PBA Infrastructure Limited (PBAINFRA) AI Stock Analysis

• Market Cap: ₹111.38M
• Dividend Yield: N/A
• Average Volume (3M): 14.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 73
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): -1.22
• Shares Outstanding: 13,500,562
• 10 Day Avg. Volume: 14,691
• 30 Day Avg. Volume: 14,323
• PEG Ratio: -1.00
• Price to Book (P/B): -0.10
• Price to Sales (P/S): 0.31
• P/FCF Ratio: 8.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: ₹8.00 ▼(-41.69% Downside)
• Action: Downgraded Date: 02/26/26
• Date: Action: Downgraded 02/26/26

Overall score is pressured primarily by weak financial performance (loss-making operations, negative equity, and leverage/solvency risk). Technicals are also unfavorable with a downtrend across key moving averages and negative MACD, despite oversold signals. Valuation is difficult to support given the negative P/E and lack of dividend yield data.

Positive Factors

Improving cash flow trends

Recent improvements in free cash flow, though inconsistent historically, suggest the company may be stabilizing internal cash generation. If sustained over the coming months, stronger FCF reduces reliance on external financing, supports working capital for projects, and provides runway for restructuring or deleveraging efforts.

Operating cash generation ability

The noted ability to convert earnings into operating cash is a durable operational strength. Reliable cash conversion supports liquidity through construction cycles, funds day-to-day operations without urgent refinancing, and, if maintained, enables reinvestment or steady debt reduction to improve balance sheet stability.

Low market volatility (Beta)

A low beta (~0.38) indicates the company's equity is less sensitive to broad market swings. Over a multi-month horizon this lower volatility can reduce financing and refinancing risk, aid more predictable planning for management, and make execution of a turnaround or recovery less exposed to market-driven disruptions.

Negative Factors

Negative equity & high leverage

Negative stockholders' equity and elevated leverage create structural solvency risk. This constrains access to new capital, increases the likelihood of covenant breaches or distress financing, and forces management to prioritize recapitalization or deleveraging before pursuing growth or large-scale contract commitments.

Sharp revenue decline

A ~43% year-over-period revenue decline indicates material loss of scale or demand. Reduced top-line compromises fixed-cost absorption, diminishes bargaining power with suppliers, and impairs the firm's ability to sustain bidding capacity and invest in project execution, making a durable earnings recovery more difficult.

Persistent negative margins

Volatile and recently negative gross and net margins point to ongoing operational inefficiencies or pricing pressures. Continued losses erode reserves, require recurring external funding, and limit ability to invest in competitive capabilities or improve project margins, threatening long-term viability without structural changes.

PBA Infrastructure Limited Business Overview & Revenue Model

Company Description

PBA Infrastructure Limited engages in the construction of various infrastructure projects in India. It undertakes infrastructure projects, such as highways, bridges, runways, plants, heavy RCC structures, irrigation projects, and other projects. The company was incorporated in 1974 and is based in Mumbai, India.

How the Company Makes Money

PBA Infrastructure Limited Financial Statement Overview

Summary

Weak financial health: income statement shows negative/volatile margins and declining recent revenue; balance sheet is highly stressed with negative equity and leverage concerns; cash flow is inconsistent despite some recent improvement.

Income Statement

PBA Infrastructure Limited has faced significant challenges in maintaining profitability. The gross profit margin and net profit margin have been volatile, with recent years showing negative margins. Revenue growth has been inconsistent, with a significant decline in the most recent year. The EBIT and EBITDA margins have also been negative, indicating operational inefficiencies and challenges in cost management.

Balance Sheet

The company's balance sheet reveals a high debt-to-equity ratio due to negative stockholders' equity, indicating financial instability and potential solvency risks. The equity ratio is negative, further emphasizing the company's reliance on debt financing. Return on equity is not meaningful due to negative equity. Overall, the balance sheet reflects significant financial stress and leverage concerns.

Cash Flow

Cash flow analysis shows fluctuating free cash flow, with recent improvements but still facing challenges. The operating cash flow to net income ratio indicates some ability to generate cash from operations, but the free cash flow to net income ratio has been inconsistent. The company needs to stabilize its cash flow generation to support operations and reduce financial risk.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2021
Income Statement
Total Revenue	308.64M	364.48M	604.95M	111.57M	11.80M	188.17M
Gross Profit	4.19M	21.41M	-43.30M	-862.39M	-36.07M	96.61M
EBITDA	52.69M	58.03M	60.38M	-1.24B	72.71M	64.45M
Net Income	9.28M	12.22M	24.54M	-1.34B	-1.70M	17.11M
Balance Sheet
Total Assets	0.00	3.31B	3.27B	3.18B	4.52B	4.81B
Cash, Cash Equivalents and Short-Term Investments	188.50M	189.20M	176.30M	87.17M	70.82M	73.95M
Total Debt	0.00	4.05B	4.06B	4.02B	4.02B	4.31B
Total Liabilities	1.15B	4.46B	4.44B	4.37B	4.37B	4.65B
Stockholders Equity	-1.15B	-1.15B	-1.17B	-1.19B	150.39M	152.09M
Cash Flow
Free Cash Flow	0.00	13.90M	-1.00K	-22.98M	264.40M	73.43M
Operating Cash Flow	0.00	13.90M	-136.66M	-22.98M	264.40M	73.43M
Investing Cash Flow	0.00	6.01M	111.63M	19.38M	43.20M	3.32M
Financing Cash Flow	0.00	-14.30M	44.70M	3.90M	-282.40M	-76.26M

PBA Infrastructure Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:PBAINFRA, the sentiment is Negative. The current price of 13.72 is above the 20-day moving average (MA) of 9.42, above the 50-day MA of 10.97, and above the 200-day MA of 12.59, indicating a bearish trend. The MACD of -0.77 indicates Positive momentum. The RSI at 30.37 is Neutral, neither overbought nor oversold. The STOCH value of 22.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PBAINFRA.

PBA Infrastructure Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
RKEC	49 Neutral	₹932.99M	20.28	―	―	-12.26%	-36.87%
ARSSINFRA	43 Neutral	₹1.25B	-678.38	―	―	-75.03%	-17499.32%
CANDC	42 Neutral	₹60.05M	-0.37	―	―	―	―
PBAINFRA	40 Underperform	₹111.38M	-2.65	―	―	―	―