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PNC Infratech Ltd (PNCINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539150 NSE: PNCINFRA Engineering - Construction | Small Cap | PNC Infratech Share Price

₹175.50 -1.65 (-0.93%)

As on 11-Sep'26 16:59

PNC Infratech Ltd (PNCINFRA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539150 NSE: PNCINFRA Engineering - Construction | Small Cap | PNC Infratech Share Price

₹175.50 -1.65 (-0.93%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹4,502 Cr.
Current Price
₹175.5
52-Week Low / High
₹158 / 325
TTM EPS
₹28.6
TTM Sales
₹5,634 Cr.
Book Value per Share
₹278.5
P/E Ratio
6.15
Lower than its 5-year historical median
Industry PE
24.5
Price to Book (P/B)
0.63
Lower than its 5-year historical median
Price to Sales (P/S)
0.80
Lower than its 5-year historical median
EV/EBITDA
5.03
Lower than its 5-year historical median
Dividend Yield
0.34%
Profitability Efficiency
Return on Equity (ROE)
12.99%
Outperforms industry median
Return on Capital Employed (ROCE)
12.08%
In line with industry median
Return on Assets (ROA)
5.21%
Operating Profit Margin
21.2%
Net Profit Margin
15.49%
Gross Profit Margin
13%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-15.96%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-45.23%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.97%
Asset Quality
Promoter Holding
56.07%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹7,094 Cr.
Equity
₹51.3 Cr.
Face Value
₹2
All Time Low / High
₹69.26 / 574.50

PNC Infratech stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Undervalued

Price Trend

Weak
Q.1 Is PNC Infratech Ltd a good quality company?
PNC Infratech Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does PNC Infratech Ltd performance compare with that of its Peers?
Q.1 Revenue growth of PNC Infratech Ltd vs industry peers?
PNC Infratech Ltd revenue CAGR is -1.49%, compared to the industry median CAGR of 0.00%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of PNC Infratech Ltd?
Promoters hold 56.07% of the PNC Infratech Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of PNC Infratech Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3.7% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
PNC Infratech Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 13.7%14.2%18.3%27.1%20.6%20.7%22.2%25.2%18.6%9.1%-
Value Creation
Index
0.00.00.30.90.50.50.60.90.4-0.3-

Growth Parameters

Sales 1,6891,8573,0974,8784,9256,3067,0617,6995,5134,6335,015
Sales YoY Gr.-9.9%66.8%57.5%1%28%12%9%-28.4%-16%-
Adj EPS 8.21012.41814.118.323.833.227.613.420.8
YoY Gr.-21.8%23.9%45.2%-21.6%29.3%30.6%39.1%-16.9%-51.3%-
BVPS (₹) 61.370.482.599.3113.4130.2153.6186.4213.4226.5237.1
Adj Net
Profit
211257318462362468611851707345534
Cash Flow from Ops. -8.6321370813273308-1531,261551-179-
Debt/CF from Ops. -19.70.510.41.50.7-2.90.30.7-4.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.9%-1.2%-13.1%-16%
Adj EPS 5.6%-1%-17.4%-51.3%
BVPS15.6%14.9%13.8%6.1%
Share Price 3.7% -13.5% -21.4% -42.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
14.315.216.219.813.31516.819.513.86.19
Op. Profit
Mgn %
13.217.614.915.713.712.913.516.61912.616.3
Net Profit
Mgn %
12.513.810.39.57.47.48.711.112.87.410.7
Debt to
Equity
0.10.10.20.10.10.10.10.10.10.1-
Working Cap
Days
295312215160177170174168254320185
Cash Conv.
Cycle
10881473733427982100120112

Valuation of PNC Infratech - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,2522,4113,7745,6035,7887,2087,9568,6506,7695,368
Operating Expenses + 1,6281,6422,7684,2754,3665,6776,3566,6554,7054,238
Manufacturing Costs5315108171,4521,4831,5212,0722,7132,0751,674
Material Costs8428501,4592,1612,2443,1933,3473,3672,0412,014
Employee Cost 119144216293307379375389387350
Other Costs 137138276369332584562185201200
Operating Profit 6247691,0071,3271,4221,5311,6001,9952,0641,131
Operating Profit Margin (%) 27.7%31.9%26.7%23.7%24.6%21.2%20.1%23.1%30.5%21.1%
Other Income + 412447176107928191174148
Exceptional Items 00000-2000492
Interest 310309348439426425470660852582
Depreciation 242262346351363390253177195122
Profit Before Tax 922163607197408069571,2491,1921,067
Tax -26-278169247226299339376235
Profit After Tax 118243351550493580658909815832
PAT Margin (%) 5.3%10.1%9.3%9.8%8.5%8.1%8.3%10.5%12.1%15.5%
Adjusted EPS (₹)4.69.513.721.419.422.625.735.531.832.4
Dividend Payout Ratio (%)10.80%5.30%3.70%2.30%2.60%2.20%2%1.70%1.90%1.90%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,4611,6892,0242,5543,0533,6284,2855,1855,9896,813
Share Capital 51515151515151515151
Reserves 1,4101,6371,9732,5033,0023,5774,2345,1345,9386,762
Debt +1,7951,8652,5353,2623,7554,3515,7717,3648,7084,734
Long Term Debt1,6731,8432,5153,2463,7354,3375,5597,2648,7084,734
Short Term Debt121231916201421210000
Minority Interest0000-0-000-0-0
Trade Payables277473479476726514688953874790
Others Liabilities 1,5711,6992,0122,0402,0002,1461,8872,1082,4661,516
Total Liabilities 5,1045,7257,0498,3329,53410,63912,63215,61018,03713,853

Fixed Assets

Net Fixed Assets +2,4052,2792,2341,9781,7971,4821,2911,159992692
Gross Block2,8462,9743,2653,3493,5253,5563,6073,6363,6443,321
Accumulated Depreciation4416961,0311,3711,7282,0742,3162,4762,6512,629
CWIP 81160300004
Investments 103169263444579424312511790788
Inventories153176404267354481764765861761
Trade Receivables6525955192843936661,0991,6331,2541,509
Cash Equivalents 471854089219457477061,3791,6442,238
Others Assets 1,7362,3113,2154,4375,4646,8408,46010,16312,4957,862
Total Assets 5,1045,7257,0498,3329,53410,63912,63215,61018,03713,853
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 285591197525190-499-1,454-231-564,593
PBT 922163607197408089571,2491,192574
Adjustment 522556556620688873659751879583
Changes in Working Capital -344-181-695-633-1005-1949-2798-1870-17223632
Tax Paid 160-24-181-232-229-273-361-404-196
Cash Flow From Investing Activity + -202-252-444-230-25225343-250-261-67
Capex -207-132-283-89-184-60-56-46-30170
Net Investments -27-67-79-151-88146141-168-326-784
Others 33-53-821019-62258-3595548
Cash Flow From Financing Activity + -135-211400254631481,0051,067456-4,796
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 1022136697284935901,2881,8491,428-4,245
Interest Paid -310-309-254-439-426-425-470-660-852-582
Dividend Paid -16-13-13-250-13-13-13-15-15
Others 90-102-3-9-3-4199-109-10546
Net Cash Flow -511291535491-326-106586139-270
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)8.3915.4318.9324.0217.5717.3716.6419.2114.612.99
ROCE (%)12.6314.8616.6321.3217.5215.7415.0516.0714.3212.08
Asset Turnover Ratio0.450.450.590.730.650.710.680.610.40.34
PAT to CFO Conversion(x)2.422.430.560.950.39-0.86-2.21-0.25-0.075.52
Working Capital Days
Receivable Days86.1094.4053.9026.2021.3026.8040.5057.6077.9094
Inventory Days31.6024.902821.9019.6021.1028.6032.3043.8055.20
Payable Days104.40160.8011980.6097.7070.9065.6089163.30150.70

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Announcements

PNC Infratech Ltd FAQs

The current trading price of PNC Infratech on 11-Sep-2026 16:59 is ₹175.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of PNC Infratech stood at ₹4,502.3 Cr

The latest P/E ratio of PNC Infratech as of 10-Sep-2026 is 8.43.

The latest P/B ratio of PNC Infratech as of 10-Sep-2026 is 0.74.

The 52-week high of PNC Infratech is ₹325.1 and the 52-week low is ₹157.9.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of PNC Infratech is ₹5,015 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that PNC Infratech Ltd is a average quality company.

The key valuation ratios of PNC Infratech Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of PNC Infratech Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About PNC Infratech Ltd

PNC Infratech has played a pivotal role in shaping India’s infrastructure space, with a strong emphasis on roads and highways. Incorporated in 1999, the company offers comprehensive infrastructure implementation solutions, including Engineering, Procurement, and Construction (EPC) services under both item-rate and fixed-sum turnkey contracts. The company also executes projects through various public-private partnership (PPP) models such as Design-Build-Finance-Operate-Transfer (DBFOT), Hybrid Annuity and OMT. 

The company is among the few infrastructure players in India with proven capabilities in construction, development, operation and long-term asset management, under one roof. The company has a strong track record in executing diverse projects such as bridges, flyovers, airport pavements, roads, highways, expressways, industrial area development, and rural drinking water supply.

Headquartered in North India, the company has built an exceptional execution record, securing a significant order book across the strategically important markets. It has also expanded operations across multiple regions and states, including Delhi-NCR, Uttarakhand, Karnataka, Maharashtra, Uttar Pradesh, Andhra Pradesh, Bihar, Jharkhand, Rajasthan, Haryana, Punjab, Madhya Pradesh, and Gujarat. This expansion demonstrates its pan-Indian capabilities while preserving strong regional expertise.

Business area of the company

The company is an established player in construction, development, operation and management of infrastructure projects. It possesses extensive expertise in delivering complex, large-scale works across core sectors of national importance.

Business segments

  • Highway Construction
  • BOT-(TOLL)/BOT (Annuity)/OMT/HAM Highway Projects
  • Airport Runway Project

Milestones

  • 1999: Company was incorporated as 'PNC Construction Company Private Limited'
  • 2001: Received 'Super Special' class certification from Military Engineer Services
  • 2001: Executed first independent project with the NHAI, being the four-laning of the Agra-Gwalior section of National Highway 3 in Uttar Pradesh
  • 2003: Received bonus from the NHAI for ahead of scheduled completion of four-laning of the Agra-Gwalior section on National Highway 3 in Uttar Pradesh, independently
  • 2004: Received certification of ISO 9001:2000
  • 2005: Executed first international airport runway project for the AAI at Kolkata
  • 2006: Crossed Rs 150 crore in Revenues
  • 2007: Awarded BOT road project by Madhya Pradesh Road Development Corporation Limited
  • 2008: Commenced construction of power transmission lines comprising the construction project of approximately 350 kilometers of 132/220 kv lines on a turn-key basis (excluding supply of towers, conductors and earth-wires for the Uttar Pradesh Power Transmission Corporation Limited)
  • 2009: Crossed Rs 500 crore in Revenues;
  • 2009: Received a contract to improve the Gurgaon-Nuh-Rajasthan Border (State Highway 13) by four laning, widening, strengthening, providing drains, widening bridges and culverts, retaining structures and other miscellaneous work by the Haryana State Roads and Bridges Development Corporation Limited amounting to Rs 338 crore 
  • 2010: Received certification of ISO 9001:2008
  • 2010: Awarded first independent BOT road project to improve the Gwalior-Bhind Madhya Pradesh/Uttar Pradesh Border Road, a two-laning project through two sections on National Highway 92
  • 2010: Awarded two-laning with paved shoulders contract of Kanpur Kabrai section of National Highway 86 in Uttar Pradesh
  • 2010: Awarded project of construction of 132 KV S/C and 220 KV D/C Lines in Uttar Pradesh
  • 2011: Received an investment of Rs 150 crore from NYLIM Jacob Ballas, who subscribed to 5,686,833 Equity Shares
  • 2011: Executed four-laning of Jaora-Nayagaon section on State Highway 31 in Madhya Pradesh
  • 2012: Awarded two-laning project with paved shoulders of Raebareli to Jaunpur Section of National Highway 231 in Uttar Pradesh under NHDP IV
  • 2012: Constructed road-over bridge on Ajmer Beawar Road, Old National Highway, including approaches at railway/kilometer 306/8-9 on Ajmer Saradhana Section
  • 2012: Constructed Hamipur Kalpi road (State Highway 91) four-lane under Rajya Yojna Samanya, Uttar Pradesh
  • 2013: Awarded runway resurfacing project at Air Force Station, Gorakhpur; Awarded and commenced toll collection on OMT basis of the Kanpur-Lucknow section of National Highway 25, Lucknow bypass of National Highway 56A and National Highway 56B and Lucknow-Ayodhya section of NH 28 in Uttar Pradesh on OMT basis by the NHAI for nine years from August 2013.
  • 2014: Executed a redevelopment and management project at Narela Industrial ahead of schedule
  • 2014: Awarded EPC contract of Agra-Lucknow Expressway Package-I for Rs16357.5 million
  • 2014: Entered into a Collaborative MoU with POSCO Engineering and Construction India Private Limited
  • 2015: Listed on the NSE and BSE following successful IPO
  • 2015: Achieved COD for three BOT-Toll Projects (Ghaziabad Aligarh, Kanpur-Kabrai and Bareilly- Almora) and commenced toll operations.
  • 2015: Commenced construction of Agra-Lucknow Expressway Package
  • 2016: Completed 166 km long Raebareli-Jaunpur highway project on BOT-Annuity project more than 3 months ahead of schedule in February 2016
  • 2016: Four-laning of km 51 to 61 including Chambal Bridge) on Dholpur - Morena Section of NH-3 in the states of Rajasthan and MP completed in June 2016
  • 2016: Four laning of Agra Bypass Project connecting km 176.800 of NH-2 and km 13.03 of NH-3 in the state of UP in December 2016
  • 2016: Awarded two major NH projects on EPC mode (i) Four laning of Nagina-Kashipur Section of NH 74 (ii) Four laning of Varanasi-Gorakhpur section of NH-29 (Package II) for an aggregate contract price of Rs 2024.2 crore 
  • 2017: Awarded four highway projects on Hybrid Annuity Model (HAM) with an aggregate Bid Project Cost of Rs 5035 crore and one of them - Dausa-Lalsot-Kauthun Section HAM project achieved financial closure well before time.
  • 2017: Traffic opened on Agra-Lucknow Expressway in February 2017, eleven months ahead of schedule and achieved provisional completion in October 2017
  • 2017: PNC Infratech assigned ”Stable” outlook Credit ratings upgraded to stable outlook for projects such as MP Highways Pvt. Ltd., and PNC Raebareli Highways Pvt. Ltd.
  • 2018: Awarded three more highway projects on HAM, with an aggregate Bid Project Cost of Rs. 45,130 million till July 2018
  • 2018: Received Rs 58.23 crore early completion bonus for Agra-Lucknow Expressway package in February 2018 from Uttar Pradesh Expressways Industrial Development Authority
  • 2018: Awarded two contiguous packages of Purvanchal Expressway Project on EPC mode for a total cost of Rs 2520 crore 
  • 2018: Received Rs 33.73 crore towards the ‘Bonus Annuity’ PNC Raebareli Highways Private Ltd. in May 2018 from National Highways Authority of India
  • 2018: Awarded 4th Package of Nagpur-Mumbai Six Lane Super Communication Expressway in the state of Maharashtra, on EPC basis for a contract price of Rs 1999.52 crore by MSRDC
  • 2019: Received final Completion Certificates for two of its EPC Projects awarded by MoRTH (Barabanki - Jarwal and Sonauli-Gorakhpur)
  • 2019: Received ‘Provisional Completion Certificate’ “Improvement/Augmentation of 146.4 km long Aligarh-Moradabad Section of NH-93 to two lanes with paved shoulders project, 73 days ahead of the scheduled completion date and entitled for early completion bonus
  • 2020: Achieved provisional completion and Commercial Operation Date (COD) for Four Laning / Two Laning with paved shoulders of 83.5 Km Long Dausa Lalsot- Kauthun Section of NH-11 A (Extension) in the State of Rajasthan Under NHDP IV, on Hybrid Annuity Mode.
  • 2020: Secured Four New Highway Projects on Hybrid Annuity Mode (HAM), form National Highways Authority of India for aggregate Bid Project Cost of Rs 6596.0 crore.
  • 2020: Secured Two New Highway Projects on EPC Mode form National Highways Authority of India for Aggregate Contract Value of Rs 1547.8 crore.
  • 2021: Secured four-laning of Meerut-Nazibabad section of NH119 under HAM
  • 2021: Secured two packages of the Delhi-Vadodara Expressway on EPC mode
  • 2021: Commenced construction of the Haraulipur Group of Villages Water Supply Project in Hamirpur, Uttar Pradesh
  • 2021: Upgraded canal systems and secured rural water supply projects across multiple districts in Uttar Pradesh
  • 2022: Secured three new EPC rural water supply projects for 2,337 villages in Uttar Pradesh
  • 2022: Received Letter of Award (LOA) from NHAI for seven new projects on Hybrid Annuity Mode with an aggregate bid project cost of Rs 84,46 crore
  • 2022: Achieved provisional completion and COD for four HAM projects; received provisional and final completion certificates for three EPC projects
  • 2022: Received Rs 82.68 crore as early completion bonus for Purvanchal Expressway (Package V)
  • 2022: Entered Asia Book of Records for bituminous mix laid and longest length constructed in 100 hours at Delhi Vadodara (Package-29)
  • 2023: Received Rs 37.02 crore early completion bonus for Purvanchal Expressway (Package VI)
  • 2023: Signed Concession Agreements for seven new HAM projects with a total bid cost of Rs 84,46 crore 
  • 2023: Secured a railway project from Haryana Orbital Rail Corporation worth Rs 7,71.46 crore 
  • 2023: Secured three new HAM highway projects with a total bid cost of Rs 40,83.43 crore 
  • 2023: Received Provisional Completion Certificate for 6-laning of Chakeri to Allahabad section of NH-19
  • 2024: Received Provisional Completion Certificate for 3 HAM Projects
  • 2024: Received Completion Certificate for 2 EPC projects
  • 2024: Secured one EPC and one HAM project worth over Rs 18,00 crore 
  • 2024: Executed Master Securities Purchase Agreement for divestment of equity in 11 hybrid annuity road assets and 1 toll road asset for Rs 9005.7 crore 
  • 2024: Received Rs 42.21 crore toward Arbitration Award for Gurgaon-Nuh Rajasthan Border Road Project
  • 2024: Received Rs 250.29 crore from NHAI under the ‘Vivad Se Vishwas’ Scheme toward Arbitration Award published in favour of the Company
  • 2025: Received Rs 515.75 crore in terms of the Settlement Agreement executed between NHAI and two of the Company’s subsidiaries from NHAI under the ‘Vivad Se Vishwas’ Scheme with respect to two Arbitration Awards published in favor of the subsidiaries
  • 2025: Received Rs 56.39 crore early completion bonus for Nagpur-Mumbai Super Communication Expressway, Package 4 from MSRDC
  • 2025: Awarded 2 EPC Road Projects of MSRDC for an aggregate contract price of Rs 4630 crore (Pune Ring Road Package E2 and Jalna Nanded Expressway Package 4)
  • 2025: Received Provisional Completion Certificates for 2 HAM Projects (Mathura 1C and Hardoi Bypass)
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