the red. Although the stock recovered sharply, it still remains nearly 63% below its record high of ₹574.80, touched in May 2024. The stock witnessed prolonged selling pressure between June 2024 and March 2026, losing a cumulative 66% during the period.