Pnc Infratech Limited (PNCINFRA)

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Pnc Infratech Limited (PNCINFRA) · mywealthgrid

About

Pnc Infratech operates in civil construction within the industrials sector, serving India's infrastructure market with a ₹5,589.65 Cr market cap. Quarterly revenues range from ₹1,000 Cr to ₹1,700 Cr, and consistent annual dividend payments since 2021 indicate established cash-generation capacity.

Face value: ₹2

Market cap

₹3,544 Cr

P/E

4.8×

P/B

0.5×

Dividend yield

0.4%

ROE

13%

ROCE

8.3%

Debt / equity

0.76

OPM

21.2%

EPS (TTM)

₹28.5

Book value

₹265.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins fluctuate sharply from 12% to 31% across recent quarters; verify whether this variance stems from project mix, execution challenges, or seasonal timing.

Stock declined 29.12% over one year despite a PE of 7.63; investigate the drivers of this selloff and whether they reflect structural headwinds or cyclical market pessimism.

Moderate leverage (D/E 0.76) is manageable but notable in a working-capital-intensive sector; monitor debt refinancing needs as project delays and rising rates could stress cash positions.

Execution risks in large civil contracts (cost overruns, delays, working-capital strain) are sector-inherent; verify project completion records and cash-conversion metrics.

Generated analysis · source review pending

Growth drivers

Peak margins of 31% (Jun 2026) and ROE of 12.99% show execution capability; verify if sustainable against recent 12% lows.

PE of 7.63 with annual dividends (2021–26) suggests undervaluation; verify if earnings are stabilising.

India's government infrastructure capex supports civil construction demand; verify company's order backlog and tender-win rate.

Quarterly revenues range from ₹983 Cr to ₹1,689 Cr; clarify whether variations reflect project-execution cycles or demand volatility.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹138.2+6.4%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 21.2%

Cons

−Revenue shrank over the last 5 years (-1.5% a year)
−Weak interest coverage of 2×
−Low dividend payout of 2.1% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 33
Growth: 26
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,603	5,788	7,208	7,956	8,650	6,769	5,368
COGS	3,389	3,509	4,378	5,038	5,599	3,854	3,366
Gross profit	2,214	2,278	2,830	2,918	3,051	2,914	2,003
	880	856	1,295	1,318	1,046	848	866
	1,334	1,422	1,534	1,600	2,005	2,066	1,137
OPM %	23.8%	24.6%	21.3%	20.1%	23.2%	30.5%	21.2%
Depreciation	351	363	390	253	177	195	122
Interest	439	426	425	470	660	852	582
	176	111	87	81	82	172	634
Profit before tax	719	744	806	957	1,249	1,192	1,067
Tax	169	247	226	299	339	376	235
Tax %	23.6%	33.2%	28%	31.2%	27.2%	31.6%	22%
	550	497	580	658	909	815	832
PAT margin %	9.8%	8.6%	8.1%	8.3%	10.5%	12.1%	15.5%
EPS (₹)	21.4	19.4	22.6	25.7	35.5	31.8	32.4
EPS adjusted (₹)	21.4	19.4	22.6	25.7	35.5	31.8	32.4
	2.3%	2.6%	2.2%	1.9%	1.7%	1.9%	1.9%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	51	51	51	51	51	51	51	51	51
Reserves	1,637	1,973	—	3,002	3,577	4,234	5,134	5,938	6,762
	1,865	2,535	—	4,188	4,779	6,271	8,016	9,345	5,151
	2,348	2,695	2,773	2,334	2,238	2,076	2,409	2,725	1,894
Total equity & liabilities	5,902	7,254	2,824	9,575	10,645	12,632	15,610	18,059	13,858
	409	—	1,978	1,797	1,482	1,291	1,159	992	692
CWIP	11	6	—	3	0	0	—	0	4
Investments	169	263	—	579	424	312	511	790	788
	5,312	6,986	846	7,196	8,740	11,030	13,940	16,276	12,375
Total assets	5,902	7,254	2,824	9,575	10,645	12,632	15,610	18,059	13,858

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Road	4,070.15	417.33	3,555.89	1,373.46	2,182.43	19.12
Toll/Annuity	713.8	504.67

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	39.5%	39.4%	39.3%	36.7%	35.3%	43.1%	37.3%
EBITDA margin %	23.7%	24.5%	21.3%	20.1%	23.2%	30.5%	21.2%
EBIT margin %	17.4%	18.2%	15.9%	16.9%	21.1%	27.7%	18.9%
PAT margin %	9.8%	8.6%	8.1%	8.3%	10.5%	12.1%	15.5%
Working capital
Receivable days	—	25	34	50	69	68	103
Inventory days	—	37	40	55	50	82	83
Payable days	—	76	43	50	62	83	86
NWC days	—	-14	31	56	57	66	100
Leverage
Current ratio	—	1.72	1.68	1.69	2.07	2.29	3.72
Debt to EBITDA	—	2.95	3.11	3.92	4	4.52	4.53
Debt to equity	—	1.37	1.32	1.46	1.55	1.56	0.76
Interest coverage	2.6	2.7	2.9	3	2.9	2.4	2
Asset turnover	1.98	0.6	0.68	0.63	0.55	0.37	0.39
Return ratios
Return on assets %	19.5%	5.2%	5.5%	5.2%	5.8%	4.5%	6%
Return on capital employed %	—	14.7%	14.6%	14.5%	15.9%	14.1%	8.3%
Return on equity %	—	16.3%	16%	15.4%	17.5%	13.6%	12.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%	56.07%
	10.78%	10.98%	11.85%	10.83%	10.05%	6.95%	7.1%	7.13%	6.99%	6.95%	7.17%	7.28%
	28.1%	27.24%	26.96%	26.36%	25.5%	26.61%	26.26%	25.9%	26.51%	26.21%	24.55%	23.83%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5.05%	5.71%	5.12%	6.74%	8.38%	10.37%	10.57%	10.9%	10.43%	10.77%	12.21%	12.82%
No. of shareholders	—	—	—	—	—	—	—	—	1,77,244	1,72,841	1,67,184	1,63,876

Promoter holding up 0 percentage points since Sep 2023.

10 deals · 20 Sept 2021 – 10 Feb 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	16,97,228	₹311.36	₹52.84 Cr
10 Feb 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	16,97,228	₹310.91	₹52.77 Cr
11 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	23,72,265	₹343.98	₹81.60 Cr
11 Dec 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	23,72,265	₹343.81	₹81.56 Cr
22 May 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,97,169	₹509.46	₹91.56 Cr
22 May 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,97,169	₹508.92	₹91.46 Cr
20 Sept 2021	GOLDMAN SACHS INDIA FUND LIMITED	Block	BSE	Sell	44,07,843	₹369.45	₹162.85 Cr
20 Sept 2021	GOLDMAN SACHS FUNDS GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Block	BSE	Buy	44,07,843	₹369.45	₹162.85 Cr
20 Sept 2021	GOLDMAN SACHS INDIA FUND LIMITED	Bulk	BSE	Sell	44,07,843	₹369.45	₹162.85 Cr
20 Sept 2021	GOLDMAN SACHS FUNDS GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Bulk	BSE	Buy	44,07,843	₹369.45	₹162.85 Cr

1–10 of 10

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Pradeep Kumar JainExecutive Director-Chairperson-MD
Mr. Chakresh Kumar JainExecutive Director-MD
Mr. Yogesh JainExecutive Director-MD
Mr. Anil Kumar RaoExecutive Director
Mr. Talluri Raghupati RaoExecutive Director
Mr. Gauri ShankarNon-Executive - Independent Director
Mr. Krishan Kumar JalanNon-Executive - Independent Director
Mr. Subhash Chander KaliaNon-Executive - Independent Director
Mr. Naresh Kumar JainNon-Executive - Independent Director
Mrs. Seema SinghNon-Executive - Independent Director

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

8.44%

of the company's equity

All mutual funds

23.07%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

16 schemes · 8 fund houses

		Shares
Small Cap Fund	Axis Mutual Fund	38.05 L	71.59	0.23%	1.484%	-0
SMALL CAP FUND	Nippon India Mutual Fund	32.82 L	61.76	0.07%	1.28%	-0
POWER & INFRA FUND	Nippon India Mutual Fund	28.19 L	53.04	0.65%	1.099%	+9.36 L
Small Cap FundNEW	ICICI Prudential Mutual Fund	20.11 L	37.84	0.39%	0.784%	—
Conservative Hybrid Fund	SBI Mutual Fund	20 L	37.63	0.37%	0.78%	+8.59 L
FOCUSED FUND	Tata Mutual Fund	15.69 L	29.52	1.68%	0.612%	-0
Infrastructure FundNEW	SBI Mutual Fund	15 L	28.22	0.59%	0.585%	—
AGGRESSIVE HYBRID FUND	Tata Mutual Fund	13.29 L	25	0.61%	0.518%	-0

1–8 of 16

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

12

Final dividend23 Sept 2026 · ex-date₹0.6
Final dividend22 Sept 2025 · ex-date₹0.6
Final dividend20 Sept 2024 · ex-date₹0.6
Final dividend22 Sept 2023 · ex-date₹0.5
Final dividend21 Sept 2022 · ex-date₹0.5
Final dividend21 Sept 2021 · ex-date₹0.5
Interim dividend19 Mar 2020 · ex-date₹0.5
Final dividend20 Sept 2019 · ex-date₹0.5
Final dividend19 Sept 2018 · ex-date₹0.5
Dividend dividend21 Sept 2017 · ex-date₹0.5
Dividend dividend22 Sept 2016 · ex-date₹0.5
Dividend dividend18 Sept 2015 · ex-date₹1.5

1

Board meeting to consider results8 Aug 2026

1

Face value ₹10 → ₹212 Aug 2016 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

31 announcementsExport CSV

1 Oct 2026, 6:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Meeting Updates

Meeting Updates PDF

1 Oct 2026, 6:11 pmCompany Update

Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015-Outcome Of General Meeting

General PDF

1 Oct 2026, 6:09 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 6:25 pmCompany Update

Announcement under Regulation 30 (LODR)-Meeting Updates

Meeting Updates PDF

30 Sept 2026, 6:22 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

28 Sept 2026, 5:37 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 5:14 pmCompany Update

Disclosure Under Regulation 7(2) Of SEBI (Prohibition Of Insider Trading) Regulations, 2015

General PDF

14 Sept 2026, 8:53 pmCompany Update

Intimation Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulation, 2015

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 6:35 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF
1 Oct 2026, 6:11 pm	Company Update General	Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015-Outcome Of General Meeting

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	39.5%	39.4%	39.3%	36.7%	35.3%	43.1%	37.3%
EBITDA margin %	23.7%	24.5%	21.3%	20.1%	23.2%	30.5%	21.2%
EBIT margin %	17.4%	18.2%	15.9%	16.9%	21.1%	27.7%	18.9%
PAT margin %	9.8%	8.6%	8.1%	8.3%	10.5%	12.1%	15.5%
Working capital
Receivable days	—	25	34	50	69	68	103
Inventory days	—	37	40	55	50	82	83
Payable days	—	76	43	50	62	83	86
NWC days	—	-14	31	56	57	66	100
Leverage
Current ratio	—	1.72	1.68	1.69	2.07	2.29	3.72
Debt to EBITDA	—	2.95	3.11	3.92	4	4.52	4.53
Debt to equity	—	1.37	1.32	1.46	1.55	1.56	0.76
Interest coverage	2.6	2.7	2.9	3	2.9	2.4	2
Asset turnover	1.98	0.6	0.68	0.63	0.55	0.37	0.39
Return ratios
Return on assets %	19.5%	5.2%	5.5%	5.2%	5.8%	4.5%	6%
Return on capital employed %	—	14.7%	14.6%	14.5%	15.9%	14.1%	8.3%
Return on equity %	—	16.3%	16%	15.4%	17.5%	13.6%	12.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	94	285	591	197	525	186	-499	-1,454	-231	-56	4,593
	-170	-202	-252	-444	-230	-249	25	343	-250	-261	-67
	117	-135	-211	400	254	63	148	1,005	1,067	456	-4,796
Net cash flow	41	-51	129	153	549	1	-326	-106	586	139	-270
Free cash flow	-115	76	—	197	434	-2	-580	-1,517	-282	-91	4,267
CFO / Operating profit %	—	—	—	—	39.6%	13.1%	-32.5%	-90.9%	-11.5%	-2.7%	404.1%

Pnc Infratech Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends12

Board meetings1

Stock splits1

Announcements

Dividends12

Board meetings1

Stock splits1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Contract · revenue

12

1

1

12

1

1