India · Delayed Price · Currency is INR PNC Infratech Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw strong execution despite subdued project awards, with consolidated revenue at INR 5,368 crore and PAT at INR 832 crore. FY 2027 guidance targets 30% revenue growth, robust order inflow, and 12% EBITDA margin, supported by diversification into mining, solar, and water segments.
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Revenue and profitability declined year-over-year due to slow project awarding, but robust Q4 execution and a 25% revenue rebound in FY27 are expected. Diversification into renewables and mining is underway, with a strong bid pipeline and healthy cash position.
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Revenue guidance for FY 2026 has been revised to 5% growth due to delayed project starts and slow NHAI awarding, but execution is expected to ramp up in H2 as appointed dates are now declared for key projects. Monetization of HAM assets and strong order book support future growth.
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Q1 FY26 saw revenue of INR 1,136 crore and EBITDA margin of 12.4%, with a robust order book exceeding INR 22,000 crore. Revenue growth guidance for FY26 is 15%-20%, with new projects in renewable energy and coal mining expected to drive future performance.
Fiscal Year 2025
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FY2025 was marked by sector-wide delays, but the company achieved strong financial results, completed a major asset monetization, and set a 20% revenue growth target for FY2026 with INR 15,000 crore in new orders expected. Working capital is set to improve, and diversification continues.
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Q3 FY2025 saw subdued revenue and order inflow due to industry-wide delays, but a strong rebound is expected in Q4 and FY2026 with ₹13,000–15,000 crores in new orders and improved margins. Asset monetization and technological advancements support growth, while working capital is expected to normalize.
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Revenue and profitability grew strongly YoY in H1 FY25, but execution was hampered by monsoon, slow project awards, and a one-year MORTH ban, leading to a 15-20% revenue decline guidance for FY25. Asset monetization and diversification efforts are underway, with a rebound expected in FY26.
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Q1 FY25 saw strong EBITDA and PAT growth due to arbitration and bonus income, but core revenue declined amid execution challenges. FY25 revenue is guided to decline by 10% with stable margins, while order inflow and asset monetization progress remain on track.