PNC Infratech Ltd (PNCINFRA) AI Stock Analysis

• Market Cap: ₹55.60B
• Dividend Yield: 0.23%
• Average Volume (3M): 23.43K
• Price to Earnings (P/E): 6.9
• Beta (1Y): 1.54
• Revenue Growth: -30.54%
• EPS Growth: -35.13%
• Country: IN
• Employees: 7,888
• Sector: Services
• Sector Strength: N/A
• Industry: Engineering & Construction
• EPS (TTM): 3.20
• Shares Outstanding: 256,539,150
• 10 Day Avg. Volume: 11,863
• 30 Day Avg. Volume: 23,429
• PEG Ratio: -0.79
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 0.99
• P/FCF Ratio: -7.64
• 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: ₹335.00
• Price Target Upside: 34.08% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹224.00 ▼(-10.35% Downside)

PNC Infratech Ltd's overall stock score is driven by moderate financial performance and potential undervaluation. However, bearish technical indicators and cash flow challenges weigh down the score. Investors should be cautious of the high debt levels and focus on the company's ability to improve cash flow.

Positive Factors

Diversified revenue model (EPC + PPP/HAM)

PNC Infratech combines traditional EPC contracts with participation in PPP/HAM projects and O&M services, creating multiple revenue streams. This mix can provide construction revenue plus longer-duration annuity/availability or toll-linked cashflows, reducing single-project volatility and improving visibility into medium-term cash generation and backlog stability.

Healthy gross and stable EBITDA margins

Sustained gross profitability and stable EBIT/EBITDA margins indicate consistent execution and pricing discipline on construction contracts. Over the medium term this supports cash generation potential and competitiveness in bid processes, allowing the firm to better absorb input cost swings and maintain operating resilience across project cycles.

Improving return on equity

An increasing ROE suggests the company is generating higher returns on shareholder capital, reflecting improving profitability or asset efficiency. Persistently higher ROE can signal that management is effectively deploying capital, which supports reinvestment capacity and long-term shareholder value if sustained alongside prudent leverage and cash generation.

Negative Factors

High leverage on balance sheet

A high debt-to-equity ratio raises structural risks: greater interest expense sensitivity, reduced financial flexibility and constrained ability to fund large working-capital needs typical in EPC/HAM projects. In a higher-rate or slower-revenue environment, leverage can limit bidding capacity and increase refinancing and covenant breach risk over multiple quarters.

Negative operating and free cash flow

Persistent negative operating and free cash flow indicates the business is not self-funding its working capital and capex needs, forcing reliance on outside financing. For an infrastructure contractor, this undermines project execution flexibility, increases financing costs and liquidity risk, and can hamper the ability to scale or take on new PPP/HAM commitments sustainably.

Sharp declines in revenue and EPS growth

Large year-on-year declines in revenue and EPS point to project slowdowns, execution delays or margin pressure. Such reductions shrink scale and bargaining power, make fixed-cost absorption harder, and lengthen recovery time; rebuilding top-line momentum depends on new order wins and steady execution, which can take multiple quarters in infrastructure.

PNC Infratech Ltd Business Overview & Revenue Model

Company Description

PNC Infratech Limited, together with its subsidiaries, operates as an infrastructure construction, development, and management company in India. The company undertakes various infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways and pavements, industrial area development, track construction for rail freight corridors, and other infrastructure projects. It also provides end-to-end infrastructure implementation solutions, such as engineering, procurement, and construction services on a fixed-sum turnkey basis, as well as on an item rate basis; and executes and implements projects on a design-build-finance-operate-transfer, operate-maintain-transfer, hybrid annuity model, and other public-private partnership formats. The company was formerly known as PNC Construction Company Limited and changed its name to PNC Infratech Limited in August 2007. PNC Infratech Limited was founded in 1989 and is headquartered in Agra, India.

How the Company Makes Money

PNC Infratech generates revenue through multiple streams, primarily by securing contracts for large-scale infrastructure projects from government and private entities. The company's revenue model is mainly based on fixed-price contracts, where it undertakes the construction of roads, highways, and other infrastructure works for a predetermined price. Additionally, PNCINFRA also earns income through project management consultancy services and by participating in public-private partnership (PPP) projects that may offer additional revenue opportunities. Strategic partnerships with government bodies and other stakeholders play a crucial role in winning tenders and expanding its project portfolio, further bolstering its financial performance.

PNC Infratech Ltd Financial Statement Overview

Summary

PNC Infratech Ltd shows moderate financial performance with consistent revenue growth and stable operational margins. However, the company faces challenges with negative cash flow and a high debt-to-equity ratio, which could pose risks if not managed carefully.

Income Statement

PNC Infratech Ltd shows moderate income statement performance, with consistent revenue growth over the years, albeit at a decreasing rate recently. Gross profit margin is healthy, but net profit margin has been declining, indicating rising costs or inefficiencies. EBIT and EBITDA margins are stable, reflecting steady operational performance.

Balance Sheet

The company's balance sheet reveals a high debt-to-equity ratio, which could pose a risk if interest rates rise or if earnings fluctuate. However, the equity ratio is decent, indicating a fair amount of assets financed by shareholders. ROE has been increasing, suggesting improved profitability relative to equity.

Cash Flow

Cash flow analysis indicates challenges, with negative operating cash flow and free cash flow. This raises concerns about the company's ability to generate cash from operations. The operating cash flow to net income ratio is negative, highlighting potential liquidity issues, although financing activities are keeping cash balances afloat.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	60.24B	67.69B	86.50B	79.56B	70.22B	55.81B
Gross Profit	21.84B	23.33B	52.34B	14.00B	16.44B	18.31B
EBITDA	19.59B	22.38B	20.60B	16.30B	16.16B	15.28B
Net Income	6.72B	8.15B	9.09B	6.58B	5.80B	4.97B
Balance Sheet
Total Assets	0.00	180.59B	156.10B	126.32B	106.45B	95.75B
Cash, Cash Equivalents and Short-Term Investments	24.33B	24.33B	17.93B	9.37B	10.50B	14.02B
Total Debt	0.00	93.64B	80.25B	62.82B	47.93B	41.92B
Total Liabilities	-59.89B	120.70B	104.25B	83.47B	70.17B	65.23B
Stockholders Equity	59.89B	59.89B	51.85B	42.85B	36.28B	30.53B
Cash Flow
Free Cash Flow	0.00	-8.79B	-2.82B	-15.17B	-5.80B	-23.60M
Operating Cash Flow	0.00	-8.44B	-2.31B	-14.54B	-4.99B	1.86B
Investing Cash Flow	0.00	-3.24B	-2.50B	3.43B	247.26M	-2.48B
Financing Cash Flow	0.00	13.08B	10.67B	10.05B	1.48B	633.14M

PNC Infratech Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 249.85
• 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:PNCINFRA, the sentiment is Negative. The current price of 249.85 is above the 20-day moving average (MA) of 231.34, above the 50-day MA of 243.09, and below the 200-day MA of 281.13, indicating a bearish trend. The MACD of -10.02 indicates Positive momentum. The RSI at 34.07 is Neutral, neither overbought nor oversold. The STOCH value of 22.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:PNCINFRA.

PNC Infratech Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AHLUCONT	68 Neutral	₹58.27B	22.19	―	0.06%	5.56%	-22.59%
RAMKY	67 Neutral	₹32.93B	16.36	―	―	-15.09%	-15.98%
CAPACITE	64 Neutral	₹18.78B	9.40	―	―	15.23%	8.61%
GRINFRA	60 Neutral	₹93.19B	8.45	―	1.20%	-6.01%	-3.81%
RPPINFRA	60 Neutral	₹4.21B	6.85	―	0.47%	-7.32%	-26.92%
PNCINFRA	57 Neutral	₹55.60B	6.92	―	0.23%	-30.54%	-35.13%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

PNC Infratech Ltd Corporate Events

PNC Infratech Receives Independent ESG Rating of 65.4 from SES ESG Research

PNC Infratech Limited disclosed that SES ESG Research Pvt Ltd, a SEBI-registered Category II ESG Rating Provider, has independently assigned the company an ESG rating of 65.4 based solely on publicly available information. The company clarified that it did not mandate or engage the rating agency for this assessment, which nonetheless provides stakeholders with an external, benchmark-style view of PNC Infratech’s environmental, social and governance practices, potentially influencing investor perception and ESG-focused evaluations of the firm.