PNC Infratech financials and balance sheet

NSE: PNCINFRABSE: 539150ConstructionSmall Cap

₹134.62₹5.94 (4.23%)BSE ₹134.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹140.56.

52-week range of traded prices to 23 Oct 2026

₹116.40Low, 16 Sep 2026₹291.45High, 13 Nov 2025

Next results date: the board meets on 28 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹3,454 Cr748th largest listed
P/E: 4.7
P/E without one-offs: 6.1
P/B: 0.5
Dividend yield: 0.45%
ROE: 11.4%
ROE without one-offs: 8.8%
ROCE: 9.7%
Debt to equity: 0.76
Volume, NSE: 7,76,31045.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.PNC Infratech annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹8,650 Cr, year to Mar 2024

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,368
Materials and goods−3,366
Employee costs−350
Other expenses−516
Operating profit1,137
Depreciation−122
Other income+141
One-off items+492
Finance costs−582
Profit before tax1,067
Tax−235
Net profit832

What the company owns

Plant, investments and other assets₹8,563 Cr
Cash and bank₹2,238 Cr
Receivables₹1,509 Cr
Current investments₹787 Cr
Inventory₹761 Cr

What pays for it: net worth and liabilities

Net worth₹6,813 Cr
Borrowings₹5,151 Cr
Other liabilities₹1,104 Cr
Owed to suppliers₹790 Cr

PNC Infratech business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.PNC Infratech segment results by quarter

Revenue by segment

₹5,368 CrTotal

Road₹4,070 Cr75.8% of total
Toll/Annuity₹714 Cr13.3% of total
Water₹584 Cr10.9% of total

Profit by segment

Road₹417 Cr41.1% of total
Toll/Annuity₹505 Cr49.7% of total
Water₹93 Cr9.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Road
Revenue, ₹ crore
5,825
5,806
4,848
4,070
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
626
888
981
417
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Toll/Annuity
Revenue, ₹ crore
717
757
919
1,071
1,206
938
1,098
714
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
417
387
553
539
561
642
762
505
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Water
Revenue, ₹ crore
925
1,906
822
584
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
159
297
128
93
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	3,774	5,603	5,788	7,208	7,956	8,650	6,769	5,368
Company revenue, as in its results	3,774	5,603	5,788	7,208	7,956	8,650	6,769	5,368
Revenue	–	–	–	–	5,825	5,806	4,848	4,070
Revenue growth	–	–	–	–	–	−0.3%	−16.5%	−16.1%
Profit	–	–	–	–	626	888	981	417
Profit growth	–	–	–	–	–	41.8%	10.5%	−57.5%
Margin	–	–	–	–	10.8%	15.3%	20.2%	10.3%
Return on capital	–	–	–	–	59.6%	79.9%	73.1%	19.1%
Assets	–	–	–	–	2,235	2,183	2,779	3,556
Liabilities	–	–	–	–	1,184	1,071	1,436	1,373
Capital employed	–	–	–	–	1,051	1,111	1,343	2,182
Revenue	717	757	919	1,071	1,206	938	1,098	714
Revenue growth	–	5.6%	21.5%	16.5%	12.6%	−22.2%	17.1%	−35.0%
Profit	417	387	553	539	561	642	762	505
Profit growth	–	−7.2%	43.0%	−2.4%	4.0%	14.5%	18.6%	−33.8%
Margin	58.1%	51.1%	60.1%	50.3%	46.5%	68.5%	69.4%	70.7%
Return on capital	–	26.7%	32.7%	25.9%	18.7%	20.0%	20.8%	16.1%
Assets	–	5,876	6,494	7,600	9,452	11,573	13,599	8,296
Liabilities	–	4,428	4,806	5,516	6,447	8,368	9,941	5,157
Capital employed	–	1,448	1,688	2,084	3,005	3,205	3,658	3,139
Revenue	–	–	–	–	925	1,906	822	584
Revenue growth	–	–	–	–	–	106.1%	−56.9%	−28.9%
Profit	–	–	–	–	159	297	128	93
Profit growth	–	–	–	–	–	86.8%	−56.9%	−27.9%
Margin	–	–	–	–	17.2%	15.6%	15.6%	15.8%
Return on capital	–	–	–	–	69.3%	34.2%	13.0%	6.2%
Assets	–	–	–	–	945	1,855	1,681	2,006
Liabilities	–	–	–	–	715	986	694	515
Capital employed	–	–	–	–	230	869	987	1,492
Revenue	3,058	4,846	4,868	6,137	–	–	–	–
Revenue growth	–	58.5%	0.5%	26.1%	–	–	–	–
Profit	244	590	502	603	–	–	–	–
Profit growth	–	142.1%	−14.9%	20.1%	–	–	–	–
Margin	8.0%	12.2%	10.3%	9.8%	–	–	–	–
Return on capital	–	53.3%	36.8%	39.1%	–	–	–	–
Assets	–	2,614	3,081	3,045	–	–	–	–
Liabilities	–	1,508	1,717	1,501	–	–	–	–
Capital employed	–	1,107	1,364	1,544	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.PNC Infratech quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 25 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 26 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 Sep
Revenue from operations	2,252	2,411	3,774	5,603	5,788	7,208	7,956	8,650	6,769	5,368
	1,628	1,642	2,768	4,275	4,370	5,674	6,356	6,645	4,703	4,231
Materials and goods bought	1,208	1,231	2,120	3,389	3,509	4,378	5,038	5,599	3,854	3,366
Employee costs	119	144	216	293	307	379	375	389	387	350
Other expenses	301	268	431	593	553	917	943	657	461	516
Operating profit before depreciation	624	769	1,007	1,327	1,418	1,534	1,600	2,005	2,066	1,137
Operating margin	27.7%	31.9%	26.7%	23.7%	24.5%	21.3%	20.1%	23.2%	30.5%	21.2%
Materials, % of revenue	53.6%	51.0%	56.2%	60.5%	60.6%	60.7%	63.3%	64.7%	56.9%	62.7%
Employee costs, % of revenue	5.3%	6.0%	5.7%	5.2%	5.3%	5.3%	4.7%	4.5%	5.7%	6.5%
Other expenses, % of revenue	13.4%	11.1%	11.4%	10.6%	9.6%	12.7%	11.9%	7.6%	6.8%	9.6%
Depreciation and amortisation	242	262	346	351	363	390	253	177	195	122
Operating profit after depreciation	383	507	660	976	1,055	1,144	1,347	1,828	1,872	1,015
Other income	41	24	47	176	111	89	81	82	172	141
Finance costs	310	309	348	439	426	425	470	660	852	582
Profit before one-off items and tax	113	222	359	713	740	808	957	1,249	1,192	574
One-off items	0	0	0	0	0	−2	0	0	0	492
Profit before tax	113	222	359	713	740	806	957	1,249	1,192	1,067
	−26	−27	8	169	247	226	299	339	376	235
Current tax	–	–	24	181	232	189	273	361	404	187
Deferred tax	–	–	−16	−11	15	37	26	−22	−28	48
Share of profit of joint ventures and associates	–	−6	1	6	4	–	–	–	–	–
	118	243	351	550	497	580	658	909	815	832
Belonging to the company's shareholders	118	243	351	550	497	580	658	909	815	832
Belonging to outside owners of subsidiaries	–	–	0	–	0	0	–	0	0	0
Other comprehensive income	–	–	−1	3	0	−3	4	3	4	8
Total comprehensive income	–	–	350	552	497	577	662	913	820	839
Net margin	5.3%	10.1%	9.3%	9.8%	8.6%	8.1%	8.3%	10.5%	12.0%	15.5%
Net margin without joint ventures and associates	–	10.3%	9.3%	9.7%	8.5%	–	–	–	–	–

Belonging to outside owners of subsidiaries is left blank for the year to Mar 2023: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 25 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 26 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 Sep
	2,024	2,554	3,053	3,628	4,285	5,185	5,989	6,813
	2,024	2,554	3,053	3,628	4,285	5,185	5,989	6,813
Share capital	51	51	51	51	51	51	51	51
Reserves	1,973	2,503	3,002	3,577	4,234	5,134	5,938	6,762
Belonging to outside owners of subsidiaries	0	0	0	0	0	–	0	0
	2,535	3,262	3,755	4,779	6,271	8,016	9,345	5,151
Repayable after a year	2,515	3,246	3,735	4,337	5,559	7,264	8,708	4,734
Repayable within a year	19	16	20	442	712	752	636	417
	1,143	1,214	1,636	1,715	1,904	2,247	2,366	1,690
Trade payables	479	476	726	514	688	953	874	790
Other financial liabilities	463	407	721	241	259	303	255	349
Other liabilities	162	298	123	497	181	188	470	114
Provisions	19	17	46	21	64	50	130	20
	4,087	4,722	4,887	5,302	6,443	8,178	9,704	5,355
Other financial liabilities	111	210	256	342	384	422	413	332
Other liabilities	438	386	200	176	192	176	237	91
Provisions	185	246	280	327	287	316	347	198
Deferred tax	0	0	0	0	21	1	0	–
Trade payables	837	634	416	120	0	–	0	–
	7,254	8,490	9,575	10,645	12,632	15,610	18,059	13,858
Held for sale or for a demerger	–	–	–	2	–	–	–	–
	5,315	6,106	6,765	7,756	9,409	10,947	12,633	7,574
Plant in use, after depreciation	617	591	657	591	535	475	412	628
Plant being built	6	0	3	0	0	–	0	4
Intangible assets	1,617	1,387	1,139	891	756	684	580	64
Investments	30	36	41	1	1	1	1	1
Other financial assets	201	119	124	81	74	104	103	192
Deferred tax	38	158	42	6	0	–	22	5
Trade receivables	2,196	3,325	4,043	5,184	6,824	8,230	9,746	5,346
Other assets	610	490	716	1,003	1,220	1,453	1,770	1,334
	1,940	2,384	2,810	2,887	3,224	4,663	5,426	6,284
Inventories	404	267	354	481	764	765	861	761
Trade receivables	519	284	393	666	1,099	1,633	1,254	1,509
Cash and cash equivalents	297	846	847	521	415	1,002	1,141	871
Other bank balances	111	75	98	226	291	377	503	1,367
Current investments	233	408	538	423	311	511	790	787
Loans given	0	257	280	270	0	0	0	0
Other financial assets	177	79	56	79	73	78	120	82
Other assets	199	168	245	221	270	298	757	906
Net debt	1,894	1,933	2,273	3,608	5,254	6,127	6,911	2,126

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 26 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 Sep
	186	−499	−1,454	−231	−56	4,593
	418	−270	−1,254	130	380	4,875
	−1,005	−1,949	−2,871	−1,870	−1,722	3,632
Receivables	−833	−1,446	−2,085	−1,932	−1,137	4,146
Inventories	−86	−127	−284	−1	−96	100
Payables	32	−515	54	265	−79	−84
Other working capital	−118	139	−556	−201	−410	−530
Tax paid	−232	−229	−200	−361	−404	−196
Capital spending	188	81	63	51	35	326
Free cash flow	−2	−580	−1,517	−282	−91	4,267
	−248	25	343	−250	−261	−67
Plant and property sold	4	21	7	0	5	496
Interest received	33	23	23	30	64	38
	63	148	1,005	1,067	456	−4,796
Borrowings raised	745	1,024	2,113	2,437	2,033	1,417
Borrowings repaid	−253	−433	−621	−692	−705	−5,663
Interest paid	−426	−425	−470	−660	−852	−582
Lease payments	−3	−4	−5	−5	−5	−5
Dividends paid	0	13	13	13	15	15
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1	−326	−106	586	139	−270

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.PNC Infratech dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 25 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 26 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 Sep
Earnings per share	₹4.62	₹9.47	₹13.70	₹21.43	₹19.37	₹22.63	₹25.67	₹35.45	₹31.79	₹32.42
Diluted earnings per share	₹4.62	₹9.47	₹13.70	₹21.43	₹19.37	₹22.63	₹25.67	₹35.45	₹31.79	₹32.42
Dividend per share	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50	₹0.60	₹0.60	₹0.60
Book value per share	–	–	₹78.91	₹99.57	₹119.01	₹141.42	₹167.03	₹202.11	₹233.46	₹265.59
Dividend payout	10.8%	5.3%	3.7%	2.3%	2.6%	2.2%	1.9%	1.7%	1.9%	1.9%
Shareholder yield	–	–	–	–	0.0%	0.2%	0.2%	0.1%	0.2%	0.4%
Market cap at the year end (₹ crore)	3,005	4,500	3,930	2,411	6,616	6,648	7,411	11,194	6,496	4,119

Ratios

Consolidated, years to March.PNC Infratech PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 25 Jun	Mar 2021Filed 26 Jun	Mar 2022Filed 30 May	Mar 2023Filed 26 May	Mar 2024Filed 25 May	Mar 2025Filed 13 Jun	Mar 2026Filed 22 Sep
Revenue growth	–	7.1%	56.5%	48.4%	3.3%	24.5%	10.4%	8.7%	−21.7%	−20.7%
Operating profit growth	–	23.2%	30.9%	31.8%	6.8%	8.2%	4.3%	25.3%	3.1%	−45.0%
Net profit growth	−45.3%	105.5%	44.6%	56.5%	−9.6%	16.8%	13.4%	38.1%	−10.3%	2.0%
Earnings per share growth	–	105.0%	44.7%	56.4%	−9.6%	16.8%	13.4%	38.1%	−10.3%	2.0%
	–	–	17.4%	24.0%	17.7%	17.4%	16.6%	19.2%	14.6%	13.0%
	–	–	–	6.7 pts	−6.3 pts	−0.4 pts	−0.7 pts	2.6 pts	−4.6 pts	−1.6 pts
From the net margin	–	–	–	0.9 pts	−3.0 pts	−1.1 pts	0.5 pts	4.5 pts	2.8 pts	4.2 pts
From asset turnover	–	–	–	6.7 pts	−2.1 pts	1.9 pts	−0.7 pts	−2.2 pts	−7.6 pts	−3.1 pts
From borrowing	–	–	–	−1.0 pts	−1.2 pts	−1.1 pts	−0.5 pts	0.3 pts	0.1 pts	−2.7 pts
Return on capital employed	–	–	14.5%	16.8%	15.5%	13.6%	12.8%	13.8%	12.2%	8.5%
Cash conversion	–	–	–	–	37.4%	−85.9%	−220.8%	−25.4%	−6.9%	552.4%
Interest cover	1.2	1.6	1.9	2.2	2.5	2.7	2.9	2.8	2.2	1.7
Debt to equity	–	–	1.25	1.28	1.23	1.32	1.46	1.55	1.56	0.76
Receivable days	–	–	50	19	25	34	50	69	68	103
Inventory days	–	–	69	29	37	40	55	50	82	83
Payable days	–	–	82	51	76	43	50	62	83	86
Cash conversion cycle, days	–	–	37	−4	−14	31	56	57	66	100
Working capital days	–	–	17	−9	−18	22	47	54	68	135
Asset turnover	–	–	0.52	0.71	0.64	0.71	0.68	0.61	0.40	0.34
Assets per rupee of net worth	–	–	3.58	3.44	3.22	3.03	2.94	2.98	3.01	2.49
Sales per rupee of plant	–	–	6.12	9.48	8.80	12.20	14.88	18.19	16.42	8.55
Capital spending to depreciation	–	–	–	–	0.52	0.21	0.25	0.29	0.18	2.67
Plant being built, % of plant in use	–	–	1.0%	0.0%	0.5%	0.0%	0.0%	–	0.1%	0.6%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.2%
Cash from operations against operating profit: 404.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.4%	−1.5%	−12.3%
Profit growth, yearly rate	14.4%	10.8%	8.1%
Return on equity, average	–	16.2%	15.6%
Return on capital employed, average	–	12.2%	11.5%
Operating margin, average	25.1%	23.3%	25.0%
Net margin, average	9.7%	10.9%	12.7%
Asset turnover, average	–	0.55	0.45
Cash conversion cycle, days, average	–	62	74
Interest cover, average	2.2	2.5	2.2
Debt to equity, average	–	1.33	1.29

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,353	4,306	4,593
Cash from investing	−209	−577	−67
Cash from financing	−2,120	−3,273	−4,796
Capital spending	556	412	326
Dividends paid	69	44	15
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	9,024	5,887	1,417
Borrowings repaid	8,114	7,059	5,663

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	4	4	4	4	6
Altman Z-scorePublished threshold 1.81	–	–	1.81	1.93	2.20	2.23	2.13	2.25	1.73	2.21
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.00	−1.50	−1.07	−1.66	−2.58	−3.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.20	10.43	15.20	9.84	6.73	−23.15
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.02	−1.02	−0.73	1.68
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−93.75	34.97	44.95	54.66	39.89	−1.43	40.99
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−93.57	28.74	11.20	43.91	−11.05	43.71	1.10
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.30	0.94	−0.02	0.54	0.38	7.40	2.09
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.01	0.00	0.00	–	0.00	0.01
Effective tax ratePublished threshold 17.16 per cent	−23.11	−11.99	2.31	23.76	33.42	27.99	31.23	27.17	31.57	22.04
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.39	10.29	−1.73	−2.37	3.69

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
25 Sep 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AA+ (Rating Watch with Negative Implications)Review, Re-affirm	700
25 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm	5,000
25 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA+ (Rating Watch with Negative Implications)Review, Re-affirm	1,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.